【仁成医疗】国产医疗器械行业成长空间广阔

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                    <p style="color: rgb(85, 85, 85); font-family: Arial, 宋体, Helvetica, sans-serif; font-size: 15px; white-space: normal; background-color: rgb(255, 255, 255); line-height: 30px; margin-top: 0px; margin-bottom: 0px;">  我国常规医疗器械已基本实现自主生产，高端医疗器械也已有涉足，但以低技术含量、低技术层次的中低档产品占主导的局面并未改变。从进出口结构上来看，我国医疗器械出口以一次性耗材和中低端诊断治疗器械为主，进口则以高端诊疗设备为主。我国医疗器械行业由国外跨国公司主导高端价值链。 <br  />　　国产医疗器械行业成长空间广阔<br  /> </p><p style="color: rgb(85, 85, 85); font-family: Arial, 宋体, Helvetica, sans-serif; font-size: 15px; white-space: normal; background-color: rgb(255, 255, 255); line-height: 30px; margin-top: 0px; margin-bottom: 0px;">　　我国医疗器械消费占比远低于国际平均水平，具有广阔的成长空间。预计在国家对医疗器械国产化政策的大力推动下，高端国产医疗器械将获得长足发展。基层和非公立医疗机构的医疗器械市场空间广阔，家用医疗器械市场预计也将快速增长。 <br  />　　一季度二级市场走势与估值 <br  />　　2015年一季度，医药生物板块累计上涨33.96%，沪深300指数上涨11.92%，医药生物板块跑赢指数22.04个百分点，在28个申万一级行业中涨幅排名第14位。医疗器械子板块上涨57.07%，在6个二级子行业中涨幅排名第1位。一季度涨幅靠前的主要有迦南科技、千山药机、维力医疗、楚天科技、博晖创新等。 <br  />　　目前医疗器械板块TTM市盈率为81.24倍，相对于沪深300和医药生物板块估值溢价率分别为468.11%和56.99%。估值不便宜。 <br  />　　投资策略及股票推荐 <br  />　　维持行业“看好”评级。投资策略我们建议以三条主线选股：第一，我国高血压和糖尿病病人具有庞大的基数，并且近年来有年轻化的趋势，未来随着人口老龄化的加剧，相关心血管领域和健康监测领域产品将长期获益，重点推荐：具有较强战略执行力、在心血管产业领域搭建医疗健康全产业链平台、并积极布局远程医疗的乐普医疗，血糖监测领域国内企业龙头、目前大力拓展医院市场的三诺生物。第二，基层和非公立医疗机构的医疗器械市场空间广阔，家用医疗器械市场也将快速增长，重点推荐：医疗器械产品品种齐全、家用医疗器械渠道优势明显，并且积极布局电商渠道和互联网健康管理服务的鱼跃医疗。第三，伴随着智能硬件时代的来临，家用医疗器械的智能化也必将成为未来发展趋势。重点推荐：移动医疗智能硬件领域目前处于较为领先的公司九安医疗。第四，高端医疗设备国产化受到国家高度重视，其亦有助于解决“看病贵”难题，未来高端医疗设备国产化进程将不断加快，重点推荐：布局中高端彩超、POCT血气仪、POCT磁敏心脏标志物领域成效初显的理邦仪器。</p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; min-height: 1em; font-family: Arial, Verdana, sans-serif; font-size: 12px; background-color: rgb(249, 249, 249); box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 12px; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"  /></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; min-height: 1em; font-family: Arial, Verdana, sans-serif; font-size: 12px; background-color: rgb(249, 249, 249); box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 14px;">广州市设备维修有限公司<br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"  /></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; min-height: 1em; white-space: pre-wrap; background-color: rgb(255, 255, 255); font-family: Arial, Verdana, sans-serif; font-size: 12px; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"  /></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; min-height: 1em; white-space: pre-wrap; background-color: rgb(255, 255, 255); font-family: Arial, Verdana, sans-serif; font-size: 12px; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 14px;">地址：广州市天河区银利街银利茶叶博览中心E栋4楼E4030室       邮编：510507</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; min-height: 1em; white-space: pre-wrap; background-color: rgb(255, 255, 255); font-family: Arial, Verdana, sans-serif; font-size: 12px; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 14px;">电话：(+86)020-8722 8723    8764 5360    8764 2943     传真：020-8722 8623</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; min-height: 1em; white-space: pre-wrap; background-color: rgb(255, 255, 255); font-family: Arial, Verdana, sans-serif; font-size: 12px; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 14px;">全国统一免费服务热线：400-020-6788</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; min-height: 1em; white-space: pre-wrap; background-color: rgb(255, 