新股前瞻|医疗器械国产替代加速，大医集团能否撑起50亿估值？

Core Viewpoint - The company, Xi'an Dayi Group Co., Ltd., has submitted an application for listing on the Hong Kong Stock Exchange, aiming to leverage the growing demand in the medical device industry and address its financial challenges, including increasing accounts receivable and ongoing losses [1][2][6][14]. Company Overview - Xi'an Dayi Group was established in 2011 and is a global leader in innovative radiotherapy solutions, focusing on building a new generation of intelligent radiotherapy ecosystems [1]. - The company's core products include CybeRay, the world's first real-time image-guided gamma radiotherapy system, and TaiChiRT Pro, the first FDA-designated breakthrough medical device for integrated X/gamma radiation therapy [1][10]. Financial Performance - The company has not yet achieved profitability, with projected revenues of approximately 261 million RMB and 264 million RMB for 2023 and 2024, respectively, alongside losses of about 69.78 million RMB and 94.57 million RMB for the same periods [2][3]. - The overall gross margin is expected to increase from 49.2% in 2023 to 52.7% in 2024, driven by higher contributions from the TaiChi and GMD platform solutions [4]. Accounts Receivable and Cash Flow - Accounts receivable have grown significantly, from 166 million RMB in 2023 to 298 million RMB in 2024, with turnover days increasing from 172 to 322 days, primarily due to conservative payment practices from public hospitals [6]. - Cash and cash equivalents decreased from 334 million RMB to 126 million RMB year-on-year, indicating tight cash flow [6]. Market Opportunity - The medical device industry in China is experiencing a domestic substitution opportunity, with a market size of 1.31 trillion RMB in 2023 and a compound annual growth rate of 10% from 2014 to 2023, positioning it as the second-largest globally [7]. - The market for high-end medical devices remains largely dominated by foreign companies, presenting significant growth potential for domestic players like Xi'an Dayi Group [7][10]. Competitive Landscape - Xi'an Dayi Group ranks second among domestic participants and fifth overall in the Chinese radiotherapy medical device market, with a market share of 4.7%, and leads the gamma radiotherapy market with a 75.8% share [10]. - The company faces competition from established players like Mindray Medical and United Imaging, which have broader product lines and higher revenue scales [11][14]. Future Outlook - The company aims to enhance its market presence and financial performance through continued innovation and product development, particularly in expanding the applications of its existing products [6][14].