医疗器械行业快评报告：政策助力，医疗设备更新提速

Industry Investment Rating - Stronger than the market (first-time rating) [1] Core Viewpoints - The State Council issued a policy on March 7, 2024, aiming for a 25%+ increase in medical equipment investment by 2027 compared to 2023 [1] - Provinces and cities have accelerated the implementation of medical equipment updates, leading to a noticeable upward trend in procurement intentions [1] - The medical equipment sector is expected to enter a new growth phase [1] Policy Support - The State Council's policy on March 7, 2024, targets a 25%+ growth in medical equipment investment by 2027 [2] - In May, the National Development and Reform Commission and other departments announced central funding support for medical equipment updates, with varying proportions across regions [2] Funding Details - State-funded equipment update projects require approval from the National Development and Reform Commission, followed by hospital tenders [2] - As of September, 77.02% of approved projects were funded by central budget investments or ultra-long-term government bonds combined with local fiscal funds, while only 22.98% required self-raised funds [2] Update Progress - The first batch of equipment updates focuses on county-level medical alliances, with 22% of procurement intentions and 5.10% of tenders completed by September [2] - Over 1,000 projects were approved by September, with a total budget exceeding 41.2 billion yuan, mainly concentrated in May and June [2] - Guangdong, Hunan, and Heilongjiang each had approved budgets exceeding 5 billion yuan [2] - Procurement intentions continued to rise, with a total budget of over 11 billion yuan and 372 projects by September [2] - Guangdong, Zhejiang, and Hubei led in the number of projects, while Guangdong, Hunan, and Xinjiang each disclosed budgets exceeding 1 billion yuan [2] - Key products in procurement include ultrasound, CT, gastrointestinal endoscopes, DR, and MR, with increasing tenders for anesthesia machines and monitors [2] Investment Recommendations - Domestic medical equipment replacement drives demand release, with accelerating procurement intentions as more projects are approved [4] - Domestic medical device suppliers are innovating and breaking through, potentially expanding the market size and increasing the penetration rate and market share of domestic products [4] - The medical equipment sector is poised for a new growth phase [4]