掌握彩超核心技术，他要“开山立派”

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                    <blockquote><p><span>让天下没有难找的医疗器械服务信息！</span></p><p><strong><span>“医疗器械助手”</span></strong><span>&nbsp;让一切触手可及！</span></p><p><p><img src="image/20201014/ac7c4c86bff3f0660e634292dc511095_1.jpg" /></p></p><p><span>点击图片</span><span><span></span><p><img src="image/20201014/c407fe90207c2622cc8e1dff32d28341_2.jpg" /></p><p><img src="image/20201014/c407fe90207c2622cc8e1dff32d28341_2.jpg" /></p><p><img src="image/20201014/c407fe90207c2622cc8e1dff32d28341_2.jpg" /></p></span></p><p><span><br  /></span></p></blockquote><p><br  /></p><section powered-by="gulangu"><section><section><p><span>作者：价值目录</span></p><p><span>来源：君临（ID:junlin_1980）</span></p></section></section></section><section powered-by="gulangu"><section><section><p><br  /></p></section></section></section><section powered-by="gulangu"><section><section><p>已故的老劳模姚锦钟怎么也想不到：</p></section></section></section><section powered-by="gulangu"><section><section><p>自己在10年前，“发挥余热”和一帮小年轻共同创办的<strong>开立医疗（300633）</strong>，会在短短几年间挤入了<strong>全球彩超仪器市场前十名，甚至还收购了美国的超声设备公司Sonowise</strong>；</p></section></section></section><section powered-by="gulangu"><section><section><p>这位1937年出生的中国超声第一代专家，更想不到，我们国家的超声设备，在国际上也变得极具竞争力，开始进军更高端更精密的医学影像设备领域；</p></section></section></section><section powered-by="gulangu"><section><section><p>关键是，这些奋斗在一线的中国企业创始人、CEO，还大多是自己看着成长起来的年轻人。</p></section></section></section><section powered-by="gulangu"><section><section><p><img src="image/20201014/3d9698c0493fc802cedf988e9cc5e899_5.jpg" /></p></section></section></section><section powered-by="gulangu"><section><section><p>（左一为中国超声设备的先进者和奠基人，老一辈工程师姚锦钟和开立制造的中国第一台彩超）</p></section></section></section><section powered-by="gulangu"><section><section><section><section></section></section><section><p>1</p></section><section><section></section></section></section></section></section><section powered-by="gulangu"><section><section><p>2000年，已经在<strong>汕头超声研究所</strong>工作了15年的陈志强，越来越对国企体制下一眼看得到尽头的未来感到绝望。</p></section></section></section><section powered-by="gulangu"><section><section><p>他拉上好友吴坤祥，一起去找到刚刚退休的老所长姚锦钟，想听听他的意见。</p></section></section></section><section powered-by="gulangu"><section><section><p>姚锦钟在超声所干了一辈子，深知体制之弊病，于是鼓励陈志强出来创业，在高端彩超领域干出一番事业，不仅是言辞上的鼓励，还答应跟他们一起合伙。</p></section></section></section><section powered-by="gulangu"><section><section><p>2004年，<strong>开立医疗制造出了国内第一台彩超，甚至是全球第一台15英寸LCD大屏幕全功能便携彩超</strong>。</p></section></section></section><section powered-by="gulangu"><section><section><p>同年，即通过了严格的CE和FDA认证，实现盈利。</p></section></section></section><section powered-by="gulangu"><section><section><p>当年国内的彩超市场，基本上被外资企业瓜分，前三强是<strong>GE、飞利浦、东芝。</strong></p></section></section></section><section powered-by="gulangu"><section><section><p><img src="image/20201014/7a5b7f5284879268357c552cfd6d68a6_6.jpg" /></p></section></section></section><section powered-by="gulangu"><section><section><p>国内拥有一定实力的，仅有两家：<strong>迈瑞、开立。</strong></p></section></section></section><section powered-by="gulangu"><section><section><p>几十年来，中国商业故事的主角，通常是低技术含量的商品，比如打火机、五金件、衣帽鞋袜，占领世界市场。</p></section></section></section><section powered-by="gulangu"><section><section><p>但最近十年，这些故事的主角，正逐渐让位于高科技产业，比如高铁、大飞机、半导体、汽车……越来越多的出现中国人的身影。</p></section></section></section><section powered-by="gulangu"><section><section><p><strong>他们被视为中国制造的2.0版本。</strong></p></section></section></section><section powered-by="gulangu"><section><section><p>这些故事的诸多角色中，除了天天上头条的大国重器，也有许多隐藏在边缘角落的“隐形冠军”，他们的故事或许没有那么恢宏跌宕，但是从投资的角度而言，往往更有着独特的魅力。</p></section></section></section><section powered-by="gulangu"><section><section><p>开立就是这样的佼佼者。