大医集团IPO：估值超50亿元，放射外科国产替代中会“填空”就有胜算？

Core Viewpoint - The medical industry is experiencing a wave of domestic high-tech replacements, leading to the emergence of numerous quality enterprises, with companies like Daji Group representing significant players in the radiotherapy sector [1][2][3]. Industry Overview - The domestic participation in the medical equipment sector has substantial room for growth, with over 50% of the market share held by importers in advanced treatment equipment, and up to 85% in high-end radiotherapy equipment [5]. - As of the end of 2024, the per capita level of radiotherapy equipment in the U.S. is projected to reach 11.40 units per million residents, while in China, it is only 2.74 units per million residents, indicating a significant unmet demand for radiotherapy services in China [7]. Company Profile - Daji Group is a leading global innovator in radiotherapy solutions, having developed a comprehensive treatment matrix since its establishment in 2011, with several solutions approved or in development [2]. - The company ranks second among domestic players and fifth overall in the Chinese radiotherapy medical device market, with a market share of 4.7% [10]. - In the gamma radiotherapy medical device market, Daji Group holds a dominant position with a market share of 75.8%, selling 7 out of every 10 gamma radiotherapy products [10][12]. Product Innovation - Daji Group's core products, such as CybeRay and TaiChiRT Pro, are unique in the market, having received approvals from both the National Medical Products Administration and the FDA, addressing critical pain points in traditional radiotherapy [12][14]. - The CybeRay device features four-dimensional real-time tumor tracking technology, ensuring precise dosage delivery, while TaiChiRT Pro significantly reduces treatment cycles by integrating multiple treatment modalities [14]. Financial Performance - Daji Group reported revenues of 261 million RMB and 264 million RMB for 2023 and 2024, respectively, with gross profits of 128 million RMB and 139 million RMB [18]. - Despite revenue growth, the company faces significant losses, with net losses of 69.78 million RMB and 94.57 million RMB for the same years, highlighting a pressing need for capital [17][18]. Market Dynamics - The Chinese government has implemented policies favoring domestic medical device procurement, mandating high procurement ratios for certain medical devices, which benefits local manufacturers like Daji Group [8]. - The company is currently in a critical phase of expanding its product range to include non-tumor indications, which could enhance its market position and revenue potential [16].