金吾财讯 | 中信建投证券研究指，Q3多家公司业绩超预期、27年有望业绩改善，板块效应将逐步体现。受耗材集采、医疗合规要求提升等因素影响，A股申万医疗器械指数2021-2024年持续下跌，2025年先涨后跌，2026年初反弹后回落。随着政策影响逐步出清，企业战略调整后业绩逐步复苏，器械板块正在迎来估值、业绩双修复。重点关注2027年业绩增长及持续改善的公司，未来有望实现业绩估值双击。预计多个高值耗材和IVD板块的集采及降价政策影响将于年底或明年初逐步出清，板块性投资机会逐步凸显。长期看好创新和国际化投资机会：长期来看，医疗器械投资机会来自创新、出海和并购整合，板块的创新性和国际化能力得到认可、估值正在被重塑。医疗器械板块具有全球竞争力的改进式创新、突破式创新的产品正在被逐步认可，也有一批公司积极战略拓展第二增长曲线、实现海外业务高增长，估值迎来上涨。
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