国泰海通｜医药：政策拉动国内市场有效复苏，医疗设备招采保持快速增长

Core Viewpoint - The article maintains an "overweight" rating, recommending medical device companies that are expected to benefit from the implementation of equipment upgrade policies leading to performance recovery [1] Group 1: Market Growth and Equipment Procurement - The scale of medical device bidding continues to grow, with significant increases in November 2025: MR up 11.1%, CT up 26.4%, DR up 47.2%, ultrasound up 17.0%, endoscopes down 4.9%, and surgical robots up 8.6% [2] - Cumulatively, by November 2025, the bidding scale for new equipment shows substantial growth: MR up 50.4%, CT up 72.7%, DR up 74.0%, ultrasound up 56.1%, endoscopes up 19.7%, and surgical robots up 32.8% [2] - Specific company performance in November 2025 includes: United Imaging MR up 3.0%, United Imaging CT up 41.9%, Mindray ultrasound up 24.5%, KAILI ultrasound up 70.2%, KAILI endoscope up 47.4%, and Aohua endoscope up 60.3% [2] - Year-to-date performance by November 2025 shows: United Imaging MR up 39.7%, United Imaging CT up 56.4%, Mindray ultrasound up 68.4%, KAILI ultrasound up 92.6%, KAILI endoscope up 87.8%, and Aohua endoscope up 26.1% [2] Group 2: Policy Impact and Market Recovery - The implementation of equipment upgrade policies is expected to drive long-term procurement levels in the medical device sector, with a target of over 25% growth in equipment investment by 2027 compared to 2023 [3] - In 2024, significant procurement plans for medical equipment are expected to be announced across various provinces, indicating a robust demand for innovative diagnostic and treatment equipment [3] - The domestic market is showing signs of recovery, with a reported revenue of 6.866 billion yuan for United Imaging in the first three quarters of 2025, reflecting a year-on-year growth of 23.70% [3]