医疗器械板块 2025 三季报总结：高耗、设备拐点已现，创新+出 海贡献增长动力 医疗器械 证券研究报告/行业专题报告 2025 年 11 月 03 日 | 分析师：祝嘉琦 | | --- | | 执业证书编号：S0740519040001 | | Email：zhujq@zts.com.cn | | 分析师：谢木青 | | 执业证书编号：S0740518010004 | | Email：xiemq@zts.com.cn | | 联系人：刘照芊 | | Email：liuzq04@zts.com.cn | 上市公司数 131 行业总市值(亿元) 14,556.88 行业流通市值(亿元) 13,096.44 续看好创新+出海》2025-09-04 2、《医疗器械板块 2024&2025Q1 压，持续看好创新+出海》2025-05-11 | 评级： | 增持（维持） | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

Q3 总结：环比改善延续，创新药行情有望重燃 ——医药生物行业 11 月月报暨 2025 三季报总结 评级： 增持（维持） 医药生物 证券研究报告/行业定期报告 2025 年 11 月 03 日 | 增持（维持） 评级： | | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：祝嘉琦 | | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2023A | 2024A | 2025E | 2026E | 2027E | | | 执业证书编号：S0740519040001 | | 药明合联 | 75.10 | 0.26 | 0.83 | 1.16 | 1.52 | 1.98 | 122.5 | 31.8 | 55.45 | 41.0 | 3.11 | 买入 ...

南微医学成立于2000年5月10日，于2019年7月22日在上海证券交易所上市，注册地址和办公地址均位于江 苏省南京市。它是产品矩阵完善的国产微创器械龙头企业，专注于微创医疗器械的研发、制造和销售，采 用医工结合的创新研发模式，创新成果显著。 南微医学的主营业务为微创医疗器械研发、制造和销售，所属申万行业为医药生物-医疗器械-医疗耗材， 所属概念板块包括抗癌治癌、医疗器械、中盘核聚变、超导概念、核电。 经营业绩：营收行业第十，净利润第五 2025年三季度，南微医学营业收入为23.81亿元，在行业50家公司中排名第10。行业第一名英科医疗营收 74.25亿元，第二名国科恒泰53.53亿元，行业平均数为13.79亿元，中位数为7.55亿元。当期净利润为5.3亿 元，行业排名第5，行业第一名乐普医疗净利润9.96亿元，第二名英科医疗9.52亿元，行业平均数为1.83亿 元，中位数为7588.01万元。 资产负债率低于同业平均，毛利率高于同业平均 偿债能力方面，2025年三季度南微医学资产负债率为18.27%，去年同期为16.74%，低于行业平均的 23.66%，表明公司偿债能力较强。从盈利能力看，2025年三季度毛 ...

