Company Overview - Xiangsheng Medical closed at 28.1 yuan, down 2.09%, with a rolling PE ratio of 23.07 times and a total market value of 3.151 billion yuan [1] - The company specializes in the research, manufacturing, and sales of ultrasound medical imaging equipment [1] - Xiangsheng Medical was selected as a "Little Giant" enterprise for the 2024 National Specialized and Innovative Enterprises [1] Financial Performance - For Q1 2025, the company reported operating revenue of 128 million yuan, a year-on-year decrease of 9.16%, and a net profit of 41.6145 million yuan, down 8.62% year-on-year, with a gross profit margin of 61.33% [1] Shareholder Information - As of March 31, 2025, the number of shareholders for Xiangsheng Medical was 6,509, an increase of 1,499 from the previous period, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Industry Comparison - The average PE ratio for the medical device industry is 49.10 times, with a median of 36.43 times, placing Xiangsheng Medical at the 52nd position in the industry ranking [1][2] - The industry average market value is 10.51 billion yuan, while the median is 4.892 billion yuan [2]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 祥生医疗(688358) 投资评级 上次评级 [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com [Table_ReportDate] 2025 年 04 月 28 日 [Table_S 事件：公司发布 ummary] 2024 年年报和 2025 年一季报，2024 年公司实现营业收入 4.69 亿元（yoy-3.13%），归母净利润 1.41 亿元（yoy-4.08%），扣非归母 净利润 1.27 亿元（yoy -7.36%），经营活动产生的现金流量净额 1.41 亿元 （yoy +63.76%）。2025Q1 公司营业收入 1.28 亿元（yoy -9.16%），归母 净利润 4161 万元（yoy-8.62%）。 点评： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 ➢ 境外营收下滑 4%，产品结构调整，毛利率保持稳定。2024 年公司保持 在小型超声 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 祥生医疗(688358) 投资评级 上次评级 [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] 三季度业绩持续增长，股权激励彰显 信心 公司发布股权激励，分段目标彰显信 心 核心产品认可度提升，H1 放量驱动业 绩增长 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B座 邮编：100031 [Table_Title] 毛利率保持稳定，AI 赋能加速市场拓展 [Table_ReportDate] 2025 年 04 月 28 日 [Table_S 事件：公司发布 ummary] 2024 年年报和 2025 年一季报，2024 年公司实现营业收入 4.69 亿元（yo ...

Group 1 - The core viewpoint is that the domestic medical device procurement is slowing down due to industry policy factors, impacting sales revenue for medical device companies in 2024, but there is an expectation for recovery in 2025 with an acceleration in the "old-for-new" procurement process [1][3] - In 2024, the company reported a revenue of 2.014 billion yuan, a decrease of 5.02% year-on-year, and a net profit attributable to shareholders of 142 million yuan, down 68.67% year-on-year [1] - The decline in revenue is attributed to reduced procurement activities from domestic medical institutions, while the company increased strategic investments in new product lines and talent acquisition, further affecting profit performance [1] Group 2 - The company's R&D expenses totaled 473 million yuan in 2024, an increase of 23.08% year-on-year, accounting for 23.48% of revenue [2] - The "old-for-new" policy is expected to expand market demand for medical devices, with the government aiming for a 25% increase in equipment investment across various sectors by 2027 [3] - The management anticipates that the procurement projects that were not completed in 2024 will accelerate in the first half of 2025, along with new projects, leading to a positive outlook for hospital procurement [3] Group 3 - The domestic medical device industry is facing intense competition, prompting companies to engage in price wars [4] - The company aims to differentiate itself by focusing on high-end and specialized product development while expanding its product lines [4] - Future plans include increasing R&D investment to maintain technological leadership and expanding into minimally invasive surgery and cardiovascular intervention product lines, despite the potential for increased costs [4]

Core Viewpoint - AI is significantly transforming the productivity of the healthcare industry, with a focus on enhancing diagnostic efficiency and accuracy in medical institutions [1][2]. Group 1: AI in Healthcare - The Chinese government is promoting the "Artificial Intelligence +" initiative to better integrate digital technology with manufacturing and market advantages [2]. - At the recent China International Medical Equipment Fair (CMEF), AI was a prominent topic, with nearly 5,000 companies showcasing advanced AI medical products and services [2]. - The Vice President of KAILI Medical emphasized the importance of AI in primary healthcare, aiming to shift the market focus from hospitals to home healthcare [2]. Group 2: Market Position and Growth - KAILI Medical is a leading domestic medical device company, ranking fourth in the domestic ultrasound imaging diagnostic equipment market and first among domestic brands in digestive endoscopy [4]. - The medical device industry has experienced fluctuations due to centralized procurement and reduced hospital bidding demands, but the market is recovering due to large-scale equipment updates [4][5]. - The government has initiated policies to support equipment updates, with funding distributed based on a 9:1 principle between central and local governments [4]. Group 3: Impact of Centralized Procurement - Centralized procurement has led to a decrease in equipment sales prices; however, the increase in supply volume has positively impacted overall sales and market share for KAILI Medical [5]. - The company believes that success in centralized procurement relies on comprehensive strength and product competitiveness rather than just low prices [5]. Group 4: AI Product Development - KAILI Medical has been investing in AI technology since 2016, launching the world's first AI technology for automatic image capture in 2018, enhancing product performance [6]. - The company’s AI applications in the fields of obstetrics and gastroenterology have received positive feedback, with AI diagnostic accuracy exceeding 95% in radiology [6]. - The company is focusing on expanding AI clinical applications to assist doctors in various diagnostic scenarios [6]. Group 5: International Market Strategy - The impact of the recent "reciprocal tariffs" imposed by the U.S. is minimal for KAILI Medical, as U.S. market revenue constitutes less than 2% of total revenue [7]. - The company has established a solid overseas presence and plans to increase investments in international markets, particularly in Europe, Russia, India, and Latin America [8].