Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 21.83, compared to the current price of HKD 15.34 [1]. Core Views - The company is on the verge of turning profitable, with the commercialization of surgical robots showing promising results. The years 2025-2026 are identified as critical turning points for profitability [6][57]. - The domestic market is expected to expand due to relaxed medical device configuration policies, with a significant increase in the planned number of laparoscopic surgical robots [6][43]. - The company has made significant strides in the overseas market, securing over 20 international orders in its first year of commercialization, aided by 5G remote surgery solutions [6][57]. Summary by Sections Financial Performance - Revenue projections indicate a substantial increase from RMB 104.59 million in 2023 to RMB 1,368.07 million by 2026, reflecting growth rates of 384.15%, 173.16%, 108.01%, and 130.20% respectively [2]. - The net profit attributable to the parent company is expected to improve from a loss of RMB 1,012.17 million in 2023 to a profit of RMB 102.05 million in 2026, with growth rates of 11.20%, 42.60%, 46.57%, and 132.88% [2]. - Earnings per share (EPS) are projected to rise from -1.01 in 2023 to 0.10 in 2026 [2]. Market Position and Strategy - The company has established a comprehensive portfolio of surgical robots, including laparoscopic, orthopedic, vascular, and percutaneous robots, with all four major product lines now commercialized [6][40]. - The company leads in domestic bids for laparoscopic surgical robots, with a significant share of the planned configurations in eastern and western regions of China [6][43][45]. - The report highlights the company's competitive edge in the domestic market, with a 52% bid success rate for new laparoscopic surgical systems [6][44]. Growth Drivers - The new medical device configuration policy is expected to facilitate the release of over 300 additional laparoscopic surgical robots in 2025-2026 [6][43]. - The company has successfully penetrated international markets, with rapid growth in overseas orders and the implementation of 5G remote surgery demonstrations across various regions [6][49]. - The report anticipates that the company will benefit from increased domestic demand and international expansion, projecting significant revenue growth across its product lines [6][57]. Valuation - The report uses a price-to-sales (PS) ratio for valuation, estimating a target PS of 15 times for 2026, leading to a target price of HKD 21.83 [6][57].

Investment Rating - The report provides a positive investment rating for the renal industry, highlighting growth opportunities in dialysis treatment and domestic product substitution [1]. Core Insights - The dialysis treatment rate in China is expected to continue rising, with significant room for improvement compared to developed countries. As of 2023, China's dialysis treatment rate is approximately 26%, compared to 58% in the United States [3][14]. - The report emphasizes the importance of a full industry chain layout, suggesting that providing comprehensive solutions for end-stage renal disease (ESRD) patients is crucial for future development [3][51]. Summary by Sections Dialysis Treatment Trends - Blood purification remains the primary treatment for ESRD, with blood dialysis being the most widely used method. The report notes that the number of ESRD patients in China reached 3.85 million in 2022, accounting for about 37% of the global total [7][8]. - The report forecasts a compound annual growth rate (CAGR) of approximately 6% for ESRD patients in China from 2024 to 2030 [7]. Domestic Product Substitution - The report indicates that the domestic market for blood dialysis machines is currently dominated by foreign brands, with a domestic market share of only 19% as of 2021. However, recent policies are expected to create new opportunities for domestic brands [3][35]. - The report highlights that the concentration of consumables in the dialysis market is likely to increase due to centralized procurement policies, which could enhance the market share of leading domestic manufacturers [3][38]. Full Industry Chain Layout - The report discusses the importance of a comprehensive approach to the renal industry, covering the entire patient care cycle from primary kidney diseases to late-stage renal disease. It emphasizes the need for innovative products that address specific challenges faced by ESRD patients [3][51][54]. - Companies like Sanxin Medical are mentioned as examples of domestic firms successfully breaking the import monopoly in certain product categories, showcasing the competitive strength of local products [3][54]. Market Size and Growth - The blood dialysis medical device market in China is projected to grow steadily, with an expected market size of 48.39 billion yuan by 2030. In 2022, the market size for blood dialysis devices reached 5.12 billion yuan [25]. - The peritoneal dialysis market is smaller but also shows growth potential, with a market size of 4.44 billion yuan in 2022, expected to reach 12.7 billion yuan by 2030 [28]. Policy and Reimbursement - The report notes that the improvement of medical insurance reimbursement policies for ESRD treatments is likely to enhance patient treatment rates. The reimbursement rate for blood dialysis is approximately 70-90% in most regions [29][32].

[Table_IndustryInfo] 2025 年 02 月 09 日 强于大市(维持) 证券研究报告•行业研究•汽车 汽车行业周报（2.3-2.7） 小鹏重回新势力榜首，智驾平权有望到来 投资要点 西南证券研究发展中心 分析师：郑连声 执业证号：S1250522040001 电话：010-57758531 邮箱：zlans@swsc.com.cn 分析师：冯安琪 执业证号：S1250524050003 电话：021-58351905 邮箱：faz@swsc.com.cn [Table_QuotePic] 行业相对指数表现 | 基础数据 | | | --- | --- | | [Table_BaseData] 股票家数 | 262 | | 行业总市值（亿元） | 44,403.19 | | 流通市值（亿元） | 38,543.85 | | 行业市盈率 TTM | 27.5 | | 沪深 300 市盈率 TTM | 12.5 | 相关研究 请务必阅读正文后的重要声明部分 -6% 5% 16% 27% 38% 49% 24/2 24/4 24/6 24/8 24/10 24/12 25/2 汽车 沪深300 ...

