According to a research report released by China Post Securities, the AI+ medical industry is ushering in explosive growth opportunities, and the global market size is expected to increase from US$13.7 billion in 2022 to US$155.3 billion in 2030, with a compound annual growth rate (CAGR) of 35.5%. The research report suggests a steady allocation of subdivisions with a clear commercialization model, a clear payer and a large space for technology substitution, such as AI+pharmaceutical, AI+surgery, AI+data services, etc., and the performance of related stocks is expected to be quickly realized. The beneficiaries include Hongbo Pharmaceutical (301230.SZ), BGI (300676.SZ), MGI (688114.SH), Meinian Health (002044.SZ), etc. In addition, the flexible configuration can focus on areas with early layout, high technical risk but great potential, such as AI+ smart wearables, AI+ brain-computer interfaces, AI+ gene editing, etc.

The main views of China Post Securities are as follows:

The global market for "AI + healthcare" solutions is expected to exceed 100 billion US dollars, and it is expected to enter the stage of accelerated commercialization.

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global market size of AI solutions in the "AI + Healthcare" industry is expected to grow from US$13.7 billion in 2022 to US$155.3 billion in 2030, with a CAGR of 35.5%, and there are explosive growth opportunities in the industry. In terms of policy, domestic macro policies are favorable to AI pharmaceuticals, and the approval of medical AI Class III certificates has accelerated. "AI + Medical" has significant advantages over traditional medicine R&D, building a moat in the closed-loop of algorithm + data + clinical scenarios, and the "AI + Medical" segment enjoys a valuation premium. The bank believes that "AI + healthcare" is expected to be applied to drug research and development, cancer diagnosis, medical imaging, surgical robots and other fields, and the industry may usher in great changes.

Overseas AI medical companies have more layouts in pharmaceutical, precision medicine, imaging and other fields, and have gradually entered a mature stage.

The distinctive feature of AI pharmaceutical companies is that they all have a strong AI technology platform, and promote rapid revenue growth through cooperation with large pharmaceutical companies, most of which are developed from AI-SaaS to AI-CRO, and some are developed into AI-Biotech, involving the intersection of physics, chemistry and biology. The field of precision medicine is mainly data-driven emerging enterprises, which have advantages in high-quality data/medicine, first, they can cooperate with multiple parties to obtain raw data, including large medical institutions, research institutions, pharmaceutical companies, etc.; second, it has sufficient professional barriers in a certain medical field, and is good at neurodegenerative diseases, immunology, cancer and other fields; In the imaging field, mature medical imaging companies that have established AI platforms have significant advantages in data, technology, market and capital.

With the rapid development of large-scale models in the medical industry, domestic technology giants, pharmaceutical companies and start-ups have increased their layout.

With the rapid development of AI technology, domestic medical-related models are becoming more and more mature and gradually commercialized. According to the division of subdivisions, it is mainly interpreted in the following four major directions: 1) AI + Pharmaceutical: With AI's powerful data analysis and model prediction capabilities, AI Pharmaceuticals can greatly improve the R&D efficiency and success rate of drugs in molecular design and drug screening. 2) AI + Imaging/Surgery: AI deep learning in the direction of medical image analysis, which can quickly identify lesions, accurately diagnose diseases and provide comprehensive solutions, representing the company as United Imaging Intelligence and minimally invasive robots. 3) AI+ assisted diagnosis: Based on the advantages of huge and high-quality data accumulation, AI technology and expert training are used to achieve rapid analysis, diagnosis and interpretation, representing companies such as BGI and Runda Medical. 4) AI+ medical services: Mainly for medical institutions, government departments and the public, on the basis of data informatization, the use of AI large models to optimize diagnosis and treatment services and disease management, on behalf of the company is iFLYTEK Medical, Tencent Health, etc.

Risk warning: the risk of product research and development is less than expected, the risk of terminal payment is less than expected, and the risk of intensified market competition.