Import monopoly in the medical device market is broken, replacing the potential of manufacturers

Since the reform and opening up, China's medical device industry has developed rapidly. From 2009 to 2014, the overall scale of China's medical device manufacturing high-tech industry grew by 2.32 times, with a compound annual growth rate of 18.36%. The analysis pointed out that in recent years, China's medical device industry has developed rapidly, and the medical device industry has received unprecedented attention and expectation. In particular, high-performance medical devices have been listed as key development industries and have risen to national strategic heights. At the same time, some leading medical equipment companies continue to increase investment in research and development, and have made major breakthroughs in technical barriers and product quality. Some products have already had the strength to compete with foreign companies. Under the influence of these two factors, the situation of import monopoly in China's medical device market will be broken in the future. The development of domestically produced medical devices in the future is also optimistic about the market. China's domestically-imported importers, such as China Resources Wandong, Libang Instruments, DiRui Medical, and Neusoft Group, are expected to attract a lot of attention in the capital market.

Wind data shows that the number of listed companies in the current A-share market that belong to the medical equipment Shenwan secondary industry has reached 23. In terms of performance, companies such as Libang Instruments, Kelly, Shangrong Medical, Guanxi Bio, Yuyue Medical, and Lepu Medical achieved a significant increase in net profit in 2015. As of the close of March 24, Sanxin Medical, Qianshan Pharmaceutical, Shangrong Medical, Chutian Technology, Canaan Technology and other seven companies have increased their share prices by more than 20% since March.

Shanghai Securities analyst Wei Wei believes that from the perspective of the 2015 policy, the state is strongly supportive of the medical device industry, the status and importance of the industry has been greatly enhanced, import substitution has become a major trend in the development of the industry, regulations and policies are frequently introduced, and regulations are internationally In line with the situation, industry supervision has become stricter. It is expected that this trend will continue in 2016, and the state's support for the medical device industry will not change.

Wei Wei suggested focusing on the four aspects of investment targets: first, import substitution of high-performance medical device manufacturers with strong expectations, such as China Resources Wandong and Libang Instruments; second, growth determination, extension of mergers and acquisitions, and platform-oriented layout Development of growth companies, such as Kailitai; third, is expected to benefit from the "13th Five-Year Plan" related policies such as pension, second child and other concept stocks, such as Yuyue Medical, David Medical, etc.; Fourth, technical innovation Some hotspots, such as high-end imaging equipment, medical robots, fully degradable vascular stents, mobile medical and other concepts.

Wei Wei, an analyst at Ping An Securities, said that on March 23, the CFDA General Administration and the National Health and Family Planning Commission promulgated the "Quality Management Regulations for Clinical Devices Clinical Trials". The implementation of this policy will improve the quality of clinical trials, be standardized, rigorous and traceable, and expel Participants with low prices as selling points, extensive testing process, and low confidence in results. It is also inevitable to raise the cost of clinical trials, and to squash small-scale, low-tech medical machinery enterprises, so that the industry tends to be centralized, which is good for leading enterprises in the industry with high-tech energy levels, such as: Lepu Medical, China Resources Wandong, Yu Yue Medical, Kelly, etc.

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