The overall strength of medical equipment

Medical device industry: home and high-end are two trends: The Ministry of Science and Technology announced the 12th five-year special plan for the medical device technology industry, and detailed the development goals, development priorities, and key tasks of the medical device industry during the 12th Five-Year Plan period. planning.

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We expect the medical device industry's compound annual growth rate of about 25% during the 12th five-year period. According to the content of the plan, it is expected that the technological value of new medical devices generated during the 12th Five-Year Plan period will increase by 200 billion yuan (2010 production value is about 100 billion yuan), which means that it will increase twice in the 12th five-year period, and the compound annual growth rate will increase. About 25%.

Key tasks: Basic equipment and high-end products go hand in hand. (1) Upgrade of basic equipment. Focus on the development of basic equipment such as digital X-ray machines, color ultrasonic imagers, immunoassay analyzers, blood analyzers, biochemical analyzers, electrocardiographs, multiparameter monitors, defibrillators, respiratory and anesthesia machines, blood purification equipment, etc. , consumables and application solutions. (2) Breakthrough in high-end products. Focused on the development of 64-slice spiral CT, 1.5/3.0T superconducting MRI, PET-CT, real-time three-dimensional color ultrasound imaging device, high-definition endoscope and other high-end imaging equipment; development of automatic tube chemiluminescence immunoassay system, automatic Qualcomm Bioinformatics analyzers and other in vitro diagnostic systems and reagents; Development of image navigation aids, real-time conformal intensity modulated radiotherapy systems, and neuroelectric stimulators; and development of interventional stents, artificial joints, artificial blood vessels, bone repair materials, and Dental materials and other high-value medical materials.

The key development direction of the product involves five major areas: prevention, diagnostics, treatment, rehabilitation, and emergency rescue, highlighting prevention. The plan points out that the prevention field mainly supports non-invasive/minimally invasive products such as blood pressure, blood glucose, and blood lipids, as well as major disease screening products such as malignant tumors, cardiovascular and cerebrovascular diseases, and birth defects, and actively develops low loads under different conditions. Physiological parameters detection and monitoring equipment, personal health indicators and functional status assessment devices, mobile health inspection systems and other products to meet the needs of rural primary/community and individual/family preventive medical devices.

Maintain the industry's overweight rating and recommend Xinhua Medical and Yuyue Medical. We believe that there are a large number of companies in the medical device industry in China, with about 18,000 companies. The technology is relatively backward and the industry concentration is expected to improve during the 12th five-year period. At present, the medical device industry has a PE of 24.68 times in 2012. We believe that the valuation reflects the industry's growth and maintains the industry's overweight rating. We recommend Xinhua Medical with advantages in diving medical and technological advantages. The main reasons are as follows: (1) To achieve early prevention and early diagnosis, home medical devices are certainly one of the development trends. The technical barriers of such products are relatively low. Channels and brands are the core competitiveness; (2) In the high-end areas, technical barriers are the core competitiveness. Xinhua Medical has a wealth of technical reserves in the field of medical devices.

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