Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the CSI 300 index in the next six months [8]. Core Insights - The company reported a rapid growth in performance, with a revenue of 10.434 billion and a year-on-year increase of 25.14% for the first three quarters of 2024. The net profit attributable to shareholders reached 1.816 billion, up 21.91% year-on-year [2]. - The gross margin reached a recent high of 36.21% for the first three quarters of 2024, reflecting a year-on-year increase of 2.59 percentage points, while the net margin was 17.47%, down 0.51 percentage points year-on-year [2]. - The company has a strong order backlog of 15.620 billion, with a year-on-year increase of 35.18%, indicating robust demand and growth potential [2]. Financial Performance Summary - For Q3 2024, the company reported a revenue of 3.436 billion, a year-on-year increase of 23.21%, but a quarter-on-quarter decrease of 13.50%. The net profit attributable to shareholders was 666 million, up 7.43% year-on-year, but down 15.28% quarter-on-quarter [2]. - The company’s gross margin for Q3 2024 was 39.48%, a year-on-year increase of 0.89 percentage points and a quarter-on-quarter increase of 2.27 percentage points [2]. - The net profit margin for Q3 2024 was 22.34%, down 2.98 percentage points year-on-year and down 0.42 percentage points quarter-on-quarter [2]. Future Projections - The company is expected to achieve revenues of 14.567 billion, 17.796 billion, and 20.933 billion for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 27.09%, 22.16%, and 17.63% [3]. - The net profit attributable to shareholders is projected to be 2.306 billion, 2.806 billion, and 3.334 billion for the same years, with growth rates of 21.13%, 21.68%, and 18.83% [3]. - The earnings per share (EPS) are expected to be 1.63, 1.99, and 2.36 for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 20, 16, and 14 [3].

我们也是披露了2024年的三季度报告应该说在整个前三季度经营业绩方面公司也是实现了较快的一个增长那么前三季度的公司营业收入经理论和在手订单也都再创了同期的新高 那么具体来看呢我们在前三季度的营收方面是实现了104.34亿元同比增长了25.14%那么在扣费金利润方面呢是实现了31.32 实现了17.48亿元同比增长31.32%那么在规模进利润方面由于受到非经常性损益的一些影响那么我们是实现了18.16亿元同比增长了21.91%略低于COVID的一个增速那么在毛利率方面整体前三季度是毛利率为36.12同比增加了2.59个百分点 同时公司在这个季度末的这个累计在手订单也是达到了历史新高总计有156.2亿元同比增长了35.18%那么分国内国外来看国内我们是累计在手订单93.74亿元同比增长35.1%那么海外的累计订单是达到62.46亿元同比增长35.3% 那么其中我们也给大家聚焦了一下公司海外配电业务增速也是比较快那么截止到三季末我们海外配电的累计在手订单是达到了9.62亿元同比增长了272.51%同时在股东回报方面我们也是持续的关注股东利益和增强投资信心 那么在去年底公司发布了回购计划之后在今年的报告期内公司已经实 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company has achieved rapid growth driven by its medical services and intelligent power distribution business, with a year-on-year revenue increase of 25.14% to reach 10.434 billion yuan and a net profit of 1.809 billion yuan, reflecting a year-on-year growth of 21.25% [1]. - The intelligent power distribution segment has shown significant growth, with a 26.54% increase in revenue and a robust order backlog of 15.620 billion yuan, up 35.18% year-on-year [1]. - The comprehensive hospital business has also seen steady growth, with medical service revenue increasing by 21.73% due to improved management and expansion of rehabilitation facilities [1]. - Future revenue projections for 2024-2026 are 14.482 billion yuan, 18.522 billion yuan, and 22.676 billion yuan, with corresponding net profits of 2.301 billion yuan, 2.969 billion yuan, and 3.678 billion yuan, indicating strong growth potential [2][4]. Financial Summary - For 2024, the company is expected to achieve a revenue of 14.482 billion yuan, a 26.3% increase from the previous year, and a net profit of 2.301 billion yuan, reflecting a 20.9% growth [2][4]. - The projected earnings per share for 2024 is 1.63 yuan, with a price-to-earnings ratio (PE) of 20 [2][5]. - The company's gross margin is expected to improve slightly to 35.26% in 2024, while the net profit margin is projected to be 15.89% [4][5].

证券研究报告·公司点评报告·电网设备 三星医疗（601567） 2024 年三季报点评：海外&国内双轮驱动， 扣非略超市场预期 2024 年 10 月 25 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|----------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 9098 | 11463 | 14738 | 18315 | 22407 | | 同比（ % ） | 29.55 | 25.99 | 28.57 | 24.28 | 22.34 | | 归母净利润（百万元） | 948.12 | 1,903.70 | 2,404.08 | 3,022.79 | 3,771.04 | | 同比（ % ） | 37.40 | 100.79 | 26.28 | 25.74 | 24.75 | | EPS- 最新 ...

