高盛：中国医疗保健：2024 年 9 月中国医院设备招标：出现转折点迹象，环比增长加速，同比转正

Investment Rating - Mindray is rated as "Buy" with a 12-month price target of Rmb430, indicating a potential upside of 44.9% [34][39] - United Imaging is rated as "Neutral" with a 12-month price target of Rmb141, indicating an upside of 11.7% [35][38] Core Insights - The procurement value of major medical devices in China has shown signs of recovery, with a month-on-month growth of 33% in September 2024, and year-on-year growth of 0.3% for the first time since June 2023 [3][8] - The leading devices such as PET-CT, CT scanners, and MRI are closely related to the trade-in policy, which has positively influenced their procurement values [3][8] - Mindray is expected to benefit from strong healthcare infrastructure construction and domestic substitution, with a significant portion of its revenue coming from China [34][39] - United Imaging is positioned to capture a growing market share in the medical imaging equipment sector, with an estimated revenue CAGR of 18.6% over the next 11 years [35][39] Summary by Sections Procurement Trends - In September 2024, all seven tracked medical devices recorded positive month-on-month growth for the first time since June 2023, with notable increases in procurement values: PET-CT (+196%), CT scanner (+4%), and MRI (-9%) [3][27][23] - The total bidding value for these devices has turned positive year-on-year, reflecting a recovery in the market [3][8] Company-Specific Insights - Mindray's revenue is expected to grow significantly due to its market leadership and multiple growth drivers, including procurement recovery and new product launches [34][39] - United Imaging's market share in CT and MRI is projected to increase significantly by 2032, driven by government incentives and competitive product performance [35][39] Market Outlook - The overall medical imaging equipment market in China is expected to grow to Rmb101 billion (US$14.4 billion) by 2032, supported by government infrastructure incentives [35][39] - The report anticipates that procurement activities will continue to recover, providing a favorable environment for both Mindray and United Imaging [34][35]