信达证券给予山外山“买入”评级：血透机国产龙头，“进口替代+出海+耗材放量”驱动成长

Group 1 - The core viewpoint of the report is that Xinsight Securities has given a "Buy" rating to Shanwaishan (688410.SH) based on several factors [1] - The blood dialysis equipment market in China is expected to exceed 50 billion yuan by 2030, driven by policies such as the construction of medical communities, which will boost potential demand and benefit Shanwaishan as a leading domestic blood dialysis machine manufacturer [1] - Shanwaishan has a comprehensive product line in the blood purification field, focusing on both equipment and consumables, which establishes a competitive advantage in product strength [1] - The long-term development strategy includes deepening "R&D innovation + global expansion" to accelerate its position as a leading international blood purification company [1]