255, 255); font-family: Arial, Verdana, sans-serif; font-size: 12px; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 14px;">微信公众帐号：</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; min-height: 1em; white-space: pre-wrap; background-color: rgb(255, 255, 255); font-family: Arial, Verdana, sans-serif; font-size: 12px; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"  /></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; min-height: 1em; white-space: pre-wrap; background-color: rgb(255, 255, 255); font-family: Arial, Verdana, sans-serif; font-size: 12px; box-sizing: border-box !important; word-wrap: break-word !important;"><img src="http://mmbiz.qpic.cn/mmbiz/dx3KibwtDhvfCZvZq5PcthnDKlnnq3AalhbichW77J3B70osicTickklZybNKUZqc44DZ0oaWaHm2p0TaA9478icwPg/0" data-ratio="1.1111111111111112" data-w="18" width="auto" xhe_src="http://mmbiz.qpic.cn/mmbiz/dx3KibwtDhvfCZvZq5PcthnDKlnnq3AalhbichW77J3B70osicTickklZybNKUZqc44DZ0oaWaHm2p0TaA9478icwPg/0?tp=webp&amp;wxfrom=5" width="auto" src="http://mmbiz.qpic.cn/mmbiz/dx3KibwtDhvfCZvZq5PcthnDKlnnq3AalhbichW77J3B70osicTickklZybNKUZqc44DZ0oaWaHm2p0TaA9478icwPg/0?tp=webp&amp;wxfrom=5" style="margin: 0px; padding: 0px; box-sizing: border-box !important; word-wrap: break-word !important; width: auto !important; visibility: visible !important;"  /></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; min-height: 1em; white-space: pre-wrap; background-color: rgb(255, 255, 255); font-family: Arial, Verdana, sans-serif; font-size: 12px; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 14px;">维修咨询：QQ:  712638 404</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; min-height: 1em; white-space: pre-wrap; background-color: rgb(255, 255, 255); font-family: Arial, Verdana, sans-serif; font-size: 12px; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 14px;">设备咨询:   QQ:  712638 405</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; min-height: 1em; white-space: pre-wrap; background-color: rgb(255, 255, 255); font-family: Arial, Verdana, sans-serif; font-size: 12px; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 14px;">软件咨询：QQ: 712638 406</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; min-height: 1em; white-space: pre-wrap; background-color: rgb(255, 255, 255); font-family: Arial, Verdana, sans-serif; font-size: 12px; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 14px;">配件咨询：QQ:   712638 407</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; min-height: 1em; white-space: pre-wrap; background-color: rgb(255, 255, 255); font-family: Arial, Verdana, sans-serif; font-size: 12px; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 14px;">交流Q群：1106 11074</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; min-height: 1em; white-space: pre-wrap; background-color: rgb(255, 255, 255); font-family: Arial, Verdana, sans-serif; font-size: 12px; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 14px;">网址：http://www.yiliaoshebeiweixiu.com</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; min-height: 1em; white-space: pre-wrap; background-color: rgb(255, 255, 255); font-family: Arial, Verdana, sans-serif; font-size: 12px; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 14px;">电子邮箱：service@yiliaoshebeiweixiu.com</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; min-height: 1em; white-space: pre-wrap; 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