[2025 Table_IndustryInfo 年 02 月 08 日 ] 证券研究报告•行业研究•医药生物 医药行业周报（2.5-2.7） 商务部启动制裁，国产智造迎来契机 投资要点 西南证券研究发展中心 [Table_Author] 分析师：杜向阳 执业证号：S1250520030002 电话：021-68416017 邮箱：duxy@swsc.com.cn | 基础数据 | | | --- | --- | | [股票家数 Table_BaseData] | 369 | | 行业总市值(亿元) | 47,234.94 | | 流通市值(亿元) | 42,627.47 | | 行业市盈率 TTM | 30.5 | | 沪深 300 市盈率 TTM | 12.5 | 相关研究 请务必阅读正文后的重要声明部分 [Table_QuotePic] 行业相对指数表现 -16% -7% 2% 10% 19% 27% 24/2 24/4 24/6 24/8 24/10 24/12 25/2 医药生物 沪深300 数据来源：聚源数据 [行情回顾： Table_Summary 本周医药生物指数上涨 ] 3.21%，跑赢沪深 ...

[Table_IndustryInfo] 2025 年 02 月 09 日 强于大市(维持) 证券研究报告•行业研究•机械设备 机器人行业周报（0127-0209） 特斯拉开启机器人制造岗位招聘， Figure 即将展示颠覆性成果 投资要点 西南证券研究发展中心 [Table_Author] 分析师：邰桂龙 执业证号：S1250521050002 电话：021-58351893 邮箱：tgl@swsc.com.cn 分析师：周鑫雨 执业证号：S1250523070008 电话：021-58351893 邮箱：zxyu@swsc.com.cn 联系人：叶明辉 电话：13909990246 邮箱：ymh@swsc.com.cn | 基础数据 | | | --- | --- | | [股票家数 Table_BaseData] | 440 | | 行业总市值（亿元） | 35,794.85 | | 流通市值（亿元） | 34,840.90 | | 行业市盈率 TTM | 32.6 | | 沪深 300 市盈率 TTM | 12.5 | 相关研究 请务必阅读正文后的重要声明部分 [Table_QuotePic] 行业相 ...

[Table_ReportInfo] 2025 年 02 月 09 日 证券研究报告•宏观简评报告 数据点评 春节错月叠加油价走高，CPI 超预期上行 ——2025 年 1 月通胀数据点评 点评 西南证券研究发展中心 [Table_Author] 分析师：叶凡 执业证号：S1250520060001 电话：010-57631106 邮箱：yefan@swsc.com.cn 分析师：刘彦宏 执业证号：S1250523030002 电话：010-55758502 邮箱：liuyanhong@swsc.com.cn 相关研究 请务必阅读正文后的重要声明部分 1 [Table_Summary] CPI 同比超预期扩大，非食品价格强于季节性。同比来看，2025 年 1 月，春 节效应推动服务和食品价格上涨，叠加春节错位影响，CPI同比较上月走扩 0.4 个百分点至 0.5%，超过市场一致预期。其中，1月食品价格同比由下降 0.5% 转为上涨 0.4%，非食品价格同比涨幅扩大 0.3个百分点至 0.5%；环比来看， 1 月 CPI 环比由上月持平转为上涨 0.7%，环比增速略高于近十年以来同期平 均上涨 0.68%的水平 ...

[Table_ReportInfo] 2025 年 02 月 07 日 证券研究报告•宏观定期报告 宏观周报（1.28-2.7） 商品房成交暖意延续，物价同比去年春节走低 摘要 [Table_Summary] 假日高频数据 上游：原油价格周环比下降，铁矿石、阴极铜价格较节前回升。截至 2月 6日， 当周布伦特原油现货均价周环比下降 2.46%，WTI 原油现货均价周环比下降 1.49%，特朗普关税政策加剧市场对全球经济复苏前景担忧，叠加美国原油库 存意外增加，国际油价走低。截至 2月 6日，当周阴极铜、铁矿石均价分别较 节前（1月 20日-27日）升高 0.13%和 0.71%。截至 2月 5日，当周 CRB 现 货综合指数均值为 543.99，周环比上升 0.43%。 中游：螺纹钢价格较节前上涨，水泥价格较节前回落，动力煤价格持平节前。 截至 2 月 6 日，本周螺纹钢日均价为 3482 元/吨，较春节前日均价（1 月 20 日-27日）环比上涨 0.24%，本周水泥价格指数日均为 120.86，较春节前一周 （1月 20日-24日）环比下降 0.92%，本周秦皇岛港动力煤平仓日均价为 753 元/吨，持平 ...

