开立医疗(300633) - 2024年5月10日投资者关系活动记录表

Group 1: Market Impact and Policy - The "old-for-new" policy is expected to have a greater positive impact on the market than previous subsidized loan policies, as it directly addresses the procurement capital gap for medical institutions [3] - Feedback from frontline staff indicates a significant increase in equipment upgrade requests from hospitals since Q1 2024, with some provinces reporting substantial amounts for upgrades [3] - The policy is anticipated to drive demand in the medical market significantly in the second half of 2024, leading to a return to previous growth trends for the company's product lines [3] Group 2: Product Development and Confidence - The company has launched 2K and 4K endoscopic systems, with plans for new products like the next-generation 4K endoscope platform and digital operating rooms [4] - Confidence in the surgical product line is based on the company's R&D advantages and a diverse product range, which outperforms many domestic competitors [4] - The introduction of a foreign marketing team in 2023 is expected to enhance the understanding of clinical needs and accelerate the development of the surgical business [4] Group 3: Financial Planning and Investment - The company plans to invest approximately 20% of its annual revenue into R&D over the next 2-3 years to ensure the continuous update of mature product lines and the development of new products [4] - Sales expenses are expected to remain stable in 2024, with a potential decrease in the sales expense ratio as company revenue continues to grow [4] Group 4: Product Performance and Market Position - The HD-550 soft endoscope has been well-received in over 400 tertiary hospitals, with the upgraded HD-580 model showing significant improvements in image clarity and resolution [5] - The domestic market share of soft endoscopes is expected to grow rapidly, with the company anticipating sustained high growth rates for its soft endoscope product line in the coming years [5] - The company is integrating AI into its ultrasound and endoscope products, enhancing diagnostic capabilities and improving clinical efficiency [5]