波士顿科学：崛起中的医疗器械全球巨头 PFA放量正当时

中金公司12-10

投资亮点首次覆盖波士顿科学(BOSTON SCIENTIFIC)（BSX）给予跑赢行业评级，目标价116.00 美元，对应2025 年核心市盈率40 倍，较现价有28%上行空间。公司是正处PFA 大单品放量期的医疗器械巨头。理由如下：波士顿科学为医疗器械领先企业之一。公司成立于1979 年，是全球医疗器械、特别是微创介入领先企业之一。根据我们的统计，按2023 年收入口径：公司位居全球医疗器械第...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20241210112230a1e2386c&s=b><strong>中金公司</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>投资亮点首次覆盖波士顿科学(BOSTON SCIENTIFIC)（BSX）给予跑赢行业评级，目标价116.00 美元，对应2025 年核心市盈率40 倍，较现价有28%上行空间。公司是正处PFA 大单品放量期的医疗器械巨头。理由如下：波士顿科学为医疗器械领先企业之一。公司成立于1979 年，是全球医疗器械、特别是微创介入领先企业之一。根据我们的统计，按2023 年收入口径：公司位居全球医疗器械第...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20241210112230a1e2386c&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1791710582.SGD","symbol_name":"Fidelity Global Demographics A-ACC-SGD (SGD/USD 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亿美元，2023-2026E CAGR 达13%。我们预计自2024 年开始，PFA（脉冲消融）有望凭借选择性消融、更高效等优势快速取代部分原有技术（射频/冷冻消融）份额。截至3Q24，波士顿科学的PFA 产品FARAPULSE 已在欧洲、美国和中国等主要市场获批上市，3Q24 单季度电生理收入突破5 亿美元，同比+177%。我们认为FARAPULSE 有望凭借先发优势和扎实临床证据持续引领PFA术式升级潮流。我们测算波士顿科学电生理收入2026 年或可达35 亿美元，2023-2026E CAGR 达64%。自研+并购不断夯实领先地位。 基于更复杂的专利体系、要求更高的商业化网络，我们认为医疗器械呈现强者恒强态势。我们认为波士顿科学有望通过自研+并购巩固现有心血管/医疗外科领域领先地位，并不断扩张业务边际，持续获益于人口老龄化、微创渗透率提升的大趋势。我们与市场的最大不同？相较于市场，我们更加看好FARAPULSE PFA 产品在美国、欧洲和中国的持续放量机会。潜在催化剂：PFA 季度表现超预期；PFA 持续性房颤临床等数据读出。盈利预测与估值我们预计公司2024/25 年EPS 分别为2.45 美元、2.90 美元，CAGR 为19%，现价对应2024/25 年市盈率37/31 倍。基于对PFA 及其他创新器械的看好，给予公司跑赢行业评级。基于2025 年市盈率估值法，我们给予公司目标价116 美元，对应2024/25 年市盈率47/40 倍，有28%上行空间。风险竞争格局恶化，新品推广不及预期，研发失败风险，海外业务经营风险，商誉减值风险、产品召回风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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