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|2023 08 03+证券分析师：张佳博021-S0980523050001证券分析师：陈益凌021-S0980519010002证券分析师：周章庆021-S0980523040002 1 2014 11%12%2 2021 26.9 2014-2021 14%15%+4.6+Frost&Sullivan 2022 579 20%2021 67.3 5.1 18.8 91.2 5 282 2021 126 2028 195 6.45%Enovis Invacare 15%2021 91.2 5.74%4.72%3.75%2.44%1.98%18.62%688580 688389 688626 688273 ZXAZwPmRnOrQsMtQqNsNqR8OcM8OsQoOoMsRjMmMwOeRrRmQaQrRyQwMtQsPxNrQtM 01 02 03 WHO 2018 450 20%2023 WHO 19322927132138045053365374688018.7%18.3%18.5%18.4%18.4%18.4%22.5%14.2%18.0%0%5%10%15%20%25%010020030040050060070080090010002013 2014 2015 2016 2017 2018 2019 2020 2021 2022 yoy 2010 2011 300 2021 810 2014-2021 11%2021 100 2014-2021 12%172 231 246 271 275 265 255 268 301 322 376 396 453 495 552 637 706 739 810 0100200300400500600700800900 1,059,678 0200,000400,000600,000800,0001,000,0001,200,000 17%15%)(14%13%(15%)13%)05001,0001,5002,0002,500 2014 2015 2016 2017 2018 2019 2020 202101,000,0002,000,0003,000,0004,000,0005,000,000 2014 2015 2016 2017 2018 2019 2020 2021 CAGR11%CAGR17%CAGR3%CAGR3%CAGR13%CAGR15%CAGR6%CAGR14%CAGR4%CAGR1%CAGR12%CAGR13%CAGR10%CAGR6%CAGR5%CAGR15%CAGR5%CAGR12%CAGR1%CAGR3%2021 26.9 2014-2021 14%15%2021 3.62%5%0100,000200,000300,000400,000500,000600,000700,000800,000 2014 2015 2016 2017 2018 2019 2020 2021CAGR14%CAGR8%CAGR6%CAGR6%CAGR12%CAGR15%CAGR1%CAGR3%1.37%1.43%1.46%1.47%1.59%1.75%1.98%2.20%2.43%2.62%2.87%3.09%3.25%3.46%3.62%0%1%1%2%2%3%3%4%4%0500001000001500002000002500003000002007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2021 9138 2676 29.3%2019 1000 500 2021 54.67%52.35%2%-5%2.5%2021 23.92%16.67%2021 754491382147267628.5%29.3%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%0100020003000400050006000700080009000100002019 2021 54.67%52.35%0%10%20%30%40%50%60%70%80%90%100%23.92%16.67%0%10%20%30%40%50%60%70%80%90%100%2009 2010 9 2011 2012 2013 2015 2015-2020()2016 20 2017 2017 2017 2019 2021 2022 2023 DRGs+2021 6 16 2022 3 25 DRGs+DRGs 20 FRGs FIM 2019 4.6 282 30%75%20%2026 90%50%500-1000 2000 282 Frost&Sullivan 2022 579 20%2021 67.3 5.1 18.8 91.2 Frost&Sullivan 2021 2026E 3178 4670 10787 15129 75%90%20%50%2000 750(639 1408 2021/5 128 2026-2021/5 1542021-2026 282 11514518122528034341349157901002003004005006007002014 2015 2016 2017 2018 2019 2020 2021 2022 01 02 03 ResearchAndMarkets 2021 126 2028 195 6.45%Medline ENOV