证 券 研 究 报 告 产品结构持续改善，国际业务高速增长 目标价：32 元 当前价：22.86 元 公司发布 2023 年年报，营收为 100.12 亿元（+7.87%），归母净利润为 6.54 亿 元（+30.78%），扣非净利润为 6.19 亿元（+23.20%）。Q4 单季度营收为 26.95 亿元（+2.42%），归母净利润为 0.75 亿元（-5.99%），扣非净利润为 0.64 亿元 （-9.74%）。 评论： | --- | --- | --- | --- | --- | |---------------------|--------|--------|--------|--------| | | 2023A | 2024E | 2025E | 2026E | | 营业总收入 ( 百万 ) | 10,012 | 11,143 | 12,315 | 13,562 | | 同比增速 (%) | 7.9% | 11.3% | 10.5% | 10.1% | | 归母净利润 ( 百万 ) | 654 | 833 | 1,038 | 1,282 | | 同比增速 (%) | 30.1% | 27.3% ...

Investment Rating - The report maintains a "Buy" rating for the company [11][22]. Core Views - The company's revenue growth in 2023 met expectations, with total revenue reaching 10.01 billion yuan, a year-on-year increase of 7.87%. The net profit attributable to shareholders was 654 million yuan, up 30.78% year-on-year [1][11]. - The decline in profit in Q4 2023 was attributed to asset impairment losses, which amounted to 32.54 million yuan, and credit impairment losses of 74.61 million yuan. Excluding these losses, the adjusted net profit for Q4 was 182 million yuan, reflecting a year-on-year growth of 30.32% [1][11]. - The company is experiencing a shift in revenue structure, with a higher proportion of high-margin manufacturing products. Revenue from medical device products reached 4.15 billion yuan, a year-on-year increase of 9.15% [1][11]. - The international business is showing significant growth, with self-operated international revenue reaching 241 million yuan, a year-on-year increase of 55.36%, and an international gross margin of 50.94% [1][11]. Financial Performance Summary - In 2023, the company achieved total revenue of 10.01 billion yuan, with a projected revenue growth of 10.8% in 2024, 10.7% in 2025, and 10.2% in 2026 [3][11]. - The net profit attributable to shareholders is expected to grow to 817 million yuan in 2024, 1.009 billion yuan in 2025, and 1.232 billion yuan in 2026, with respective growth rates of 24.9%, 23.5%, and 22.1% [3][11]. - The company's earnings per share (EPS) for 2023 was 1.40 yuan, with projections of 1.75 yuan in 2024, 2.16 yuan in 2025, and 2.64 yuan in 2026 [3][11]. Dividend Policy - The company plans to distribute a cash dividend of 5 yuan for every 10 shares, totaling 233 million yuan, resulting in a dividend payout ratio of 35.68% [1][11].

中信建投证券股份有限公司（以下简称"保荐机构"）作为山东新华医疗器 械股份有限公司（简称"上市公司"、"公司"或"新华医疗"）非公开发行 A 股 股票项目的保荐机构，根据《证券发行上市保荐业务管理办法》（以下简称"《保 荐办法》"）以及《上海证券交易所上市公司自律监管指引第 11 号——持续督导》 （以下简称"《持续督导工作指引》"）等相关法规规定，担任本次非公开发行股 票项目持续督导的保荐机构，于 2024 年 3 月 26 日对公司进行了现场检查。现将 本次现场检查情况报告如下： 一、本次现场检查的基本情况 保荐机构于 2024 年 3 月 26 日对上市公司进行了现场检查。参加人员为保荐 代表人田斌。 在现场检查过程中，保荐机构结合上市公司的实际情况，查阅、收集了上市 公司有关文件、资料，与公司相关人员进行了访谈，实施了包括审核、查证、询 问等必要程序，检查了公司治理和内部控制，信息披露，公司的独立性以及与控 股股东及其他关联方资金往来，募集资金使用，关联交易、对外担保、重大对外 投资以及经营状况等情况，并在前述工作的基础上完成了本次现场检查报告。 中信建投证券股份有限公司关于山东新华医疗器械股份有 限 ...

