投资建议： 浙商证券王班 吴天昊、司清蕊医疗器械行业2026年策略指出，支付政策优化，看好高值耗材成长性。 高值耗材：大品类集采基本完成，支付政策优化下，看好业绩恢复以及新品放量弹性。2025年前三季度 高值耗材收入持续增长、利润同比增速转正（2024年收入恢复、2025年利润有望恢复）；2026年医保支 付政策优化、新品商业化加速等拉动下，看好业绩恢复及新品放量弹性。 医用设备：院内招标恢复、"一带一路"出海拉动，业绩恢复可期。2025年前三季度医用设备收入仍同比 有所增长，但利润同比下滑；2026年看好在院内招标恢复及"一带一路"持续布局下的业绩弹性。 家用医疗：成长性有望恢复。2025年前三季度收入利润同比增速恢复，看好出海等带来的成长性恢复； 低值耗材/IVD：看好新品拉动/技术壁垒较高企业。2025年前三季度量价影响下IVD板块收入利润增速 双降。 ①集采风险基本出清、新品进入放量期的高值耗材企业，如骨科、电生理、心脑血管介入、人工晶体等 相关方向，推荐微电生理、爱康医疗、爱博医疗、微创医疗、微创脑科学、南微医学等，关注先健科 技、赛诺医疗、心通医疗等；②招投标恢复以及出海拉动下，收入有望稳步增长的 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company has experienced rapid growth in overseas revenue, with a strong performance in Southeast Asia, Europe, and North America, and plans to expand its market presence in other regions [2][3] - The company's 9M25 revenue and net profit figures show a year-on-year increase in revenue but a decline in net profit, primarily due to rising expense ratios [1][4] - The company is expected to recover its core business revenue growth in the future, despite current profit pressures [1][5] Financial Performance - For 9M25, the company reported revenue of 6.545 billion yuan, a year-on-year increase of 8.6%, while net profit decreased by 4.3% to 1.466 billion yuan [1] - In 3Q25, revenue was 1.886 billion yuan, up 9.6% year-on-year, but net profit fell by 36.0% to 263 million yuan [1] - The gross profit margin for 9M25 was 50.35%, slightly up by 0.22 percentage points year-on-year [4] Market Expansion - The company is focusing on deepening its market presence in Southeast Asia, with Thailand as a model for localizing its business strategy in other countries like Indonesia and Vietnam [2] - In Europe, the company has established a scientific advisory committee to enhance its brand influence and facilitate product introduction [2] - The partnership with Inogen is progressing well, aimed at expanding respiratory therapy products in the U.S. market [3] Future Projections - The report slightly lowers revenue growth expectations and raises expense ratio forecasts, predicting net profits of 1.81 billion yuan in 2025, with a growth of 0.1% year-on-year [5] - The target price for the company is set at 51.18 yuan, based on a 23x PE valuation for 2026 [5]

Group 1: Financial Performance - In 2024, the company's total revenue increased by 4.66%, while the net profit attributable to shareholders decreased by 13.08% [5] - In Q1 2025, total revenue decreased by 7.42%, but net profit and net profit excluding non-recurring items saw significant growth [5] - The net cash flow from operating activities increased by 382.92% in Q1 2025, primarily due to the recovery of accounts receivable and tax refunds [9] Group 2: Market Strategy and Product Development - The company has obtained 106 authorized patents, including 9 invention patents, and plans to increase R&D investment to enhance product innovation [5] - Future product launches will focus on home medical devices, particularly in cardiovascular monitoring, respiratory therapy, and health management [6] - The company aims to strengthen its position in both international and domestic markets, with a focus on high-quality products that meet local regulatory standards [6][8] Group 3: Risk Management and Market Expansion - The company is implementing a market diversification strategy to reduce reliance on single international markets and is actively exploring emerging markets like Southeast Asia and South America [7][8] - Measures to maintain and expand customer relationships include providing quality products and after-sales service, as well as participating in industry exhibitions [8][9] - The company is enhancing its risk management by monitoring international political and economic changes and adjusting inventory strategies accordingly [8] Group 4: Future Outlook and Infrastructure Development - The "Lude Medical Smart Industrial Park" is expected to be completed in 2026, which will enhance production efficiency and product quality through digital management and smart production [10] - The project will support R&D innovation and help attract and retain talent, ultimately improving the company's brand value [10] - Long-term, the new production capacity is expected to lead to sustained revenue and profit growth, despite short-term pressures from construction costs [10]