【国金证券】医疗器械行业25年三季报总结：内需回暖拐点显现，聚焦海外与创新-251101（21页）.pdf

1、2025/11/11证券研究报告23医疗器械板块医疗器械板块45资料来源：Wind，国金证券研究所图：医疗器械板块图：医疗器械板块2525年前三季度财务表现年前三季度财务表现医疗器械医疗器械2024Q12024Q12024Q22024Q22024Q32024Q32024Q42024Q42025Q12025Q12025Q22025Q22025Q32025Q3营业总收入YOY营业总收入YOY-2.41%3.33%2.69%1.87%-3.98%-4.77%2.05%归母净利润YOY归母净利润YOY-5.63%-5.80%-12.38%-68.71%-9.98%-23.71%-5.07%毛利率毛利率

2、50.43%50.89%48.70%45.60%48.43%47.97%47.88%销售费用率销售费用率14.54%14.83%14.70%17.12%14.71%15.38%16.09%净利率净利率17.96%19.07%14.46%2.31%16.64%15.16%13.29%6资料来源：Wind，国金证券研究所图：医疗器械板块年初至今上涨图：医疗器械板块年初至今上涨23.7%23.7%59.1%50.9%44.5%23.7%5.2%4.9%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%SW化学制药SW医疗服务SW生物制品SW医疗器械SW医药商业SW中药7资

3、料来源：Wind，国金证券研究所图：年初至今医疗器械细分板块中医疗耗材涨幅靠前图：年初至今医疗器械细分板块中医疗耗材涨幅靠前-10.0%-5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%2025-01-022025-01-082025-01-142025-01-202025-01-242025-02-072025-02-132025-02-192025-02-252025-03-032025-03-072025-03-132025-03-192025-03-252025-03-312025-04-072025-04-112025-04-172025-04-232025

4、-04-292025-05-082025-05-142025-05-202025-05-262025-05-302025-06-062025-06-122025-06-182025-06-242025-06-302025-07-042025-07-102025-07-162025-07-222025-07-282025-08-012025-08-072025-08-132025-08-192025-08-252025-08-292025-09-042025-09-102025-09-162025-09-222025-09-262025-10-102025-10-162025-10-222025

5、-10-28医疗设备医疗耗材体外诊断细分板块表现及总结细分板块表现及总结89资料来源：Wind，国金证券研究所图：医疗设备板块图：医疗设备板块2525年前三季度财务表现年前三季度财务表现医疗设备医疗设备2024Q12024Q12024Q22024Q22024Q32024Q32024Q42024Q42025Q12025Q12025Q22025Q22025Q32025Q3营业总收入YOY营业总收入YOY-1.69%-0.96%-3.85%1.86%-4.49%-5.26%10.65%归母净利润YOY归母净利润YOY-6.18%-9.76%-30.66%-35.00%-13.07%-27.93%0.

6、63%毛利率毛利率52.01%53.07%49.58%45.24%49.76%49.00%49.40%销售费用率销售费用率14.91%14.51%14.16%16.53%14.80%15.06%16.00%净利率净利率19.77%22.27%15.01%7.25%18.11%17.18%13.51%10资料来源：国金数据未来实验室，国金证券研究所图：图：20252025年国内医疗设备招标同比增速已逐步恢复年国内医疗设备招标同比增速已逐步恢复-46%-50%-50%-28%-22%-32%-18%-21%13%-4%-6%37%39%76%110%81%69%38%20%17%-21%-60%-