Report 2023 and summary of 2024Q1RunisplinterlandsShort-term growth is under pressure, and quarterly improvement is expected. In terms of annual income in 2023, non-epidemic-related sectors showed a trend of recovery, among which they were less affected by external environmental disturbances.RunisplinterlandsThe growth rate of private medical services, blood products, retail pharmacies and other sectors is better, while the growth rate of medical consumables and other sectors is under pressure, and the epidemic-related sectors such as in vitro diagnosis and diagnostic services have decreased significantly compared with the same period last year, and the high base of the epidemic has been gradually cleared out. From the perspective of quarterly growth rate, the base effect and the pace of recovery affect the apparent growth rate. In 2023, the external environment of Q3 becomes stricter, which has a greater impact on the in-hospital plate, but 23Q4 has improved. 24Q1 is affected by the external environment and 23Q1 strong recovery and high base, and the growth rate has slowed down. The performance of different sectors continued to differentiate, among which retail pharmacies still achieved steady growth under a high base, and improved compared with 23Q4; the growth rate of private medical services slowed down under a high base; medical equipment and medical consumables were still affected by a certain external environment; blood products decreased slightly due to the high base and batch issuance policy adjustments; vaccines declined year-on-year due to the decline of newborns and product cycle The epidemic base of in vitro diagnosis and diagnostic services is coming to an end. In addition, the offshore industry trend of IVD, consumables, equipment and other equipment is improving, and the growth rate of overseas business is faster than that of domestic, which has become an important performance growth point. It is expected that with the gradual weakening of external environmental disturbances, the growth rate of most segments, such as retail drugstores, medical equipment, hospital diagnostics and consumables, is expected to pick up month-on-month, with quarterly improvement expected. The ecological purification of the industry is conducive to the improvement of the leading share, and positive policies frequently support the development of the industry. The normalization of ecological purification in the industry weakens the impact on the bidding procurement of large-scale equipment and the rhythm of new product promotion. In the long run, it is also conducive to improve the compliance system, products and brand competitiveness of the leading enterprises to enhance market share. Recently, favorable policies in various sectors have also been issued frequently to support the development of the industry, such as policies issued by many provinces in the field of medical equipment to support equipment renewal: Guangdong Province has put forward quantitative indicators for medical equipment renewal, Zhejiang, Hunan, Hubei and other provinces have issued rules to support medical equipment renewal, the central and local governments have provided financial and financial support, and the prosperity of equipment is expected to increase quarter by quarter. The collection policy in the field of high-value consumables continues to be moderate, and the recently issued rules and rules of document No. 2 of the Joint State of the Renewal Agreement are in line with expectations, setting bottom protection rules to ensure the midline rate and improving the expected stability. As the collection category continues to narrow and the design ideas of collection rules become more and more clear, the collection report is gradually clear, and the high-value consumables industry is expected to enter a new stage of development. The contracts of IVD chemiluminescence mining, IOL national mining and orthopaedic mining are expected to be implemented one after another. Domestic leaders with core competitiveness are expected to expand market share, accelerate import substitution, and achieve higher concentration. Investment advice: maintain Mindray Medical, Open Medical, Yifeng Pharmacy, ordinary people, New Industry, General Strategy Medical, Wushi, Cardiac Medical, and Pailin Bio to increase the holding rating. Catalyst: the growth rate of Q2 rebounded, new favorable policies were introduced, and the results of the collection category fell to the ground.Runisplinterlands? Risk Tip: the impact of industry collection and consolidation may exceed expectations [disclaimer] this article only represents the views of third parties and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.