高盛-全球醫(yī)療行業(yè)跟蹤-中國醫(yī)院資本支出將企穩(wěn)回升0722

21July2024|7:01PMPDT

GlobalHealthcare:MedicalTechnology

ChinaHospitalCapExStabilizationComingintoView;GradualImprovementLikelyvs.In?ection

IncoaboatonacossougobaMedTechteamsnmanandChna,HongKong,theUKandtheUS,wehaveanayzedecentdscosuesfomocaandmutnatona

companes,thestatusofgovenmentstmuus,andmonthyequpmentbddngtends,asweasgovenmentannouncementstoassessthetajectoyofChnahosptacapexspendng.

Bottom-line:weexpectmarketgrowthtonormalizethrough2H24andinto2025,largelydrivenbymoderatingimpactfromgovernmentanti-corruptionmeasuresandgradualbene?tfromtheannouncedgovernmenttrade-in

program(akastimulus).Importantly,wedonotexpectstimulustodriveastep-functionbolusincapexspendbutratheractasafactortosupportingmarketgrowth.

WeaehostngawebnatodscussthecuentandscapenChnaonMonday,Juy22ndat10amETwheewewevewoveamakettends,thehosptacapex

gowthoutook,andmpcatonstoeevantcompanesnougobacoveageunvese(confeencecaegstatonnk).

Thefollowingsummarizeskeymarketandindustryconclusions:

nAkeydriverofimprovinggrowth,inourview,islappingthemid-2023

_

initiationofgovernmentanti-corruptionactivities,whchweeameanngfuheadwndtodemandbegnnngnAugustofastyea.Focontext,the

ant-couptonntatvesncudednvestgatonsntohosptasbuyngpactcesandtheextenttowhchkckbacksmayhaven?uencedpuchasngdecsons.Asaesut,weobsevedamateasowdownnspendngevesasgovenment

actonsunfodedastyea,butwebeevehosptasaeadaptngtothenew

opeatngenvonmentandsowybegnnngtonomazepuchaseactvtyandexpectfuthenomazatonaftetheone-yeaannvesay.

nBiddingactivitiesforcapexproductscouldseesomerecoveryinAugustandSeptemberoffaeatveyowbase(vs.poyea)andeeaseofsomepent-updemandfomthegaduaooutoftheupcomngtade-npogam.

nWthespecttotheszeofthencementapotentademandfomthetade-n

DavdRoman

+(22)357-467|davidroman@gscomGoldmanSachs&CoC

ZyChen

+852-2978-0526|ziyichen@gscomGoldmanSachs(Asia)C

ChrsPan,CFA

+852-2978-7993|chrispan@gscomGoldmanSachs(Asia)C

TanyYan

+86(2)240-8609|

ianyiyan@goldmansachscn

GoldmanSachs(China)SecuriiesCompanyimied

RchardFeton,CFA

+44(20)7552-7872|

richardelon@gscom

GoldmanSachsnernaional

JamePerse,CFA

+(22)902-892|jamieperse@gscomGoldmanSachs&CoC

PhpCoover

+(97)343-8573|philipcoover@gscomGoldmanSachs&CoC

LaurenMtche

+44(20)7774-873|

laurenrmichell@gscom

GoldmanSachsnernaional

JohnRusch,CFA

+(22)357-4545|johnrusch@gscomGoldmanSachs&CoC

MchaeZheng

+86(2)240-8928|

michaelzheng@goldmansachscnGoldmanSachs(China)SecuriiesCompanyimied

JennyDu

+86(2)240-8978|

jennyxdu@goldmansachscn

GoldmanSachs(China)SecuriiesCompanyimied

GodmanSachsdoesandseekstodobusnesswthcompanescoveedntseseachepots.Asaesut,

nvestosshoudbeawaethatthe?mmayhaveacon?ctofnteestthatcoudaffecttheobjectvtyofths

epot.Investosshoudconsdethsepotasonyasngefactonmakngthenvestmentdecson.FoRegACcet?catonandothempotantdscosues,seetheDscosueAppendx,ogoto

/eseach/hedge.htm.Anaystsempoyedbynon-USaf?atesaenotegsteed/qua?edaseseachanaystswthFINRAntheU.S.

