山外山：血液净化设备龙头耗材打造第二成长曲线

西部证券2025-06-24

国内领先的血液净化设备龙头，业绩增长稳健。公司业务涵盖血液净化设备、耗材和服务，一体化布局全产业链，2024 年三者收入分别占到营收的66.7%/22.7%/9.6%。公司业绩稳健增长，2020-2024 年公司收入/归母净利CAGR 分别达22.2%/36.2%，25Q1 收入/归母净利分别同比+16.8%/+8.1%。我国血液净化行业空间广阔，国产替代持续推进。我国ESRD 患者数量不断增长，...

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山外山：血液净化设备龙头 耗材打造第二成长曲线

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山外山：血液净化设备龙头耗材打造第二成长曲线