Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 278 yuan [2][7]. Core Views - The company is experiencing a structural upgrade towards high-end products and is making significant progress in international markets. The total revenue for 2024 is projected to be 36.726 billion yuan, reflecting a year-on-year growth of 5.14%. The net profit attributable to the parent company is expected to be 11.668 billion yuan, with a slight increase of 0.74% [2][3]. Financial Performance Summary - **2024 Financials**: Total revenue is 36.726 billion yuan, with a year-on-year growth of 5.1%. The net profit attributable to the parent company is 11.668 billion yuan, showing a growth of 0.7% [3]. - **2025 Projections**: Expected revenue growth of 8.4% to 39.827 billion yuan and net profit growth of 7.5% to 12.545 billion yuan [3]. - **2026 and 2027 Outlook**: Revenue is projected to reach 45.883 billion yuan in 2026 and 52.779 billion yuan in 2027, with respective growth rates of 15.2% and 15.0%. Net profit is expected to be 14.832 billion yuan in 2026 and 17.233 billion yuan in 2027, with growth rates of 18.2% and 16.2% [3][8]. Market Dynamics - The international market is showing robust growth, with a 21.28% increase in 2024. The Asia-Pacific region, driven by countries like Australia, Thailand, and India, has seen nearly 40% growth. The European market has rebounded with over 30% growth [7]. - Domestic market performance has been under pressure, with a decline of 5.10% in 2024, primarily due to sluggish procurement processes. However, a rebound is anticipated in Q3 2025 as fiscal conditions improve [7]. Business Segment Performance - **IVD Business**: This segment has shown a growth of 10.82% in 2024, with international IVD growth exceeding 30%. IVD has become the largest business segment, accounting for 37.48% of total revenue [7]. - **Medical Imaging**: This segment grew by 6.60%, with international growth over 15%. The domestic high-end ultrasound market has also seen significant performance [7]. - **Life Information and Support**: This segment faced a decline of 11.11%, but international growth remains strong [7]. Valuation Metrics - The report estimates a DCF-based valuation of 337.1 billion yuan for the company, translating to a target price of approximately 278 yuan, which corresponds to a PE ratio of 27 times for 2025 [7].

Group 1 - The trend of Chinese medical device companies "going global" is long-term positive, especially in the upstream supply chain which has formed a certain scale [1] - In Q1 2025, China's medical device export trade total is projected to reach 69.26 billion yuan, a year-on-year increase of 5.03%, with high-end medical devices seeing significant growth [1] - The export value of China's medical device industry is expected to reach 48.75 billion USD in 2024, reflecting a year-on-year growth of 7.3% [1] Group 2 - Over 100 listed medical device companies have already initiated "going global" operations in 2024, covering various product areas such as medical consumables and diagnostic equipment [2] - Companies are advised to consider business, supply chain, and localization strategies for global expansion [2][3] - Localized production and supply chain management are essential for adapting to market demands in different regions [3] Group 3 - Companies like Haier Bio emphasize the importance of localizing product design and marketing to enhance user experience in overseas markets [4] - The trend of "going global" is common among mature, growth, and startup medical device companies, focusing on high-value and high-end products [6] - High-value medical devices, such as deep brain stimulators, require careful economic calculations and long-term service planning before entering foreign markets [6] Group 4 - Companies are encouraged to leverage digitalization and smart technologies to enhance their global strategies, as seen with Mindray Medical's remote monitoring capabilities [7] - Brand building is crucial for domestic medical device companies, with strategies including sponsorship of international sports events to enhance global influence [7] - The medical device market in Europe and the US accounts for over 65% of the global market share, making it a primary target for Chinese companies [8] Group 5 - Key conditions for Chinese medical device companies to "go global" include having sufficient capital, production capacity, and independent R&D capabilities [8] - Collaboration with local hospitals and doctors for joint R&D and clinical trials can facilitate product entry into new markets [8]