Investment Rating - The report indicates a decline in public fund holdings in the pharmaceutical sector, with a total public fund holding ratio of 8.85%, down by 0.94 percentage points from the previous quarter [10][11]. Core Insights - The pharmaceutical sector has seen a decrease in public fund holdings, particularly in active pharmaceutical funds and index funds, with significant declines in their respective holding ratios [10][11]. - The top five stocks by the number of public fund holdings are Heng Rui Medicine (432 funds), Mai Rui Medical (354 funds), WuXi AppTec (255 funds), Renfu Medicine (165 funds), and Kelun Pharmaceutical (136 funds) [3][25]. - The report highlights a notable increase in holdings for WuXi AppTec (+65 funds) and Renfu Medicine (+44 funds), indicating growing interest in these companies [3][25]. Summary by Sections Public Fund Holdings - The total public fund holding ratio for the pharmaceutical sector is 8.85%, a decrease of 0.94 percentage points quarter-on-quarter [10]. - Excluding active pharmaceutical funds, the holding ratio is 3.80%, down by 2.83 percentage points [10]. - The holding ratio after excluding both active and index funds is 0.41%, down by 5.16 percentage points [10]. - The market capitalization ratio of the Shenwan pharmaceutical sector is 6.06%, down by 0.64 percentage points [10]. Sector Performance - The top five stocks by total market value held by public funds are Mai Rui Medical (30.95 billion), Heng Rui Medicine (29.87 billion), WuXi AppTec (21.46 billion), United Imaging Healthcare (10.9 billion), and Aier Eye Hospital (8.92 billion) [3][10]. - The report notes significant increases in market value for WuXi AppTec (+2.1 billion) and Renfu Medicine (+1.92 billion) [3][10]. Sub-industry Analysis - The report identifies the top three sub-industries with increased public fund holdings: pharmaceutical research outsourcing (10.7%, +2.1 percentage points), medical devices (6.7%, +1.5 percentage points), and blood products (1.1%, +0.5 percentage points) [4][15]. - Conversely, the sub-industries with the largest declines include chemical preparations (15.5%, -3.9 percentage points), medical consumables (2.2%, -1.8 percentage points), and hospitals (2.0%, -0.7 percentage points) [4][15]. Foreign Investment - Foreign investment in the pharmaceutical sector has slightly decreased, with foreign holdings accounting for 2.75% of the total market capitalization, down by 0.06 percentage points, totaling 164.9 billion [11][12].

2024年血制品行业跟踪报告（附批签发） 全年人白批次增长14%，价格开始调整 西南证券研究发展中心 2025年2月 分析师：杜向阳 执业证号：S1250520030002 电话：021-68416017 邮箱：duxy@swsc.com.cn 分析师：王彦迪 执业证号：S1250524040001 电话：021-68416017 邮箱：wydi@swsc.com.cn 2024年血制品行业跟踪报告 1 分品种来看批签发数据，人血白蛋白：2024年，人血白蛋白批签发5423批(+14%)，其中国产人白获批1708批(+9%) ，占比为31%，进口人白获批3715批(+17%)，占比为69%。2024Q4人血白蛋白批签发批次为1281批（+11%）。免 疫球蛋白：2024年静丙批签发批次为1308批（+3%）；其他品种如狂免148批(+24%)、破免145批(+12%)。2024Q4 静丙批签发批次为329批，同比增长39%。凝血因子类：2024年凝血因子Ⅷ获批568批(+33%)、PCC获批249批(-18%) 、纤原获批263批(-3%)。2024Q4凝血因子Ⅷ获批154批（+48%）、凝血酶原复合物获批5 ...

Domestic Highlights - In January 2024, profits of industrial enterprises above designated size totaled CNY 74,310.5 billion, a year-on-year decrease of 3.3%[8] - The profit of the manufacturing sector fell by 3.9% year-on-year, attributed to increased costs and insufficient demand[9] - During the Spring Festival travel period, cross-regional passenger flow is expected to reach 4.8 billion, a year-on-year increase of 7.2%[15] AI Industry Developments - Nvidia's DeepSeek-R1 model was released, marking a significant step for China's AI industry towards internationalization and innovation[10] - By the end of 2023, China's AI core industry scale reached CNY 578.4 billion, with a year-on-year growth of 13.9%[12] Capital Market Insights - The China Securities Regulatory Commission emphasized the need for six measures to promote high-quality development in the capital market, aiming to stabilize market conditions[13] - The release of supportive policies is expected to enhance the capital market's recovery, with a focus on increasing long-term capital inflows[14] International Economic Context - The Federal Reserve maintained the federal funds rate at 4.25%-4.5%, with a low likelihood of rate hikes in the near term[17] - The European Central Bank cut rates by 25 basis points, indicating ongoing economic challenges in the Eurozone[20] - Trump's administration announced tariffs of 25% on goods from Mexico and Canada, and 10% on Chinese goods, potentially impacting trade dynamics significantly[24]