GoldmanSachsGobaHeathcareMedcaTechnoogy

(stmuus)pogam,ouunderstandingisthattheprogramwillberolled-out

province-by-provinceandthereforehaveagradualimpactonoverallmarket

demand.Inaggegate,theChnesecentagovenmenthasannouncedahghevetagetof25%gowthby2027focapexnvestmentvesus2023,mpyng5.7%

CAGR.

nWeemndnvestosthatwhilestimulusandanniversaryingofthe?rstphaseofanti-corruptioninitiativesareimportanttodislodgingcurrentmarket

headwinds,therearemultipledriversthatsupportunderlyingdemand.Futhe,wepontoutthatthemaketsnotnacompetestandst,wthGEHeathcae,asanexampe,stgeneated$600monnChnasaesdung1Q24.Thepaceof

mpovementfomthedecnesegsteedn2H23-1H24,howeve,emansoneofthekeyopenquestons.

nBeyondgovenmentstmuus,weexpecthosptastogowcapextosuppotboth

undeyngdemandandto?epacement/upgadeneeds,ncudngnewpoduct

adopton.Takingthe5.7%impliedgovernmentspendingCAGRtargetasa

baselineandlayeringinreplacementcyclesandnewproductupgrades,we

expectnormalizedhospitalcapex(2025+)inChinatoapproximate8-10%onanunderlyingbasis(ex-FX).

Overall,webelievethatChinahospitalcapexispoisedtostabilizein2H2024and

graduallyrecovergiven(1)theeasingcompsetupasthemostsevereimpactsfromtheAnti-CorruptionCampaignanniversaryand(2)therecentfreezeon

spendingrelatedtostimulusannouncementsbeginstoresolve.Ouanayss

ndcatesthatwheannouncedstmuusskeytopogessatameasuedpace

(povnce-by-povnce),asgn?cantpopotonofecentChnaheadwndsaefadng,andweexpectboadestmuusappovasnatonaytopavethewayfomoe

nomazedcapexspendnggowth.

_

Fromasingle-stockperspective,thepaceofecoveynChnacapexhasthepotentatoceateshot-temdsocatons(dependngonhowcompaneschaactezedChna

acceeatonnthegudance);howeve,acossougobacoveage,exposuetoChnabecomngatawndwoudhavethebggestmpacton:GEHeathcae(14%ofsaes)andSemensHeathnees(14%ofsaes)amongthemutnatonacompanes(MNCs)

andMndayandUntedImagngamongtheocay-domcedcompanes.Thefollowingsummarizesstockimplicationsacrossourglobalcoverage:

nGEHealthcare(GEHC):WeemanNeuta-atedonGEHC,aswethnkthemaketwneedtodgestagudanceeductonandcatyonthebaanceofgowthdvesbefoegettngmoeconstuctve.Thatbengsad,gvenanmpovedoutookn

Chnaandassumngthattheestofthebusnesscoudeachmaketgowth,weaestatngtoseeapathtogowthacceeatonn2025.Aesetto2024gudances

keyneeded,howeve,asGSecuentystsat3%ogancgowth(vs.gudanceandconsensusof~4%),epesentng$200monofpotentaevenuedownsdethsyea.

nSiemensHealthineers(SHLG.DE):WeemanNeuta-atedonSHLaswebeevethatathoughthecompany’sexposuetoChnawshftfomaheadwndtotawnd

2Juy20242

GoldmanSachsGobaHeathcareMedcaTechnoogy

n2HFY2024,thsecoveyappeastoaeadybeembeddednconsensus

expectatonswthstonggowth/magnestmatespcedfoFY25e.Chna

compsed14%ofFY23saesfoSHLandweseepotentaupsdeskdependngthesze/tmngofChnastmuus,howevevsbtyemansmted.Neae-tem,

weseeeasycompsandeasngofant-couptonsafeguadsdvngsodmomentumfoSHLnChnan2H24andFY25.

n

n

n

_

n

PhilipsPHG.AS):WeemanBuy-atedonPhps(ontheCL)asweexpectan

acceeatonnto2H24wthChnakeytounockngbetteodentakegowthafteAnt-Couptonheadwnds,coupedwtheasngcompsthoughtheyeaand

nnovaton/poductaunchesacosskeymodates(mostnotabyCT,U/S,andIGT).WebeeveaetuntopostveodentakenQ2andH2smpotanttoaevate

nvestoconcensaboutPhps’compettvenessandabtytomeetevenuegowthexpectatonsnFY25.

