SONOSCAPE(SZ:300633)2022-12-05 02:31Group 1: Market Position and Product Development - The company views the import substitution in the medical device sector as an ongoing process, dependent on the quality and performance of domestic brands reaching the same level as imported products [3] - Domestic ultrasound products have accelerated import substitution recently, particularly after the introduction of high-end color ultrasound machines [3] - The company’s high-definition endoscopes are competitive with some Japanese products, indicating a faster import substitution process compared to ultrasound [3] Group 2: Government Support and Industry Trends - National policies are expected to support the self-sufficiency of high-end medical devices, with funding for early-stage R&D and later sales and procurement policy support [3] - Recent government initiatives to enhance medical infrastructure, such as the addition of new tertiary hospitals and increased ICU bed numbers, are likely to boost future equipment procurement demand [5] Group 3: Supply Chain and Sales Strategy - The company primarily sources electronic components from abroad, with no current restrictions on procurement, while key structural components are designed and controlled in-house [4] - High-end medical devices are marketed through academic promotion, with industry experts demonstrating products at forums and online teaching sessions [4] - The sales strategy focuses on establishing demonstration windows in over 100 tertiary hospitals, primarily targeting secondary and lower-tier hospitals [4] Group 4: Product Lifecycle and Revenue Model - Endoscope equipment has a long usage period, with a renewal cycle of approximately 3 to 4 years, differing from other medical devices [5] - The pricing model for the company’s system is designed to generate significant revenue from high-end consumables when endoscope replacements are needed after three years [5]