从中证企业核心竞争力50指数持仓的市场板块来看，深圳证券交易所占比51.28%、上海证券交易所占 比48.72%。 从中证企业核心竞争力50指数持仓样本的行业来看，医药卫生占比23.04%、信息技术占比22.06%、工 业占比17.76%、原材料占比14.93%、主要消费占比9.91%、可选消费占比7.43%、能源占比4.08%、公用 事业占比0.80%。 资料显示，指数样本每年调整一次，样本调整实施时间分别为每年6月的第二个星期五的下一交易日。 权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期调整日 前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样本中剔 除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 金融界5月19日消息，A股三大指数收盘涨跌不一，中证企业核心竞争力50指数 (企业核心竞争力50， 931526)下跌0.21%，报1039.0点，成交额262.53亿元。 数据统计显示，中证企业核心竞争力50指数近一个月上涨2.07%，近三个月上涨1.07%，年至今上涨 3.44%。 据了解，中证企业核心竞争力50 ...

金十图示：2025年05月19日（周一）富时中国A50指数成分股今日收盘行情一览：白酒、汽车、消费电子等板块跌势明显，半导 体、航运港口等板块小幅收高 0.00(0.00%) -0.02(-0.38%) -0.02(-0.27%) 保险 中国太保 中国平安 中国人保 01 3635.21亿市值 3228.59亿市值 9706.06亿市值 8.31亿成交额 17.30亿成交额 10.74亿成交额 53.30 8.22 33.56 +0.13(+0.39%) -0.09(-0.17%) +0.01(+0.12%) 酸酒行业 贵州茅台 五粮液 山西汾酒 19835.11亿市值 5018.92亿市值 2441.15亿市值 60.22亿成交额 11.38亿成交额 30.63亿成交额 1578.98 129.30 200.10 -4.90(-2.39%) -35.15(-2.18%) -1.78(-1.36%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2323.66亿市值 2805.06亿市值 3251.75亿市值 16.89亿成交额 22.26亿成交额 11.15亿成交额 139.90 435.00 671 ...

Market Overview - The FTSE China A50 index components showed mixed performance in the banking and insurance sectors, while the semiconductor sector experienced gains [1] - The liquor and automotive sectors faced declines, with notable drops in companies like Kweichow Moutai and BYD [1] Sector Performance Banking and Insurance - China Pacific Insurance had a market capitalization of 363.96 billion, with a trading volume of 4.60 billion, showing a slight decrease of 0.03 (-0.06%) [3] - Ping An Insurance reported a market cap of 321.32 billion and a trading volume of 11.02 billion, also down by 0.03 (-0.09%) [3] - China Life Insurance had a market cap of 971.70 billion, with a trading volume of 6.91 billion, increasing by 0.02 (+0.24%) [3] Liquor Industry - Kweichow Moutai led with a market cap of 1,979.70 billion, experiencing a decline of 38.18 (-2.37%) [3] - Shanxi Fenjiu and Wuliangye Yibin also saw decreases of 4.09 (-2.00%) and 1.97 (-1.50%) respectively [3] Semiconductor Sector - Northern Huachuang had a market cap of 232.15 billion, with a trading volume of 12.09 billion, increasing by 6.00 (+1.40%) [3] - Cambrian and Haiguang Information reported market caps of 278.94 billion and 324.71 billion, with slight increases [3] Automotive Sector - Great Wall Motors had a market cap of 295.13 billion, down by 5.64 (-1.45%) [3] - BYD reported a market cap of 1,165.57 billion, decreasing by 0.36 (-1.52%) [3] Energy Sector - China Petroleum & Chemical Corporation had a market cap of 1,500.77 billion, with a trading volume of 3.59 billion, increasing by 0.03 (+0.53%) [3] - China National Offshore Oil Corporation reported a market cap of 690.09 billion, with a slight increase of 0.10 (+0.62%) [3] Other Sectors - The electric power sector saw China Yangtze Power with a market cap of 743.34 billion, increasing by 0.05 (+0.53%) [4] - In the food and beverage sector, Haitian Flavoring & Food had a market cap of 238.77 billion, increasing by 0.36 (+0.85%) [4] - The logistics sector featured SF Holding with a market cap of 273.56 billion, decreasing by 0.35 (-0.62%) [4]