Performance Summary - In the first three quarters of 2025, the company achieved revenue of 2.381 billion yuan, a year-on-year increase of 18% [1] - The net profit attributable to shareholders was 509 million yuan, up 13% year-on-year [1] - The net profit after deducting non-recurring items was 508 million yuan, reflecting a 14% year-on-year increase [1] - In Q3 2025, the company reported revenue of 815 million yuan, a 20% increase year-on-year [1] - The net profit attributable to shareholders for Q3 was 146 million yuan, a 4% increase year-on-year [1] - The net profit after deducting non-recurring items for Q3 was 144 million yuan, up 3% year-on-year [1] Operational Analysis - Revenue continued to grow steadily, but gross margin faced slight pressure, with Q3 gross margin at 63.89%, down 3.17 percentage points year-on-year [2] - The decline in gross margin is attributed to pressure in domestic market demand and a decrease in prices of certain products [2] - R&D investment in the first three quarters reached 134 million yuan, an increase of 19.95% year-on-year, with several innovative products gaining market access [2] - The company established an innovation research institution in May, focusing on surgical innovation and identifying major clinical needs [2] - The acquisition of a 51% stake in Spanish company Creo Medical S.L.U. was completed in February, facilitating expansion into the European market [2] - The construction and operational preparation of the manufacturing center in Thailand is progressing well, with production expected to commence by the end of the year [2] Profit Forecast, Valuation, and Rating - The company is projected to achieve net profits attributable to shareholders of 645 million yuan, 820 million yuan, and 1.007 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth of 17%, 27%, and 23% [3] - The current price corresponds to a price-to-earnings ratio (PE) of 25, 20, and 16 for the years 2025, 2026, and 2027 [3] - The company maintains a "buy" rating [3]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][12]. Core Insights - The company reported a revenue of 2.381 billion yuan for the first three quarters of 2025, representing an 18% year-on-year increase, with a net profit attributable to shareholders of 509 million yuan, up 13% year-on-year [2]. - The company has shown stable revenue growth, although profit growth has been slightly slower due to a decline in gross margin, which was 63.89% in Q3 2025, down 3.17 percentage points year-on-year [2]. - R&D investment for the first three quarters of 2025 reached 134 million yuan, a 19.95% increase year-on-year, with several innovative products entering the market approval stage [3]. - The company is progressing with its overseas production and acquisition strategy, with a manufacturing center in Thailand expected to commence operations by the end of the year [3]. - Profit forecasts for 2025-2027 indicate net profits of 645 million, 820 million, and 1.007 billion yuan, reflecting growth rates of 17%, 27%, and 23% respectively [3]. Summary by Sections Performance Overview - For Q3 2025, the company achieved a revenue of 815 million yuan, a 20% increase year-on-year, with a net profit of 146 million yuan, up 4% year-on-year [2]. Operational Analysis - The company’s revenue continues to grow steadily, but the profit growth rate is slightly lagging due to a decrease in gross margin, which is expected to stabilize in the domestic market while improving in overseas markets [2]. Research and Development - The company’s R&D expenditure for the first three quarters of 2025 was 134 million yuan, marking a 19.95% increase year-on-year, with several innovative products making progress towards market entry [3]. Strategic Initiatives - The acquisition of a 51% stake in Creo Medical S.L.U. in Spain has been completed, facilitating the company’s expansion into the European market [3]. - The construction of the manufacturing center in Thailand is on track for completion by the end of the year, enhancing the global supply chain [3]. Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 645 million, 820 million, and 1.007 billion yuan, with corresponding P/E ratios of 25, 20, and 16 [3].

1-3Q25 业绩符合我们预期 公司公布1-3Q25 业绩：收入23.81 亿元（+18.29% YoY），归母净利润5.09 亿元（+12.90% YoY），符 合我们预期。 创新研发支撑长期发展竞争力。1-3Q25 期间公司研发费用占收入比5.6%，同比基本持平。我们认为， 公司基于持续的研发投入和产品创新，现已构建较为清晰的发展战略，并通过全球化布局+新品推进， 不断完善全球商业化营销和产品矩阵。我们预计，伴随一次性胆道镜海内外持续放量，公司可视化产品 类终端销量或有望迎来稳步上升，第二增长曲线步入良性循环；同时，我们预计肿瘤介入领域亦有望在 未来作为下一阶段持续发力的成长性板块。 盈利预测与估值 我们维持2025 年和2026 年盈利预测不变，对应2025/2026 年市盈率23x/19x。维持目标价102.0 元（17% 上行空间），目标价对应2025/2026 年市盈率26x/22x，维持跑赢行业评级。 风险 研发进展不及预期，集采对价格压制超预期，海外商业化不顺。 发展趋势 3Q25 收入表现整体稳健。公司3Q25 单季度实现收入8.15 亿元（+20.12% YoY），我们估计公司国内收 入受 ...

证券研究报告 南微医学 (688029 CH) 3Q 利润增长短期承压，看好后续改善 | 华泰研究 | | | 季报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 10 月 | 28 日│中国内地 | 医疗器械 | 目标价(人民币): | 106.48 | 9M25 公司销售及财务费用率同比降低，毛利率同比下降 9M25 销售/管理/研发/财务费用率分别为 21.81%/12.74%/5.62%/-3.03%， 同比-1.30/+0.36/+0.08/-1.41pct。公司控制销售费用投入，相应费用率同比 下降，财务费用率同比降低较多主因汇兑收益增加。9M25毛利率为64.55%， 同比-3.09pct，我们认为 9M25 毛利率下滑主要由于部分产品集采后毛利率 下降。 国产内镜诊疗耗材龙头，维持"买入"评级 根据 3Q25 业绩，我们下调部分产品毛利率预期并调整费用率预期，预测 25-27 年归母净利润 6.4/7.7/9.2 亿元（相比前值下调 4.7%/5.2%/5.6%）， 同比+15.5%/+20.4%/+ ...

