长江证券指出，医疗设备行业历经2023~2024年连续两年下滑后，于2025年迎来拐点。从月度招采数据 上看，由于设备更新政策带动的医院设备采购的需求增加，2025年延续2024年四季度以来增长的态势， 医院医疗设备招标采购持续好转，行业回归正增长，预计未来行业有望回归稳健增长。 （文章来源：每日经济新闻） 11月24日早盘，市场高开震荡，医疗器械板块表现活跃。截至9:44，医疗器械ETF（562600）涨近 0.46%，成分股中，中源协和、硕世生物、英科医疗、微电生理等股涨势靠前。 近日，资金借道医疗器械ETF（562600）布局意图明显，截至最新，该ETF已连续19个交易日实现资金 净流入，累计吸金超1.48亿元，显示出市场对其长期景气度的坚定信心。 ...

医疗设备行业10月更新：招采金额环 比同比均恢复增长态势 长江证券研究所医药研究小组 2025-11-23 %% %% %% %% research.95579.com 1 分析师 彭英骐 分析师 徐晓欣 SAC执业证书编号：S0490524030005 SAC执业证书编号：S0490522120001 SFC执业证书编号：BUZ392 分析师及联系人 证券研究报告 • 证券研究报告 • 评级 看好 维持 %% %% %% %% research.95579.com 2 01 设备招采：持续恢复，看好业绩释放 02 集采：县域市场集采占比较低，降幅缓和 03 风险提示 目 录 %% research.95579.com 3 01 设备招采：持续恢复，看好业绩释放 医疗设备行业月度数据跟踪 %% %% %% %% research.95579.com 4 2025年医疗设备招采恢复正增长 医疗设备行业历经2023-2024年连续两年下滑后，于2025年迎来拐点，行业回归正增长，主要是由于设备更新政策带动的 医院设备采购的需求增加，未来行业有望回归稳健增长。 图1：2019-2025H1设备招采总金额情况 图2： ...

北京市统计局数据显示，1-10月，北京市固定资产投资（不含农户）同比增长7.8%，大规模设备更新政 策持续显效，反映企业扩大生产能力的设备购置投资增长73.7%，占全市固定资产投资的比重为 30.2%，同比提高11.4个百分点。高技术产业投资在互联网企业算力硬件购置、中关村科技园等投资项 目带动下，增长48.4%。分领域看，基础设施投资增长0.6%，制造业投资增长2.7%，房地产开发投资下 降14.7%。分产业看，第一产业投资增长22.3%，第二产业投资增长7.9%，第三产业投资增长7.8%，其 中，批发和零售业、住宿和餐饮业投资在部分商圈及批发市场升级改造带动下，分别增长2.1倍和1.5 倍；信息传输、软件和信息技术服务业增长1.0倍；文化、体育和娱乐业增长63.7%。 ...

Investment Rating - The investment rating for the company is Buy-A with a 6-month target price of 37 yuan [4][6]. Core Insights - The company reported a stable revenue performance with a 28.41% year-on-year increase in revenue for Q3 2025, reaching 495 million yuan, while the net profit loss narrowed significantly to 14 million yuan from 62 million yuan in the same period last year [1][2]. - The growth in revenue is attributed to the recovery of domestic equipment procurement activities and the implementation of equipment upgrade policies, which positively impacted the company's performance [2]. - The company is expected to see a turning point as the expense ratio has shown marginal improvement year-on-year, despite a decline in gross margin due to price reductions from certain equipment procurement projects [3]. Revenue Performance - In Q3 2025, the company achieved revenue of 495 million yuan, representing a year-on-year growth of 28.4% [2]. - The ultrasound business experienced a slight decline in revenue during the first three quarters, while the endoscope business showed steady growth due to increased diagnostic rates and the launch of upgraded products [2]. Profitability and Expenses - The company reported a gross margin of 57.01%, down 7.3 percentage points year-on-year, primarily due to price reductions from equipment procurement projects [3]. - The net profit loss narrowed by 78.1% year-on-year, indicating a positive trend towards profitability as new businesses and products begin to contribute to revenue [3]. Financial Projections - Revenue growth rates are projected at 9.6%, 15.2%, and 14.9% for 2025, 2026, and 2027, respectively, with net profit growth rates of 14.6%, 103.9%, and 38.3% for the same years [4][10]. - The target price of 37 yuan corresponds to a dynamic price-to-earnings ratio of 48 times for 2026 [4].

