医药生物行业周报（25年第9周）：海外器械龙头2024年年报业绩概览，继续推荐创新药械

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [4]. Core Insights - The pharmaceutical sector has underperformed the overall market, with a notable decline in medical services [1][4]. - High-value consumables, particularly in electrophysiology and structural heart disease, are experiencing robust growth, often exceeding 20% [2]. - The application of AI in healthcare is expanding rapidly, becoming a significant growth driver for the sector [2][3]. Market Performance - The overall A-share market declined by 2.27%, with the biotechnology sector down by 2.72% [1]. - The TTM price-to-earnings ratio for the pharmaceutical sector stands at 30.88x, which is at the 52.31 percentile of the past five years [1]. Company Recommendations - Companies with strong innovation capabilities and international expansion potential are recommended, including Kangfang Biopharma, Kelun-Biotech, and others [3]. - The report suggests focusing on undervalued leading companies in the consumables sector, particularly in electrophysiology and orthopedics [3]. Financial Forecasts - Major companies such as Mindray Medical and WuXi AppTec are projected to maintain strong earnings growth, with Mindray's net profit expected to rise from 115.8 million in 2023 to 176.4 million by 2026 [5]. - Kangfang Biopharma is expected to recover from a net loss in 2024 to a profit of 14 million by 2026, indicating a significant turnaround [5]. Sector Trends - The medical device sector is seeing a shift towards digital transformation and smart upgrades, with AI expected to revolutionize drug development and medical imaging [3]. - The report highlights the ongoing collection and compliance adjustments affecting the Chinese market, with expectations for positive impacts from stimulus policies in 2025 [2][3].