中国医疗保健行业：2024年7月份医院医疗器械招标采购，逐渐改善但尚未迎来转折点

Investment Rating - The report assigns a "Buy" rating to Mindray Medical (300760.SZ) and a "Neutral" rating to United Imaging (688271.SS) [21][22]. Core Insights - The report indicates that the procurement amount for major medical devices in China is gradually improving, although it has not yet reached a turning point. The procurement amounts for five out of seven tracked medical devices increased month-on-month in July 2024, while year-on-year growth remains negative for all seven devices [5][6]. - The report anticipates that market growth will normalize in the second half of 2024 and into 2025, driven by a reduction in the impact of anti-corruption measures [5][6]. - Mindray Medical is expected to benefit from multiple growth drivers, including a recovery in procurement activities and the latest developments in medical equipment update policies [21]. - United Imaging is positioned to lead the domestic replacement process in medical imaging equipment, with significant market share growth expected in MRI and CT devices by 2032 [22]. Summary by Sections Mindray Medical - Mindray Medical is a leading medical device manufacturer in China, focusing on patient monitoring systems, medical imaging, and in vitro diagnostics. Domestic market revenue accounted for 61% of total revenue in 2023 [21]. - The stock is currently trading below its five-year average P/E ratio, primarily due to policy risks. The company is expected to maintain its market leadership due to a strong product portfolio and competitive pricing [21]. - The 12-month price target for Mindray Medical is set at RMB 450, with an implied upside of 73.2% from the current price of RMB 259.78 [25]. United Imaging - United Imaging is recognized as a leader in medical imaging equipment in China, with a projected market size increase from RMB 53.5 billion in 2021 to RMB 101 billion by 2032 [22]. - The company is expected to capture significant market share in MRI and CT devices, with annual revenue growth projected at 18.6% over the next 11 years [22]. - The 12-month price target for United Imaging is RMB 149, with an implied upside of 29.4% from the current price of RMB 115.13 [26].