Elekta(EKTAb.ST):WeemanSeateddespteEektahavngthehghestsaesexposue(~16%FY23saes)toChnaacossouEuopeanhosptacapexnames.WheaecoveynChnashoudsuppotbettemomentumfoEekta,vsbty

emansowonmpovngdynamcsnFY25foownganegatvesupsenQ4,

wheewefoecast4.4%ogancgowthvesusgudanceofMSD.Combnedwthoumoecautousestmatesonmagnecovey(GSe+30bpsvsVsbeApha

consensus+80bpsnFY25),weemanSeateddesptethepotentaboostfomChna.

Mindray(300760.SZ):WemantanouBuyatngandeanngsestmates,wheeweexpecty/ygowthtogaduayecoven2Q24-4Q24,dvenby1)consodatonofAPTMedca(688617.SS,NotCoveed),2)tade-npogampocybene?t,and3)

pocuementecoveyfomtheant-couptoncampagn.Lnktopubshedeseach.

UnitedImaging(688271.SS):WeasomantanouNeutaatngandfoecasta

evenuegowthatefoFY2024-2026Eof20.8%/25.4%/17.7%foFY24E/25E/26E,espectvey;whchsn-newththecompany’snewyeeasedequtyncentve

panthatcasfo+20%/+44%/+72.8%cumuatveevenuegowthate(compaedwthsaesofFY23)foFY24/25/26,espectvey.Lnktopubshedeseach.

CapexDynamicsinContext:LookingBack,andLookingForward

AsweassessthecuentandfowadenvonmentfoChnahosptaCapexspend,tsmpotanttoevesetthekeyfactosthathavecontbutedtoweakeesutsofateandthepotentadynamcsthatcouddeveopmovngfowad.

Fst,toundestandwhat’shappenedtoyedthecuentmaketdynamcs,we

anayze:(1)theundeyngdemandfocapexnChna,nanaeseequaopeatngenvonment,(2)thempactoftheChnaAnt-CouptonCampagnwhchbegann3Q23andwhchhasdsuptedthstend;(3)theannouncementofaage-scae

equpmenttade-n/stmuuspogamn1Q24andtheesutngsgn?cantsowdownncapexpuchasesuntthemechancsofthepogamweeestabshed.

2Juy20243

GoldmanSachsGobaHeathcareMedcaTechnoogy

Next,toassesswherewearetoday,consdeng(4)ecentstmuuspogamdetas,

ageyfomndvduapovnces,andoucuentvewsonbothtmngandmagntudeofpotentampact,asweas(5)theeffectthatthe1-yeaannvesayofant-coupton

enfocement(nAug2024)andpotentaeasngoftheCampagn(.e.tanstonngto

moenoma-couseovesghtvesusextensveevewsthattookpacenyea-one),thatshoudhepnthawngthemaketfohosptacapexspendng.

Lasty,wepovdeouvewonwherewearegoingwth(6)GS’outookfohosptacapexgowthgongfowad,ncudngnea-temconsdeatons,onge-tem

expectatons,andasummayofpotentastockmpcatons.Wedeventoeachofthesetopcsnmoedetabeow.

Exhibit1:Aggregatedbiddingdataof7majormedicaldevicesinChina

45,000

2022totalbiddingvalueasRmb115bn($15.7bnincurrentUSdollars)

AggregatedBiddingValue(inmillionsofRmb)

40,000

35,000

30,000

Discountloanpolicyimplemented

25,000

20,000

15,000

10,000

5,000

Jan-22

Feb-22

Mar-22

Apr-22

May-22

Jun-22

Jul-22

Aug-22

Sep-22

Oct-22

Nov-22

Dec-22

Jan-23

Feb-23

-

2023totalbiddingvalueasRmb94bn150%($12.9bnincurrentUSdollars)

100%

Totaly/ygrowh(%)

50%

Theendofthediscountloanpolicy

Anti-corruption

0%

campaignkickedoff

-50%

Mar-23

Apr-23

May-23

Jun-23

Jul-23

Aug-23

Sep-23

Oct-23

Nov-23

Dec-23

Jan-24

Feb-24

Mar-24

Apr-24

May-24

Jun-24

-100%

PatientmonitorUltrasoundEndoscopeCTMRIPET-CTDRyoy

_

SourceJonchan,GodmanSachsGobanvestmentResearch

Whathappened:

