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中金医疗器械报告（china medical device industry,defensive growth on improving fu.pdf
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Contents（目录）
Investment summary .................................................................................................................................... 6
Relative va luation............................................................................................................. .......................11
Discounted cash flow (DCF): Shandong Weigao and Mindray valuations most attr active ..................... 13
Medical device industry more de fensive......................................................................................... .......... 14
Attractive growth outlook for the Chinese medical d evice industry ...................................................... 15
Emerging markets an important driver of growth for Chinese medical device comp anies.................. 17
Pricing policy for medical device industry still evolving in Ch ina.......................................................... 19
How does the Chinese government control prices on m edical devices?................................................ 19
Price caps and restrictions on mark-up and prof it margins proposed for therapeutic im plants .............. 19
Tendering process for medical devices still evol ving ........................................................................... ... 20
Chinese medical device sector attracts increasing capit al invest ment ................................................. 21
Shandong Weigao (01066.HK): Firing on all cylinders ............................................................................ 22
Business summary................................................................................................................................. 23
Medical consumables: Expect r obust growth to conti nue....................................................................... 24
Hemodialysis: poised to be the leading Chinese player with Rmb2bn po tential..................................... 28
Drug-eluting stents: Ownership of Biosensors provides attractive value propos ition ............................. 33
Orthopedics franchise: Call option with Medtronic values the franchise at Rmb2.4~ 4.4bn .................... 38
Financial statement s ........................................................................................................... ................... 40
Mindray (MR.US): Emerging markets and pipeline to drive grow th reacceler ation .............................. 42
Investment highlights .......................................................................................................... ................... 42
Valuation ................................................................................................................................................ 42
Risks .......................................................................................................................... ............................ 42
Business summary................................................................................................................................. 43
Assessing Mindray’s growth drivers ............................................................................................. .......... 44
Sensitivity analysis of growth drivers......................................................................................... ............. 45
Business segment summary ....................................................................................................... ........... 48
Shareholder structure.......................................................................................................... ................... 57
Financial statement s ........................................................................................................... ................... 58
Kanghui Medical (KH.US): China’s best positioned ort hopedic player .................................................. 60
Business summary................................................................................................................................. 61
Business segment s ................................................................................................................................ 62
Sales & distribution: extensive distri bution networks in domestic mark ets ............................................. 66
Manufacturing facilities: production capacity expansion to meet increasing demand............................. 67
Experienced and professional management with strong execution ....................................................... 67
Shareholder structure.......................................................................................................... ................... 68
Financial statement s ........................................................................................................... ................... 69
Trauson Holdings (325.HK): China’s ‘Steady Eddie’ of orthopedic devices.......................................... 71
Business summary................................................................................................................................. 72
Business segment s ................................................................................................................................ 73
Business deals to support further growth ....................................................................................... ........ 74
Sales & distributio n ........................................................................................................... ..................... 76
Manufacturing facility no longer a bottleneck .................................................................................. ....... 77
Shareholder structure.......................................................................................................... ................... 78
Financial statement s ........................................................................................................... ................... 79
Appendix I: Major growth factors of the Chinese medical device industry ........................................... 81
Appendix II: Medical device markets in leading emer ging countries ..................................................... 85
Appendix III: Chinese orthopedic device industry poised for rapid gr owth .......................................... 86
Plenty of room for gr owth ...................................................................................................... ................. 86
Key trends in Chinese orthopedi cs market....................................................................................... ...... 88
Three market segments: trauma, spin e and joints ................................................................................ .90
Comparison of the three leading domestic orthopedic player s............................................................... 92
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