医疗耗材&线下药店行业深度报告：在分化中寻找确定性

Investment Rating - The report maintains an "Overweight" rating for the medical consumables industry and offline pharmacy sector [5][6]. Core Insights - The medical consumables market is expected to recover, with positive performance anticipated for innovative high-value consumables due to factors such as aging population, increased demand for medical services, and improved domestic production rates [3]. - The offline pharmacy industry is transitioning from a period of rapid expansion to a focus on operational efficiency and service value, driven by policy guidance that encourages industry consolidation [4]. Summary by Sections Medical Consumables Industry - The market is experiencing a recovery in confidence, with expectations for improved performance in high-value consumables [3]. - Investment focus areas include: 1. Performance reversal in segments like orthopedic consumables, exemplified by companies such as Weigao Orthopedics [5]. 2. Increased market penetration of low-penetration consumables, particularly in high-end innovative fields [5]. 3. Expansion into overseas markets, with orthopedic and interventional consumables leading the way [5]. Offline Pharmacy Industry - The industry is set for accelerated consolidation, moving towards high-quality development characterized by operational efficiency and resource optimization among leading brands [4]. - Key companies to watch include those with advantages in compliance, supply chain, and digital management, such as Yifeng Pharmacy [6]. Market Performance - The medical consumables sector reported a 17.02% increase in the past year, indicating a strong recovery compared to the broader market [17]. - The report highlights the performance of leading companies in the medical consumables sector, with significant growth observed in companies like Hualan Biological Engineering and ZhenDe Medical [20][25].