</p></section></section></section><section powered-by="gulangu"><section><section><p>迈瑞作为中国医疗器械行业的老大，故事已被传诵过许多遍，那么开立，又是如何“开山立派”的呢？</p></section></section></section><section powered-by="gulangu"><section><section><section><section></section></section><section><p>2</p></section><section><section></section></section></section></section></section><section powered-by="gulangu"><section><section><p>超声设备最核心的部件是什么？</p></section></section></section><section powered-by="gulangu"><section><section><p>答案是<strong>探头。</strong></p></section></section></section><section powered-by="gulangu"><section><section><p><img src="image/20201014/c92e1cdf4b4c06d964c99542756eca8e_7.jpg" /></p></section></section></section><section powered-by="gulangu"><section><section><p>所谓<strong>探头，是超声设备实现电脉冲信号和声脉冲信号转换的东西</strong>，主要用于人不同部位和体位的检查，里面大有名堂。</p></section></section></section><section powered-by="gulangu"><section><section><p>探头的质量和性能将直接影响到全系统的性能指标，如探测深度、侧向（轴向）分辨力和灵敏度等。</p></section></section></section><section powered-by="gulangu"><section><section><p>比如说，下段的输尿管结石的超声诊断，由于膀胱等脏器的阻挡，水平欠佳的超声诊断医生可能无法检测到结石。</p></section></section></section><section powered-by="gulangu"><section><section><p>误诊、漏诊，害命啊。</p></section></section></section><section powered-by="gulangu"><section><section><p>更好的探头就能有更好的分辨能力，换句话说，<strong>探头的质量和性能能弥补超声操作医生水平的不足</strong>。</p></section></section></section><section powered-by="gulangu"><section><section><p><strong>开立的董事长陈志强，正是超声探头领域的专家</strong>，是奠定开立超声设备探头技术基础的领路人，开立也拥有国内领先的医用超声探头研发和制造技术，探头种类齐全，特殊探头设计制造能力突出。</p></section></section></section><section powered-by="gulangu"><section><section><p><img src="image/20201014/5049abaeecec8becdb152df641494aaf_8.jpg" /></p></section></section></section><section powered-by="gulangu"><section><section><p>（开立的中高端设备S50，和国内竞争对手迈瑞的同级产品DC-8比较，可以看出探头是开立最拿得出手的重要组件。）</p></section></section></section><section powered-by="gulangu"><section><section><p>凭此技术，开立拿了无数奖项：高端便携彩超X5、通用彩超S9，获得德国iF颁发的产品设计奖，S20超声诊断系统获德国产品设计奖“红点奖”......</p></section></section></section><section powered-by="gulangu"><section><section><p>在招股书上，关于探头的发明专利也是最多的。</p></section></section></section><section powered-by="gulangu"><section><section><p><img src="image/20201014/a959e2fa8561382ef2624323ac0fee88_9.jpg" /></p></section></section></section><section powered-by="gulangu"><section><section><p>这些成绩的取得，不仅需要一支专业的技术研发团队，还需要将大量时间、精力投入到研发中。</p></section></section></section><section powered-by="gulangu"><section><section><p>仅有的五家重要子公司，家家的主营都是干研发。</p></section></section></section><section powered-by="gulangu"><section><section><p><img src="image/20201014/3cc747593570e206c47a565d0c8e7537_10.jpg" /></p></section></section></section><section powered-by="gulangu"><section><section><p><span>每家研发机构的功能安排，也是充分发挥比较优势。</span></p></section></section></section><section powered-by="gulangu"><section><section><p><span>比如说，武汉、哈尔滨的两家研发机构，一家坐落在号称中国光谷的武汉，软件和半导体人才聚集；一家位于哈工大、哈工程的后院，机械、材料方面人才众多。</span><br  /></p></section></section></section><section powered-by="gulangu"><section><section><p>这两家位于二线城市的机构能充分利用当地人才，实现较低成本的协同研发工作。</p></section></section></section><section powered-by="gulangu"><section><section><p>而放在美国硅谷和西雅图的公司，则利用其接近世界创新中心的优势，可近距离跟踪先进技术，同时网罗算法、声学、构架方面的顶尖人才。</p></section></section></section><section powered-by="gulangu"><section><section><p>更关键的是，开立舍得花大钱在研发上，态度端正。</p></section></section></section><section powered-by="gulangu"><section><section><p>近几年，<em>开立的营收研发比一直保持在20%附近</em>，在A股的上市公司中极为罕见。