Core Insights - In the first three quarters, China's fixed asset investment (excluding rural households) decreased by 0.5% year-on-year, primarily impacted by real estate development investment [1] - Excluding real estate development, project investment still grew by 3.0% year-on-year [1] Investment Breakdown - Industrial investment in China increased by 6.4% year-on-year, contributing 2.1 percentage points to overall investment growth [1] - Mining investment grew by 3.7%, accelerating by 0.7 percentage points compared to January-August [1] - Manufacturing investment rose by 4.0%, contributing 1.0 percentage point to total investment growth [1] - Investment in electricity, heat, gas, and water production and supply surged by 15.3%, adding 1.1 percentage points to overall investment [1] Infrastructure and Equipment Investment - Infrastructure investment in China increased by 1.1% year-on-year, contributing 0.2 percentage points to total investment growth [1] - Private investment in infrastructure grew by 7.0%, accounting for 20.0% of total infrastructure investment, up by 1.1 percentage points from the previous year [1] - Equipment purchase investment maintained a growth rate of over 10% year-on-year, with a 14.0% increase in the first three quarters, representing 16.6% of total investment, up by 2.2 percentage points from last year [1] High-Tech Service Sector - Investment in China's high-tech service industry grew by 6.1% year-on-year, accounting for 5.3% of total service industry investment, an increase of 0.5 percentage points from the previous year [2] - Information service industry investment surged by 33.1% [2]

Core Insights - The data indicates a significant acceleration in equipment updates across enterprises in China during the first three quarters of this year, driven by policies promoting equipment renewal and consumer goods replacement [1][2][3] Group 1: Industrial Equipment Updates - Industrial enterprises have shown a positive trend in equipment updates, with a 9.4% year-on-year increase in machinery and equipment purchases [1] - High-tech manufacturing has experienced a robust growth of 14% in machinery purchases, while the electricity, heat, gas, and water production and supply sector saw a 10.5% increase, with thermal pipeline renovations contributing to a 16.4% rise [1] Group 2: Digital Equipment Investments - There has been a notable increase in investments in digital equipment, with a year-on-year growth of 18.6% in digital device purchases across enterprises, highlighting the importance of digital transformation [2] - Specific high-end manufacturing sectors, such as shipbuilding and computing, reported increases of 17.3% and 22.7% in digital equipment purchases, respectively [2] Group 3: Private Enterprises' Role - Private enterprises have played a significant role in equipment updates, with a 13% year-on-year increase in machinery purchases, surpassing state-owned and foreign enterprises [2] - Innovative sectors within the private economy, such as internet services and unmanned aerial vehicles, have shown remarkable growth, with machinery purchases increasing by 32.8% and 70.5%, respectively [2] Group 4: Consumer Goods Demand - There has been a substantial rise in consumer goods sales, with retail sales of daily appliances like refrigerators and televisions increasing by 48.3% and 26.8% year-on-year, respectively [2] - The furniture and lighting retail sectors also saw significant growth, with sales increasing by 33.2% and 17.2%, while smart home products, such as robotic vacuum cleaners, experienced a remarkable 75% increase in sales [2] Group 5: New Energy Vehicle Sales - New energy vehicle sales have surged by 30.1% year-on-year, reflecting the ongoing vitality of China's new energy vehicle industry, supported by effective policies promoting vehicle replacement [3] - The data suggests that the "two new" policies have played a crucial role in stabilizing investment, expanding consumption, and promoting transformation within the industry [3]

