中泰证券【中泰研究丨晨会聚焦】医药祝嘉琦：政策、基数影响下表现稳健，把握创新驱动+业绩拐点投资机会——医疗器械板块2023&24Q1总结

Core Insights - The medical device sector is experiencing steady performance influenced by policy changes and high base effects, with a focus on innovation-driven growth and investment opportunities in 2023 and Q1 2024 [6][9]. Medical Device Sector Summary - In 2023, the revenue of listed medical device companies reached CNY 258.688 billion, a year-on-year decrease of 29.99%, while the net profit after deducting non-recurring gains and losses fell by 61.31% to CNY 32.843 billion [6][9]. - The sub-sectors showed varied performance: medical equipment (+10.16%), high-value consumables (-11.02%), low-value consumables (-54.13%), and in vitro diagnostics (-88.83%) [6][9]. - The decline in revenue and profit in Q4 2023 was attributed to domestic anti-corruption policies and the high base from COVID-19 testing [6][9]. - In Q1 2024, the overall revenue of the medical device sector decreased by 5.49% year-on-year but showed a quarter-on-quarter decline of only 1.31%, with a significant recovery in net profit [6][9]. - The low-value consumables segment is expected to stabilize as inventory digestion nears completion, while the high-value consumables sector is anticipated to recover due to reduced pricing pressures from national procurement policies [6][9]. Investment Opportunities - The medical device industry is projected to continue its rapid growth, driven by innovation and the gradual easing of procurement policies, which may lead to valuation recovery [6][9]. - There is a strong emphasis on identifying quality stocks that are undervalued and poised for marginal changes, particularly those benefiting from policy support and technological advancements [6][9].