Core Viewpoint - The article discusses the high salaries of chairpersons in the A-share medical industry, highlighting discrepancies between their compensation and company performance, particularly in firms that have not turned a profit [2][3][9]. Group 1: Salary Comparisons - Among 4,231 listed companies, only 13 chairpersons earn over 10 million yuan annually, with the top three from the medical sector: WuXi AppTec (41.8 million yuan), Mindray (24.94 million yuan), and BeiGene (20.19 million yuan) [2][4]. - The average salary for chairpersons in the medical sector is 174,000 yuan, higher than the overall average of 137,000 yuan for all listed companies [4][8]. - In 2024, the average salaries for chairpersons in various medical sub-sectors showed a decline, with the pharmaceutical sector down 4.75% to 167,000 yuan, and medical services down 7.13% to 227,000 yuan [4][6]. Group 2: Discrepancies in Salary and Performance - Companies like BeiGene, which has never been profitable since its IPO, still pay their chairperson a salary of 20.19 million yuan despite significant losses, including a net loss of 4.978 billion yuan last year [9][11]. - Other companies, such as Rongchang Biologics and Junshi Biosciences, also exhibit high chairperson salaries despite continuous losses, raising questions about the justification for such compensation [11][9]. - The article notes that the correlation between chairperson salaries and company performance metrics like revenue and net profit is weak, with a correlation coefficient of only 0.52 with net profit [8]. Group 3: Ethical Considerations - The article raises concerns about the ethical implications of high salaries for chairpersons in companies facing legal issues or financial difficulties, such as WeiNing Health and Lao Bai Xing Pharmacy, where chairpersons continue to receive substantial compensation despite scandals [13][14]. - The medical industry, being sensitive to public health and welfare, necessitates responsible governance, and the continued high compensation for chairpersons amidst company troubles is viewed as unreasonable [15].

Market Growth and Challenges - The domestic medical device market has experienced a compound annual growth rate (CAGR) of 20% due to new infrastructure initiatives and government support, but is currently facing challenges due to tight local fiscal conditions [2][3] - The issuance of medical special bonds has seen a rapid year-on-year growth, indicating a potential recovery in hospital equipment procurement [3] - Monthly bidding data for various medical devices has been continuously recovering since December 2024, although the time from bidding to revenue recognition has significantly lengthened [3][6] Long-term Market Potential - The company believes that the long-term growth potential in the domestic market remains substantial, driven by an aging population and increasing demand for quality medical resources [3][4] - The company is expanding its market reach through internal R&D and external acquisitions, focusing on "equipment + IT + AI" digital solutions [3][4] Competitive Advantages - The company has transitioned through three growth phases: price advantage, engineering advantage, and now technology innovation, which positions it uniquely against international competitors [4][6] - As the only company headquartered in a developing country among the top 50 medical device firms globally, the company has established a broad and deep business layout that surpasses international brands [4][6] Financial Performance - In Q1 2025, domestic revenue declined over 20% year-on-year but increased by over 50% compared to Q4 2024, reflecting a recovery trend [6][7] - International business growth was less than 5% year-on-year, but the compound growth rate over the past two years exceeds 15%, with developing countries showing nearly 19% growth [6][7] Future Outlook - The company anticipates a significant turning point in domestic business starting Q3 2025, supported by the resumption of medical equipment update projects [7] - The international market is expected to see a recovery in growth rates, particularly in developing countries, due to ongoing localization efforts [7] Revenue Contributions by Business Line - In 2024, the in-vitro diagnostics (IVD) segment generated revenue of 13.765 billion, growing 10.82% year-on-year, with international IVD growth at 30% [11][12] - The medical imaging segment achieved revenue of 7.498 billion, with international growth exceeding 15% [11] - The life information and support segment generated 13.557 billion, with minimally invasive surgery growing over 30% [11] Strategic Investments - The company has invested in Huatai Medical, acquiring a 20% stake to enhance its presence in the cardiovascular sector and foster new growth points [9][10] - The collaboration aims to leverage resource integration for product innovation and operational efficiency, particularly in the three-dimensional electrophysiology systems [10]

