医疗设备以旧换新专题系列四：3月数据同比+109%，环比亦有所提升

Investment Rating - The report indicates a positive outlook for the medical equipment industry, with expectations of significant growth driven by the "old-for-new" policy and ongoing procurement initiatives [5][9]. Core Insights - March data shows a year-on-year increase of 109% and a month-on-month improvement, attributed to the accelerated implementation of the "old-for-new" policy and a low base from the previous year [3][21]. - The report highlights substantial growth across various segments, including medical imaging, life information and support, endoscopes, radiation therapy, and surgical robots, with some categories experiencing triple-digit growth [4][12]. - The report emphasizes the importance of the "old-for-new" policy in stimulating demand and upgrading the industry structure, particularly in the context of ongoing centralized procurement efforts [9][14]. Summary by Category Medical Imaging - In Q1 2025, the medical imaging segment reached 14.6 billion yuan, marking a 73% increase, with March alone accounting for 4.9 billion yuan, up 118% year-on-year [3][27]. Life Information and Support - The life information and support segment generated 3.3 billion yuan in March, reflecting a 123% year-on-year increase, with Q1 2025 total sales at 9.7 billion yuan [4][34]. Endoscopes - The soft endoscope segment achieved 5.8 billion yuan in March, a 77% increase, while hard endoscopes reached 5.4 billion yuan, up 73% [4][37]. Radiation Therapy - The radiation therapy segment saw a remarkable 318% increase in March, totaling 7.8 billion yuan, with Q1 2025 sales at 20 billion yuan [4][43]. Surgical Robots - Surgical robots experienced a staggering growth of 702% in March, reaching 6.6 billion yuan, with Q1 2025 total sales at 15 billion yuan [4][46]. Key Companies - Major companies such as Mindray, United Imaging, and Kaili Medical reported significant growth, with Mindray achieving 2.2 billion yuan in Q1 2025, up 87% [4][50]. United Imaging reached 2.1 billion yuan, up 43% [4][53]. Kaili Medical reported 0.34 billion yuan, up 72% [4][56].