资源描述
0|2023 7 24 S012052108001 chentl S0120522100005 liuchuang wangyan5 1+1 2020 4.6 2 10.6 2018 1%)3 1 2022 500 2011 2 3 200 40%2021 23Q1 4 30%23/24 60%31%23Q1 2023 150 xPE PE 1/3 2023+1 4 30%2 3 94%4 1ZEVxOrMoNqRrPtQtOsNqRaQbP9PnPrRmOpMiNqQtMjMoMtO7NrQqONZrMmQNZnOtM2 CONTENTS+2023 301+4 4.6 36+281129463145 32193404 3566 3681 37800200040002013 2014 2015 2016 2017 2018 2019 2020 280430413251350138534203 4633 4594050002013 2014 2015 2016 2017 2018 2019 2020 2021 1062 3.7 1.5 2020 4.6 5 2020 24.7 3.5%5%10.6 2016-2020 2030 0.5 45.9 2018 1%+2019 2019 2019 100%74.36%100%18.23%1000 248 17.77%500 154 3.29%5.05.97.39.110.912.914.917.620.122.424.71.5%1.6%1.8%2.0%2.2%2.4%2.6%2.9%3.1%3.3%3.5%0%1%2%3%4%051015202530%31343840434549534811.8%10.1%5.4%8.4%5.9%7.0%8.3%-8.2%-10.0%-5.0%0.0%5.0%10.0%15.0%01020304050602012 2013 2014 2015 2016 2017 2018 2019 2020 yoy6+美国 中国 200-250 200 80 15 5/0.4/82%7.30%/IRFs)(ARUs)(LTACs)(SNFs)/7+KPMG 2018 201931%25%44%)0.7%1.5%4.9%7.8%10.6%28.1%71.1%0%20%40%60%80%8/100 20%9 80%+2021 10 2022 15 2021 6 2022 10 6 10 2025 10 8 12 2021 1 2019 11 31 195 2019 10 2019 4 2017 9 12 2017 1 2016 10 9 KPMG 1 2010 2016 2 2010+2010 8 12 2016 2017 12 15 67 B”2017 16 2021 16 25 2022 144 7 6 2023 10 2019 KPMG 1000 2030 1000 500-1000 2019 500-1,000 2,000 500-1,000 537-933 2019+5%10.6 100-300 1060-3180 2749 96872019 74.36%18.23%25.64%81.77%705 7921 2000 500-1000 141 396-792110212 2017 2021 225.0 450.3 CAGR 18.9%2026 941.5 CAGR 15.9%/表：康 复器械的主要类型图：康 复器械的受众 图：康 复器械的市场规模225280333.7382.8450.3511615.7715.2824.6941.501002003004005006007008009001000我国康复 医疗器 械市场 规模（亿元）物理治疗器械 康复评测器械 康复训练器械 其他康复器械电疗器械 神经功能评测器械作业康复训练器械康复教育器械温热（冷）治疗器械平衡测试器械运动康复训练器械辅助器械光疗器械 步态分析系统压力疗法器械 生理参数诱发诊断器械磁疗器械超声治疗器械高频治疗器械康 复 机构家庭轻 型 康复器 械个人轻 型 康复器 械 公立医院 私立医院(大型康复器械)康复专科医院 护理院(轻型康复器械)13 2011 我国康复器械产业发展 20 70 1970萌芽阶段1980-1990 1982 1988 2011-2011 9 1990-2010探索阶段 快速发展阶段 2000-2010 2017 2017 2018-2023 50%+CAGR 14+5 Kegel AI-15+2022 2022)5 CAGR 5 CAGR2022 3.2 0.9 17.4%18.4%72.5%3.8 1.2 27.3%4 21.5%4 68.6%4.9 1.3 11.1%14.2%66.3%9.7 1.2 11.9%6.8%41.6%wind 20 500 16 20 500 MyOnyx 2020 RF Intima 2023 Magbelle 2020 MagNeuro 2022 2022 Xwalk200/300 2021Xwalk100 2022X-Locom 2022 8 9 8 LGT-233 2020LGT-5200S 2020 9 9 2021 AIPT.1+N 2022 2023 2022 2023 IPC 2022 2022 2018 2020 17 MDB 2017 2022 5084 4977 90%2022 4.89 3.22 3.77 2.71 511 0.96%0.63%0.74%0.53%18-PFD UI POP 2040%4060%32.5%20.6%器械 2014 2018 0.8 3.9 48.7%2023 13.1 0.8 0.91.92.93.95.47.19.111.113.102468101214 34.7%30.0%27.9%32.5%0%10%20%30%40%城市 郊区 农村 总体孕妇 及其 家属 对盆 底修 复 的知 晓率19 40%40%21+1.87 20伟思医疗,18.64%其他厂商,81.36%2016 2014-2021 CAGR 58.4%2014 0.4 2021 10.0 CAGR 58.4%The Magstim Company Limited TonicaElektronik A/S 2018 18.64%0.4 0.5 0.71.22.24.36.91013.717.805101520市场规模（按出厂价）21 rTMS CES MECT CCRT 1985 2008 FDA 2009 TMS NMPA 2018 2021 TMS 1985 FDA TMS 2008 TMS NMPA 2009 2012 2018 2021 202215 41 69 101 169 0501001502002017 2018 2019 2020 2021磁刺激类产品收入（百万元）220323 Wind 23Q1 23 19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 0.59 0.81 0.85 0.93 0.57 1.00 0.98 1.23 0.80 1.11 1.12 1.27 0.54 0.80 0.82 1.05 