Core Insights - The company reported a revenue of 6.016 billion yuan for the first half of 2025, representing a year-on-year increase of 12.79%, with a net profit attributable to shareholders of 998 million yuan, up 5.03% [1] - The overseas business has shown rapid growth, with overseas revenue reaching 1.142 billion yuan, a year-on-year increase of 22.48%, accounting for 18.99% of total revenue [2] - The domestic market revenue for core product lines increased to 4.873 billion yuan, up 10.74%, with a market share increase of 3.4 percentage points in the medical imaging and radiation therapy equipment sector [3] - Service business revenue grew significantly to 816 million yuan, a 32.21% increase, with the gross margin for service business maintained above 60% [4] Group 1: Financial Performance - The company achieved a total revenue of 6.016 billion yuan in H1 2025, with a net profit of 998 million yuan [1] - In Q2 2025, revenue was 3.538 billion yuan, reflecting an 18.60% increase [1] - The adjusted net profit for H1 2025 was 966 million yuan, up 21.01% [1] Group 2: Overseas Business Growth - The overseas revenue reached 1.142 billion yuan, marking a 22.48% increase year-on-year [2] - The company has implemented a global strategy covering nearly 90 countries and regions, with strong growth in North America and Europe [2] - The company has established a global service team of over 1,000 engineers [2] Group 3: Domestic Market Performance - Domestic market revenue for H1 2025 was 4.873 billion yuan, a 10.74% increase [3] - The MR business revenue was 1.968 billion yuan, up 16.81%, with a continuous increase in market share [3] - The company’s CT business introduced innovative products, including the first photon-counting CT, which has been approved for market [3] Group 4: Service Business Expansion - Service business revenue reached 816 million yuan, a 32.21% increase, contributing to 13.56% of total revenue [4] - The overall gross margin for the company was 47.93%, with service business gross margin maintained above 60% [4] - The expansion of service business has positively impacted the company's overall profitability [4]

Core Viewpoint - The medical equipment bidding scale continues to show good growth, driven by the implementation of equipment renewal policies, which is expected to lead to a long-term increase in medical equipment procurement levels [1][3]. Group 1: Investment Recommendations - Maintain an "overweight" rating, recommending medical equipment companies that are likely to benefit from the performance recovery driven by the implementation of equipment renewal policies [2]. - In August 2025, the new equipment bidding scale showed significant year-on-year growth: MR increased by 36.7%, CT by 77.5%, DR by 50.2%, ultrasound by 35.2%, while endoscopes decreased by 2.7% and surgical robots by 51.9% [2]. - Cumulatively, from January to August 2025, the new equipment bidding scale showed substantial growth: MR increased by 83.9%, CT by 93.6%, DR by 85.9%, ultrasound by 64.2%, endoscopes by 31.6%, and surgical robots by 46.5% [2]. Group 2: Policy and Market Trends - The equipment renewal policy is being implemented, which is expected to drive medical equipment procurement levels over a long period. The goal is to increase the investment scale in the medical and health field by over 25% compared to 2023 by 2027 [3]. - In 2024, various provinces and cities are expected to release large-scale procurement plans for domestic medical equipment renewal projects [3]. - Since 2025, the national push for large-scale equipment renewal has become more normalized and specialized, significantly enhancing the procurement enthusiasm of medical institutions [3]. Group 3: Market Characteristics and Funding Structure - The equipment renewal is showing more market-oriented characteristics, with an increasing proportion of self-purchases to meet the upgrading needs of medical institutions in high-end medical imaging and radiation therapy [4]. - The funding structure for equipment renewal is becoming more diversified, with local government funds, county-level medical community special funds, and self-raised funds from medical institutions increasingly contributing to the sustainability of equipment updates [4]. - Since 2025, county-level medical equipment renewal has become one of the more active areas in the market, with the demand driven by county medical community construction occupying a significant share of the overall market [4].

