Guojin Securities: Internal and external recovery of two-wheel drive medical devices focuses on innovation and overseas travel

The Zhitong Finance App learned that Guojin Securities released a research report saying that current investment in the medical device sector should closely follow the two-wheel drive logic of “going overseas to expand growth, innovate and protect profits”, while grasping the pace of domestic demand recovery. Under this framework, the core competitiveness of an enterprise no longer only depends on domestic market share, but also evaluates its overseas channel layout and ability to iterate original products. Going overseas can effectively diversify collection risks and open up growth ceilings, while continuous high-intensity R&D investment is a key moat for maintaining high gross profit margins and resisting price wars.

Guojin Securities's main views are as follows:

medical equipment

The revenue side grew steadily year over year, and gross margin was under slight pressure. The medical equipment sector's 2026Q2 revenue was +11.90% YoY. The downward adjustment period for the domestic medical equipment industry is over. At the same time, the share of leading domestic companies continues to rise, and channel inventory elimination is coming to an end. The revenue side is expected to maintain a steady growth trend.

medical consumables

Revenue growth quickly recovered, and gross margin increased markedly. The medical consumables sector's revenue in 2026Q2 was +13.03% year-on-year, and the single-quarter growth rate returned to double digits. Previously, the impact on product prices brought about by DRG and collection gradually subsided, while the commissioning of overseas production bases brought new opportunities for enterprises to export.

In vitro diagnosis section

Revenue returns to positive growth, waiting for the impact of domestic policies to be implemented. The in vitro diagnostic sector's revenue in 2026Q2 was +6.34% year-on-year. The previous downward trend in revenue has stopped, and the sector has returned to the revenue growth stage. The negative impact of policies such as DRG and mutual recognition of inspections is gradually coming to an end, while leading domestic companies are accelerating their market share expansion.

Risk Alerts

Exchange risk; risk of domestic and foreign policy volatility; risk of investment and financing cycle fluctuations; risk of mergers and acquisitions integration falling short of expectations