十年磨一剑，如今A股又一次站在了4000点这一关键关口之上。 回溯过往，这已是A股历史上第三次触及这一重要点位。不过，与2007年市场那沸腾喧嚣、全民热议的景象，以及2015年那股近乎狂热的投资氛围相比， 这一次，市场走出了截然不同的节奏。它没有掀起全民狂欢的浪潮，而是呈现出明显的结构分化特征；不再是所有股票齐涨共跌的普涨格局，而是需要投 资者精心挑选优质赛道。中信证券分析指出，同样是身处4000点，当下的A股不仅质量更优，而且估值处于相对低位。 在行业布局的方向上，多家券商都不约而同地提到，建议投资者关注新质生产力领域。那些顺应国家战略导向、拥有真实且难以突破技术壁垒的科技企 业，无疑将成为A股投资的重要主线。例如"十五五"与三季报业绩改善双重加持的医疗大健康板块。 在众多备受关注的焦点之中，有企业已然成为了引领风向的旗帜。迈瑞医疗刚刚发布的三季报，就释放出了极为关键的"拐点"信号。 此前，该公司连续两个季度面临着增长压力，而此次三季报显示，其营收增速终于如期转正。更令人眼前一亮的是，其国际业务收入历史性地突破了50% 的大关。这一成绩的取得，意味着一个在全球市场上更具竞争力的"新迈瑞"正逐渐浮出水面。 那 ...

公司报告 | 季报点评 迈瑞医疗（300760） 证券研究报告 营收增速同比转正，海外市场增速强劲 事件： 10 月 29 日，公司发布 2025 年第三季度报告。2025 年前三季度，公司实 现营业收入 258.34 亿元，同比下降 12.38%；归母净利润 75.70 亿元，同比 下降 28.83%；扣非归母净利润 74.63 亿元，同比下降 28.50%。2025 第三 季度，公司实现营业收入 90.91 亿元，同比增长 1.53%；归母净利润 25.01 亿元，同比下降 18.69%；扣非归母净利润 25.13 亿元，同比下降 17.78%。 点评： 三大业务国际收入持续增长，未来营收有望进一步提速 盈 利 预 测 ： 我们预计公 司 2025-2027 年 营 业 收 入 分 别 为 337.90/369.77/422.23/亿元（2025/2026 年前值分别为 437.21/518.67 亿 元），归母净利润分别为 95.64/109.96/127.46 亿元（2025/2026 年前值分 别为 141.08/166.41 亿元），下调原因主要系国内市场受当下激烈的竞争环 境和持续深化的医保改革 ...

每经AI快讯，10月29日，迈瑞医疗(300760.SZ)公告称，公司第三季度营业收入90.91亿元，同比增长 1.53%；净利润25.01亿元，同比下降18.69%。2025年前三季度营业收入258.34亿元，同比下降12.38%； 净利润75.7亿元，同比下降28.83%。经营活动产生的现金流量净额较上年度同期减少34.32%，主要系报 告期内公司销售商品、提供劳务收到的现金减少所致。尽管国内体外诊断行业规模萎缩，但公司重点业 务市场占有率稳步提升，国际业务保持增长态势，其中欧洲市场同比增长超20%，微创外科业务增长超 过25%，重点产品超高端超声前三季度收入翻倍。公司持续加大研发投入，前三季度研发费用达26.86 亿元，占营收比重10.40%，并在生命信息与支持、医学影像、体外诊断等领域推出多项新产品。 （文章来源：每日经济新闻） ...