0.96yoy-4%23%15%32%41%11%14%3%-33%-28%-26%-17%77%0.17 0.25 0.27 0.30 0.17 0.37 0.32 0.58 0.31 0.38 0.38 0.70 0.17 0.21 0.24 0.32 0.30yoy-2%44%18%95%84%3%20%21%-46%-44%-38%-55%77%0.66 1.20 1.27 1.82 1.01 1.16 1.34 1.73 0.85 1.36 1.36 1.32 1.43yoy 54%-4%5%-5%-16%17%1%-23%68%0.21 0.56 0.39 0.80 0.34 0.52 0.45 0.70 0.09 0.31 0.53 0.33 0.38yoy 64%-8%16%-12%-72%-42%17%-54%299%1.48 1.85 1.36 2.20 0.53 1.78 2.28 3.05 1.60 2.58 1.98 2.99 2.05 2.42 2.48 2.79 2.45yoy-64%-4%68%39%201%45%-13%-2%28%-6%26%-7%20%0.14 0.30 0.10 0.27-0.21 0.14 0.26 0.40 0.13 0.35 0.12 0.42 0.18 0.34 0.24 0.49 0.22yoy-244%-52%167%48%-165%146%-56%5%32%-4%103%17%26%0.61 0.94 0.76 1.11 0.75 1.09 1.15 0.79 1.09yoy 23%16%51%-29%46%0.20 0.35 0.22 0.41 0.21 0.26 0.51 0.24 0.32yoy 4%-27%131%-42%54%24 4 30%23/24 60%110%23Q1 22 23/50%60%22 24/80%110%20 21-23 60%115%179%22 2023-2026 30%69%120%186%4 30%2504 2023 26 2023 2023 图：康复器械上市公司收入、利润及增速图：康复器械上市公司行情走势（收盘价，元）收 入（亿 元）2015 2016 2017 2018 2019 2020 2021 2022伟思医疗 0.81 0.96 1.44 2.08 3.19 3.78 4.30 3.22翔宇医疗 2.89 3.59 4.27 4.96 5.23 4.89麦澜德 1.43 2.56 3.37 3.42 3.77诚益通 3.44 3.73 5.55 6.89 6.89 7.64 9.15 9.74收入YoY 2015 2016 2017 2018 2019 2020 2021 2022伟思医疗 19.13%50.67%43.80%53.47%18.66%13.66%-25.21%翔宇医疗 24.11%19.10%15.93%5.65%-6.68%麦澜德 78.24%31.62%1.52%10.32%诚益通 8.29%48.80%24.14%0.01%10.92%19.73%6.47%归 母净利 润（亿 元）2015 2016 2017 2018 2019 2020 2021 2022伟思医疗 0.28 0.23 0.40 0.63 1.00 1.44 1.78 0.94翔宇医疗 0.64 0.80 1.29 1.96 2.02 1.25麦澜德 0.56 1.06 1.22 1.18 1.22诚益通 0.54 0.54 0.90 1.02 0.81 0.60 1.03 1.25归母净利润YoY 2015 2016 2017 2018 2019 2020 2021 2022伟思医疗-17.70%74.26%57.08%57.37%44.07%23.77%-47.23%翔宇医疗 24.59%60.56%52.17%2.87%-37.85%麦澜德 89.43%14.96%-2.91%3.00%诚益通 0.27%66.74%14.18%-20.44%-25.81%70.24%21.32%Wind 0204060801001201401601802002021-03 2021-09 2022-03 2022-09 2023-03688273.SH 麦澜德 688626.SH 翔 宇 医疗688580.SH 伟 思 医疗 300430.SZ 诚益通27 图：康复器械上市公司估值情况（PE ttm）Wind 154x PE0501001502002502015-03 2016-03 2017-03 2018-03 2019-03 2020-03 2021-03 2022-03 2023-03 280529 Wind 1 4 CAGR30%+2013 2018-2022 CAGR 27.3%CAGR21.7%30%2 2040%32.5%3+22 22 4 1.432.563.373.423.770.561.061.22 1.18 1.22012342018 2019 2020 2021 2022 71%69%72%62%55%27%30%24%29%26%0%0%0%0%7%0%20%40%60%80%100%2018 2019 2020 2021 2022 30 Wind 1 16 17 FMS 73%2 1500 23 FDA 510K CE FDA 3 PMS 23 2.083.193.784.303.220.631.001.441.780.940123452018 2019 2020 2021 2022 20%22%27%39%42%48%46%41%30%18%15%17%15%14%18%13%11%13%14%15%0%0%0%0%2%0%100%2018 2019 2020 2021 2022 31 NNR 1 6 2 19 3 22 3000 52%52%53%54%53%24%24%22%24%28%2%2%0%0%1%23%21%24%21%18%0%20%40%60%80%100%2018 2019 2020 2021 2022 6.89 6.897.649.159.741.020.810.601.031.250246810122018 2019 2020 2021 2022 32 94%NNR 1 20 20 500 1251 241/1200 2 5 18 63.56%22 66.27%3 31 700 500 4 2019 58%55%58%57%60%28%31%29%30%28%11%9%8%8%6%3%4%4%4%4%0%10%20%30%40%50%60%70%80%90%100%2018 2019 2020 2021 2022 3.594.274.965.234.890.801.291.96 2.021.2501234562018 2019 2020 2021 2022 33 1 2 3 34 2019 2018 2017 2016 2015 1.6 6 20%5%20%-5%+5%5%2.A 500 10%-10%10%10%35 36 600 N1 9+86 21 68761616+86 21 68767880400-8888-128
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