金融界4月18日消息，A股三大指数收盘涨跌不一，中证港股通医疗主题指数 (港股通医疗主题， 932069)平盘报收，报0.0点，成交额0.0亿元。 从中证港股通医疗主题指数持仓样本的行业来看，医疗商业与服务占比35.98%、制药与生物科技服务 占比30.61%、医疗器械占比12.17%、化学药占比10.73%、生物药品占比10.09%、中药占比0.42%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。当港股通证券范 围发生变动导致样本不再满足互联互通资格时，指数将相应调整。 数据统计显示，中证港股通医疗主题指数近一个月下跌11.89%，近三个月上涨13.46%，年至今上涨 8.75%。 据了解，中证港股通医疗主题指数从港股通证券范围内选取50只业务涉及医疗器械、医疗商业与服务、 制药与生物科技服务等领域的 ...

业绩稳健，分红比例提升重视股东回报 威高股份(1066) | [table_Authors] 丁丹(分析师) | 谈嘉程(分析师) | | | | --- | --- | --- | --- | | | | [当前价格 Table_CurPrice] (港元)： | 5.87 | | 0755-23976735 | 021-38038429 | | | | dingdan@gtjas.com | tanjiacheng@gtjas.com | [Table_Market] | | | 登记编号 S0880514030001 | S0880523070004 | 交易数据 | | 本报告导读： 公司 2024 年经营业绩稳健，分红比例提升彰显对股东回报的重视，维持增持评级。 投资要点： 风险提示：集采影响大于预期，市场竞争加剧 -20% -6% 8% 21% 35% 49% 2024/3 2024/4 2024/5 2024/6 2024/7 2024/8 2024/9 2024/10 2024/11 2024/12 2025/1 2025/2 2025/3 52周内股价走势图 威高股份 恒生指数 [Table ...

中金主要观点如下： 各业务表现分化，骨科收入修复明显 2024年分业务来看：1)医疗器械收入65.1亿元，同比-6.5%;经营利润10.7亿元，同比+1%。该行判断主要 产品销量和市占率均有稳步提升。2)骨科收入14.4亿元，同比+13.2%;经营利润2.2亿元，同比+196%。 该行判断脊柱、关节等大规模集采影响已经基本出清。3)药品包装收入22.8亿元，同比+12.6%。4)介入 板块收入同比+2.5%。5)血液管理收入8.8亿元，同比-15.8%;经营利润(不考虑无形资产摊销)同 比-41.4%，该行判断该板块业绩波动的原因可能包括国内采血量下降、设备周期性影响以及新品前期投 入较大。 中金：维持威高股份(01066)跑赢行业评级 目标价 6.4港元 关注第二增长曲线打开，公司或步入双位数增长阶段 智通财经APP获悉，中金发布研报称，维持威高股份(01066)2025年核心净利润不变，并首次引入2026年 核心净利润预测26.22亿元，当前股价对应2025/26年市盈率9.3/8.2倍。该行维持跑赢行业评级和目标价 6.4港元不变，对应2025/26年市盈率11.6/10.3倍。公司公布2024年业绩， ...

威高股份 20250326 摘要 Q&A 威高股份在 2024 年面临的主要挑战和机遇是什么？ 2024 年，威高股份面临复杂多变的国内外宏观环境和医疗器械行业加速变革的 挑战。政策层面，集采常态化持续推进，对产品价格带来了下行压力，迫使企 业加速创新降本增效。同时，国家对创新医疗器械和设备的支持力度不断加大， 鼓励企业增加研发投入，推动高端医疗器械国产替代。市场方面，人口老龄化 和居民健康意识不断提升，使得医疗器械市场需求呈现结构性变化。一方面， 基层医疗需求日益增长；另一方面，高端医疗器械需求也与日俱增。技术层面， • 威高股份 2024 年营收 131 亿元，净利润 20.7 亿元，同比增长 5%，通过平 台化、国际化、数字化和人才战略，实现生态协同拓展、海外市场突破、 运营效率提升及创新研发驱动，巩固行业领先地位。 • 临床护理板块收入 63.22 亿元，同比下降 9%，但通过优化产品结构、提升 市场占有率、推动自动化生产和改进产品性能，积极应对集采降价影响， 并计划拓展数智化产品等新业务。 • 骨科板块收入 14.4 亿元，同比增长 13%，经营利润增长 187%，受益于集采 和国产替代，运动医学、 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈 全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 山東威高集團醫用高分子製品股份有限公 司 Shandong Weigao Group Medical Polymer Company Limited * （在中華人民共和國註冊成立的股份有限公司） （股份代號：1066） 截至二零二四年十二月三十一日止年度之 業績公佈 摘要 董事建議派付末期股息每股人民幣0.1235元（二零二三年：人民幣0.0943 元），該項建議須經本公司股東（「股東」）在即將舉行的股東大會上批准後， 方可作實。 * 僅供識別 1 • 山東威高集團醫用高分子製品股份有限公司（「本公司」）及其附屬 公 司（「本 集 團」），截 至 二 零 二 四 年 十 二 月 三 十 一 日 止 年 度（「本 年 度」），錄得收入約人民幣13,087,071,000元（二零二三年：約人民幣 13,229,453,000元），較上一年度下降1.1%，本公司擁有人應佔純利約人 民幣2,066,668,0 ...

