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啓明醫療(2500.HK)近期調研核心要點
uSMART盈立智投 07-26 16:25

1.TAVR∶

1)上半年TAVR植入量1800臺多(一/二季度分別900/900),維持中國市場60-65%市佔率的目標(全年植入量約5000-5500臺);

2)二代佔比全年目標50%+;

3)入院∶現已入院370家(全年入院目標400家);

4)VenusA-Pro(輸送器的軟度和過弓性更強)2022年預期上市;

5)三代產品∶自膨PowerX和球擴Vitae都處抗瓣周漏技術更新當中,預計4Q22加速臨牀進展。

2.TPVR∶

1)四月歐盟獲批,七月中國獲批,美國臨牀準備中(預計1H23在美國開啓臨牀);

2)全年銷售指引800w美金;

3)中國銷售能力強+與TAVR存在科室協同+先心病患者在兒童醫院易於獲取。

3.二/三尖瓣/其他∶

1)Cardiovalve∶海外入組人數達到了30多例,國內臨牀準備中;

2)Dragonfly∶今年初DMR入組已全部完成,現在新的FMR在入組,或在1H24上市(國產第一家);

3)MitralStitch臨牀實驗進行中;

4)Liwen∶預計2024年上市;

5)RDN∶動物實驗,預計今年年底/明年年初開始FIM。

4.政策相關∶

1)考慮公司一二代產品及部分國產品種上市時間已超/接近3年,估測TAVR產品納入北京CHS-DRG概率偏低,但是北京DRG目前給予TAVR定價上限33-34萬元,已經可滿足TAVR手術目前需求;

2)上海醫保納入TAVR耗材報銷,採用績效考覈(報銷比例60-80%),今年/明年年中上海區域收入佔比或可衝擊10%;

3)關於醫療服務價格管理通知相關TAVR服務費用看法∶預計藥械因集採產生的降價不會平移到服務上結構內主要還是希望體現醫生的勞務價值。

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