体外诊断行业周报：IVD短期业绩承压，静待拐点-20250907

Investment Rating - The report maintains an "Overweight" rating for the in vitro diagnostics (IVD) industry [7]. Core Views - The IVD industry is currently facing short-term performance pressure due to medical insurance cost control and centralized procurement of IVD reagents, but a turning point is anticipated as the industry adapts to these changes [4][57]. - The global IVD market is experiencing promising growth, and the domestic IVD industry is expected to recover in the long term as it has largely completed the process of localization [5][57]. Summary by Sections Industry Performance - The pharmaceutical and biological sector rose by 1.40%, while the IVD sector fell by 1.97% during the week [1][10]. - The IVD sector's current Price-to-Earnings (PE) ratio is 37.38X, with a Price-to-Book (PB) ratio of 1.89X [3][29]. Financial Results - In the first half of 2025, the IVD sector reported total revenue of 18.43 billion yuan, a year-on-year decline of 15.2%, and a net profit attributable to shareholders of 2.96 billion yuan, down 27.7% year-on-year [4][51]. - The revenue and net profit decline in Q2 2025 was more pronounced compared to Q1 2025 [4][53]. Investment Recommendations - The report suggests focusing on specific growth areas within the IVD sector, particularly in immunodiagnostics, chemiluminescence, molecular diagnostics (PCR), and continuous glucose monitoring (CGM) [5][57]. - Companies such as SanNuobiology, Shengxiang Biology, and Yahui Long are highlighted as key players to watch in these segments [5][57].