Financial Performance - The company's operating revenue for 2023 reached RMB 10,011,868,423.40, an increase of 7.87% compared to RMB 9,281,768,657.18 in 2022[23] - The net profit attributable to shareholders of the listed company was RMB 653,997,275.95, reflecting a growth of 30.78% from RMB 500,072,195.90 in the previous year[23] - The net cash flow from operating activities significantly increased by 165.46% to RMB 1,030,114,479.17, compared to RMB 388,048,566.87 in 2022[23] - The total assets of the company at the end of 2023 amounted to RMB 15,590,329,775.23, a 20.29% increase from RMB 12,960,969,829.16 in 2022[23] - The net assets attributable to shareholders of the listed company increased by 35.76% to RMB 7,318,625,200.44, compared to RMB 5,390,937,164.40 at the end of 2022[23] - Basic earnings per share for 2023 were RMB 1.43, up 16.26% from RMB 1.23 in 2022[24] - The total net profit attributable to shareholders was CNY 653.99 million, representing a growth of 30.78% year-on-year[32] - In 2023, the net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 619.45 million, an increase of 23.20% compared to the previous year[32] Revenue Breakdown - Revenue from manufacturing products, including medical devices and pharmaceutical equipment, accounted for 61.49% of total operating income, up 16.84 percentage points from 44.65% in 2020[35] - International business revenue reached CNY 241.32 million, a year-on-year increase of 55.36%, with a gross margin of 50.94%[36] - Revenue from medical device manufacturing was CNY 4.17 billion, a 9.15% increase year-on-year[37] - Revenue from pharmaceutical equipment was CNY 1.92 billion, showing a growth of 26.73% compared to the previous year[37] - Revenue from medical services reached CNY 921.75 million, increasing by 9.42% year-on-year[37] - Revenue from medical trading products was CNY 2.89 billion, a slight decrease of 0.07% compared to the previous year[37] Research and Development - Research and development expenses amounted to CNY 443.37 million, reflecting a 10.49% increase from the previous year[36] - The company achieved a significant increase in R&D investment intensity, surpassing the industry average and narrowing the gap with leading medical device companies[38] - The company has established a three-tier product R&D system, focusing on market-oriented innovation and rapid product upgrades[57] - The company plans to continue increasing R&D investment and deepen structural reforms during the "14th Five-Year Plan" period[60] - Total R&D investment was 443.37 million yuan, representing 4.43% of operating revenue[79] Market Expansion and Strategy - The company is committed to ongoing research and development of new products and technologies to enhance market expansion and competitiveness[6] - The company has established four regional sales centers to enhance market penetration among high-end products and major hospitals[39] - Xinhua Medical's revenue from exports is rapidly growing, with successful projects in Pakistan and Indonesia approved during the Belt and Road Entrepreneurs Conference[39] - The company is actively pursuing talent acquisition, having successfully introduced national-level talents and established a postdoctoral research station[42] - The company is exploring market expansion opportunities, particularly in the medical device sterilization segment, to capture a larger market share[94] Corporate Governance and Compliance - The company has established a modern corporate governance structure in compliance with relevant laws and regulations, ensuring the protection of shareholders' rights[123] - The board of directors includes four independent directors, constituting one-third of the board, ensuring compliance and risk management[124] - The company emphasizes the importance of maintaining the rights of stakeholders, including creditors and employees, to promote healthy development[125] - The company has implemented internal control measures in line with the Basic Norms for Internal Control issued by five ministries[125] - The company has committed to not engaging in substantial competition with its own subsidiaries in the specialized medical services sector[127] Environmental Responsibility - The company invested 4.2527 million RMB in environmental protection during the reporting period[174] - Xinhua Medical was listed as a key pollutant discharge unit in Zibo City for 2023, with COD emissions of 6.166 tons and ammonia nitrogen emissions of 3.709 tons, both of which were within the standard limits[176] - The company has implemented a comprehensive environmental management system in accordance with GB/T24001-2016 standards to ensure compliance with environmental regulations[185] - The company has established an emergency response plan for environmental incidents, valid until June 6, 2025, and has conducted regular drills[179] - The company has conducted environmental monitoring, including quarterly checks of wastewater and air emissions, ensuring compliance with discharge permits[180] Future Outlook - The company has outlined a future outlook with a projected revenue growth of 10% for the next fiscal year[95] - The company aims to improve operational efficiency, targeting a 5% reduction in production costs by 2025[95] - The company plans to enhance its market presence through the introduction of innovative sterilization methods and packaging technologies, which are expected to improve product safety and shelf life[96] - The company is committed to advancing its technology in medical equipment, with several patents filed for new sterilization devices and automated production lines[96] - The company has set ambitious performance guidance for the upcoming fiscal year, projecting a revenue growth rate of approximately 15%[96] Legal and Regulatory Matters - The company is currently involved in a patent infringement lawsuit initiated by 3M, seeking a total compensation of RMB 80 million, which was later increased to RMB 60 million[200] - As of July 2023, the company has recognized a provision of RMB 19.85 million related to the lawsuit and included it in operating expenses[200] - The company has initiated a nullification procedure against the patent in question, with a court hearing scheduled for February 26, 2024[200] - The company has filed a request with the National Intellectual Property Administration for a declaration of invalidity concerning the patent involved in the lawsuit[200] - The company has not faced any delisting risk or bankruptcy reorganization issues during the reporting period[197]

