医疗器械行业2026年三季报总结：内需修复+创新出海，布局景气拐点

2026/10/311证券研究报告•••••23医疗器械板块45资料来源：Wind，国金证券研究所图：医疗器械板块2024年Q1至2026年Q3单季度财务表现医疗器械2024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q42026Q12026Q22026Q3营业总收入YOY-2.41%3.33%2.69%1.91%-4.03%-4.77%2.29%6.34%4.30%11.53%9.82%归母净利润YOY-5.63%-5.80%-12.38%-69.39%-9.98%-23.71%-5.07%-9.45%-13.42%29.55%15.79%毛利率50.43%50.89%48.70%45.90%48.49%48.01%47.82%46.32%48.58%48.81%48.37%销售费用率14.54%14.83%14.70%17.30%14.73%15.40%16.07%16.79%14.55%14.27%14.87%净利率17.96%19.07%14.46%2.20%16.66%15.17%13.27%2.55%13.78%18.13%14.69%6资料来源：Wind，国金证券研究所图：医药生物各细分板块年初至今涨幅表现33.34%-2.87%-5.79%-5.99%-8.95%-11.52%-15%-10%-5%0%5%10%15%20%25%30%35%40%SW医疗服务SW医药商业SW生物制品SW医疗器械SW中药ⅡSW化学制药7资料来源：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-25.0%-20.0%-15.0%-10.0%-5.0%0.0%5.0%10.0%15.0%20.0%2025-12-312026-01-082026-01-142026-01-202026-01-262026-01-302026-02-052026-02-112026-02-252026-03-032026-03-092026-03-132026-03-192026-03-252026-03-312026-04-072026-04-132026-04-172026-04-232026-04-292026-05-082026-05-142026-05-202026-05-262026-06-012026-06-052026-06-112026-06-172026-06-242026-06-302026-07-062026-07-102026-07-162026-07-222026-07-282026-08-032026-08-072026-08-132026-08-192026-08-252026-08-312026-09-042026-09-102026-09-162026-09-222026-09-292026-10-122026-10-162026-10-222026-10-28医疗设备医疗耗材体外诊断细分板块表现及总结89资料来源：Wind，国金证券研究所图：医疗设备板块2024年Q1至2026年Q3单季度财务表现医疗设备2024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q42026Q12026Q22026Q3营业总收入YOY-1.69%-0.96%-3.85%1.86%-4.49%-5.26%10.65%10.89%6.01%11.90%8.37%归母净利润YOY-6.18%-9.76%-30.66% -35.00% -13.07% -27.93%0.63%-0.07%-9.13%-6.57%7.93%毛利率52.01%53.07%49.58%45.24%49.76%49.00%49.40%45.81%49.67%48.14%49.27%销售费用率14.91%14.51%14.16%16.53%14.80%15.06%16.00%16.33%14.86%14.09%16.15%净利率19.77%22.27%15.01%7.25%18.11%17.18%13.51%7.04%15.46%14.70%13.56%•10资料来源：众成数科，国金证券研究所图：2025Q3-2026Q3国内医疗器械公开招中标市场规模同比变化19.46%5.22%-18.85%-9.64%7.83%-25%-20%-15%-10%-5%0%5%10%15%20%25%2025Q32025Q42026Q12026Q22026Q3国内医疗器械招标市场规模同比11资料来源：Wind，国金证券研究所图：医疗耗材板块2024年Q1至2026年Q3单季度财务表现医疗耗材2024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q42026Q12026Q22026Q3营业总收入YOY2.30%11.67%10.62%8.64%1.63%1.34%0.11%4.78%6.84%13.03%11.98%归母净利润YOY11.50%12.47%13.57%115.29%1.90%-6.28%-1.42%-48.65%-12.13%20.70%-17.55%毛利率41.88%42.13%40.96%40.01%41.46%42.33%41.58%41.70%42.72%45.55%42.06%销售费用率12.28%12.71%12.45%14.24%11.81%12.54%13.21%14.17%11.65%11.87%10.54%净利率14.71%14.34%12.15%4.97%14.75%13.33%12.02%2.50%12.11%14.90%10.00%12资料来源：Wind，国金证券研究所图：体外诊断板块2024年Q1至2026年Q3单季度财务表现体外诊断2024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q42026Q12026Q22026Q3营业总收入YOY-11.41%0.40%4.28%-10.16%-13.81%-16.53%-13.07%-2.78%-6.51%6.34%8.74%归母净利润YOY-21.34%-14.29%9.23%-156.96% -19.76%-37.58%-21.23%32.10%-27.82%180.13%104.79%毛利率62.26%62.43%62.43%60.65%60.96%59.66%58.69%59.42%61.38%60.37%62.02%销售费用率17.76%19.97%20.59%26.12%21.14%23.94%23.48%24.73%21.62%21.71%22.22%净利率19.54%19.64%17.85%-17.78%17.09%13.57%15.67%-11.67%13.19%38.87%30.26%13资料来源：各公司公告，Wind，国金证券研究所图：医疗器械赛道龙头企业2026年前三季度海外业务增速高于国内-1.3%10.5%3.4%11.0%50.3%14.2%-10%0%10%20%30%40%50%60%迈瑞医疗联影医疗新产业境内业务增速海外业务增速