消费医疗器械行业2024年三季报总结：24Q3业绩承压，需求端有望迎改善

Investment Rating - The investment rating for the medical device industry is "Buy" [2]. Core Insights - The overall revenue of the A-share medical device sector grew by 1.39% year-on-year in Q3 2024, while net profit attributable to shareholders decreased by 17.36%. The industry gross margin was 48.45%, down 2.03 percentage points year-on-year [24][25]. - The medical device sector is experiencing weak overall growth, with stable export growth but continued pressure on domestic demand due to macroeconomic policies and external factors. However, there are positive expectations for recovery in the sector driven by equipment upgrades and domestic demand recovery [24][27]. - The equipment segment saw a revenue decline of 3.63% year-on-year in Q3 2024, with net profit down 29.63%. The demand for equipment has been under pressure since the second half of last year, but there are signs of asset recovery and potential performance improvement in the future [30][31]. - The consumables and IVD segments maintained revenue growth, although the growth rate has slowed down. The IVD sector faced challenges due to policy changes, but certain areas like chemiluminescence testing remain resilient [30][31]. Summary by Sections Overall Business Review - The medical device sector's revenue growth has slowed, with domestic demand under pressure. In Q3 2024, the overall revenue growth was 1.39%, and net profit attributable to shareholders decreased by 17.36% [24][25]. - The gross margin for the sector was 48.45%, down 2.03 percentage points year-on-year, indicating a challenging environment for profitability [24][25]. Equipment - The equipment segment's revenue declined by 3.63% year-on-year in Q3 2024, with net profit down 29.63%. The segment is expected to recover as demand improves and policies are implemented [30][31]. Consumables and IVD - The consumables segment saw a year-on-year revenue growth of 9.47% in Q3 2024, while the IVD segment faced challenges but showed resilience in specific areas [30][31]. Consumer Medical - The consumer medical sector, particularly the aesthetic medicine industry, is under pressure due to weak high-end consumption. However, there are opportunities in the domestic and international testing fields, especially during the respiratory disease season [30][31].