来源：公司年报、国金证券研究所 业绩简评 2024 年 10 月 24 日公司披露三季报，前三季度实现营收 104.3 亿 元，同比+25.1%；归母净利润 18.2 亿元，同比+21.9%；扣非归母 净利润 17.5 亿元，同比+31.3%；毛利率 36.2%，同比+2.6pct。Q3 公司实现营收 34.4 亿元，同比增长 23.2%；归母净利润 6.7 亿元， 同比+7.4%，其中其他非流动金融资产确认公允价值变动收益及投 资收益-0.25 亿元，去年同期 0.99 亿元，同比转负；扣非归母净 利润 6.7 亿元，同比+30.0%，收入和扣非归母净利润增长符合预 期。 经营分析 配用电和医疗双主业齐发力，各板块营收均保持高速增长。1）配 用电板块：公司国内电网中标持续领先，网外行业平台客户持续 开拓；海外用电业务加大对系统解决方案项目的推动力度，海外 配电业务继 2023 年首次突破中东市场后，今年又在欧洲、美洲取 得首单，前三季度智能配用电营业收入同比增长 26.5%。2）医疗 服务板块：公司夯实康复领域先发优势，完善连锁医疗体系。受 益于医院整体经营管理持续增强，康复医院家数及单店经营同步 提升，前 ...

Financial Performance - The company's operating revenue for Q3 2024 reached CNY 3,436,248,747.55, representing a year-on-year increase of 23.21%[2] - The net profit attributable to shareholders for Q3 2024 was CNY 665,687,340.41, reflecting a growth of 7.43% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 670,134,894.17, up 30.03% year-on-year[2] - The basic earnings per share for Q3 2024 was CNY 0.47, an increase of 7.22% compared to the previous year[4] - Total operating revenue for the first three quarters of 2024 reached ¥10,433,714,281.29, a 25.2% increase from ¥8,337,759,691.76 in the same period of 2023[18] - Net profit for the first three quarters of 2024 was ¥1,822,779,409.65, representing a 21.6% increase compared to ¥1,498,941,843.85 in the previous year[19] - The net profit for the first three quarters of 2024 was CNY 547,352,517.89, down from CNY 1,927,763,538.12 in the previous year, representing a decline of 71.6%[27] Cash Flow and Liquidity - The net cash flow from operating activities for Q3 2024 was CNY 768,968,478.14, with a significant increase of 250.48% year-to-date[2] - The net cash flow from operating activities was CNY 1,029,211,957.25, significantly up from CNY 293,656,895.75 in the previous year, indicating a strong operational performance[21] - Cash and cash equivalents at the end of the period stood at CNY 2,187,484,508.27, up from CNY 1,465,879,580.62 at the end of 2023, showing a substantial increase in liquidity[22] - The company reported a net cash outflow from investing activities of CNY -640,932,385.96, compared to CNY -402,676,809.04 in the previous year, indicating increased investment efforts[22] - Total cash inflow from financing activities was CNY 991,114,278.70, down from CNY 1,804,400,689.20 in the same period last year, reflecting a decrease in financing activities[22] - The company’s cash flow from operating activities showed a significant change, reflecting the impact of reduced revenue and increased costs[27] Assets and Liabilities - The total assets at the end of the reporting period were CNY 21,308,685,788.88, showing a decrease of 0.95% from the end of the previous year[4] - The total liabilities decreased to ¥9,431,166,282.04 from ¥10,359,714,479.63, indicating a reduction of approximately 8.9%[17] - The total equity attributable to shareholders rose to ¥11,700,018,960.94, up from ¥11,005,533,096.56, reflecting a growth of 6.3%[17] - The company’s total assets as of September 30, 2024, included CNY 2,630,083,305.06 in other receivables, a significant increase from CNY 1,908,042,131.16 at the end of 2023[23] - The total liabilities rose to CNY 4,913,103,512.82, compared to CNY 3,581,006,272.71, marking an increase of 37.1%[26] Operational Highlights - The gross profit margin for the first three quarters of 2024 was 36.21%, an increase of 2.59 percentage points year-on-year[10] - The company reported a 26.54% year-on-year increase in revenue from the smart power distribution segment for the first three quarters of 2024[9] - The overseas capacity ratio increased to approximately 50%, with significant growth in overseas power distribution business following successful market entries in the Middle East, Europe, and America[9] - The company has a total of 15.62 billion RMB in hand orders, representing a year-on-year growth of 35.18%[13] - The company has a significant increase in overseas orders, with a year-on-year growth of 272.51% in overseas distribution orders[13] Research and Development - Research and development expenses increased to ¥413,019,007.29, a rise of 29.3% from ¥319,474,410.37 in the same period last year[18] - Research and development expenses for the first three quarters were CNY 101,240,517.46, an increase of 12.7% from CNY 90,325,485.92 in the same period last year[27] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 17,664[11] - The company has no pledged, marked, or frozen shares among its top shareholders[11]

