CITIC Construction Investment: Maintain "Buy" rating on MICROTECH MED-B, with CGM volume driving high performance growth

CITIC Construction Investment maintains a "Buy" rating for MICROTECH MED-B, expecting operating revenue to reach 531 million, 789 million, and 1.066 billion yuan in 2025, 2026, and 2027 respectively, with significant growth in net profit attributable to the parent company. The company benefits from the rapid expansion of CGM products and is expected to continue high-speed growth in the second half of the year, especially in domestic and international markets. The core product Equil patch insulin pump has been approved for expanded indications, which is expected to drive performance growth. In the medium to long term, the company's leading position in diabetes management will be further consolidated