医疗耗材行业周报：三季报密集发布期，关注医疗耗材绩优股

Investment Rating - The industry rating is maintained at "Overweight" [4][17] Core Viewpoints - The medical consumables sector has shown an upward trend, with a recent increase of 3.47% [2] - The current PE (ttm) for the medical consumables sector is 36.35X, which is at a historical low compared to the maximum of 56.19X and minimum of 22.71X over the past year [3][13] - The sector is experiencing a recovery in demand due to the resumption of medical institution diagnoses and the recovery of in-hospital needs [5][17] Summary by Sections Industry Performance - The medical consumables sector reported a 3.47% increase last week, outperforming the Shanghai and Shenzhen 300 index by 2.32 percentage points [2][7] - The overall medical sector is on the rise, with various sub-sectors also showing positive performance [2][7] Valuation Metrics - The current PB (lf) for the medical consumables sector is 2.54X, with a historical maximum of 2.92X and a minimum of 1.42X over the past year [3][13] - The sector's valuation remains at historical lows, indicating potential for future growth [3][13] Industry Dynamics - Microelectrophysiology reported a revenue growth of 23.21% in the first three quarters, with a net profit increase of 262.22% [14][15] - Huatai Medical's third-quarter revenue increased by 23.05%, with a net profit growth of 27.24% [15] - The sector is influenced by healthcare policy changes and market sentiment, with a notable divergence between stock performance and fundamental company conditions [5][16] Investment Recommendations - Focus on high-value consumables in interventional and electrophysiological segments, as well as companies with strong performance in recent quarterly reports [5][17] - The fifth round of high-value consumables procurement is expected to impact profitability, necessitating close monitoring of price reductions and procurement progress [5][16][17]