GLONGHUI July 31 | Huaxin Securities's research report on the 30th pointed out that Paulette's (300246.SZ) monitor business in the first half of the year was affected by fluctuations in the overseas order cycle, but domestic demand continued to drive growth. Among them, demand for ICU construction orders in Q1 was stimulated by demand for ICU construction orders after epidemic control was liberalized, and domestic hospital construction demand continued to grow in Q2. The company has established two major technology platforms for hemodialysis and peritoneal dialysis in the field of end-stage kidney disease. Among them, in the field of hemodialysis, the company has achieved a nationwide layout of blood purification consumables through outreach and acquisitions of Shaanxi Sanyuan Fusheng and Suzhou Junkang. The policy promotes the steady growth of hemodialysis and the acceleration of localization, and hemodialysis machines will continue to expand. As China's population continues to age, the number of patients with kidney disease continues to grow. According to the latest statistics from the National Blood Purification Case Information Registration System, the number of patients receiving hemodialysis treatment in China reached 844,300 by the end of 2022, with an average compound annual growth rate of 13% in the past ten years. The bank predicts that the company's revenue for 2023-2025 will be 1,471, 1,663 million yuan, and 1,863 billion yuan respectively, and EPS will be 0.25, 0.37, and 0.45 yuan respectively. The current stock price corresponds to PE of 46.8, 31.8, and 26.1 times, respectively. Driven by the policy, the pace of localization of domestic hemodialysis machines will accelerate, and the hemodialysis market will experience steady growth, coverage for the first time, and a “buy” investment rating.