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1、13April2020EquityResearchAmericas
2、UnitedStatesU.S.MultiIndustrySpotlightonHealthcare:U.S.RespiratorSupplyandDemandMultiIndustry
3、CommentEmergencyvs.ElectiveProcedures:AsfirstresponderscombattheCOVID-19ResearchAnalystspandemic,akeyfocushasbeenontheavailabi
4、lityofeffectivePersonalProtectiveEquipment(PPE).IntheUS,manufacturersareincreasingdomesticcapacity(e.g.,surgeJohnWalshproductionandnewcapacityadditions)andtheAdministrationisallowingforimportsof2125381664respirators(e.g.,KN95fromChina).WhiletheDefensePro
5、ductionAct(DPA)allowsforjohn.walsh@credit-suisse.comtheprioritizationoftheUSgovernment,itdoesnotallowforpricecontrolswithoutCoreyShubiakCongressionalapproval.WeexpectincreasedsalesofPPEtobeatailwindin2020and2123255068beyond,butwethinkthenear-termdeclines
6、inelectiveprocedureswillprovidemorethancorey.shubiak@credit-suisse.comanoffsetinH120.However,theCreditSuisseHealthcareteamthinksimprovedPPETamjidChowdhuryavailability,rapidtesting,andaflatteningoftheinfectionratecanleadtoareturnof2123257816surgeriesbymid
7、-May.Wearealsomonitoringgeneralpracticeandoralcare(i.e.,dentistry)tamjid.chowdhury@credit-suisse.commarkets.Additionally,constructionandindustrial/fabricationmarketsaccountforthemajorityofPPEconsumption.PreCOVID-19,theUShealthcareindustryaccountedforJing
8、Zhang2123253781~15%ofN95respiratordemand.jing.zhang.2@credit-suisse.comthDeepDiveintoRespirators:OnApril9,wehostedaconferencecallwithRobertAnderson,aretiredexecutivefrom3M.Mr.AndersonservedasVicePresidentofResearch&DevelopmentfortheSafety&Graphicsbusines
9、sgroup.Thecallfocusedonrespiratormarketcharacteristics,effortstoexpandsupply,andpostCOVID-19marketbehavior.Aneditedtranscriptofthediscussioncanbefoundinthenote.PotentialforaFundamentalShiftinRespiratorDemandPostCOVID-19:Weseeincreaseddemandfrom1)thebuild
10、ingofgovernmentstockpiles,2)industryre-stocking,and3)consumerdemand.InadditiontostrategicnationalstockpilesforPPE,weexpecttoseeincreasedinvestmentsfordomesticmanufacturingcapacity.SizingN95Respiratorsat3M:3Mdoesnotdisclose