Core Viewpoint - The implementation of a new round of large-scale equipment updates is a crucial measure to promote high-quality development, expand effective investment, facilitate industrial upgrades, drive green development, and improve people's lives. Since the launch of the "Two New" initiative last year, large-scale equipment updates have been continuously effective, with approximately 8,400 projects supported by special long-term bonds by 2025, leading to a total investment exceeding 1 trillion yuan [1]. Policy Impact - The equipment update policy has shown significant results in stabilizing investment, growth, and promoting transformation. In 2024, the total number of equipment updates in key areas nationwide is expected to exceed 20 million units. From January to July this year, investment in equipment and tools increased by 15.2% year-on-year, outpacing overall investment growth by 13.6 percentage points, contributing to a 2.2 percentage point increase in total investment [9][10]. Financial Support - The special long-term bonds are led by the National Development and Reform Commission to support key equipment update projects and high-level recycling projects. Central fiscal policies provide interest subsidies of 1.5 percentage points on bank loans for eligible entities. The funding for scrapping and updating old operational vehicles and agricultural machinery is shared between central and local governments, with varying support ratios across regions [4][5]. Local Initiatives - Various regions have creatively implemented the equipment update policy. For instance, Jiangsu Province introduced "Transportation Loans" with fiscal interest subsidies, benefiting local companies significantly. As of July this year, Jiangsu's cooperative banks had issued 100 "Transportation Loan" projects, amounting to 6.783 billion yuan in loans with over 70 million yuan in interest subsidies [5]. Application Process - The application process for enjoying the equipment update policy is straightforward and efficient. Companies have reported quick approval times for subsidy applications, with some receiving funds within two months of application [6][7]. Environmental Focus - The equipment updates also emphasize green initiatives. For example, the State Grid has completed energy efficiency upgrades for over 240,000 transformers, increasing the proportion of transformers with energy efficiency ratings of level 2 and above to 10% [12][13]. Community Benefits - The equipment update policy not only focuses on industrial upgrades but also enhances public welfare. For instance, the government has allocated 6.2 billion yuan in 2024 to support the update of 41,000 old residential elevators, benefiting nearly 1.7 million households [14]. Recycling and Standards - The promotion of large-scale equipment updates involves two critical aspects: recycling and standard enhancement. The re-manufacturing industry has seen its annual output value rise to nearly 200 billion yuan, with significant improvements in recycling rates for core products [16][17]. Additionally, the introduction of advanced technology and production processes is driving equipment towards higher-end, intelligent, and green development, supported by updated national standards [18].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][19]. Core Views - The company's performance is showing a recovery driven by the rebound in the domestic bidding market, with significant growth in overseas markets. The revenue forecast for 2025-2027 has been raised, expecting revenues of 124.1 billion, 145.1 billion, and 169.4 billion respectively, with year-on-year growth rates of 20.4%, 16.9%, and 16.8% [3][19]. Financial Performance - In the first half of 2025, the company achieved revenue of 60.16 billion yuan, a year-on-year increase of 12.79%, and a net profit of 9.98 billion yuan, up 5.03%. In Q2 2025 alone, revenue reached 35.38 billion yuan, growing by 18.60% year-on-year [1][8]. - The revenue from equipment sales in the first half of 2025 was 48.9 billion yuan, reflecting a 7.6% increase, while the maintenance service business grew rapidly, generating 8.16 billion yuan in revenue, a 32.2% increase [1][13]. Market Segmentation - The domestic market generated 48.7 billion yuan in revenue in the first half of 2025, up 10.7%, benefiting from accelerated equipment update policies and a significant recovery in the bidding market. The overseas market saw revenue of 11.4 billion yuan, a remarkable increase of 22.5%, with revenue contribution rising to 19% [2][13]. Profitability and Cost Control - The company's gross margin for the first half of 2025 was 47.93%, a slight decrease of 2.45 percentage points, primarily due to price competition from centralized procurement. However, all expense ratios, including sales, management, R&D, and financial expenses, showed a decline, indicating effective cost control [2][18]. Earnings Forecast - The forecast for net profit for 2025-2027 has been adjusted to 19.5 billion, 23.7 billion, and 27.7 billion yuan respectively, with corresponding year-on-year growth rates of 54.5%, 21.7%, and 16.7% [3][19]. Valuation Metrics - The current stock price corresponds to a price-to-earnings (PE) ratio of 64, 53, and 45 for the years 2025, 2026, and 2027 respectively [3][19].