Northeast Securities: High-value consumables sector valuation is expected to be reshaped. Industry investment is transitioning from " rebound" to " exploration".

Northeast Securities released a research report stating that under the multiple policy impacts such as centralized procurement, medical insurance cost control, generic names in medical insurance, and medical service price reforms, the high-value consumables industry is currently undergoing profound value reconstruction. Group procurement has gradually evolved from the early "only low price matters" to "opposing internal competition, stabilizing clinical settings, and emphasizing quality." With the increase in the domestication rate of the sector, in the long term, the improvement of the policy environment and the highlight of innovation value, the valuation of the sector is expected to be reshaped. The high consumption industry is expected to undergo a key window of value reconstruction in the "post-group procurement era" in 2025. The industry is shifting from "valuation compression" to "differentiation repair," and the investment logic is transitioning from " rebound" to " exploration."