Zhitong Financial APP learned that Shengang Securities released a research report saying that at this stage, the mainstream business model of the SPD industry is to charge service fees. Based on the differences in the scale characteristics of different regions and different projects, the medical device SPD service rate has not been clearly defined, which is mainly concentrated in about 3-4% according to statistics. According to the research records of Saili Medical, 800 billion of the consumables market in China's 13000 hospitals above level II may need to be managed by the SPD model in the future. Assuming that the average service rate is 3.5%, the corresponding market space is 28 billion yuan / year.The current SPD penetration rate is only about 5%, and there is a broad market space in the future.

The main points of ▍ Hong Kong Securities are as follows:

The SPD mode of medical devices is in the ascendant.

In recent years, with the changes of industry rules, such as collection, DRG/DIP payment reform, UDI traceability supervision and other industry rules, the hospital medical device SPD model has become a general trend.

An important means for hospitals to realize fine management

A powerful driving Force of DRG/DIP payment Reform

The accelerated weapon of UDI traceability Supervision

The SPD market of public hospitals is expanding rapidly.

During the period from 2011 to May 2023, the total number of winning bids for medical device SPD projects in public hospitals across the country was close to 900, showing a trend of increasing year by year, reaching 275 in 2022. There were 119 items from January to May 2023, an increase of 25.26% over the same period last year.

According to the grade distribution of public hospitals, tertiary hospitals account for 67.6%, of which Grade 3A hospital accounts for 71%; secondary hospitals account for nearly 30%, of which secondary first-class hospitals account for 87%.

From the perspective of bid-winning enterprises, Hangzhou Tut Information Technology Co., Ltd. led the number of winning bids, with a total of 41 items, followed by Guopharmaceutical Group Guangdong Medical Devices Co., Ltd. and Shanghai Runda Medical Technology Co., Ltd. there are 19 and 16 respectively.

From the distribution of the number of years of cooperation between public hospitals and bid-winning enterprises, the number of years of cooperation with 3 years and 5 years is relatively high, accounting for 41.83% and 34.98%, respectively. The longest term of cooperation is 10 years, but it accounts for less than 1%.

The current market is in a period of explosion.

At this stage, the mainstream business model of the SPD industry is to charge for services. Based on the differences in the scale of different regions and different projects, the medical device SPD service rate has not been clearly defined, which is mainly concentrated in about 3-4% according to statistics.

According to the research records of Saili Medical, 800 billion of the consumables market in China's 13000 hospitals above level II may need to be managed by the SPD model in the future. Assuming that the average service rate is 3.5%, the corresponding market space is 28 billion yuan / year.

The current SPD penetration rate is only about 5%, and there is a broad market space in the future.

Investment Strategy: grasp the theme of SPD InvestmentIt is recommended that you pay attention to:

Saili Medical (603716.SH): the operating income of the group's SPD project has expanded steadily, with a compound growth rate of more than 30% in the past four years. In the first half of 2023, the company's SPD business increased steadily, with SPD business accounting for 30.9% of revenue, up from 28.5% in the same period last year.

Guoke Hengtai (301370.SZ): Oriental Keyi holding member enterprise controlled by Chinese Academy of Sciences holding Co., Ltd. Relying on its own strong financial strength, perfect warehousing and logistics network and professional accurate distribution service ability, the company actively participates in the hospital SPD project with the comprehensive service system of "SPD platform data + intelligent hardware".

Runda Medical (603108.SH): won the bid for 16 SPD projects from 2011 to May 2023, leading the industry.

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Business risk, policy risk, macroeconomic fluctuation risk.