Investment Rating - The report initiates coverage with a "Buy" rating and sets a target price of HKD 5.60 [4][66]. Core Views - The company is expected to emerge from the shadow of centralized procurement, with significant growth anticipated in its drug packaging and orthopedic product segments starting in 2024 [2][4][39]. - The medical device sector is projected to recover post-procurement, with a gradual increase in demand for low-value consumables as hospital visits and bed occupancy rates rise [3][40]. Summary by Sections Company Overview - The company is a well-known medical consumables manufacturer, with a broad sales network covering over 5,000 hospitals and 400 blood stations by the end of 2023 [1][17]. - Its product range includes syringes, infusion devices, orthopedic products, interventional products, and blood management products [1][17]. Financial Projections - Revenue for 2024 is projected to increase by 0.4% to RMB 13.278 billion, with a compound annual growth rate (CAGR) of 3.9% expected from 2023 to 2026 [5][53]. - The net profit for 2024 is expected to be RMB 2.024 billion, reflecting a 1.1% increase [5][54]. Drug Packaging Business - The drug packaging segment is anticipated to grow at a CAGR of 10.3% from 2023 to 2026, driven by the increasing demand for pre-filled syringes and pre-filled flushing syringes [2][20][28]. - The pre-filled syringe sales are expected to see a CAGR of 12.6% during the same period, with a significant market share of over 70% in China [21][28]. Orthopedic Products - After experiencing revenue declines due to centralized procurement, the orthopedic segment is expected to recover starting in 2024, with a projected CAGR of 11.8% from 2023 to 2026 [2][29]. - Sales of spinal, trauma, and joint products have shown a rebound, indicating a growing end-user demand [2][33]. Interventional Products - The interventional product segment is projected to maintain steady growth, with a CAGR of 5.3% from 2023 to 2026, supported by the global recognition of the company's products [3][35]. Medical Device Sector - The medical device sector is expected to recover from the impacts of centralized procurement, with revenue anticipated to stabilize and grow from 2025 onwards [3][40]. - The demand for low-value consumables is expected to increase as hospital activity resumes, with sales of key products like infusion devices and syringes showing positive growth trends [3][40]. Blood Management Business - The blood management segment is expected to remain stable in the short term, with a projected revenue decline of 17.4% in 2024, but long-term stability is anticipated due to supportive government policies [51][52].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][13][18] Core Insights - The company's revenue for the first half of 2024 was 6.636 billion (down 3.8%), with a net profit of 1.108 billion (down 7.5%), but a quarter-on-quarter growth of 37.7% in net profit [1][5] - The company is experiencing improved profitability despite challenges from centralized procurement and the impact of pandemic-related product sales [1][5] - The board has proposed an interim dividend of approximately 420 million, maintaining a 40% payout ratio [1][5] Revenue Breakdown - Medical Devices: Revenue of approximately 3.189 billion (down 7.7%), with stable growth in major product sales between 5%-15% [6][10] - Pharmaceutical Packaging: Revenue of approximately 1.168 billion (up 10.0%), with strong demand for pre-filled syringes and a market share increase [6][10] - Orthopedics: Revenue of 745 million (down 6.5%), with significant sales growth in spinal, trauma, and joint products between 20%-40% [6][10] - Interventional Business: Revenue of 1.114 billion (up 5.0%), with stable performance in the US and robust growth in Europe [6][10] Financial Metrics - The gross profit margin for the first half of 2024 was 50.9% (down 0.5 percentage points year-on-year), while the net profit margin decreased to 17.4% (down 0.6 percentage points year-on-year) [7][9] - Operating cash flow for the first half of 2024 was 1.023 billion, with cash content of net profit exceeding 90% [9][10] - The company has adjusted its revenue forecasts for 2024-2026 to 13.66 billion, 14.46 billion, and 15.43 billion respectively, with corresponding net profits of 2.186 billion, 2.351 billion, and 2.539 billion [12][16]

