20230705_华创证券_医疗器械行业深度研究报告：华创医疗器械求索系列6神经外科领先公司Integra的崛起之路_29页.pdf
2009 1210 2023 07 05 6 Integra Integra Integra 1989 DuraGen Codman Codman Specialty Surgical CSS Tissue Technologies TT 2022 15.58 65%CSS CSS 35%TT TT CSS 2022 71.7 2027 129.3 CAGR 12.5%Codman CSS CSS CSS 2022 CSS 20%TT 2021 127.6 10.5%CAGR 2030 312.3 TT 2022 TT 20%2015 TT Integra 1 2 Integra 3 Integra()PEEK 1/2 3 4 S0360520110002 S0360520110004%()106 0.01()16,365.88 1.74()11,562.53 1.60%1M 6M 12M-1.7%-6.0%-10.2%-2.5%-6.1%2.7%5 2023-05-20 3 2022-08-23 2 2022-07-04-22%-15%-7%0%22/07 22/09 22/11 23/02 23/04 23/062022-07-042023-07-04 300 2009 1210 Integra Integra Integra Integra CSS Codman CSS CSS TT TT 2015 TT Integra 1 2 Integra 3 Integra YWCXwPmRpMoPsMpMmRqPpO7N8Q6MnPpPmOnOjMrRsNjMmMrPbRrRxPMYtQrNxNsRvM 2009 1210 3.6.6.7 SG&A.8 CSS.8.8.9 CSS.10.12 TT.12.12.13.15 Integra.15.16.17.18.19.26 2009 1210 4 1 Integra.6 2 Integra.6 3 Integra.6 4 2022 Integra.7 5 Integra.7 6 Integra.7 7 Integra.8 8 Integra.8 9.9 10.9 11.9 12 CSS.10 13 Integra.10 14 Integra Codman.11 15 Integra CSS.11 16 Integra.11 17 Aurora.12 18.13 19 2021.13 20 Integra.13 21 TT.14 22 TT.15 23 Integra.16 24 2020.16 25.16 26.17 27 Integra.18 28 Integra.19 29.19 30.19 31.20 32.20 33.20 2009 1210 5 34.21 35.21 36.21 37.22 38.22 39.22 40.22 41.23 42.23 43.23 44.24 45.24 46.24 47.25 48.25 49.25 50.25 51.26 52.26 53.26 54.26 2009 1210 6 Integra 1989 1995 Integra IDRT DuraGen 1 Integra 1 2013-2019 2018 24%2017 Codman 2020 2021 2022 0.38 4%2 2013-2019 2020 2021 1.69 2022 2 Integra 3 Integra 2009 1210 7 CSS TT CSS Codman Codman Specialty Surgical CSS Tissue Technologies TT 2022 CSS 65%TT 35%CSS CSS 40000 2022 7.94 51%TT 2021 1 TT 4 2022 Integra 5 Integra 70%2013-2017 75%2018 Codman 30%100%29%6 Integra 2009 1210 8 SG&A SG&A R&D 10 5-6%SG&A 2013 47%2022 40%2017 Derma Sciences Codman SG&A 53%SG&A 62%12%7 Integra 8 Integra CSS Research and Markets 2022 71.7 2027 129.3 CAGR 12.5%1 2 2009 1210 9 9 10 Research and Markets 1999 DuraGen FDA 2540 NeuroCare 11 1 2022 3 2 1 2 2/ICU 2009 1210 10 DuraGen DuraSeal CUSA MAYFIELD Certas Plus 2022 CSS 20%12 CSS 13 Integra 2017 CSS Codman 2017 10.14 Codman 1 2009 1210 11 2 Codman Codman 300 455 2016 23%2018 29%Codman 14 Integra Codman 2017 CSS CSS Codman 1 2022 800 130 2 CSS CSS 2018 35%2022 40%15 Integra CSS 16 Integra 2020 2021 1-9 2023 35%37%38%40%32%33%34%35%36%37%38%39%40%41%2018 20192021(1-9 月)2022CSS 海外收入占比 2009 1210 12 CSS CSS 1 DuraGen 2 KOL 2020 CSS 10 30 30-50%20%4.4 5.8 Aurora 2021 2022 Aurora Aurora Aurora 2023 4 Aurora 2030 2 17 Aurora 2021 TT,-2009 1210 13/Precedence research 2021 127.6 10.5%CAGR 2030 312.3 2021 52%23%18%4%18 19 2021 Precedence