AX 医疗器械公司(下称公司)是一家长期从事医疗设备研发和制造的成熟企业, 通过对医疗市场行业分析,发现国内医疗市场对公司研发出来的新型体外冲击波治疗仪 需求旺盛,而传统针对大医院的体外冲击波碎石机市场也已经接近饱和,公司通过本次 计划引入冲击波治疗仪项目开拓未来医疗市场,而股权融资是融资成本较低的融资方式, 因此本次项目将希望引入风险投资,布局和发展国内的体外冲击波治疗仪市场。 而风险投资机构也希望通过对有市场潜力的AX公司进行股权投资而最后获得高额 回报,但是对于企业估值这一关键地方确实一道难题,因此本商业计划书为此项目撰写, 以研究项目的可行性和具体实施措施。 由于本项目将涉及新产品和社区医院这类的公司以前少接触的新市场,本文在开始 介绍公司内部情况和治疗仪产品,利用 PEST 方法分析医疗设备市场宏观环境和治疗设 备行业情况,使用五力模型分析行业竞争态势,得出企业所处良好的大环境和竞争适当 的行业环境,适合项目开展。推导出企业的盈利模式和发展规划,并根据模式和规划进 行市场定位和目标市场容量估计,并定出五年内企业的销售目标,以 4P 理论对项目的 产品、定价、渠道和促销进行了详细的研究并制定出营销计划和运营计划。 最后是从经营分析的角度对项目的收入、费用、成本,现金流量等进行预测,还对 项目净现值、内部收益率等经济效益指标进行分析。同时,由于涉及风险融资,本次将分 析敏感因素并从风险控制角度对本项目投资和运营可能涉及的风险因素,提出针对性的 对策。 关键词:医疗设备;公司价值评估;价值链 II Abstract AX medical equipment company (hereinafter referred to as the company) is a company engaged in medical equipment R & D and manufacturing of mature enterprises, through the analysis of the medical market, found that the domestic medical market to the company developed new extracorporeal shock wave therapy apparatus demand, instead of the hospital extracorporeal shock wave lithotripsy machine Market is nearly saturated company introduction, through the design of shock wave therapy apparatus project development of future medical market, equity financing is lower financing costs of financing, the project will be the hope that the introduction of risk investment, layout and development of the domestic market of extracorporeal shock wave therapy apparatus。 But the risk investment institutions also hope that through equity investment on the market potential of the AX company and finally get high returns, but for business valuation of this key place is really a problem, so the business plan for the project, to implement measures of the project feasibility study and body. Due to new markets this project will involve new product and community hospitals such companies less contact, this paper started the Introduction Company internal situation and therapeutic products, and use PEST method to analysis the macro environment of medical equipment market and treatment equipment industry and analyzes the industry competition by using the five forces model, the enterprise in which the good environment and the appropriate industry competition environment, the enterprise profit model and development planning. Behind the market positioning and target market capacity is estimated according to the profit model and development planning, and the enterprises within five years sales target, based on 4P theory of project products, pricing, marketing channels and carried out a detailed study and formulate marketing plan and operating plan. Finally is the accounting from the angle of financial analysis for the sales plan set of circumstances, the item of income, expenses, costs, cash flow forecast, but also on the economic benefit indexes of net present value, and internal rate of return of the project. At the same time, because it involves a risk financing, the sensitivity analysis of risk factors and the risk control perspective on the project investment and operation may involve, puts forward some corresponding countermeasures. III Key Words:Medical Equipment;Company Valuation;Value Chain IV 目 录 摘要.....I ABSTRACT II 图表清单...VII 第一章 绪 论..1 1.1 选题背景及意义 . 1 1.1.1 选题背景 1 1.1.2 研究意义 1 1.2 文献综述 . 2 1.2.1 国内研究现状.... 2 1.2.2 国外研究现状.... 3 1.3 研究方法与框架 . 4 1.3.1 研究的方法.. 4 1.3.2 研究框架 4 第二章 项目概况与环境分析..6 2.1 项目简介 . 6 2.1.1 公司介绍 6 2.1.2 项目产品介绍.... 9 2.2 项目宏观环境分析 . 13 2.2.1 市场环境.... 13 2.2.2 法律政策环境.. 14 2.2.3 经济环境.... 15 2.2.4 社会文化环境.. 16 2.2.5 技术环境.... 17 2.3 项目行业竞争力模型分析 . 17 2.3.1 行业内现有竞争者 17 2.3.2 新进入者威胁.. 22 2.3.3 供应商议价能力.... 23 V 2.3.4 下游客户的议价能力.. 25 2.3.5 替代品的威胁.. 26 2.4 项目盈利模式 ... 28 2.5 项目发展规划 ... 30 2.6 本章小结 ..... 32 第三章 市场策略及运营计划33 3.1 目标市场和容量 ..... 33 3.2 市场策略 ..... 36 3.2.1 产品策略—市场为主.. 36 3.2.2 价格策略—分高端定价和低端定价.. 37 3.2.3 渠道策略—直销、独家经销和经销混合 38 3.2.4 促销策略—创新促销与融资租赁 39 3.3 运营计划 ..... 40 3.3.1 MES生产运营模式. 40 3.3.2 医疗器械风险管理体系.... 42 3.3.3 完善市场人员管理组织.... 43 3.3.4 营销工作激励及控制.. 44 3.3.5 加强营销控制.. 45 3.4 本章小结 ..... 46 第四章 财务计划与效益分析47 4.1 融资计划 ..... 47 4.1.1 融资金额与权益.... 47 4.1.2 融资使用计划表.... 47 4.2 经营预测 ..... 48 4.2.1 收入预测.... 48 4.2.2 成本预测.... 49 4.2.3 费用预测.... 53 4.2.4 预测利润表 55 4.2.5 预测现金流量.. 56 VI 4.3 项目经济效益评价 . 57 4.3.1 资本成本.... 57 4.3.2 经济效益评价.. 57 4.4 项目退出预案 ... 59 4.5 本章小结 ..... 59 第五章 项目风险控制61 5.1 敏感性分析 . 61 5.2 项目风险控制 ... 62 5.2.1 政策变化产生的风险及对策.. 62 5.2.2 市场变化产生的风险及对策.. 63 5.2.3 经营管理变化产生的风险及对策 63 5.3 本章小结 ..... 64 结 论..65