Zhi Tong Cai Jing·2025-08-07 08:29Core Viewpoint - UBS forecasts continued performance divergence among domestic medical device stocks in the second quarter and the first half of the year, with significant revenue growth expected for equipment companies starting in the third quarter as tender recovery translates into income [1] Group 1: Market Trends - Domestic revenue for equipment companies is anticipated to see significant growth from the third quarter due to the gradual conversion of tender recovery into income [1] - In vitro diagnostics (IVD) may see some reagent prices bottoming out in the third quarter, but the impact on usage may not dissipate until the end of the year [1] - The trend of differentiation among various categories of consumables is expected to continue into the second half of the year [1] Group 2: Policy and Regulatory Environment - The National Healthcare Security Administration's recent emphasis on "anti-involution" policies regarding volume-based procurement may serve as a medium to long-term catalyst for the industry [1] Group 3: International Business Outlook - The outlook for overseas business remains stable across various sectors unless the US-China tariff dispute resurfaces [1] Group 4: Company Recommendations - UBS is optimistic about United Imaging Healthcare (688271.SH), projecting strong revenue growth potential from 2025 to 2027, with a target price of 192 RMB and a "Buy" rating [1] - Wego Group (01066) is also rated "Buy," with a revenue growth guidance of 10% to 15% for the year, despite facing downside risks; the company is expected to see revenue and profit growth along with improving shareholder returns, with a target price of 8.2 HKD [1]