research Precedence research 2015 TEI 2017 Derma 2021 ACell 2022 SIA 2023 Q1 TT 5 20 Integra 2021 SIA 2009 1210 14 TT 2022 3 1 Integra Dermal Matrices PriMatrix MicroMatrix Cytal AmnioExcel MediHoney TCC-EZ NeuraGen SurgiMend DuraSorb Gentrix 21 TT Integra 2022 TT 20%Integra Dermal Matrices NeuraGen MicroMatrix SurgiMend AmnioExcel Organogenesis MiMedx Axogen 2009 1210 15 22 TT 2021 2015 2015 SeaSpine 2021 Smith&Nephew 2022 Gentall 2021 TT 2021 6 CAGR 12%IBBR FDA IBBR IBBR 5%SurgiMend PRS DuraSorb IBBR PMA IBBR Integra Integra 34 2023 6 30,2023 6 30 Integra 1995 9 19 2009 1210 16 23 Integra Bloomberg Wind FDA 2023 6 30 1 2020 43.5%Integra 2 1/DRG 24 2020 25 WHO OECD WHO 2019 47%Integra 2022 9582 2015-2022 CAGR 17.5%2009 1210 17 2008-2021 13%CAGR 13 4 2022 7 DRG 26 2022 Integra Integra 2015 3 2019 10 2015 4 2022 25%Integra Integra 2009 1210 18 NeuroCare TEI Codman Integra Integra Integra 27 Integra 2021 Codman Integra Codman CSS 2022 CCS 40%Integra ERP 2023 4 Integra 14 20 7 95%4 2009 1210 19 28 Integra 2023 Integra 10%2023 200 2027 1000()PEEK 2019 90%70%2026 81 2020-2026 CAGR 10%29 30 2023 6 2009 1210 20 2008 80 31 2022 1.95 27%0.36 20%2019-2022 CAGR 20%2020 2021-2022 2019-2022 CAGR 9%2022 20%2021 6.6pct 32 33 Wind Wind 70%2019 2018 6%2022 19%2020 2021 CE 2009 1210 21 NMPA 2022 539 2022 NMPA 89%2019 2020 34 35 Wind Wind 2005 36 2009 1210 22 2023 Q1 2022 2.95 17.21%2023 Q1 37 38 Wind Wind 2018 2019-2022 39 40 Wind Wind 1999 2011()CFDA 2009 1210 23 41 2022 2022 3.77 22.84%2022-3.08 Aaren Scientific Inc.2.14 0.69 42 43 Wind Wind()2017-2022()1/3 2022()23%B()13%36%()()2018-2022 90%2009 1210 24 44 45 Wind Wind 2003 2015 46 23 Q1 2017 2022 CAGR 19%CAGR 25%2022 8%10%2023Q1 1.09-7.35%0.53-2.95%2009 1210 25 47 48 Wind Wind 90%2021-2022 87%84%2017-2022 90%49 50 Wind Wind 2005 PEEK 2017-2019 PEEK 73%75%71%2019-2022 2017 0.72 2022 2.40 CAGR 27%2022 13%-7%2023 Q1 2023 2009 1210 26 51 52 Wind Wind PEEK 2017-2022 PEEK 24%59%PEEK 2018-2020 PEEK BIOPLATE 2021-2022 53 54 Wind Wind 1/2 3 4 2009 1210 27 2020 2020 2020 2020 2020 2020 2020 2023 2021 2022 2022 2022 2023 2009 1210 28 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-66500808 010-66500821 010-63214682 0755-82828570 0755-83715428 0755-82756804 0755-82871425 0755-83024576 0755-82871425 021-20572536 021-20572555 021-20572257-2552 021-20572506 021-20572585 021-20572509 021-20572548 021-20572573 0755-82756805 021-20572559 021-20572559 0755-82756805 021-20572559 玙 021-25072549 2009 1210 29 A 300 500/6 20%6 10%20%6-10%10%6 10%20%3-6 5%3-6-5%5%3-6 5%26 C 3A 1061 A 19 33 12 100033 518034 200120 010-66500801 0755-82027731 021-20572500 010-66500900 0755-82828562 021-20572522
