近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 2 1 -2 -50.00% 0.00% 50.00% 沪深300 医疗耗材 绝对收益 2 6 18 注：相对收益与沪深 300 相比 分析师：聂孟依 证书编号：S0500524040001 Tel：(8621) 50299667 Email：nmy06967@xcsc.com 地址：上海市浦东新区银城路 88 号 中国人寿金融中心 10 楼 证券研究报告 2026 年 3 月 1 日 湘财证券研究所 行业研究 医疗耗材行业周报 财报密集披露期关注板块阶段性行情机会 相关研究： | 1. 《骨科耗材企业业绩增长亮眼》 | | --- | | 2025.02.01 | | 2.《医保领域2026年度第一批重点 | | 事项清单发布》 2026.02.15 | 行业评级：增持（维持） 核心要点： ❑ 医疗耗材板块上周上涨 1.94% 根据 wind，上周，医药生物报收 8282.27 点，上涨 0.5%，涨幅排名位列申 万一级行业第 25 位，跑输沪深 300 指数 0.58 个百分点；医疗服务报收 6932.33 点，下跌 0.99%；中药 II ...

2026 年 3 月 1 日 行情回顾：上周 A 股医药生物（申万，下同）指数上涨 0.50%，跑输沪深 300 指数 0.58pp，跑输创业板综指 1.82pp，在 31 个子行业中排名第 25。港股恒生 医疗健康指数上周收跌 6.07%，跑输恒生国企指数 4.96pp。 研发进展：上周，康哲药业的 CMS-D008 注射液、康辰药业的 KC1036 片的临 床申请新进承办；海思科的 HSK46575 片、百利天恒的注射用伦康依隆妥单抗 和注射用 BL-M11D1 的 IND 申请新进承办；恒瑞医药的 SHR-1905 注射液以及 SHR-1819 注射液申请临床。 上周，诺诚健华的 ICP-538 以及华润双鹤的 DC6001 正在进行一期临床；复宏 汉霖的 HLX43 和天境生物的普那利单抗进行二期临床；石药集团的 SYH2053 和 SYS6010 进行三期临床；禾元生物的重组人白蛋白（水稻）进行四期临床。 本周观点：坚定看好医药板块回暖，重申投资临床价值三段论 从临床价值三段论看投资主线：1）"0→1"技术突破：创新药领域，高端前沿 创新靶点，正在肿瘤、减重、自免等领域重塑药企研发格局；创新器械领域 ...

Industry and Company Overview - The medical consumables sector showed a slight increase, with the sector index closing at 6067.61 points, up by 0.35% [2] - The performance of leading companies in the medical consumables sector included Maipu Medical (+8.5%), Hualan Biological (+7.5%), and Zhend Medical (+6.7%), while underperformers included Microelectrophysiology (-2.9%) and Daobo Medical (-3%) [2] Market Valuation Metrics - As of February 6, the medical consumables sector had a PE ratio of 36.1X, down by 0.23X from the previous week, with a one-year high of 40.1X and a low of 28.88X; the PB ratio was 2.61X, with a one-year high of 2.92X and a low of 2.13X [4] Recent Developments - Microelectrophysiology's product, a disposable intracardiac ultrasound imaging catheter, has been approved for market release, enhancing its core product offerings in cardiac intervention and filling a gap in integrated ultrasound imaging and electrophysiological mapping solutions [5] Investment Recommendations - There is a high certainty of continued performance recovery for some high-value consumable companies, driven by recent approvals of innovative products and overseas business development, which are expected to create new growth points outside of centralized procurement [6] - The report suggests focusing on leading companies with strong cost control and innovation capabilities, particularly in the orthopedic implants, cardiovascular intervention devices, and neurosurgical implants sectors, as well as those with advantages in rehabilitation and chronic disease management [6][7]

数据显示，截至2025年12月31日，中证医药及医疗器械创新指数(931484)前十大权重股分别为药明康 德、恒瑞医药、迈瑞医疗、爱尔眼科、片仔癀、新和成、华东医药、康龙化成、艾力斯、甘李药业，前 十大权重股合计占比63.75%。 风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。基金的过 往业绩及其净值高低并不预示其未来业绩表现，基金管理人管理的其他基金的业绩不构成对本基金业绩 表现的保证。投资人购买基金，既可能按其持有份额分享基金投资所产生的收益，也可能承担基金投资 所带来的损失。投资人应当认真阅读《基金合同》《招募说明书》等基金法律文件，全面认识本基金的 风险收益特征和产品特性，并根据自身的投资目的、投资期限、投资经验、资产状况等判断基金是否和 投资人的风险承受能力相适应，理性判断市场，谨慎做出投资决策。本材料中相关信息来源于基金管理 人认为可靠的公开资料，相关观点、评估和预测仅反映当前的判 ...

