SONOSCAPE(SZ:300633) Zhong Guo Zheng Quan Bao·2025-05-18 20:35Core Insights - The company is leveraging a "device + AI" core strategy to achieve technological breakthroughs across multiple product lines, with several AI-equipped high-end medical devices launched recently [1] - The company is seizing the opportunity presented by the medical equipment "device update" policy to rapidly capture market share, while also experiencing steady growth in overseas markets through a three-dimensional advancement strategy [1] - Future plans include deepening the integration of AI with medical devices, expanding applications in medical imaging AI and large language models, and driving high-quality development towards becoming a global leading brand [1] Policy Empowerment - Since its establishment in 2002, the company has focused on the research and manufacturing of medical equipment, with current products spanning four main areas: ultrasound medical imaging, digestive and respiratory endoscopy, minimally invasive surgical products, and cardiovascular interventional products [1] - The "device update" procurement policy is creating significant opportunities for the industry, with a projected investment increase of over 25% in various sectors, including healthcare, by 2027 compared to 2023 [1] - The company has secured over a hundred high-end equipment orders in recent successful bids in regions like Sichuan and Shijiazhuang, leading to a notable short-term increase in market share [1] Procurement Scale - The company highlighted that collective procurement projects involve hundreds of units per order, significantly exceeding conventional procurement volumes [2] - The recent collective procurement scale has achieved breakthroughs, with some projects recording historical highs in single-bid high-end equipment orders [2] - Although the "device update" policy has led to some price reductions for equipment, the decrease is less than that of drugs and consumables, allowing the company to maintain steady sales growth and significant market share improvement [2] Future Growth and Innovation - The company plans to continue increasing R&D investment to enhance the quality of endoscopic products, aiming for a substantial breakthrough in market share [2] - Surgical products have emerged as a new growth point, showcasing strong technological innovation capabilities through advancements from multi-scope integration to 4K fluorescence technology [2] - In the cardiovascular interventional field, the company is positioned for rapid growth as the only participant in establishing universal technical standards for intravascular ultrasound [2]