SUMMARY For the six months ended 30 June 2024 (the "Period"), the unaudited revenue of Shandong Weigao Group Medical Polymer Company Limited (the "Company") and its subsidiaries (the "Group") was approximately RMB6,635,688,000 ( s a m e p e r i o d i n 20 2 3: a p p ro x i m a t e l y RMB6,897,700,000), representing a decrease of approximately 3.8% as compared with the same period last year, the unaudited net profit attributable to the owners of the Company was approximately RMB1,107,549,000 (same period in ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部 份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 山東威高集團醫用高分子製品股份有限公 司 Shandong Weigao Group Medical Polymer Company Limited * （在中華人民共和國註冊成立的股份有限公司） （股份代號：1066） 截至二零二四年六月三十日止六個月之 中期業績公佈 概要 山東威高集團醫用高分子製品股份有限公司（「本公司」）及其附屬公司（「本集 團」）截至二零二四年六月三十日止六個月（「期間」），未經審核之收入約人民幣 6,635,688,000元（二零二三年同期：約人民幣6,897,700,000元），較去年同期下跌約 3.8%，未經審核之本公司擁有人應佔純利約人民幣1,107,549,000元（二零二三年同 期：約人民幣1,197,767,000元），較去年同期下跌約7.5%。 董事會（「董事會」）建議派發截至二零二四年六月三十日止六個月之中期股息每股 人民幣0.0919元（二零二三年同期：每股人 ...

Investment Rating - The investment rating for the company is "Buy" [3][11]. Core Views - The company's performance in 2023 was impacted by centralized procurement and high base effects from pandemic-related products, resulting in a 3.8% decline in revenue to 132.29 billion and a 27.6% drop in net profit to 20.02 billion [1][4]. - Despite the challenges, the company has maintained healthy cash flow, with operating cash flow reaching 27.99 billion and free cash flow increasing by 34% to a record high of 22 billion [7][9]. - The company is optimistic about its growth potential, supported by its established brand, quality control, scale advantages, and cost benefits, which create multiple barriers to competition [10][12]. Summary by Sections Financial Performance - In 2023, the company achieved revenue of 132.29 billion, down 3.8% year-on-year, and net profit of 20.02 billion, down 27.6% year-on-year [1][4]. - The medical device segment generated approximately 67.28 billion in revenue, a 2.4% increase, while the pharmaceutical packaging segment saw revenue of 20.24 billion, down 3.9% [6][9]. - The orthopedic business experienced a significant decline of 37.6% in revenue to 12.71 billion due to price reductions from centralized procurement [6][9]. Cost and Margin Analysis - The gross margin for 2023 was 50.2%, a decrease of 2.0 percentage points, primarily due to price reductions and changes in product mix [7][9]. - The net profit margin fell to 15.6%, down 5.7 percentage points, influenced by increased financing costs and operational adjustments [7][9]. Future Projections - The company has revised its profit forecasts for 2024-2025, now expecting net profits of 22.6 billion and 25.7 billion, respectively, with a projected growth rate of 13.0% and 13.6% [10][12]. - The diluted EPS is expected to be 0.49, 0.56, and 0.63 for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 10, 9, and 8 [10][12]. Strategic Initiatives - The company is focusing on optimizing its product structure and expanding into new business areas, including life information support, chronic disease management, and digital clinical care products [9][10]. - The orthopedic segment is undergoing management adjustments to enhance its market position and address challenges from centralized procurement [6][9].