医疗器械行业月度点评：集采提质扩面，关注创新+出海主线

Investment Rating - The industry is rated as "Leading the Market" with specific stocks such as Mindray Medical, Xinmai Medical, and Furuide being recommended for "Buy" or "Increase" ratings [1][4][22]. Core Viewpoints - The report emphasizes the expansion and quality improvement of centralized procurement, with a focus on innovation and international market expansion as key themes for investment [4][22]. - The medical device sector has shown resilience, with a notable performance compared to other sub-sectors within the pharmaceutical industry, indicating a potential for recovery and growth [3][8]. - The report highlights the supportive policies for innovative medical devices, which are expected to enhance clinical application and market penetration [5][22]. Summary by Sections Market Review - The medical device sector experienced a decline of -9.72% over the past month, outperforming the broader pharmaceutical sector by 1.20 percentage points [3][8]. - As of June 16, 2024, the average PE ratio for the medical device sector was 29.54, indicating a premium over the pharmaceutical sector and the broader market [3][12]. Industry Insights - The National Healthcare Security Administration has outlined plans to expand centralized procurement, aiming to include more provinces and enhance the variety of products procured [4][22]. - There is a growing emphasis on innovative medical devices, with local governments implementing supportive measures to facilitate their entry into the market [5][22]. - The international market presents significant opportunities for domestic companies, with government policies encouraging exports and participation in global competition [5][22]. Key Company Dynamics - Mindray Medical, Xinmai Medical, and Furuide are highlighted as companies with strong innovation capabilities and potential for market share expansion due to their competitive advantages [1][22]. - The report also suggests monitoring companies like Aibo Medical and Yuyue Medical, which are positioned to benefit from centralized procurement and domestic substitution trends [6][22].