(1)UnderlyingdemandforCapexinChina:PotoCovd,thecaptaequpment

maketnChna(e.g.MRIandCTscanne)hadundegoneseveacapexcyces:1)n2007-2011,wesawanup-cycedvenbygovenmentstmuusaftethegoba?nancacss;2)n2012-2015,adownwadcycenthebackdopoftheastoundof

ant-couptonwhchstatedn2013;3)dung2016-2020,weobseveanotheup-tendcycemostydvenbyncementapenetatonnowe-tectes.Dynamcsdungthepandemccausedsgn?cantvoattynCapextends,wheeagehosptaswee

encouagedbygovenmenttonceasethedebtsundenewnfastuctueschemes

wthconstuctonofnewbudngsbegnnngtotakepacen2H2020,foowedbya

dscountoann2022thatdoveacceeatedpocuementpatcuaynCovd-eated

equpment(chestCTfoLungdagnostc)whenonCovd-eated(.e.MRIsequpment)facedheadwndsfompessueonoutpatentvstsamdthe“Zeo-Covd”pocyand

theefoegewatasowepace.

2Juy20244

GoldmanSachsGobaHeathcareMedcaTechnoogy

Basedonthecentagovenmentpan(nk),hosptacapexspendngnChnashoudnceaseby25%by2027,fomthe2023basene,whchsfeasbegventheowbase(theaggegatebddngvaueof7capexcategoeswetackwasdown18%yoyn

2023).Spec?cayweestmateChna’saggegateofMRIs/CTstogowto

Rmb19.8/25.1bon($2.7/$3.4bonatcuentexchangeates)by2027,whche?ectsannceasenpenetaton(descbednmachnespe1mncapta)fom16.4(MRI)&

29.5(CT)n2023to22.2&41.2pemonpeopen2027,espectvey,whchcanbebenchmakedaganstestmatesfotheUSof40.4MRImachnespemonpeopen2018,and54.6CTspemonpeopen2019.

Exhibit3:ChinaCTsmarketinmnRmb...

experencesmarcycebuthghergrowthdurngCovd,wthmachnespermnpopuatonat30n2023

ChinaCTScannermarketsize

30,000

25,000

20,000

20,000

15,000

15,000

10,000

10,000

CAGR4%

5,000

0

2024

Exhibit2:ChinaMRIsmarketinmnRmb...

205and202224downcycere?ectantcorruptoncampagn,wthmachnespermnpopuatonat6n2023

2007201120152020202220242027

20072011201520202022

ChinaMRImarketsize

Rmbmn25,000

CAGR10%

0

Rmbmn

CAGR15%

CAGR-3%

CAGR1%

CAGR3%

CAGR21%

CAGR10%

CAGR8%

CAGR10%

CAGR16%

CAGR22%

5,000

5,000

2027

2007

0

SourceCompanydata,GodmanSachsGobanvestmentResearchSourceCompanydata,GodmanSachsGobanvestmentResearch

(2)AnotherAnti-CorruptionCampaignDrivesSofterLTMResults:InAugust2023,

Chnaannouncedanothecyceofant-couptonenfocementfocusedoncubng

vaouspactceswthntheheathcaesectowhchchangedtheopeatngenvonmentfohosptasnChnaandmedcacompanesopeatngnthecounty.Thsoundof

ant-couptonncudedspec?cnspectonfocusonmedcamagng,IVD/dagnostc,

_

andehabtatonandthentantensvephaseofenfocementwaspannedfo1-yea

buteguanspectonwpesstasaoutnepatoftheopeatngenvonmentnthe

futue.Asaesutoftheseactons(nvestgatons,hosptapesonneepacements,

etc.),captaequpmentpuchasesnChnaexpeencedasgn?cantsowngthatsonynow,neayayeaate,begnnngtonomaze.

Indeed,pubcy-tadedgobacompaneswthChnacapexexposueshowedthefoowng,boadydeceeatngesutsovethspeod.

2Juy20245

GoldmanSachsGobaHeathcareMedcaTechnoogy

Exhibit4:GEHCChinaquarterlysalesgrowth(YoY,%)

Chnaaccountedfor5%ofsaesn2023

Exhibit5:SHLChinaconstanctcurrencyrevenuevsChinaequipmentgrowth(GSestimates)

%

(12%)

(14%)

1Q22

2Q22

1%

2%

3Q22

4Q22

18%

12%

2Q23

1Q23

8%

3%

4Q23

3Q23

(11%)

1Q24

33%

Ourestimateforequipmentgrowthin

25%

Chinaassumesstableandrobustgrowth

fortheservice/recurringelementof

14%

revenueduringthisperiod

12%

0%

(3%)

(9%)

(12%)(16%)(13%)

(20%)(20%)

1Q232Q233Q234Q231Q242Q24ChinaEquipmentChinarevenue(c.FX)

SourceCompanydata,GodmanSachsGobanvestmentResearchSourceCompanydata,GodmanSachsGobanvestmentResearch

Wthkeydomestcpayesasoshowngasowdownngowthn2H2023and1Q24.

