中泰证券：【中泰研究丨晨会聚焦】医药祝嘉琦：医疗器械板块2024H1总结-低耗板块表现亮眼，看好下半年院内诊疗边际改善+设备更新陆续落地-20240910

Core Insights - The medical device sector is expected to see improvements in hospital diagnosis and treatment in the second half of 2024, driven by ongoing equipment updates and a recovery in low-value consumables [4][3][2] Medical Device Sector Overview - In H1 2024, the revenue of medical device companies reached 130.54 billion, a year-on-year decrease of 2.26%, while the net profit after deducting non-recurring gains and losses was 20.64 billion, down 9.30% [4] - Revenue growth rates for different sub-sectors in H1 2024 were as follows: low-value consumables (+10.77%), high-value consumables (+4.52%), medical equipment (-0.97%), and in vitro diagnostics (-12.95%) [4] - The low-value consumables sector has shown a significant recovery trend after a year of destocking, with a notable acceleration in growth [4][3] Sub-Sector Performance Low-Value Consumables - Revenue growth in H1 2024 was 10.77%, with a net profit increase of 33.30%, indicating a strong recovery [4] - Q2 2024 saw a revenue increase of 16.05% and a net profit growth of 19.57%, driven by the recovery of certain OEM/ODM businesses [4] High-Value Consumables - This sector experienced a revenue increase of 4.52% in H1 2024, with net profit growth of 8.97% [4] - The Q2 2024 performance improved with an 8.56% revenue increase and a 15.77% rise in net profit, despite ongoing price pressures from national procurement [4] Medical Equipment - The medical equipment sector faced challenges with a revenue decline of 0.97% in H1 2024 and a net profit decrease of 7.41% [4] - Q2 2024 showed a slight revenue decline of 1.36%, but there are signs of recovery as procurement policies are expected to improve [4] In Vitro Diagnostics - This sub-sector saw a significant revenue drop of 12.95% in H1 2024, with a net profit decline of 32.97% [4] - The Q2 2024 performance showed a smaller revenue decline of 6.12%, indicating a potential stabilization as companies adjust to post-COVID conditions [4] Investment Recommendations - The medical device industry remains in a rapid development phase, with expectations for improved performance in the second half of 2024 as the impact of high baseline and policy disturbances diminishes [4] - Focus on companies with strong growth in low-value consumables and those positioned for international expansion, such as Mindray Medical and other leading firms [4][3]