医疗器械行业26年中报总结：双轮驱动内外复苏，聚焦创新与出海主线

2026/9/11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Q2单季度财务表现医疗器械2024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q42026Q12026Q2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%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%毛利率50.43%50.89%48.70%45.90%48.49%48.01%47.82%46.32%48.58%48.81%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%净利率17.96%19.07%14.46%2.20%16.66%15.17%13.27%2.55%13.78%18.13%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45.01%-1.92%-2.14%-2.17%-6.98%-7.20%-10.00%0.00%10.00%20.00%30.00%40.00%50.00%SW医疗服务SW医疗器械SW化学制药SW生物制品SW中药ⅡSW医药商业医药生物各板块年初至今涨跌幅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%2025-12-312026-01-072026-01-122026-01-152026-01-202026-01-232026-01-282026-02-022026-02-052026-02-102026-02-132026-02-262026-03-032026-03-062026-03-112026-03-162026-03-192026-03-242026-03-272026-04-012026-04-072026-04-102026-04-152026-04-202026-04-232026-04-282026-05-062026-05-112026-05-142026-05-192026-05-222026-05-272026-06-012026-06-042026-06-092026-06-122026-06-172026-06-232026-06-262026-07-012026-07-062026-07-092026-07-142026-07-172026-07-222026-07-272026-07-302026-08-042026-08-072026-08-122026-08-172026-08-202026-08-252026-08-28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Q2单季度财务表现医疗设备2024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q42026Q12026Q2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%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%毛利率52.01%53.07%49.58%45.24%49.76%49.00%49.40%45.81%49.67%48.14%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%净利率19.77%22.27%15.01%7.25%18.11%17.18%13.51%7.04%15.46%14.70%•10资料来源：众成数科，国金证券研究所图：2024-2026年上半年国内医疗器械公开招中标市场规模同比变化-39.08%19.55%66.51%30.14%-12.78%-60%-40%-20%0%20%40%60%80%2024H12024H22025H12025H22026H1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Q2单季度财务表现医疗耗材2024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q42026Q12026Q2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%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%毛利率41.88%42.13%40.96%40.01%41.46%42.33%41.58%41.70%42.72%45.55%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%净利率14.71%14.34%12.15%4.97%14.75%13.33%12.02%2.50%12.11%14.90%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Q2单季度财务表现体外诊断2024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q42026Q12026Q2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%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%毛利率62.26%62.43%62.43%60.65%60.96%59.66%58.69%59.42%61.38%60.37%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%净利率19.54%19.64%17.85%-17.78%17.09%13.57%15.67%-11.67%13.19%38.87%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年上半年海外业务增速高于国内-1.6%8.5%7.5%-3.5%24.4%10.2%-7.4%22.2%13.7%54.5%15.1%40.6%35.9%15.8%35.8%82.3%-20%-10%0%10%20%30%40%50%60%70%80%90%迈瑞医疗联影医疗新产业安图生物惠泰医疗心脉医疗鱼跃医疗可孚医疗境内业务增速海外业务增速14资料来源：国家药监