证券研究报告 电力设备 报告日期：2024年 04月 26日 业绩快速增长，海外渠道建设持续推进 ——三星医疗（601567.SH）点评报告 华龙证券研究所 事件： 2024 年 4 月 25日，公司发布 2023 年年报及 2024 年一季报， 投资评级：买入（首次覆盖） 2023年实现营收 114.63 亿元，同比+25.99%；归母净利润 19.04亿 元，同比+100.79%， 最近一年走势 2024Q1 实现营收 30.25 亿元，同比+34.53%；归母净利润 3.64 亿元，同比+35.15%。 观点：  智能配用电：2023年在手订单同比+22.09%。2023年公司智能 配用电业务实现营业收入 86.12亿元，同比+23.99%。截至 2023 年底，公司累计在手订单 104.94亿元，同比+22.09%。其中，国 内累计在手订单 59.69亿元，同比+9.94%，主要系电网招标持续 领先，同时非电网及行业大客户业务持续提升；海外累计在手订 单 45.25亿元，同比+42.93%，主要系欧洲、中东、美洲等重点 市场数据 市场业务快速增长。 2024年4月26日 当前价格（元） 33.86 ...

证券研究报告 | 年报点评报告 2024年05月05日 三星医疗（601567.SH） 24Q1 海外订单持续高增，海外配用电有望持续突破 事件：公司发布2023年报及2024年一季报。2023年公司营收114.63亿 买入（维持） 元，同增 25.99%；归母净利 19.04 亿元，同增 100.79%。全年投资收益 股票信息 2.96亿元，其中长期股权投资2.3亿元。全年汇兑收益4000万以上。23Q4 行业 电网设备 单季营收 31.25亿元，同增 42.24%；归母净利 4.14亿元，同增 68.09%。 24Q1营收30.25亿元，同增34.53%；归母净利3.64亿元，同增35.15%。 前次评级 买入 4月30日收盘价(元) 33.70 配用电业务公司主要营收，24Q1海外在手订单维持高景气。 总市值(百万元) 47,557.34 总股本(百万股) 1,411.20 1）分业务看：2023 年公司配用电业务收入 84.36 亿元，同增 23.90%，毛 其中自由流通股(%) 98.85 利率34.12%（+5.49pct）；医疗服务业务收入27.83亿元，同增34.73%， 毛利率31.73%（ ...

证券研究报告 | 2024年04月30日 三星医疗（601567.SH） 买入 海外在手订单再创新高，欧洲市场优势进一步夯实 核心观点 公司研究·财报点评 业绩大幅增长，现金分红9.6亿元。23年公司实现营收114.63亿元，同比 电力设备·电网设备 +25.99%，实现归母净利润19.04亿元，同比+100.79%。全年销售毛利率 证券分析师：王蔚祺 证券分析师：王晓声 33.99%（同比+5.11pct.），扣非销售净利率14.56%（同比+2.92pct.）。23 010-88005313 010-88005231 wangweiqi2@guosen.com.cnwangxiaosheng@guosen.com.cn 年公司拟派发现金红利9.61亿元，占当期归母净利润50.47%。 S0980520080003 S0980523050002 基础数据 四季度保持业绩高增态势，毛利率同比提升。23年第四季度公司实现营收 31.25亿元（同比+42.24%，环比+12.04%），归母净利润4.14亿元（同比 投资评级 买入(维持) 合理估值 +68.09%，环比-33.12%），销售毛利率 34.98%（同 ...

证券研究报告·公司点评报告·电网设备 三星医疗（601567） 2023年报&2024 年一季报点评：业绩超预期， 2024年 04月 28日 配用电整体出海在加速 证券分析师 曾朵红 买入（维持） 执业证书：S0600516080001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E zengdh@dwzq.com.cn 证券分析师 朱国广 营业总收入（百万元） 9,098 11,463 14,498 18,046 21,944 执业证书：S0600520070004 同比（%） 29.55 25.99 26.48 24.48 21.60 zhugg@dwzq.com.cn 归母净利润（百万元） 948.12 1,903.70 2,347.71 2,841.97 3,543.52 证券分析师 冉胜男 同比（%） 37.40 100.79 23.32 21.05 24.69 执业证书：S0600522090008 EPS-最新摊薄（元/股） 0.67 1.35 1.66 2.01 2.51 ranshn@dwzq.com. ...

证券研究报告：电力设备 | 公司点评报告 2024年4月27日 股票投资评级 三星医疗(601567) 增持|维持 海外在手订单高增，欧洲配电订单落地 个股表现 ⚫ 投资要点 事件：三星医疗发布2023年年报及2024年一季报，2023年实现 三星医疗 电力设备 170% 营收114.63亿元（+26%）、归母净利19.04亿元（+101%），毛利率、 149% 净利率分别为33.99%、16.76%，同比提升5.11、6.15pcts，其中毛利 128% 107% 率的提升贡献盈利能力的主要增长。单季度来看，24Q1实现营收30.25 86% 65% 亿（+35%），实现归母净利 3.64 亿元（+35%），营收业绩增长符合预 44% 23% 期。 2% 智能配用电板块：2023年实现营收84.36亿元（+24%），毛利率 -19% -40% 同比提升5.5pcts至34.12%。分区域来看，海外业务收入19.61亿元 2023-04 2023-07 2023-09 2023-12 2024-02 2024-04 （+20%），毛利率同比提升2.97pcts至32.85%，国内业务收入64.75 资料来源： ...

