医疗器械板块2024三季报总结：政策扰动下基本面见底，看好院内诊疗边际改善+设备更新陆续落地

Investment Rating - The report maintains an "Overweight" rating for the medical device sector [1] Core Insights - The medical device sector is experiencing a bottoming out of fundamentals due to high base effects and policy disruptions, with low-value consumables continuing a rapid growth trend [2][7] - In the first three quarters of 2024, the revenue of listed medical device companies reached 188 billion yuan, a year-on-year decrease of 1.16%, while the net profit excluding non-recurring items was 27.24 billion yuan, down 11.43% year-on-year [2][7] - Different sub-sectors show significant divergence in performance, with low-value consumables growing by 13.17%, high-value consumables by 4.08%, while medical equipment and in vitro diagnostics saw declines of 2.18% and 5.12% respectively [2][7] Summary by Relevant Sections Key Company Status - Major companies such as Mindray Medical, Aohua Endoscopy, and KAILI Medical are highlighted with specific earnings per share (EPS) and price-to-earnings (PE) ratios, indicating a positive outlook for Mindray Medical and KAILI Medical with "Buy" ratings [1] Medical Device Sector Overview - The medical device sector is under pressure due to delayed bidding processes and inventory clearance, but there is optimism regarding the implementation of equipment update policies [3][7] - The revenue for the medical device sub-sector decreased by 2.18% in the first three quarters of 2024, with a net profit decline of 13.74% [2][3] High-Value Consumables - The high-value consumables sector is showing signs of recovery as the impact of centralized procurement begins to clear, with a revenue growth of 4.08% in the first three quarters of 2024 [3][7] Low-Value Consumables - The low-value consumables sector continues to exhibit strong growth, with a revenue increase of 13.17% and a net profit growth of 36.04% in the first three quarters of 2024 [2][3] In Vitro Diagnostics - The in vitro diagnostics sector is facing challenges with a revenue decline of 5.12% in the first three quarters of 2024, influenced by high base effects and policy impacts [2][3] Investment Recommendations - The report suggests focusing on companies with strong overseas expansion capabilities and those engaged in differentiated high-growth segments, such as Mindray Medical and Jiukang Biological [2][3][7]