智通财经APP获悉，招商证券国际发布研报称，2025年上半年，内地医疗器械行业整体收入同比跌3.8%，归母净利润同比跌12.8%;扣非净利润同比跌14.5%。第二季单季收入同比跌5.5%，归母净利润同比跌20.3%，扣非净利润同比降25%。该行以港股和A股上市的129家医疗器械公司为样本，经过分析发现上半年约53%的公司收入实现同比增长，增速超20%占比16%，增速处于0-20%区间占比37%。
该行认为，经历过疫情及国内集采双重政策扰动后，整体器械行业收入及利润水平有望触底反弹。该行预计，2025年下半年至2026年，内地医疗器械行业将步入一个新的发展阶段。在内部政策环境边际改善和外部市场开拓的双重引擎驱动下，板块整体复苏态势明确。该行建议关注国产替代与出海拓展两大主线，短期关注业绩改善明确的低估值标的，长期配置创新驱动的高增长赛道。该行建议关注迈瑞医疗(300760.SZ)、联影医疗(688271.SH)、微创机器人-B(02252)、惠泰医疗(688617.SH)、华大智造(688114.SH)。
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