GTHT Initiates Coverage on ZYLOXTB (02190) with "Buy" Rating, Targets HK$36.4

Stock News11-28

GTHT has initiated coverage on ZYLOXTB (02190), assigning a "Buy" rating. The firm forecasts EPS of RMB 0.70, 0.89, and 1.14 for 2025-2027. Based on peer comparisons and ZYLOXTB's comprehensive product portfolio and robust growth trajectory, GTHT values the company at 48X 2025 P/E, deriving a target price of RMB 33.5 (HK$36.4 at 1 HKD = RMB 0.92). Key highlights include:

1. **Dual Growth Engines**: Founded in 2012, ZYLOXTB specializes in peripheral and neurovascular interventional devices, boasting a pipeline of 73 products (51 NMPA-approved, 8 CE-marked) as of August 2025. Its platform strategy has capitalized on procurement policies to accelerate growth.

2. **Commercial Strength**: Since a flagship product launch in late 2020, the company has built a 3,000+-hospital distribution network. Post-procurement volume expansion drove H1 2025 sales growth: neurovascular (+25.0% YoY) and peripheral vascular (+46.2% YoY).

3. **Global Expansion**: International revenue rose 36.9% YoY in H1 2025, led by Europe and Asia. ZYLOXTB now serves 7 top-10 global markets across both segments, with 22 products sold in 27 overseas regions. Strategic partnerships with 60+ local distributors span 52 countries, deepening presence in Europe (France, Germany, Italy) and emerging markets (Brazil, India, South Africa).

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