EBSCN·2025-05-19 03:55Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [5]. Core Viewpoints - The commercialization process of exoskeleton robots in the medical rehabilitation field is expected to accelerate, with significant growth projected in the global exoskeleton market, reaching $1.8 billion in 2024 and exceeding $12 billion by 2030, representing a compound annual growth rate (CAGR) of 28% [2][23]. - The report highlights the importance of policy support and the maturity of commercialization scenarios in the medical rehabilitation sector, recommending companies such as Weisi Medical, Mylande, and Xiangyu Medical for investment [2][23]. Summary by Sections Market Review - The pharmaceutical and biotechnology index rose by 1.27%, outperforming the CSI 300 index by 0.16 percentage points and underperforming the ChiNext index by 0.35 percentage points, ranking 11th among 31 sub-industries [1][16]. - The Hong Kong Hang Seng Medical Health Index increased by 0.57%, lagging behind the Hang Seng National Enterprises Index by 1.35 percentage points [1][16]. Company Updates - Recent clinical application approvals include BeiGene's BGB-B455 and ConvaTec's CM336 injection, while companies like Innovent Biologics and Kanghong Pharmaceutical are advancing in clinical trials [28]. Investment Strategy - The report suggests a structural selection of investment opportunities based on payment willingness and ability, focusing on three payment channels: in-hospital payments, out-of-pocket payments, and overseas payments. Key recommendations include Heng Rui Medicine, Mindray Medical, United Imaging Healthcare, and Yuyue Medical [3][25]. Key Company Earnings Forecasts and Valuation - Heng Rui Medicine: 2024 EPS of 0.99, PE of 54, rating "Accumulate" [4]. - Mindray Medical: 2024 EPS of 9.62, PE of 24, rating "Buy" [4]. - United Imaging Healthcare: 2024 EPS of 1.53, PE of 90, rating "Buy" [4]. - Yuyue Medical: 2024 EPS of 1.80, PE of 20, rating "Buy" [4]. Important Database Updates - The total number of hospital visits from January to April 2024 reached 1.483 billion, a year-on-year increase of 13.29% [31]. - Basic medical insurance income for January to February 2025 was 546.4 billion yuan, with expenditures of 330.5 billion yuan [44][50].