Zhongtai Securities(SH:600918) Zhi Tong Cai Jing·2025-09-04 08:44Core Viewpoint - The domestic medical device industry is in a rapid development phase, with short-term negative impacts from medical insurance cost control, but the company remains optimistic about innovation-driven import substitution and globalization development, expecting a potential turning point in the medical device sector by Q3 2025 [1] Group 1: Industry Performance - In H1 2025, revenue for medical device listed companies was 121.296 billion yuan, a year-on-year decline of 6.32%, while net profit excluding non-recurring items was 15.831 billion yuan, down 23.07% [1] - Revenue growth rates for different sub-sectors in H1 2025 were as follows: high-value consumables (+3.99%), low-value consumables (+0.31%), medical equipment (-5.84%), and in-vitro diagnostics (-15.72%) [1] - The high-value consumables sector is entering a post-collection phase, showing significant improvement, especially in categories like orthopedics and electrophysiology [1] Group 2: High-Value Consumables - The high-value consumables sector showed a revenue growth of 3.99% in H1 2025 and a net profit increase of 1.97% [2] - In Q2 2025, revenue growth for high-value consumables was 7.61%, with net profit growth of 10.46%, indicating a robust performance compared to other sectors [2] - The sector is expected to benefit from collection optimization and continuous innovation, with key companies to watch including Microelectrophysiology, Huatai Medical, and Sanyou Medical [2] Group 3: Medical Equipment - In H1 2025, the medical equipment sector experienced a revenue decline of 5.84% and a net profit drop of 24.94% [3] - The sector is expected to see a recovery in Q3 2025 as tendering processes resume and low base effects kick in, although inventory digestion will take time [3] - Future performance may vary across different sub-sectors due to differences in demand release post-pandemic [3] Group 4: Low-Value Consumables - The low-value consumables sector saw a revenue increase of 0.31% in H1 2025, but net profit fell by 21.56% [4] - In Q2 2025, revenue declined by 1.63%, with net profit down 42.37%, highlighting the need to assess geopolitical risks for companies with significant overseas exposure [4] - Companies with established customer bases and overseas production capabilities are expected to achieve sustained growth [4] Group 5: In-Vitro Diagnostics - The in-vitro diagnostics sector faced a revenue decline of 15.72% in H1 2025, with net profit down 40.68% [4] - The decline is attributed to multiple negative policies, including DRGs and collection, leading to a drop in both volume and price [4] - The sector is expected to stabilize by mid-2026, with long-term growth potential driven by innovation and international expansion [4]