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德意志银行
中国医疗行业深度研究报告
80页 pdf
20100210
简介
Strong growth driven by reform
We initiate coverage on the healthcare sector with a positive view. Current low
penetration rates and the government's strong support and commitment to
healthcare should drive solid long-term sector growth. Healthcare reform budgets
may finally begin to have an impact from 2010E. Momentum in medical devices
and medical outsourcing continues to be strong and drug distribution industry
consolidation should accelerate.
Table of Contents
Executive summary ........................................................................... 3
China Healthcare ............................................................................... 6
Pharmaceuticals .............................................................................. 13
Medical outsourcing........................................................................ 18
Medical Equipment ......................................................................... 21
Pharmaceutical Distribution........................................................... 28
Mindray Medical.............................................................................. 31
Investment thesis ...................................................................................................................33
Valuation ................................................................................................................................34
Investment themes.................................................................................................................37
Company profile......................................................................................................................44
Financials ...............................................................................................................................49
Investment risks......................................................................................................................52
Shandong Weigao ........................................................................... 54
Investment thesis ...................................................................................................................56
Valuation ................................................................................................................................57
Investment themes.................................................................................................................60
Company profile......................................................................................................................70
Financials ...............................................................................................................................75
Investment risks......................................................................................................................78
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