2025 年 10 月 28 日 公司研究 三季度业绩持续增长，海外表现亮眼 要点 事件：公司发布 2025 年三季报，2025 年前三季度实现营业收入 23.81 亿元， 同比增加 18.29%，实现归母净利润 5.09 亿元，同比增长 12.90%，实现扣非归 母净利润 5.08 亿元，同比增长 13.89%。2025 年第三季度，公司实现营业收入 8.15 亿元，同比增长 20.12%；实现归母净利润 1.46 亿元，同比增长 3.74%。 公司整体业绩稳健增长。 点评： 三季度收入增长提速，海外业务成为主要增长动力。公司 2025 年三季度收入同 比增速较上半年有所提升，利润增速较慢主要受毛利率短期承压影响。公司 2025 年前三季度毛利率为 64.55%，较去年同期的 67.64%有所下降。费用端管控持 续良好，2025 年前三季度销售费用率为 21.81%，管理费用率为 12.74%，研发 费用率为 5.62%，研发投入维持积极水平。公司坚定推进全球化战略，海外业 务已成为核心增长引擎。2025 年上半年，公司国际市场收入达 9.1 亿元，收入 占比提升至 58%。美洲市场营收同比增长 22%，欧 ...

Core Insights - The Social Security Fund has disclosed its stock holdings for the third quarter, appearing in the top ten shareholders of 20 stocks on the Sci-Tech Innovation Board, with a total holding of 68.30 million shares valued at 4.24 billion yuan [1][2] Group 1: Stock Holdings - The Social Security Fund has newly entered 9 stocks, increased holdings in 4 stocks, reduced holdings in 5 stocks, and maintained its position in 2 stocks [1] - The stocks with the highest holdings by the Social Security Fund include Yingxiao Network (7.93 million shares), Sanyou Medical (7.91 million shares), and Nanwei Medical (6.27 million shares) [2][3] - The stock with the highest holding ratio is Haitai New Light at 4.20%, followed by Nanwei Medical at 3.34% [2] Group 2: Financial Performance - Among the stocks held by the Social Security Fund, 15 companies reported a year-on-year increase in net profit for the first three quarters, with Sanyou Medical showing the highest growth rate of 623.19% [2] - Other notable companies with significant net profit growth include Shengong Co. and New Xiangwei, with increases of 158.93% and 138.88%, respectively [2] Group 3: Market Performance - The average performance of the Sci-Tech Innovation Board stocks held by the Social Security Fund has seen a decline of 3.32% since October [3] - The best-performing stock is Puyuan Precision Electronics, with a cumulative increase of 6.18%, while Lexin Technology has experienced the largest decline at 13.80% [3]

Core Insights - The social security fund has disclosed its stock holdings for the third quarter, appearing in the top ten circulating shareholders of 20 stocks, with 9 new entries and 4 increases in holdings [1][2] Group 1: Stock Holdings - The total number of shares held by the social security fund in the 20 stocks is 68.2952 million, with a total market value of 4.237 billion yuan [1] - New entries include Sanyou Medical, Dongwei Technology, and Lexin Technology, with significant holdings [1] - The stocks with the highest number of social security fund shareholders include Yingxi Network, Nanwei Medical, Zhongwang Software, and Zhuoyi Information, with holdings of 7.934 million, 6.269 million, 3.809 million, and 2.337 million shares respectively [1] Group 2: Shareholding Ratios - The stock with the highest shareholding ratio by the social security fund is Haitai Xinguang, at 4.20%, followed by Nanwei Medical at 3.34% [2] - The largest number of shares held is in Yingxi Network, with 7.934 million shares, followed closely by Sanyou Medical and Nanwei Medical with 7.9145 million and 6.2692 million shares respectively [2] - The stocks with the highest market value held by the social security fund include Nanwei Medical, Lexin Technology, and Bochu Electronics, valued at 629 million, 598 million, and 542 million yuan respectively [2] Group 3: Performance Metrics - Among the stocks held by the social security fund, 15 reported year-on-year net profit growth in the first three quarters, with Sanyou Medical showing the highest increase of 623.19% [2] - Other notable net profit growth includes Shen Gong Co. and Xinxiang Micro, with increases of 158.93% and 138.88% respectively [2] - The social security fund's holdings are primarily concentrated in the electronics, computer, and power equipment industries, with 5, 4, and 3 stocks respectively [2] Group 4: Market Performance - The average decline of the stocks held by the social security fund since October is 3.32% [3] - The best-performing stock is Puyuan Precision, with a cumulative increase of 6.18%, followed by Maide Medical and Yingshi Innovation with increases of 4.89% and 4.22% respectively [3] - The stock with the largest decline is Lexin Technology, which has dropped by 13.80% [3]