Core Insights - The Shenzhen 100 Index showcases strong performance, reflecting the core value of "new quality blue chips" with total revenue of 7.5 trillion yuan and overseas revenue of 1.9 trillion yuan in 2024 [1] - In Q1 2025, revenue and net profit of the Shenzhen 100 sample companies grew by 7% and 21% year-on-year, respectively, indicating robust growth and solid market positioning [1] Group 1: Financial Performance - In 2024, over 90% of the Shenzhen 100 sample companies reported profits, with nearly 70% achieving positive revenue growth and 60% achieving positive net profit growth [1] - Among the sample companies, nearly 40% reported revenue and net profit growth exceeding 10% year-on-year, including companies like Muyuan Foods, BOE Technology Group, and GoerTek [1] - The total revenue for the Shenzhen 100 sample companies reached 7.5 trillion yuan in 2024, with overseas revenue growing by 11% [2] Group 2: Market Contribution - The Shenzhen 100 Index comprises less than 4% of the companies in the Shenzhen market but contributes 35% of the total market capitalization, 36% of total revenue, and 70% of net profit [2] - There are 35 companies in the Shenzhen 100 with a market capitalization exceeding 100 billion yuan, showing revenue growth of 8% and net profit growth of 18% [2] - According to the Shenwan industry classification, 48 companies rank first in total market capitalization within their respective sectors, while 49 companies rank first in net profit among similar enterprises [2] Group 3: Innovation and Growth Areas - The Shenzhen 100 sample companies are concentrated in three key growth areas: advanced manufacturing, digital economy, and green low-carbon sectors, which together account for 72% of the index [2] - Revenue growth rates for these sectors are 5%, 10%, and 4% respectively, with net profit in advanced manufacturing growing by 12% and overseas revenue in the digital economy increasing by 18% [2] Group 4: Returns and Market Stability - In 2024, over 90% of the Shenzhen 100 sample companies implemented or announced dividend plans, with total dividends reaching 275.4 billion yuan, a year-on-year increase of 8% [3] - Major companies like Midea Group, Wuliangye, and BYD each distributed dividends exceeding 10 billion yuan [3] - Additionally, 45 companies engaged in stock buybacks totaling over 15 billion yuan, with companies like Mindray, Ningbo Bank, and Hikvision participating significantly [3]

-0.03(-0.56%) -0.09(-1.18%) -0.04(-1.00%) 保险 中国太保 7.0 中国人保 中国平安 ■ 3630.79亿市值 3216.08亿市值 9722.44亿市值 12.09亿成交额 24.99亿成交额 11.96亿成交额 53.39 8.21 33.43 -0.61(-1.79%) -0.86(-1.59%) -0.07(-0.85%) 酸酒行业 贵州茅台 山西汾酒 五粮液 20276.67亿市值 2500.93亿市值 5088.01亿市值 22.89亿成交额 37.15亿成交额 6.49亿成交额 131.08 205.00 1614.13 -17.88(-1.10%) -4.50(-2.15%) -2.59(-1.94%) 半导体 XD海光信 北方华创 寒武纪-U HYGON 3218.98亿市值 2289.48亿市值 2788.61亿市值 10.79亿成交额 24.03亿成交额 18.85亿成交额 428.60 668.00 138.49 -0.30(-0.07%) -9.00(-1.33%) -3.45(-2.43%) 汽车整车 铁路公路 比亚进 长城汽车 京沪高铁 ...

保险 中国太保 队 中国人保 中国平安 ■《》 3608.68亿市值 3198.76亿市值 9747.94亿市值 7.70亿成交额 15.63亿成交额 8.21亿成交额 53.53 33.25 8.16 -0.79(-2.32%) -0.72(-1.33%) -0.12(-1.45%) 酸酒行业 贵州茅台 山西汾酒 五粮液 20338.97亿市值 2513.98亿市值 5121.78亿市值 19.61亿成交额 11.13亿成交额 3.58亿成交额 1619.09 131.95 206.07 -12.92(-0.79%) -3.43(-1.64%) -1.72(-1.29%) 半导体 北方华创 寒武纪-U XD海光信 HYGON 2297.76亿市值 2790.28亿市值 3201.78亿市值 14.68亿成交额 12.73亿成交额 6.45亿成交额 430.15 668.40 137.75 +1.25(+0.29%) -8.60(-1.27%) -4.19(-2.95%) 汽车整车 铁路公路 比亚迪 长城汽车 京沪高铁 11783.98亿市值 2020.91亿市值 2916.93亿市值 2.23亿成交额 52 ...