A week of market observation ｜ The end of the "sky -high -priced teeth" end of the concept of tooth planting stock carnival medical sector may reshape

Cover Journalist Zhu Ning

On September 8, the National Medical Insurance Bureau issued a special notice on the cost of dental implants medical services and consumables. The overall cost of more than half of the dental implants, the average price of more than 6,000 yuan, and the price of some areas or even more than 9,000 yuan has been officially drawn out of the target line: 4500 yuan. The price reduction is less than 50%, which is relatively mild.

The price of breeding tooth collection is better than expected

On September 8, the National Medical Insurance Bureau issued the "Notice of the National Medical Security Bureau on the Special Governance of Oral Planting Medical Service Charges and Consumption Price Governance" to carry out the special treatment of oral planting medical services and consumables.

The cost of oral planting is roughly divided into three parts: implant, crown and medical services. The "Notice" clearly states that the oral implants will be mixed, the crowns will be bidded, and the dental implants medical services will be regulated. In areas such as developed and high -cost, high -cost regions will relax the price control target of medical services in the local actual situation, and the proportion of relaxation does not exceed 20%. This means that dental implants regulate boots to land.

In February of this year, at the routine briefing of the State Council's policy of deepening drugs and high -value medical consumables in deepening drugs and high -value medical consumables. Alliances, studying dental implants collection rules, now the plan is basically mature.

In the past year, dental implants are like a sword of a Damores hanging on the top of the "tooth" Tongmei medical treatment. In mid -August, as soon as rumors of dental implants were rumored, Tongmei Medical plummeted 9%. Subsequently, the stock price continued to fall, and there was no decent rebound.

It is worth noting that the market's mainstream prediction target price at that time was between 2000-3000 yuan, and the expectations given by the moody analysts were even less than 2,000 yuan. According to the recent notice, it was actually better than expected.

Faid "Yaomao" Tongmei Medical

Affected by the "Notice", the "Yaomao" in the early morning of the 9th "Tongmei Medical's early trading daily limit. Since this year, due to rumors of dental implants, Tongmei Medical's performance in the capital market has been mediocre. In the past year, Tongmei's stock price has fallen from 421.99 yuan/share to a minimum of 110.02 yuan/share, a decline of more than 70 %, and the market value has evaporated nearly 100 billion yuan.

At the same time, in previous investor relations activities, Tongce Medical repeatedly responded to the collection of dental implants repeatedly. Now that the boots are on the ground, the chairman of Tongmei Medical then sent a screenshot of the relaxation conditions on the social platform and commented: "Very good! Support! Forwarding! Win -win!" The joy was overwhelming.

For the price of 4500 yuan, analysts generally believe that the price limit is better than market expectations.

The reporter noticed that the private pricing of private pricing in the "Notice" is one of the highlights. The "Notice" proposes to strengthen the supervision and guidance of oral planting prices for private medical institutions, but the policy of market adjustment prices in private medical institutions remains unchanged and allows allowed to supply and demand according to cost supply and demand. Change the price independently.

In this regard, the Huatai Securities and Pharmaceutical team stated that the price limit for dental implants is significantly better than market expectations, and it is optimistic about the performance and valuation repair of private leaders. Previously, due to the pressure of dental implants and mining policies, private oral service leaders were in the state of performance and valuation. After the short -term boots of the regulatory policy, private leaders such as Tongmei Medical ushered in the dual repair of performance and valuation.

Medical track may usher in a transfer

In the past, "golden and silver tooth, and copper bones" were considered to be the best in the medical segmentation track. Big bull stocks such as El Ophthalmology, Tongmei Medical, and Dabo Medical have emerged. Under the influence of multiple factors, the three track scenery in the past two years is no longer. However, after the "Notice" is expected, it is good for the entire medical sector, and it has also led the medical sector to rise in emotions. On the 9th, "Eye Mao" El Eye Department rose by more than 6%, and the heart pulse medical and Mai Rui medical treatment rose. More than 4%, CSI Medical Index rose nearly 3%.

After 14 months of continuous adjustment, the valuation of the medical sector has fallen sharply. As of the end of the latest, it has fallen below 26 times. It is lower than the time interval of more than 99.7%of history. It corresponds to the significant contraction of the valuation. The performance continues to grow steadily.

Regarding the trend and valuation of the medical sector, the reporter interviewed Xu Tian, ​​a private equity fund manager who focused on the medical industry, and believed that the notice was exceeded that the symbolic significance of the medical sector may be far beyond the dental track itself, the medical device sector or the medical device sector or We ushered in policy turning points.

Xu Tian explained that from the recent landing on the "Beijing Medical Insurance Bureau's execution of DRGS for the exemption of innovative drugs, innovative equipment, innovative diagnosis and treatment projects", "advancement of medical service price reform", "innovative medical device delay entering collection", "planting planting", "planting planting" It can be seen that basically policies are higher than market expectations, which shows that the previous market expectations for the medical industry are too pessimistic, and it can also explain that the policy has more flexibility and elasticity and more elasticity and Thinking, this shows that the future policy will be gradually profitable.

Regarding the valuation of the medical sector and medical equipment, Xu Tian said: "Now most of the medical tracks may need to be re -judged and gradually return to the rational cognition of the pharmaceutical sector, rather than blindly looking at the entire industry."

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