IVC BAWY RWLK Enovis Invacare 15%ResearchAndMarkets 1261341431521621721831950501001502002502021 2022 2023E 2024E 2025E 2026E 2027E 2028E 2021 2021 Medline 202-Medline Industries,LP 2021 6 Blackstone Carlyle Hellman&Friedman 2021 Medline 202 125 Enovis ENOV 34 16 11(COLFAX)2022 Enovis DJO 1000+Invacare IVC 8.7 8.7 Invacare 3,400 100/Brainsway BAWY 0.4 0.3 0.3 Deep TMS FDA rewalk RWLK 0.4 0.06 0.06 ReWalk wind ENOV ENOV 2022 Enovis DJO 2022 15.6 11 50 20%ENOV ENOV ENOV ENOV 2018 2021 5.2 4.3 3.4 2.2 1.8 5.74%4.72%3.75%2.44%1.98%18.62%1 2-3 2 Wind Wind 2021 91.2 359 427 496 523 489 208 319 378 430 322 143256337342377165 168 167223271131 13315818022701002003004005006002018 2019 2020 2021 2022 5.74%4.72%3.75%2.44%1.98%81.38%2022 489 322 377 974 983yoy-6.7%-25.2%10.3%6.5%26.3%2022 125 94 122 125 251yoy-37.9%-47.2%3.0%21.3%32.1%66.3%72.5%68.6%41.6%58.5%25.2%29.2%34.4%12.9%25.6%28.8%28.5%22.3%10.1%15.0%26.3%25.5%19.6%15.5%22.0%18.9%13.6%11.0%6.5%17.4%1703 686 511 1665 1375 28.7 46.9 73.8 58.5 71.5 11.2 20.7 22.7 13.0 20.9 7.4 13.7 23.9 7.5 18.3 691 176 222 348 236 10.3 35.6 23.9 18.1 44.3 434 186 127 375 365 12.5 17.9 25.0 12.5 29.9 2022 489 322 377 271 227yoy-6.7%-25.2%10.3%21.8%26.1%2022 60.1%28.5%4.3%6.2%2022 42.3%18.3%18.1%15.4%2022 54.5%26.2%7.1%4.4%66.3%72.5%68.6%70.9%68.1%1.36%0.61%0.22%3.7%32.8%6000 7,000 3,900 1,100 5000 90%18000 2000 III 241 0 27 2 38 0 84 0-29 42 14-39 IVD 20230730 79 45 36 42 96PE 2023E 37 28 24 25 29Wind 2023 71.6%68.3%23.4%33.2%33.7%Wind 2024 31.3%29.3%34.5%32.5%33.8%Wind 01 02 03 Wind 2020A 2021A 2022A 2023E 2024E 2025E()378.37 430.04 321.62 481.21 595.74 730.33yoy 18.66%13.66%-25.21%49.62%23.80%22.59%()143.66 177.81 93.83 157.87 204.1 259.62yoy 44.07%23.77%-47.23%68.26%29.28%27.20%EPS()2.10 2.60 1.37 2.29 2.97 3.78()68.35 68.35 68.62 68.84 68.79 68.62ROE()(%)10.22 11.60 6.14 9.57 11.22 12.65ROA(%)14.72 11.17 5.65 8.95 10.40 11.66PE 48.34 41.82 38.91 28.41 21.97 17.27 Wind 2018 2019 2020 2021 2022 41.25 68.99 100.95 169.18 136.12yoy 67.25%46.33%67.59%-19.54%99.45 145.34 155.37 128.09 58.93yoy 46.14%6.90%-17.56%-53.99%31.91 54.33 57.55 59.68 58.29yoy 70.26%5.93%3.70%-2.33%26.62 33.50 49.45 59.41 49.58yoy 25.85%47.61%20.14%-16.55%6.48yoy 6.95 14.87 13.31 12.38 10.27yoy 113.96%-10.49%-6.99%-17.04%1.59 1.85 1.74 1.31 1.95yoy 16.35%-5.95%-24.71%48.85%2018 2019 2020 2021 2022 74.90 114.31 