智通财经网·2025-11-03 01:49Core Insights - The report from CITIC Securities indicates that multiple companies are expected to see performance improvements in 2026 compared to 2025, driven by the gradual easing of centralized procurement policies, reduced inventory and baseline pressures, and the potential for new product launches and overseas expansion [1][2] Group 1: Medical Device Sector - In Q3 2025, the medical device sector experienced a revenue growth of +0.58%, while net profit and net profit excluding non-recurring items declined by -5.07% and -3.49% respectively, indicating a recovery in revenue growth despite profit declines [2] - The medical equipment segment showed significant growth in Q3 2025, with expectations for continued improvement in Q4 and next year due to better bidding data and normalization of inventory levels [2] - Companies like Haitai New Light, Yirui Technology, and Meihao Medical reported high growth in Q3 and are actively exploring new business opportunities, with some expected to accelerate growth in 2026 [2] Group 2: High-Value Consumables - The high-value consumables sector showed slow recovery in Q3 2025, achieving single-digit revenue growth while profits declined, with performance varying across different sub-sectors due to the timing of centralized procurement impacts [2] - Companies that clear centralized procurement or introduce new products may experience operational turning points in Q4 2025 and 2026 [2] Group 3: In Vitro Diagnostics (IVD) - The IVD sector saw a narrowing decline in Q3 2025 due to factors such as centralized procurement and changes in inspection pricing, with some companies expected to reach performance turning points in Q4 or next year [2] Group 4: Medical Services - The medical services sector experienced a slight revenue decline of -1.08% in Q3 2025, with net profit and net profit excluding non-recurring items down by -20.31% and -14.16% respectively, although the rate of revenue decline was slightly less than in Q2 [3] - Serious medical service companies faced slower revenue growth due to factors like new hospital constructions, local medical insurance reforms, and centralized procurement impacts, underperforming compared to consumer medical services [3]