戴维医疗(300314) 　　2022年业绩符合预期，2023年业绩有望高速增长，维持“买入”评级 　　2023年3月30日，公司发布2022年年报：公司实现营收5.06亿元（yoy+6.73%）；归母净利润9758万元（yoy+21.66%）；扣非净利润7966万元（yoy+19.54%）。（1）保育业务：国内新生儿出生率下降，保育设备等增量需求相对疲软，公司通过新品扩展和产品升级不断扩大赛道优势，巩固和提高市场占有率；海外通过产品高性价比进行市场竞争，并不断进行销售区域扩围。（2）吻合器业务：国内受疫情防控等影响手术开展受阻，对吻合器等耗材使用量提速略有影响，此业务仍处市场快速扩围卡位阶段，正为联盟集采和产品放量做充分准备；海外由于提前进入诊疗恢复期和国家区域准入等积极影响，收入实现较好增长。考虑到保育业务有存量更换升级需求和吻合器集采政策放量推动，我们维持2303-2024年并新增2025年盈利预测，预计2023-2025年归母净利润分别为1.55/2.31/3.26亿元，EPS分别为0.54/0.80/1.13元，当前股价对应P/E分别为30.2/20.2/14.3倍，维持“买入”评级。 　　吻合器腔镜化与电动化已是大势，集采政策有望提高电吻渗透率和国产化率 　　目前电动腔镜吻合器赛道国产化率低、成长快、空间大，竞争格局好；我国微创率与发达国家仍有较大差距，微创手术是确定性大方向，而腔镜吻合器则是微创手术的重要手术器械，其中电动腔镜吻合器因其临床价值将是大势所趋。吻合器集采有望快速提高电动吻合器渗透率并加快推动国产替代，其中福建省联盟集采政策结果已出静待执行，山东、京津冀3+N联盟集采蓄势待发。 　　子公司维尔凯迪市场与技术沉淀已久，有望借集采之力加快吻合器放量 　　公司2018年取得国内第一张电动腔镜吻合器注册证，目前已有4张注册证，其中1张Ⅲ类（国内只有三家），Ⅲ类证在手术适用范围上更优，可闭合离断血管。经过4年的市场推广和学术教育目前已覆盖超300家三甲医院，2022年公司电动腔镜吻合器营收为1.52亿元（占吻合器业务的77%），并推出全球首款智能全自动转弯吻合器，进一步抬高电动吻合器赛道护城河。同时公司有望借联盟和省级集采之力加快准入，快速提高医院覆盖面，突破销售偏弱势省份，抢夺进口厂商份额。海外吻合器部分市场已孵化成功，基数相对较低，有望继续保持高速增长。 　　风险提示：产品推广不及预期；政策落地不及预期。

　　泰格医药(300347) 　　Tigermed reported 2022 revenue/ attributable net income/ attributable recurring netincome of RMB7,085mn/ RMB2,007mn/ RMB1,540mn, +35.9% YoY/ -30.2% YoY/+25.0% YoY. Revenue was largely in line with our forecast while attributablerecurring net income missed our forecast by 8.9%. The decline of attributablenet income in 2022 was mainly due to the decreased fair value gains fromRMB1,815mn in 2021 to RMB536mn in 2022. Gross profit margin (GPM)deteriorated by 3.9ppt to 39.6% in 2022, due to the revenue recognition fromlow-margin COVID-19 related revenue (including pass-through revenue tooverseas sub-contractors) as well as the COVID pandemic in China. New ordersamounted to RMB9.7bn in 2022, flattish vs 2021; while non-COVID-19 relatednew orders increased by c.25% YoY in 2022, demonstrating a robust growth ofthe core business. Total backlog reached RMB13.8bn (+22.9% YoY) by the endof 2022, a solid guarantee for sustainable growth. 　　Accelerating globalization. Tigermed has utilized COVID-19 pandemic asan opportunity to access and expand overseas markets. The Companyenabled 4 COVID-19 vaccine EUAs in China and overseas in 2022. Inaddition, Tigermed acquired a Croatia-based clinical CRO, Marti Farm, inJan 2023, further enhancing its service capability in Europe. Themanagement indicated that the Company will integrate BD team in Europeto enhance BD efficiency in 2023. In the US, Tigmerd had collaborationswith over 100 clinical sites. With its growing global network and good trackrecord, Tigermed has won more chances to participate in MRCT projects.As of Dec 2022, the Company had 62 MRCT projects in the pipeline,compared with only 20 as of Dec 2020. Tigermed also takes a proactiveapproach to explore business opportunities in Southeast Asia and LatinAmerica. Such regions are potential end markets for Chinese drugdevelopers, which will create additional demand for Tigermed in overseasmarket. To fuel its global expansion, Tigermed added 400 employees inoverseas regions, representing 44% of the total new hiring in 2022. 　　Adopting new technologies to enhance work efficiency. Tigermedestablished Tigermed Digital Promotion Center and Decentralized ClinicalTrial (DCT) Solution Team. DCT platform uses new technologies to performcritical clinical trial related procedures, such as participant enrolment/engagement, site management, data aggregation, quality/ cost balance andstudy services. DCT platform, already used in certain projects, will reducepatient burden and improve clinical service efficiency. We think the launchof DCT platform will help Tigermed to keep up with leading foreign peersregarding service digitalization and work efficiency. 　　Maintain BUY. We revised our TP from RMB147.43 to RMB134.24, basedon a 10-year DCF model (WACC: 10.6%, terminal growth rate: 3.0%), tofactor in slower revenue growth projection. We forecast Tigermed’s revenueto grow 20%/ 26%/ 25% YoY and attributable recurring net income to grow29%/ 27%/ 26% YoY in FY23E/ 24E/ 25E, respectively.