Group 1 - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Awards Ceremony were held in Shanghai, gathering over 300 industry experts to discuss future opportunities in the Chinese capital market [1] - The top honor for the 7th Sina Finance Golden Unicorn Elite Analyst in the innovative drug sector was awarded to the Zheshang Securities research team, led by Chief Analyst Wu Tianhao [1] Group 2 - The strategy for the high-value consumables sector in 2026 indicates optimism due to policy optimization, with expectations for revenue recovery and new product launches [2] - The medical device sector is expected to see performance recovery driven by the resumption of in-hospital bidding and the "Belt and Road" initiative, despite a decline in profit in the first three quarters of 2025 [2] - The home medical sector is anticipated to regain growth, supported by overseas expansion and recovery in revenue and profit growth in 2025 [2] Group 3 - Investment recommendations include high-value consumables companies with cleared procurement risks and new product launches, such as Microelectrophysiology, Aikang Medical, and Weikang Medical [3] - Medical device and home medical companies expected to see steady revenue growth include Mindray Medical, Meihua Medical, and Yuyue Medical, among others [3]

Group 1 - The 2025 Analyst Conference highlighted the optimism surrounding the Chinese capital market, with expectations of a significant influx of global capital into A-shares [1] - The conference gathered over 300 influential figures, including scholars, fund managers, and company executives, to discuss future opportunities in the capital market [1] Group 2 - The strategy for the high-value consumables sector indicates a positive outlook due to the completion of major category procurement and optimized payment policies, with revenue growth and profit recovery expected by 2025 [2] - The medical equipment sector is anticipated to see performance recovery driven by the resumption of in-hospital bidding and the "Belt and Road" initiative, despite a decline in profit in the first three quarters of 2025 [2] - The home medical sector is expected to regain growth, supported by revenue and profit recovery in 2025, with potential growth from international expansion [2] Group 3 - Investment recommendations include high-value consumables companies like Microelectrophysiology, Aikang Medical, and others, which are expected to benefit from the clearing of procurement risks and the launch of new products [3] - Medical equipment and home medical companies such as Mindray Medical and others are recommended for steady revenue growth due to the recovery of bidding processes and international expansion [3]

Core Viewpoint - The company is a leading player in the structural heart and peripheral intervention high-value consumables sector, with a diversified business model and strategic partnerships aimed at expanding its product offerings and market reach [1][2]. Group 1: Business Overview - The company operates under a "3+N" business layout, which includes three main product lines: structural heart disease, peripheral vascular intervention, and electrophysiology, along with multiple strategic cooperation projects [1]. - For the fiscal year 2024, the company reported a revenue of 1.304 billion yuan, reflecting a year-on-year growth of 2.88%, positioning it among the few high-value consumables firms in China with revenues exceeding 1 billion yuan [1]. - As of December 31, 2024, the company has established a robust patent portfolio with 2,426 patents and has received NMPA approval for 15 products under the "Special Review Procedure for Innovative Medical Devices" [1]. Group 2: Market Dynamics - In 2024, the National Healthcare Security Administration mandated 12 domestic and foreign companies, including the company, to revise the pricing of thoracic aortic stent products to enhance price transparency and reduce excessive markups [2]. - The price adjustments resulting from centralized procurement have led to a decline in the ex-factory prices of the company's related products, impacting revenue and profit in the second half of 2024 [2]. - The company is expected to see a recovery from these pricing challenges by the second half of 2025, as the market stabilizes [2]. Group 3: International Expansion and Product Development - The company has adopted a dual strategy of "innovation" and "internationalization," maintaining a leading market share in its primary products domestically [2]. - By the end of 2024, the company had established seven overseas subsidiaries and obtained 1,059 overseas registrations, with a sales network covering 117 countries and regions [2]. - The company anticipates that several second-generation aortic stent products will receive overseas registration approvals between 2025 and 2026, contributing to international revenue growth [2][3]. Group 4: Product Innovation - The company is pioneering iron-based absorbable stent technology, which addresses significant clinical challenges associated with existing biodegradable stents [3]. - The IBS Angle stent has received regulatory approvals in Malaysia and the EU, while the IBS Titan has been granted compassionate use approval in the U.S. [3]. - The company is progressing with its IBS drug-eluting coronary stent system, with clinical trials completed and applications submitted for NMPA and CE registration, expected to be approved by 2025-2026 [3]. Group 5: Financial Projections - Revenue projections for the company from 2025 to 2027 are estimated at 1.403 billion, 1.528 billion, and 1.736 billion yuan, representing year-on-year growth rates of 8%, 9%, and 14% respectively [3]. - The net profit attributable to the parent company is projected to reach 316 million, 388 million, and 526 million yuan for the same period, with growth rates of 42%, 23%, and 35% respectively [3].

Core Viewpoint - The company is expected to achieve nearly 10% revenue growth in 2024, with a net loss not exceeding $275 million, representing a reduction of over 58% compared to the previous year [2][3]. Group 1: Financial Performance - The company's revenue for the year is projected to grow nearly 10%, with significant contributions from various business segments [3]. - The overseas business revenue is expected to increase by approximately 80%, benefiting from the synergies and advantages of a global platform [2]. - The company has set performance targets for future years, including a net loss not exceeding $275 million in 2024, $110 million in the first half of 2025, and a net profit of at least $4.5 million in the first half of 2026 [3]. Group 2: Business Segments - The company's core medical business, including major segments like cardiovascular and neuro-interventional, has shown stable growth, with specific revenue increases of approximately 1.6% for vascular interventions and over 100% for overseas heart valve business [3]. - The minimally invasive robotics segment is expected to see a revenue increase of approximately 145% to 155% [3]. Group 3: R&D and Product Development - The company is a leading player in high-value consumables, with strong ongoing R&D investments, totaling $115 million in the first half of 2024 [4]. - As of the end of 2024, the company has 36 green channel products and has received multiple regulatory approvals, including 46 Class III medical device registrations in China and 184 registrations in 43 overseas markets [4]. - A notable product, the Firesorb bioabsorbable drug-eluting coronary stent system, received approval from the NMPA in July 2024, which is designed to fully degrade within 3-4 years, enhancing patient comfort [4].