</p></section></section></section><section powered-by="gulangu"><section><section><p><img src="image/20201014/21539a124518418091ae2a0185430df2_11.jpg" /></p></section></section></section><section powered-by="gulangu"><section><section><p>拼命的投入，换来了良好的回报，开立在2016年推出的S50中高端彩超和国内领先的内窥镜产品，卖得极好，直接带动2017年业绩的暴涨。</p></section></section></section><section powered-by="gulangu"><section><section><p>并且，由于聚焦高端产品，开立的毛利率一直不错，和龙头迈瑞相差无几。</p></section></section></section><section powered-by="gulangu"><section><section><p><img src="image/20201014/56da26b3b0fc9d66e7336b717c7b9754_12.jpg" /></p></section></section></section><section powered-by="gulangu"><section><section><p>（国内高端超声设备基本呈现双强争霸局面，集中度较高）</p></section></section></section><section powered-by="gulangu"><section><section><p>根据公告，开立医疗2017年上半年实现营收 4.24亿元，同比增长64.05%；实现归属于上市公司股东净利润 0.74 亿元，同比增速<strong>120.62%</strong>。</p></section></section></section><section powered-by="gulangu"><section><section><p><img src="image/20201014/0c6dcdb9b8e4d311f65c6739bc862e7d_13.jpg" /></p></section></section></section><section powered-by="gulangu"><section><section><p>在8月23日的投资者关系活动中，开立就含蓄的表示：</p></section></section></section><section powered-by="gulangu"><section><section><p>光是<strong>小一百万一台的S50，2017上半年就卖了200多台</strong>，15%-20%卖到了三级医院。未来还可能占到总销售量的50%左右。</p></section></section></section><section powered-by="gulangu"><section><section><section><section></section></section><section><p>3</p></section><section><section></section></section></section></section></section><section powered-by="gulangu"><section><section><p>在开立的定期报告中，还有一个值得关注的亮点。</p></section></section></section><section powered-by="gulangu"><section><section><p><strong>医用电子内窥镜。</strong></p></section></section></section><section powered-by="gulangu"><section><section><p><img src="image/20201014/985bec5b7290647d2f5ec267f96d2f85_14.jpg" /></p></section></section></section><section powered-by="gulangu"><section><section><p>用途主要是<strong>经人体的天然孔道， 或经手术做的小切口进入人体内</strong>， 使用时将内窥镜导入预检查的器官中， 可直接<strong>窥视有关部位的异常</strong>， 从而进行诊断或者治疗的医疗器械。</p></section></section></section><section powered-by="gulangu"><section><section><p>核心是三大件：镜头、图像处理、光源。</p></section></section></section><section powered-by="gulangu"><section><section><p>拿镜头来说，这不是一个简单的人体内摄像头，在这个需要经过很小的孔道进入人体的镜头上，还需要集成图像传感器、喷水功能、照明、扩展功能槽。</p></section></section></section><section powered-by="gulangu"><section><section><p>要制造这样一套能进入人体内的精密医用仪器，考验的是整个国家的工业技术积累和水平。</p></section></section></section><section powered-by="gulangu"><section><section><p><img src="image/20201014/8dad111e5f5fa16ed6dc3be0dc90cc80_15.jpg" /></p></section></section></section><section powered-by="gulangu"><section><section><p>核心技术主要体现在两个方面，&nbsp;<strong>图像采集和图像后处理。</strong></p></section></section></section><section powered-by="gulangu"><section><section><p>不用说，内窥镜成像质量是衡量图像采集环节的关键性能指标。拿代表内窥镜技术前进方向的软镜来说，镜头上最核心的部件是图像传感器，图像传感器的优劣是影响内窥镜成像质量的关键。</p></section></section></section><section powered-by="gulangu"><section><section><p>图像传感器主要有两种：<strong>CCD和CMOS</strong>。</p></section></section></section><section powered-by="gulangu"><section><section><p>对手机和相机产业较为熟悉的读者应该马上可以猜到：这东西一定被日本垄断。</p></section></section></section><section powered-by="gulangu"><section><section><p>Bingo！</p></section></section></section><section powered-by="gulangu"><section><section><p><img src="image/20201014/30ce442026029647eec3e18649d910a9_16.jpg" /></p></section></section></section><section powered-by="gulangu"><section><section><p>一般来说，CCD成像效果好，但制造工艺复杂。</p></section></section></section><section powered-by="gulangu"><section><section><p>CCD的信号类别是模拟信息，日本人对模拟信号的产品玩的是相当溜，软性内窥镜领域长期霸占全球市场90%的份额。</p></section></section></section><section powered-by="gulangu"><section><section><p>但是，好日子可能要到头了。