Core Viewpoint - The company reported a decline in revenue and net profit for 1H25, with revenue at 16.743 billion yuan (-18.45% YoY) and net profit at 5.069 billion yuan (-32.96% YoY), which is in line with market expectations [1] Revenue Analysis - Revenue pressure is evident, with a breakdown by business segments showing: Life Information and Support segment at 5.479 billion yuan (-31.6% YoY), IVD segment at 6.424 billion yuan (-16.1% YoY) with international business experiencing double-digit growth (over 20% YoY), and Imaging segment at 3.312 billion yuan (-22.5% YoY) [2] - Domestic revenue was 8.411 billion yuan (-33.4% YoY) while overseas revenue was 8.332 billion yuan (+5.4% YoY), accounting for approximately 49.8% of total revenue [2] - The company’s revenue growth rate from Q1 2024 to Q2 2025 is expected to continue declining, attributed to inventory adjustments and fluctuations in domestic bidding and delivery schedules [2] Profitability Insights - The company’s gross margin for 1H25 was 61.7%, down 2.8 percentage points from 64.5% in 1H24, primarily due to price adjustments in the IVD industry and other cost pressures [3] - The ongoing recovery in industry procurement activities is anticipated to support profit improvement, alongside a shift away from lowest-bid procurement strategies [3] - The company is expected to enhance its market share in the domestic market due to solid product capabilities, while investments in digital strategies may strengthen long-term competitive advantages [3] Earnings Forecast and Valuation - The earnings forecast for 2025 and 2026 remains unchanged, with corresponding P/E ratios of 25.0x and 22.5x [4] - The target price is maintained at 300 yuan, reflecting a potential upside of 21% from the latest closing price, with a rating of outperforming the industry [4]

Summary of Medical Device Industry Conference Call Industry Overview - The medical device sector is expected to improve in the second half of the year, with positive bidding data for three consecutive quarters, indicating potential performance growth for companies like Mindray and United Imaging after inventory clearance [1][4]. - High-value consumables are projected to see revenue and profit growth of 15%-20% for companies such as New Mai, Nanwei, and Anjias, benefiting from policy easing [1][5]. - The innovative industry chain and drug sector, particularly companies like Baile and Heng Rui, are noteworthy for their overseas instruments and drugs, with CXO companies like WuXi AppTec exceeding expectations in their mid-year reports [1][6]. Key Insights - The medical device equipment sector is likely to see performance improvement in the second half of the year, despite short-term inventory pressures [4]. - The recent increase in attention towards the medical device sector is attributed to improved mid-year performance expectations and the anticipated optimization of the 11th batch of centralized procurement policies [3]. - The domestic market's medical insurance provides a solid growth foundation for medical device companies, while the overseas market, particularly non-US markets, presents lower entry barriers and long-term growth potential [12][13]. Investment Strategy - The investment strategy for the second half of the year should focus on companies with strong mid-year performance and long-term growth potential, such as Maipu, Shanwaishan, and Feimait, as well as leading high-value consumables companies like Huitai [7][8]. - Companies like Yaming Kangda and Hailan Yin are highlighted for their excellent mid-year performance and favorable PEG ratios, indicating potential investment value [9]. Market Dynamics - The medical device sector has experienced a gradual recovery from policy adjustments, with a positive long-term outlook as the most challenging periods appear to be over [10]. - The high-value consumables centralized procurement process is expected to become more moderate, which could positively impact leading companies in the sector [10][11]. - The overall performance of the medical device sector is projected to achieve revenue growth of 15%-20% and profit growth of around 20% from 2025 to 2027, as the industry stabilizes [18]. Technological Developments - The electrophysiology field is rapidly advancing, particularly with the development of PFA technology, which is crucial for the 3D mapping systems [27][28]. - The upcoming renewal of the Fujian electrophysiology alliance's centralized procurement is expected to have a positive impact on the industry [29]. Challenges and Opportunities - Companies in the high-value consumables sector may face uncertainties due to centralized procurement, but a gradual easing of these policies could improve valuations and market sentiment [39]. - Heartbeat Medical is navigating challenges from national insurance price adjustments but is expected to see steady growth in its overseas business [38]. Conclusion - The medical device industry is poised for growth, driven by policy improvements, technological advancements, and a focus on high-value consumables. Companies with strong fundamentals and innovative products are likely to attract investor interest as the market stabilizes and expands.