山东新华医疗器械股份有限公司 第十一届监事会第十次会议决议 山东新华医疗器械股份有限公司（以下简称"公司"或"新华医疗"）第十 一届监事会第十次会议于 2024 年 3 月 15 日以通讯和书面方式发出通知，据此通 知，会议于 2024 年 3 月 27 日在公司三楼会议室召开，应到监事 3 名，实到 3 名。 会议由监事会主席牟乐海先生召集和主持，符合《公司法》和《公司章程》规定。 会议审议并通过以下议案： 一、审议通过《2023 年年度报告全文及摘要》，并对公司 2023 年年度报告 发表审核意见 公司监事会根据《证券法》、《公开发行证券的公司信息披露内容与格式准 则第 2 号——年度报告的内容与格式（2021 年修订）》、《公开发行证券的公司信 息披露编报规则第 15 号——财务报告的一般规定（2023 年修订）》、《上海证券 交易所股票上市规则（2023 年 8 月修订）》等有关规定的要求，对董事会编制的 2023 年年度报告进行了认真的审核，并提出了如下的书面审核意见，与会全体 监事一致认为： 1、2023 年年度报告的编制和审议程序符合法律、法规、《公司章程》和公 司内部管理制度的各项规定； 2、 ...

2023年度募集资金存放与实际使用情况的专项报告 证券代码：600587 证券简称：新华医疗 公告编号：临2024-011 山东新华医疗器械股份有限公司 （一）实际募集资金金额、资金到账时间 经中国证券监督管理委员会《关于核准山东新华医疗器械股份有限公司非公 开发行股票的批复》（证监许可[2022]1223 号）核准，新华医疗非公开发行人民 币普通股（A 股）54,900,098 股，募集资金总额为人民币 1,283,564,291.24 元， 扣除各项不含税发行费用人民币 7,325,377.45 元后，实际募集资金净额为人民 币 1,276,238,913.79 元，上述资金已于 2023 年 2 月 14 日全部到位。天健会计 师事务所（特殊普通合伙）对公司本次非公开发行新股的资金到位情况进行了审 验，并于 2023 年 2 月 14 日出具了《验资报告》（天健验【2023】60 号）。公 司对募集资金采取了专户存储管理。 （二）本年度使用金额及年末余额 截止 2023 年 12 月 31 日，公司累计使用募集资金人民币 843,308,715.17 元，其中：本年度使用 843,308,715.17 ...

