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【券商聚焦】招证予华润医疗(01515)买入评级 料其将从DRG/DIP改革中获益

[brokerage focus] the purchase rating of China Resources Medical (01515) is expected to benefit from DRG/DIP reform.

鳳凰網港股 ·  Dec 28, 2021 12:46

Phoenix New Media Hong Kong Stock Market | China Merchants (Hong Kong) issued a research report that National Healthcare Security Administration recently issued the "notice of National Healthcare Security Administration on issuing a three-year Action Plan for the Reform of DRG/DIP payment methods"; the action plan requires: 1) to achieve national hospitalization service coverage in medical institutions within three years from 2022; and 2) Diagnostic grouping, quality control of medical records, and standardization of clinical pathways.

The research newspaper continued that under the implementation of the payment reform action plan, medical device enterprises will be under further pressure. The bank believes that DRG/DIP is a cost-control tool because medical services (hospitalization services) will further increase their cost awareness and will continue to reduce the use of medical consumables. According to the situation after the implementation of the DRG payment reform in Zhejiang Province: in 2020, 1) the average length of stay (ALOS) of tertiary hospitals decreased by about 2 days (from about 8 days to about 6 days) and 2) the average cost of hospitalization (including services, consumable materials, and drug expenses) decreased by about 5% compared with the same period last year (from 16219 yuan to 15372 yuan), mainly affected by the decline in medical consumables and drugs, while the service price remained unchanged.

The bank believes that large health service groups, including China Resources Medical (1515HK, buy, target price: HK $11.70) and General Global Healthcare (2666HK, target price: HK $9.50), will benefit greatly from DRG/DIP reform: 1) tertiary hospitals have the ability to treat complex cases and receive higher health insurance reimbursement payments, and 2) large medical service groups can rely on their own regional hospital network. Improve operational efficiency through graded diagnosis and treatment, and 3) good financing channels to promote discipline construction and specialist upgrading.

Investment risk: single payer risk, M & A risk (including hospital integration of state-owned enterprises), license certification risk, medical malpractice and reputation risk.

The translation is provided by third-party software.


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