医疗器械行业月度点评：2024Q3板块业绩承压，后续有望迎来业绩复苏

Investment Rating - The industry is rated as "Outperforming the Market" [1][5][23] Core Views - The medical device sector is expected to experience a performance recovery after facing pressure in Q3 2024, driven by long-term growth trends due to aging population and increasing health demands [4][22] - The report highlights the potential for domestic brands to expand market share through supply chain advantages and local clinical innovations, particularly in the context of import substitution [5][23] Summary by Sections Industry Performance - The medical device sector's revenue for Q1-Q3 2024 reached 1,782.33 billion yuan, with a year-on-year growth of 1.08%, while net profit decreased by 7.65% to 304.71 billion yuan [20][21] - In Q3 2024, the sector's revenue was 573.59 billion yuan, showing a year-on-year increase of 2.78% but a quarter-on-quarter decline of 8.56% [20][21] Market Dynamics - The medical device sector's average PE ratio is 29.29 times, ranking second among six sub-industries in the pharmaceutical sector, with a premium of 9.34% over the average valuation of the pharmaceutical industry [3][11][14] - The report notes that the medical device market's transaction volume accounted for 39.3% of the total pharmaceutical sector's transaction volume, indicating a significant market presence [17] Investment Opportunities - The report suggests focusing on companies with strong innovation capabilities and international expansion potential, such as Mindray Medical, Weili Medical, and Furuide [5][23] - It also recommends attention to companies benefiting from centralized procurement and domestic substitution in the ophthalmic and orthopedic device sectors, including Aibo Medical and Spring Medical [6][23]