山东新华医疗器械股份有限公司独立董事 关于第十一届董事会第十次会议相关议案的独立意见 根据《公司法》、《证券法》、《上市公司独立董事管理办法》、《上海证券交易所 股票上市规则》、《上海证券交易所上市公司自律监管指引第1号 -- 规范运作》等 有关规定,我们作为公司的独立董事,在认真审阅了有关资料和听取有关人员汇报 的基础上,对山东新华医疗器械股份有限公司(以下简称"新华医疗"或"公司") 关于第十一届董事会第十次会议相关议案发表如下独立意见: 一、关联交易独立意见 公司 2023 年度执行的日常关联交易和预计的 2024 年日常关联交易符合公司正 常生产经营需要,关联交易定价合理、公平,没有损害公司利益以及中小股东的利 益,不会对公司本期以及未来财务状况、经营成果产生不良影响;关联交易决策和 表决程序符合《上海证券交易所股票上市规则》《上海证券交易所上市公司关联交 易实施指引》及《公司章程》、《公司关联交易管理制度》等有关法律法规的规定。 二、关于续聘会计师事务所的独立意见 我们认为公司聘任会计师事务所的审议程序符合有关法律、法规和《公司章程》 的规定,天职国际会计师事务所(特殊普通合伙)具备会计师事务所执业 ...

山东新华医疗器械股份有限公司 2023 年度商誉减值测试报告 请年审会计师对该报告中公司填报的内容核实并确认。 年审会计师是否已核实确认：√是 □否 年审会计师姓名：张居忠、张辰 公司代码：600587 公司简称：新华医疗 会计师事务所名称：天职国际会计师事务所（特殊普通合伙） 一、 是否进行减值测试 √是 □否 二、 是否在减值测试中取得以财务报告为目的的评估报告 √是 □否 | 资产组名称 | 评估机构 | 评估师 | 评估报告编号 | 评估价值类型 | 评估结果 | | --- | --- | --- | --- | --- | --- | | 长春博迅生物技术有限责 | 沃克森（北京）国际资产 | 杨冬梅、娄旭、柴伟 | 沃克森评报字(2024)第 0314 | 号 可收回金额 | 包含商誉资产组可收回金额 | | 任公司包含商誉资产组 | 评估有限公司 | | | | 不低于 129,594.91 万元。 | | 淄博医保药品零售超市有 | 沃克森（北京）国际资产 | 杨冬梅、娄旭、柴伟 | 沃克森评报字(2024)第 0307 | 号 可收回金额 | 包含商誉资产组可收回金额 | | 限公司包含商 ...

山东新华医疗器械股份有限公司 审计委员会 2023年度履职情况报告 根据《上海证券交易所股票上市规则》、《上海证券交易所上市公司自律监管 指引第 1 号 -- 规范运作》和《公司章程》等规定,山东新华医疗器械股份有限 公司(以下简称"公司")董事会审计委员会在加强财务报告审计监督、促进内部 控制制度建立健全、提高会计信息质量等方面认真履行了职责,作为山东新华医 疗器械股份有限公司现任审计委员会成员,现就 2023 年度工作情况汇报如下: (一) 2023年2月9日召开了审计委员会第一次会议,会议主要内容为: 2022 年度年审会计师与审计委员会、独立董事就 2022年度财务报表审计计 划进行沟通,确定审计工作时间安排。 (二) 2023年 2 月 28 日召开了审计委员会第二次会议,会议主要内容为: 公司管理层与审计委员会、独立董事就公司 2022 年度经营情况进行沟通, 会议审议并通过了 2022年度公司财务未审报表,要求会计师事务所严格按照审 计工作时间安排进行审计。 (三) 2023年3月6日召开了审计委员会第三次会议,会议主要内容为: 公司管理层、年审会计师与审计委员会、独立董事就 2022年度财务报 ...

山 东 新 华 医 疗 器 械 股 份 有 限 公 司 审计报告 天 职 业 字 [2024]19427 号 目 录 审计报告 -- -1 2023 年度财务报表— -7 2023 年度财务报表附注 -- -19 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://arc.mof 审计报告 天职业字[2024]19427 号 山东新华医疗器械股份有限公司全体股东: 一、审计意见 我们审计了山东新华医疗器械股份有限公司(以下简称"新华医疗")财务报表,包括 2023 年 12 月 31 日的合并及母公司资产负债表、2023年度的合并及母公司利润表、合并及母公司现 金流量表、合并及母公司股东权益变动表，以及财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了新 华医疗 2023 年 12 月 31 日的合并及母公司财务状况以及 2023 年度的合并及母公司经营成果和 现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师对财 务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国注册会计 ...