121.49 131.33 107.05yoy 52.62%6.28%8.10%-18.49%34.75 44.11 65.66 83.51 59.80yoy 26.94%48.86%27.19%-28.39%26.75 49.56 59.34 71.30 51.21yoy 85.27%19.73%20.16%-28.18%24.31 34.61 53.29 50.43 42.52yoy 42.37%53.97%-5.37%-15.69%29.58 40.96 36.41 43.27 27.71yoy 38.47%-11.11%18.84%-35.96%10.20 22.34 26.58 31.73 18.53yoy 119.02%18.98%19.38%-41.60%5.71 11.13 13.86 17.16 12.85yoy 94.92%24.53%23.81%-25.12%Wind 2001 2020 2023 0.96+76.6%0.3+76.9%2022 2023+IVD Wind 2020A 2021A 2022A 2023E 2024E 2025E()553.82 778.11 983.04 1,337.74 1,781.33 2,332.67yoy 31.04%40.50%26.34%36.08%33.16%30.95%()143.95 190.35 251.5 336.33 449.91 596.77yoy 43.15%32.23%32.12%33.73%33.77%32.64%EPS()0.34 0.45 0.6 0.79 1.06 1.4()422.2 422.2 422.2 425.64 425.64 425.64ROE()(%)12.59 15.16 17.47 19.75 21.84 23.45ROA(%)11.66 13.76 15.25 15.84 17.56 18.75PE 61.59 51.02 29.93 28.65 21.42 16.15 Wind 2018 2019 2020 2021 2022 190.65 287.14 388.26 592.47 748.57yoy 50.61%35.22%52.60%26.35%114.52 174.83 204.31 446.90 480.23yoy 52.66%16.86%118.74%7.46%76.13 112.32 183.94 145.58 268.34yoy 47.54%63.76%-20.85%84.32%131.22 133.02 157.64 180.39 227.42yoy 1.37%18.51%14.43%26.07%127.01 128.14 153.04 173.46 217.53yoy 0.89%19.43%13.34%25.41%4.21 4.87 4.60 6.93 9.90yoy 15.68%-5.54%50.65%42.86%1.56 2.49 7.93 5.24 7.05yoy 59.62%218.47%-33.92%34.54%2018 2019 2020 2021 2022 676.78 675.78 745.69 893.84 938.33yoy-0.15%10.35%19.87%4.98%12.35 13.42 18.74 21.40 36.11yoy 8.66%39.64%14.19%68.74%Wind 2008 2019 2022 9.83+26.34%2.52+32.23%/7.49/2.27+26.35%/+26.07%IVD 2022 2003 2021 20 500+20 2022/241 63 29 1200 2022 4.89-6.68%1.25-37.85%2023 1.43+68.25%3781+299%SKU Wind 2020A 2021A 2022A 2023E 2024E 2025E()495.51 523.50 488.53 671.17 834.67 1,027.83yoy 15.93%5.65%-6.68%37.39%24.36%23.14%()196.26 201.9 125.47 215.3300 282.6700 360.6700yoy 52.17%2.87%-37.85%71.62%31.27%27.59%EPS()1.64 1.26 0.78 1.35 1.77 2.25()-160 160 160.0000 160.0000 160.0000ROE()(%)26.4 10.43 6.51 10.26 12.04 13.53ROA(%)22.98 12.61 5.42 8.37 9.85 11.14PE 45.11 40.65 36.71 27.96 21.91 Wind 2018 2019 2020 2021 2022 208.93 234.83 286.35 296.74 293.59yoy 12.40%21.94%3.63%-1.06%100.36 133.97 144.7 155.19 139.05yoy 33.49%8.01%7.25%-10.40%9.5 15.83 18.97 20.98 21.14yoy 66.63%19.84%10.60%0.76%38.17 38.39 41.22 42.89 30.09yoy 0.58%7.37%4.05%-29.84%1.9 4.39 4.27 7.7 4.66yoy 131.05%-2.73%80.33%-39.48%2018 2019 2020 2021 2022 59.51 