医疗耗材数据点评：海外库存去化，2024年一季度低值耗材出口转暖

Investment Rating - The report maintains an "Overweight" rating for the medical consumables industry [4][13]. Core Insights - The first quarter of 2024 saw a recovery in the export of low-value medical consumables, with significant growth in specific categories such as sanitary materials and dressings, injection and puncture consumables, and vulcanized rubber products [4][13]. - The report highlights that after a year of overseas inventory depletion, the performance of low-value consumables companies is expected to improve marginally in 2024, despite a significant decline in profits for many companies in 2023 due to high base effects from the pandemic [4][13]. Summary by Sections 1. Key Focus Categories of Low-Value Consumables - The report categorizes low-value consumables based on clinical use, focusing on four main categories: sanitary materials and dressings, injection and puncture consumables, medical glass, and vulcanized rubber products [6][7]. 2. Export Situation in Q1 2024 - In Q1 2024, the export value of major sanitary materials and dressings reached $415 million, a year-on-year increase of 5.63%. The export value of injection and puncture consumables was $776 million, with a year-on-year increase of 5.04%. The export value of vulcanized rubber products totaled $139 million, reflecting a significant year-on-year increase of 16.2% [3][8][11]. 3. Industry Perspective and Investment Recommendations - The report suggests that the marginal improvement in the performance of low-value consumables companies in 2024 is likely to be reflected in their Q1 financial reports. It recommends focusing on companies in the low-value consumables sector that show signs of performance recovery, particularly in sanitary materials, puncture consumables, and vulcanized rubber products [4][13].