器械&药店2025年H2策略及Q2前瞻：需求恢复拐点将至

浙商证券2025-07-11

板块复盘：院内招标持续恢复、估值仍处于底部区间，2025年下半年业绩恢复下或拉动估值弹性。2025H2周期判断：医用设备：院内招标恢复，看好2025年H2业绩恢复。2025年上半年院内招标持续恢复，渠道库存逐步出清，看好招标恢复以及海外拓展拉动下，2025年H2收入利润增长恢复；高值耗材：看好国产替代空间极大、集采完成且渠道库存调整完成企业的业绩弹性。2024年应收账款周转率创2020年以来新高，...

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器械&药店2025年H2策略及Q2前瞻：需求恢复 拐点将至

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器械&药店2025年H2策略及Q2前瞻：需求恢复拐点将至