Exhibit6:QuarterlyrevenueyoygrowthofUnitedImaging...Exhibit7:...andMindray

50%45%40%35%30%25%20%15%10% 5%0%

48%

33%

31%

28%

22%

20%

18%

6%

7%

1Q22

2Q22

4Q22

1Q23

2Q23

3Q23

4Q23

1Q24

3Q22

25%

20%

20%

15%

10%

5%

0%

1Q22

20%

20%

3Q22

2Q22

20%

20%

20%

12%

11%

8%

4Q221Q232Q233Q234Q231Q24

SourceCompanydata,GodmanSachsGobanvestmentResearchSourceCompanydata,GodmanSachsGobanvestmentResearch

_

(3)Trade-inProgram/StimulusPolicyAnnouncedin1Q24:Sepaatey,onMach13,2024,thegovenmentannounceddetasfoaage-scaeequpmentupgadepogamwththsnotabybengthe?sttmethatmedcadevcesweespec?caymentonednthepan.Boadcommentsaboutheathsystemenhancementsncudngmedca

equpmentupgadesfopoductssuchasmedcamagng,adotheapy,emotedagnoss/teatment,andsugcaobotsweehghghted.Fudetasweenot

povdedattmeofthentaannouncementwthupdatessncethencomngmoefomthepovncaeveas?nancngpotocos(ageyfundedbyNatonauta-ongtem

bondsandocapovnces)andmoespec?cupgadepansaebengdeveoped(nk).

Ontheheesoftheannouncement,MndayandUntedImagngestmatedonthe

1Q24eanngscas,thatthetotademandfotade-ndevcessubmttedfomhosptasundethepogamcoudangefomRmb60-100bonovethenext12months.Lkeyunntentonay,howeve,manyhospitalsactuallyslowedorhaltedCapexpurchasesnear-termasaresultoftheprogrambeingannouncedasfacilitiesawaitedmore

detailstoemergeonthescaeandtmngofthestmuus,asweastheabtytoaccessfundngesoucesfopotentaequpmentupgadesandpocuement.

2Juy20246

GoldmanSachsGobaHeathcareMedcaTechnoogy

Wherewearegoing:

(4)Trade-inProgramDetailsHaveBeguntoEmerge:SncethentaCentaGovenmentannouncement,ntadetashavebeguntoemegeaoundbothpocessesandpotentamagntude.

nProcessDetails:AsofJune24th,31povnces&egonshaveannouncedhghevegudancethathghghtcategoeskemedcamagng

(CT/MRI/Utasound/Endoscopy),adoogyteatment,sugcaobots,endoscopy,

andfe-scencetoosbengpotesfonvestment.Peouchannechecks,the

pogamskeytocovepoductsnexcessofateastRmb1monwthausefu

feofmoethan8yeas.Inaddton,theDeputyMnstyofCommecenChnahashostedaoundtabewthfoegnMNCs(mut-natonacompanes)toemphasze

thatMNCswoudhavethesameequtyoppotuntyundethetade-npogamasdomestcmanufactues.Assuch,thspontstothepogamsuppotngboth

Chna-basedcompanesasweasMNCs.Addtonay,weseethepossbtythathosptasthatpatcpatedntheoundtabecoudbecomepatofapotfothetade-npogamandgaduayexpandtoothepovnces/andegons.

nUpgradeCycleDynamics:Peouanayss,wenotethatmostCovd-eated

medcaequpmentwaspuchasedwthntheastfouyeas,wth93%/68%/61%ofexstngutasounds/CTs/MRIsnChnahavngbeenpuchasedwthntheastfou

yeas.Howeve,atade-npogamcoudacceeateupgadesandbng

pocuementactvtesbacktooaboveevesseenpotoant-couptoneffots,wheethebddngvaueof7categoeswetackecoded-18%yoyn2022/23.