证券代码：601567 证券简称：三星医疗 公告编号：临 2024-109 宁波三星医疗电气股份有限公司 （三）会议召开方式：上证路演中心视频直播和网络互动 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 宁波三星医疗电气股份有限公司（以下简称"公司"）已于 2024 年 10 月 25 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划于 2024 年 11 月 6 日下午 15:00-16:30 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以视频结合网络互动召开，公司将针对 2024 年第三季度 经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许 的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 11 月 6 日下午 15:00-16:30 （ 二 ） 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 ...

第六届监事会第十四次会议决议公告 证券代码：601567 证券简称：三星医疗 公告编号：临2024-108 宁波三星医疗电气股份有限公司 根据相关法律法规及规范性文件的规定，公司编制了2024年第三季度报告。 详见公司披露于上海证券交易所网站（www.sse.com.cn）的《三星医疗2024年第 三季度报告》。 表决结果：3票赞成、0票反对、0票弃权。 特此公告。 宁波三星医疗电气股份有限公司 监事会 二〇二四年十月二十五日 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 宁波三星医疗电气股份有限公司（以下简称"公司"）于 2024 年 10 月 14 日以电话、传真、邮件等方式发出召开第六届监事会第十四次会议的通知，会议 于 2024 年 10 月 24 日在公司会议室以现场及通讯方式召开。会议应到监事 3 人， 实到监事 3 人，会议由监事会主席郑伟科先生主持，会议的召集和召开符合《公 司法》和《公司章程》的有关规定。经与会监事认真审议并表决，通过了以下议 案，形成决议如下： 一、审议通过了关于2024年第三季度报告的议 ...

证券代码：601567 证券简称：三星医疗 公告编号：临 2024-107 一、审议通过了关于 2024 年第三季度报告的议案 根据相关法律法规及规范性文件的规定，公司编制了 2024 年第三季度报告。详见 公司披露于上海证券交易所网站（www.sse.com.cn）的《三星医疗 2024 年第三季度报告》。 表决结果：9 票赞成、0 票反对、0 票弃权。 特此公告。 宁波三星医疗电气股份有限公司 董事会 二〇二四年十月二十五日 宁波三星医疗电气股份有限公司 第六届董事会第十八次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 宁波三星医疗电气股份有限公司（以下简称"公司"）于2024年10月14日以电话、 传真、邮件等方式发出召开第六届董事会第十八次会议的通知，会议于2024年10月24日 在公司会议室以现场及通讯方式召开。会议应到董事9人，实到董事9人，会议由董事长 沈国英女士主持，公司监事和其他高级管理人员列席了会议，会议的召集和召开符合《公 司法》和《公司章程》的有关规定。经与会董事认真审议并表决，通过了以 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 43.90 [1]. Core Views - The company is a dual leader in the smart power distribution and medical services sectors, with significant growth potential in both areas. The overseas market for electric meters presents vast opportunities, while the medical segment is expected to achieve steady expansion [2][15]. - The forecasted net profits for the company from 2024 to 2026 are RMB 23.37 billion, RMB 29.21 billion, and RMB 36.38 billion respectively, with a projected CAGR of over 25% for the medical services segment [2][5]. Summary by Sections Smart Power Distribution - The domestic power grid investment is expected to enter a new upward cycle, with a focus on distribution networks. The company has maintained a leading market share in distribution transformers and is actively expanding its customer base beyond the grid sector [3][15]. - The overseas electric meter business is anticipated to grow significantly, with a projected CAGR of over 20% from 2024 to 2026, driven by new market expansions in regions such as Mexico, Western Europe, and Africa [4][15]. Medical Services - The demand for rehabilitation medical services is driven by an aging population and increasing healthcare spending. The company has accelerated its expansion in the medical sector since 2021, with a focus on establishing a chain of rehabilitation hospitals [5][15]. - As of the first half of 2024, the company operates 34 hospitals, including 28 rehabilitation hospitals, and expects the medical segment to achieve a CAGR of over 25% from 2024 to 2026 [5][15]. Financial Performance - The company reported a revenue of RMB 11.46 billion in 2023, a year-on-year increase of 25.99%, and a net profit of RMB 1.90 billion, reflecting a 100.79% increase. The first half of 2024 showed continued growth with revenues of RMB 6.99 billion, up 26.11% year-on-year [6][34]. - The operating cash flow aligns closely with net profits, and the company maintains a high dividend payout ratio, averaging over 47% from 2020 to 2023 [34].