74.20 124.37 144.89 125.14yoy 24.68%67.61%16.50%-13.63%101.93 111.99 111.01 129.62 115.18yoy 9.87%-0.88%16.76%-11.14%60.20 78.48 76.23 76.12 72.26yoy 30.37%-2.87%-0.14%-5.07%42.49 50.03 53.17 54.64 53.46yoy 17.75%6.28%2.76%-2.16%23.23 32.18 44.34 34.54 49.78yoy 38.53%37.79%-22.10%44.12%29.37 47.98 55.56 49.36 45.91yoy 63.36%15.80%-11.16%-6.99%36.62 24.02 22.64 19.39 15.51yoy-34.41%-5.75%-14.36%-20.01%3.60 4.15 3.93 7.26 6.63yoy 15.28%-5.30%84.73%-8.68%Wind Wind 2020A 2021A 2022A 2023E 2024E 2025E()336.52 341.64 376.89 506.77 664.22 873.74yoy 31.62%1.52%10.32%34.46%31.07%31.54%()121.93 118.38 121.93 150.5 202.48 267.46yoy 14.96%-2.91%3.00%23.43%34.53%32.10%EPS()1.63 1.58 1.22 1.50 2.01 2.66()100 100.62 100.62 100.62ROE()(%)50.72 32.57 9.03 9.70 11.9 13.90ROA(%)39.92 29.10 12.96 8.90 11.00 12.70PE 26.74 24.07 17.89 13.54 Wind 2018 2019 2020 2021 2022 101.86 176.98 243.25 212.33 205.49yoy 73.75%37.44%-12.71%-3.22%38.55 75.89 82.16 99.40 98.26yoy 96.86%8.26%20.98%-1.15%26.84yoy 68.26%16.66yoy 102.78%1.73 0.98 8.94 26.97 5.93yoy-43.35%812.24%201.68%-78.01%1.29 1.82 2.17 2.94 23.71yoy 41.09%19.23%35.48%706.46%2018 2019 2020 2021 2022 142.15 253.84 334.35 338.70 352.35yoy 78.57%31.72%1.30%4.03%0.01 0.83yoy 8200.00%Wind 2013 2022 2022 2023 1.1+46.3%3239+53.6%Wind 2020A 2021A 2022A 2023E 2024E 2025E()764.43 915.24 974.45 1,177.29 1,394.27 1,642.30yoy 10.92%19.73%6.47%20.82%18.43%17.79%()60.39 102.8 124.72 166.1 220.06 287.13yoy-25.81%70.24%21.32%33.18%32.49%30.48%EPS()0.22 0.38 0.46 0.61 0.81 1.05()272.01 272.91 273.2 273.18 273.18 273.18ROE()(%)3.42 5.58 6.32 7.15 8.66 10.04ROA(%)2.54 3.84 4.19PE 39.37 38.44 25.32 25.25 19.06 14.6 Wind 2018 2019 2020 2021 2022 355.56 361.43 408.72 497.11 516.74yoy 1.65%13.08%21.63%3.95%164.95 167.86 166.71 222.70 271.32yoy 1.76%-0.69%33.59%21.83%11.52 12.86 2.45 2.63 7.77yoy 11.63%-80.95%7.35%195.44%157.11 147.05 186.54 192.80 178.62yoy-6.40%26.85%3.36%-7.35%6.62 5.15 14.09 13.82 23.14yoy-22.21%173.59%-1.92%67.44%2018 2019 2020 2021 2022 676.78 675.78 745.69 893.84 938.33yoy-0.15%10.35%19.87%4.98%12.35 13.42 18.74 21.40 36.11yoy 8.66%39.64%14.19%68.74%Wind 2003 2015 2017 2022 9.74+6.47%1.25+21.32%2023 2.45+19.88%2235+26.08%23H1 40-60%5000 6 20%6 10%-20%6 10%6 10%6 10%6 10%6 10%125 36 518046 0755-82130833 1199 1 12 200135 6 9 100032
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