Looking back on the past, looking to the future, is expected to mergers, especially M&A will play an important role in the capital market.
Goldman Sachs Asia Asia Pacific pharmaceutical research director Ye Lin
Medical industry, in the past 15 years to achieve very high growth. But in the capital market, compared with other related industries such as pharmaceuticals, circulation and other related industries, investment in the medical device industry is still relatively small. However, this also represents the medical equipment in the future there is a lot of room for development.
Last year, the China pharmaceutical industry is about 2 more than 1 trillion yuan of scale, but the medical device is only less than 15% of the proportion, that is, the pharmaceutical industry is about 7 times the size of medical devices.
From the profit and growth space point of view, the listing of A shares of medical equipment companies listed in Hongkong medical device companies, you can see the industry's profit ratio is relatively high.
Look at the market value of the words, the market value of China's medical device industry is about 7%, the United States is almost 21%, so we have a very substantial growth space.
In terms of valuation, in the United States and other relatively mature market, the medical device is relatively more respected, a higher valuation of some of the industry is still very optimistic about this.
We find that the major trends in the future are mergers and acquisitions, at least in the pharmaceutical and other areas.
In the China Hongkong market, 3 - 4 weeks ago, three big acquisitions: Fosun Pharmaceutical (600196) acquisition of India pharmaceutical company, Shanghai Pharmaceutical (601607) a pharmaceutical company mergers and acquisitions in Australia and Germany to buy health care products company. We can see that the manufacturing industry with overseas standards, regardless of technical innovation or expand the overseas market, Chinese enterprises have to go out and do a global layout, including access to the American market, European market. In the past in the capital markets have done relatively large areas, such as the field of minimally invasive, now slowly began the integration, China pharmaceutical enterprises will be in this piece through mergers and acquisitions converge together, I believe more and more China enterprises will achieve this point.
Looking back on the past, looking to the future, is expected to mergers, especially M&A (corporate mergers and acquisitions, including mergers and acquisitions two meanings, two ways) will play an important role in the capital market. We put the A shares of listed companies by financial accounting statistics, in the past 3 years and now the cash flow, we believe that the A-share market has A half of enterprises have made the acquisition ability, the future this is a big trend.
Although the current domestic enterprises with advanced enterprises in the gap is still relatively large, but such a large number of minimally invasive, Weigao enterprises will slowly began to grow in the country.