金域医学-竞争烈度缓和，中国 ICL 龙头实力增强；上调至 “买入” 评级，目标价升至 37 元

KINGMED (603882.SS) China ICL leader emerges stronger as competition intensity eases; Upgrade to Buy, raise TP to Rmb37 Despite investor concerns around intense competition in the post-Covid era and policy headwinds from anti-corruption and DRG/DIP reforms, we upgrade Kingmed from Neutral to Buy, as: 1) Independent clinical laboratories (ICL) penetration is benefiting from accelerating DRG/DIP reforms which have pushed hospitals to optimize costs and shift a wider scope of assays to ICLs. We expect the pene ...