Exhibit8:Wenotethat93%/68%/61%ofexisting

ultrasounds/CTs/MRIsinChinawerepurchasedwithfouryears

#currentrunningmachines(2023)

_

255,982>4yrs

installed3-4yrsago

installed<=4yrs

41,271

installed<=2yrs

installed<=4yrs

>8yrs

installed23,007

5-8yrsago

<=4yrs

>8yrs

installed

5-8yrsago

UltrasoundCTMRI

SourceJonchan,GodmanSachsGobanvestmentResearch

nRecentannouncementsfomtheepovnces(Guangdong,Anhu,andFujan)

povdngspec?cpuchasedetasthatweeappovedbyauthotesnfomou

estmatesfothetotavaueoftade-ndevcesthatcoudbecomepatofthe

pogam.Spec?cay,theanaysssuggeststhattheutmateszeofthepogam

coudbesghtyowethanthepevousynotedRmb60-100bongventhe

tagetedpuchasesntheGuangdongpovnce(one-tenthofChnaGDP)detas

Rmb5.4bon.Addtonay,fomatmngpespectve,pogessasoappeastobetackngbeowexpectatonsntaysuggestedbyMndayandUntedImagng,pe

2Juy20247

GoldmanSachsGobaHeathcareMedcaTechnoogy

1Q2024eanngscas,andwenowantcpateagescaebddngskeytotakepaceafteAugust.Intemsofncementadetasfompovncesandthenatonagovenment,weawataeboundnpubchosptabddngasthekeycataysttomoefuygancon?dencenthetmngofstmuusmpact.

nBeowwencudeasummayofthepotentapoductevedemandbasedontheFujanannouncement.ThedetasshowthatCT/endoscopysystem/MRIankedtop

3fopotentademandandaccountedfo21%/14%/11%oftotaepotedpuchasevaue,espectvey.Theefoe,webeeveCT/MRIandendoscopymanufactues

maybene?tmostfomthetade-npogam.

nFuthe,usngGuangdongasapoxy,theRmb5.4bonnpuchasevauewoudmpyRmb54bonfotheentecounty(one-tenthofGDP)andssghtybeowtheRmb60-100bonnta?st-yeaestmatesmpedbyMndayandUnted

Imagng,thoughsjustasngedatapontacossthecounty.Smascang

anayssfomtheFujandatasnotpossbeasRmb754monexpectedpuchasevauesjustfo10hosptasandcoudexpandfuthewthnthepovnce.WhetstoosoontoknowtheutmatempactoftheChnatade-npogam,wewoudnotethattheoughyRmb50-100bonangendcatesthsanaysswoudoughy

equateto10-20%ofannuazedcapexspendfomChna,eavngbothundeyngdemandandannvesayngoftheant-couptoncampagnstctcanputstoboththenea-andmedum-temoutookfoChnaCapex.

Exhibit9:SummaryofpotentialdemandbyproductcategorybasedonFujianannouncementwheretotalvalueatRmb754mn

Unit:Rmbmn

The1stAff-HospitalofFujianMedUniFujianProvinceGovernmentalHospitalFJTCMSubsidiaryRecoveryHospitalFujianHospitalfortheElderly

FujianUniversityofTCMAff-People'sHospitalFujianProvincialHospital

TradChinMedUniv3rdPeople'sHospitalFujianMedicalUnivUnionHospital

FujianCancerHospital

_

The2ndAff-HospitalofFujianMedicalUniversityTotal

Total

purchasevolume

43

1

2

5

2

27

3

26

15

55

179

Total

purchase

value

183

2

5

16

5

138

21

153

84

147

754

CT

VolumeValue

3

13

-

-

-

-

-

-

-

-

2

1

5

2

2

15

8

16

79

17

22

155

Endoscopysystem

Volume

12

-

-

-

-

11

1

10

2

20

56

Value

31

-

-

-

-

18

2

19

6

28

104

MRI

Volume

2

-

-

-

-

2

-

-

1

1

6

Value

18

-

-

-

-

30

-

-

25

13

86

Radiotherapysystem

Volume

1

-

-

-

-

-

-

-

5

2

8

Value

44

-

-

-

-

-

-

-

15

22

81

Colorultrasoundsystem

Volume

9

1

1

2

1

5

1

8

4

3

35

Value

14

2

3

3

3

12

3

14

8

5

67

Digital

subtraction

angiography

(DSA)

Volume

2

-

-

1

-

3

-

2

1

-

9

Value

3

-

-

9

-

24

-

16

13

-

65

Others

VolumeValue

14

60

-

-

1

2

1

4

2

4

2

46

-

-

1

25

-

-

27

50

57

196

SourceFuanProvncaDeveopmentandReformCommsson

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