HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Shanghai Synyi Medical Technology / Equity Capital Markets

Shanghai Synyi Medical Technology (SSMT HK)

<ul>
<li>The evolution from L2-stage solutions to L3/L4-stage solutions is the key to commercialization for Synyi, but higher-level products need to break through stricter regulations and the trust of clinicians/hospitals.</li>
<li>Revenue scale isn’t big (growing at much slower pace than high-quality innovative drugs after 3-5 years of commercialization).This reflect that Synyi’s products haven’t truly received widespread recognition in medical system.</li>
<li>Comparable company is Yidu. Due to higher revenue growth and gross margin, together with the leading position in the industry, we think valuation of Synyi would be higher than Yidu.</li>
</ul>


The evolution from L2-stage solutions to L3/L4-stage solutions is the key to commercialization for Synyi, but higher-level products need to break through stricter regulations and the trust of clinicians/hospitals.
Revenue scale isn’t big (growing at much slower pace than high-quality innovative drugs after 3-5 years of commercialization).This reflect that Synyi’s products haven’t truly received widespread recognition in medical system.
Comparable company is Yidu. Due to higher revenue growth and gross margin, together with the leading position in the industry, we think valuation of Synyi would be higher than Yidu.


Pre-IPO Shanghai Synyi Medical Technology - The Value of Healthcare AI Remains to Be Verified

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Pre-IPO Shanghai Synyi Medical Technology - The Value of Healthcare AI Remains to Be Verified

​Synyi's path to commercialization hinges on advancing to higher-level solutions, facing challenges with regulations/clinician trust.Valuation may...

Xinyao (Criss) Wang

Synyi's path to commercialization hinges on advancing to higher-level solutions, facing challenges with regulations/clinician trust.Valuation may...