</p></section></section></section><section powered-by="gulangu"><section><section><p>出来挑战的，正是CMOS，CMOS虽然成像效果差一些，但是信号类型是数字信号。</p></section></section></section><section powered-by="gulangu"><section><section><p>摩尔定律决定了：CCD进步慢，CMOS进步快。</p></section></section></section><section powered-by="gulangu"><section><section><p>技术难点的天平倒向了另一端：图像处理。图像处理属于计算机科学的范畴，需要用到大量算法。</p></section></section></section><section powered-by="gulangu"><section><section><p>举个栗子：医生操作内窥镜时，移动内窥镜会产生模糊的图像，就要通过降噪算法保持图像的干净，利于医生做出准确的诊断。</p></section></section></section><section powered-by="gulangu"><section><section><p>再举个通俗的栗子：锤子的坚果PRO1和之前的产品，成像效果就是渣，但是最近发布的坚果PRO2的成像质量就离实力派很近了，原因老罗也解释了：来了算法大牛。</p></section></section></section><section powered-by="gulangu"><section><section><p>这里就可以解释为什么开立在美国有两个研发中心。</p></section></section></section><section powered-by="gulangu"><section><section><p><img src="image/20201014/3a1579e0b058e7a0202f225498c2bf7d_17.jpg" /></p></section></section></section><section powered-by="gulangu"><section><section><p><img src="image/20201014/5bb91a17462966cb5a20db1fff764e91_18.jpg" /></p></section></section></section><section powered-by="gulangu"><section><section><p>原因无他，硅谷和西雅图，乃是计算机算法、软件、半导体的人才高地。</p></section></section></section><section powered-by="gulangu"><section><section><p>当然，除了内窥镜系统的研发，还有彩超，现代的彩超设备硬件差别不大，真正拉开设备之间差距的是软件和一些复杂功能，比如<strong>弹性成像、造影、心脏运用</strong>等，更好的软件和功能能为医生提供更多的定量诊断信息。</p></section></section></section><section powered-by="gulangu"><section><section><p>美国设立的研发中心和国内武汉、哈尔滨的研发中心能两相互补，占到更多的人和地利。</p></section></section></section><section powered-by="gulangu"><section><section><p>有了研发人才、CMOS技术的进步、结合制造彩超设备的经验，开立突破了技术难题，打破外资企业的技术垄断，开发了<strong>基于CMOS的国内首台200万像素、配置1080P全高清图像的高清电子内窥镜系统：HD-500</strong>。</p></section></section></section><section powered-by="gulangu"><section><section><p><img src="image/20201014/c8dbebd589cea01e20c2c7b2455fb2c0_19.jpg" /></p></section></section></section><section powered-by="gulangu"><section><section><p>（开立的VIST光电复合染色成像技术能清晰地成像毛细血管和黏膜下的细微病变）</p></section></section></section><section powered-by="gulangu"><section><section><p>不鸣则已，一鸣惊人。</p></section></section></section><section powered-by="gulangu"><section><section><p>HD-500比同等价位国外品牌的某些性能指标要明显好，而且目前在国内只有开立的内镜能实现进口替代。</p></section></section></section><section powered-by="gulangu"><section><section><p>产品一出手，就拿了<em><strong>Frost&amp;Sullivan</strong></em>的“2016年度电子内镜市场产品创新奖”。</p></section></section></section><section powered-by="gulangu"><section><section><p>在10月27日的投资者关系活动中，开立就表示，今年1-9月高清内镜实现了140%的增长。</p></section></section></section><section powered-by="gulangu"><section><section><section><section></section></section><section><p>4</p></section><section><section></section></section></section></section></section><section powered-by="gulangu"><section><section><p>开立二字，寓意为“开行业先河， 立民族品牌”。</p></section></section></section><section powered-by="gulangu"><section><section><p>我们回顾它的发展历史和现状：</p></section></section></section><section powered-by="gulangu"><section><section><p>在超声诊断领域，开立医疗所拥有超声影像产品20余款，配以领先工艺的自产探头，<strong>几乎</strong><strong>覆盖所有适合超声影像诊断的医疗领域</strong>。</p></section></section></section><section powered-by="gulangu"><section><section><p>不仅是国内超声领域中最早独立掌握彩超核心技术与探头核心技术的厂家，而且是<strong>产品数量最多、种类最全、应用范围最广的生产厂商</strong>，一直保持着技术和设备的领先。</p></section></section></section><section powered-by="gulangu"><section><section><p>在电子内镜领域，开立自主研发的国产首台全高清电子内镜可让身边的医院都能开展高清内镜检查，在国内只有开立的内镜能实现进口替代。</p><p><br  /></p><p><span>本文由君临（junlin_1980）授权转载</span><p><img src="image/20201014/8c8531db173c91d4d08a524a340580ff_20.jpg" 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