Organization:Guoyuan Securities
Rating: recommended
Main points of the report: the demand for endoscopic diagnosis and treatment is increasing day by day, which leads to the continuous expansion of the market for supporting diagnosis and treatment equipment.
Endoscopic instruments can be roughly divided into two parts: endoscopic instruments (soft mirror matching) and minimally invasive surgical instruments and accessories (hard mirror matching). In the field of digestive medicine, there is a high incidence of digestive tract cancer and a large number of patients in China. Soft endoscopy and endoscopic biopsy are the "gold standard" for diagnosis, but the diagnosis rate and development rate of soft endoscopy are still low, and there is a lot of room for development. In the field of surgery, minimally invasive surgery represented by hard endoscope has gradually replaced traditional surgery. with the increasing demand for minimally invasive diagnosis and treatment, the market of endoscopic instruments is expected to continue to expand.It is estimated that by 2023, the domestic market scale of endoscopic instruments and minimally invasive surgical instruments and accessories will reach 5.048 billion yuan and 34.5 billion yuan respectively.
Endoscope industry domestic replacement of the fastest "lane", with volume procurement is the trend of the times
On the whole, the industry barriers of the three major sectors of the endoscope industry: soft mirror > hard mirror > matching diagnosis and treatment equipment, the research and development of supporting diagnosis and treatment equipment takes a short time, so the domestic substitution process is ahead of endoscope equipment, and the market is booming.(1) Endoscopic diagnosis and treatment instruments:Biopsies and hemostatic closures have taken the lead in domestic substitution, EMR/ESD consumables are gradually breaking through, domestic substitutions are accelerating, and ERCP consumables are still in their infancy. Compared with orthopedics, vascular intervention and other consumables, the market scale of endoscopic diagnosis and treatment equipment is still small, the short-term national collection pressure is not great, and has a buffer period of about 2-3 years. Soft tissue clips, biopsy forceps and other basic consumables may be the first to open with volume procurement varieties, domestic leading enterprises have obvious advantages in scale, and the market share is expected to further increase.(2) minimally invasive surgical instruments and accessories (MISIA):Minimally invasive surgery has a large base, which creates a huge market demand for MISIA. Domestic manufacturers cut in from the basic categories with low prices and large clinical use, and gradually narrow the gap with imported brands or even achieve reverse overshoot, such as disposable casing punctures, ligation clips and so on.The market scale of laparoscopic stapler is the largest, starting the "first shot" of volume procurement in the industry.Disposable casing puncture device and ligation clip may become the following collection varieties.
Investment logic: under the main line of high-end + internationalization, grasp the subdivision leader which is less affected by collection and mining.
Supporting diagnosis and treatment equipment is the fastest domestic replacement "lane" in the endoscope industry, and the target is relatively scarce at present. Short-term recommendations pay attention to the rapid volume of basic categories and domestic substitution trend, large market, low barriers superimposed cost performance advantage, domestic brand market share is expected to continue to rise rapidly.In the medium and long term, it is suggested that around the two main lines of "high-end" and "internationalization", the selection of high-end categories is becoming more and more abundant, the global marketing system is perfect, and the subdivision leader is less affected by collection. (1) High-end:High-end diagnosis and treatment equipment is not only a "safe haven" for collection, but also a necessary path for enterprises to transform and innovate.(2) internationalization:Health insurance in overseas developed countries is tightening, domestic brands have obvious cost-effective advantages, and the overseas endoscopic diagnosis and treatment market is more mature, the growth of leading enterprises is moderate, and domestic brands have more room for expansion.
Investment advice and profit Forecast
The market prospect of endoscope supporting diagnosis and treatment equipment is broad, the import substitution space is large, and the growth is strong under the policy of graded diagnosis and treatment, encouraging domestic substitution, as well as the high performance-to-price ratio of the products, so we give the industry a "recommended" rating. Focus on the recommendation of domestic endoscopic diagnosis and treatment equipment leaderSouth micro medicineAnd the leading domestic MISIA companiesKangji Medical treatment. It is suggested that we should pay attention to the strong competitors of domestic endoscopic diagnosis and treatment instruments.Angus..
Risk Tips:Market competition aggravates the risk; domestic substitution is less than expected; the epidemic affects the risk of overseas sales.
