Key investment points:
The 14th five year plan determines the main theme of medical construction in the next five years
China’s medical resources are insufficient, uneven and suboptimal, highlighting contradictions during the epidemic. New medical infrastructure mainly refers to the planned construction of new medical institutions in the next five years. The 14th five year plan emphasizes the construction of high-quality medical resources and balanced regional layout, defines public medical institutions as the main body, strengthens the comprehensive level of medical centers, improves the facilities and service level of county-level hospitals, and further improves the supply of high-quality medical service resources. We expect that 20212025 will usher in a cycle of medical institution construction, and public tertiary hospitals will be the main content of the new infrastructure.
The main contradiction of China’s medical resources has changed from insufficient to poor, and the tertiary hospitals are relatively in short supply
Over the past 40 years, the resources of medical institutions have expanded significantly. In 2012, the number of beds in China exceeded that in the United States, and basic medical care has been guaranteed. Since 2012, the number of outpatients and hospitalizations of tertiary hospitals in China have gradually exceeded that of primary and secondary hospitals, and the people’s demand for medical and health care is still escalating. The high-end medical resources represented by 100000 ICU beds are still 5-8 times behind those in Europe and the United States. Covid-19 makes this contradiction more prominent and needs to be solved urgently.
Trillion new medical infrastructure is expected to make up for the shortcomings of public health
The 14th five year plan calls for 7.4-7.5 beds for 1000 people by 2025, and there is still a shortage of 1.316-1.456 million beds. Since 2021, China’s provinces and cities have issued a number of hospital construction plans, such as Shenzhen, Xi’an, Suzhou and other places. According to the tracking of multiple third-party data, the relevant infrastructure volume has increased significantly in 2021. According to the two dimensions of fiscal expenditure and the planned number of hospitals, the market capacity of new medical infrastructure is nearly trillion, and the relevant companies will usher in a business cycle.
The new medical infrastructure will bring prosperity to the entire industrial chain of purification services, medical equipment and informatization
We believe that the investment in new medical infrastructure has three characteristics: 1 The subject matter has a large width and covers a wide range, mainly including medical engineering, medical equipment and medical informatization; 2. The proportion of capital construction value chain is different. According to the hospital construction process, the bidding and admission process are completed successively. The proportion of project investment is 20%, 25% and 15% respectively. 3. The investment has progressed successively, first medical civil engineering, then medical special projects, medical embedded equipment, medical informatization, other medical equipment, etc., and relevant companies have benefited from the time echelon.
Investment advice
The proposal is to focus on each link in the industrial chain of the new infrastructure industrial chain of the medical new infrastructure industrial chain of the new medical and pay attention to each link in the industry chain of the medical new infrastructure. The proposed proposal is to focus attention on each link in the industry chain of the new infrastructure Industrial chain of the medical new infrastructure. The proposed attention is to focus on each link in the industry chain of the new infrastructure industrial chain of the industry chain of the industrial chain of the new infrastructure industrial chain of the new infrastructure. The proposed proposal is to focus on each link of the medical ” ”’proposed to focus attention on each link of the medical ” ” ” ” ”proposed to pay attention attention to each of each link in each of the various related related companies: Shanghai Bright Power Semiconductor Co.Ltd(688368) 83 Shanghai Bright Power Semiconductor Co.Ltd(688368) 836883 Suzhou Iron Technology Co.Ltd(688329) , Winning Health Technology Group Co.Ltd(300253) etc. (sorted alphabetically).
Risk tips
The risk of policy promotion progress, the risk that the landing of project funds is less than expected, the risk of capital construction cycle fluctuation and the risk of repeated epidemic.