业绩简评 2024年 4月 25 日晚公司披露年报及一季报，23年全年实现营收 114.6 亿元，同比+26%；归母净利润19.0 亿元，同比+100%，毛利 率达 33.99%，同比+5.11pct。24 年Q1 实现营收30.3 亿元，同比 增长 35%；归母净利润3.6 亿元，同比+35%。业绩符合市场预期。 经营分析 海外配用电：深耕用电及系统集成项目，积极布局配电出海业务。 目前公司海外销售网络已覆盖 70 多个国家，现拥有巴西、印尼、 波兰、墨西哥、德国 5大工厂。1）用电：已覆盖欧洲15个国家， 成为在欧洲市场覆盖国家数量最多的中国厂家，在欧洲、拉美交付 了多个智慧能源集成项目；2）配电：依托 20余年国内经验与海外 复用渠道，在中东、亚太持续突破。23 年公司海外实现营收19.6 亿元，同比+20%，24Q1 海外累计在手订单55.0 亿元，同比+58%。 国内配用电：持续夯实电网渠道优势，非电网业务快速增长。 人民币(元) 成交金额(百万元) 1）网内：持续巩固电网渠道优势，配用电产品中标金额持续行业 39.00 1,200 领先，公司在国内拥有31 个办事处，实现电网及用户市场全面覆 34 ...

Dividends and Share Repurchases - The company plans to distribute a cash dividend of RMB 6.50 per 10 shares, totaling approximately RMB 908,464,595.35[2] - The total cash dividend, including share repurchases, amounts to RMB 960,832,171.85, representing 50.47% of the net profit attributable to shareholders[2] - The company's total share capital is 1,411,197,171 shares, with 13,559,332 shares repurchased[2] - The company's 2023 dividend plan is to distribute a cash dividend of 6.50 yuan per 10 shares, with an estimated total cash dividend of approximately 908,464,595.35 yuan[151] - Including the 52,367,576.50 yuan spent on share repurchases, the total cash dividend for 2023 is 960,832,171.85 yuan, accounting for 50.47% of the net profit attributable to shareholders[152] - Cash dividend amount (including tax) is RMB 908,464,595.35, accounting for 47.72% of the net profit attributable to ordinary shareholders of the company[154] - Total dividend amount (including tax) is RMB 960,832,171.85, accounting for 50.47% of the net profit attributable to ordinary shareholders of the company[155] - The company completed the registration of 4.675018 million restricted shares for the fourth and fifth phases of the restricted stock incentive plan[156] - 581,500 restricted shares were repurchased and canceled due to 24 incentive objects leaving the company[156] - 8,344,200 restricted shares were released for the first time, with a release ratio of 40%[156] - 872,900 restricted shares were repurchased and canceled due to 18 incentive objects leaving the company[157] Subsidiaries and Investments - The company's subsidiaries include Samsung Smart, Ningbo Lianneng, and Samsung Hong Kong, among others[6] - The company has a significant presence in the medical and rehabilitation sectors with subsidiaries like Ningbo Mingzhou Hospital and Wenzhou Shenlan Hospital[6] - The company has multiple wholly-owned subsidiaries including Ningbo Sanxing Medical Research Institute, Nansen Instrumentos De Precisao Ltda in Brazil, and Sanxing Smart Electric Bangladesh Co. Ltd[8] - Key subsidiaries also include Ningbo Sanxing Electric (Sweden) AB, Foxytech Sp. z o.o., and NANSEN PERU S.A.C[8] - The company holds equity stakes in various partnerships such as Ningbo Sanxing Kaiyun Medical Investment Partnership and Beijing Chunfeng Bairun Equity Investment Partnership[8] - Major subsidiaries in the energy sector include Ningbo Aogao Supply Chain Co., Ltd., Ningbo Aogao Power Development Co., Ltd., and Ningbo Aogao Power Consulting Co., Ltd[8] - The company has significant investments in technology and IoT through subsidiaries like Ningbo Sanxing Power IoT Technology Co., Ltd. and Ningbo Sanxing IoT Co., Ltd[8] - Key subsidiaries in the medical field include Ningbo Mingzhou Puhua Pharmaceutical Co., Ltd. and Ningbo Sanxing Medical Research Institute[8] - The company has a presence in the renewable energy sector with subsidiaries like Ningbo Aogao Photovoltaic Power Generation Co., Ltd. and Nansen Solar Energy Co., Ltd. in Brazil[8] - The company acquired 18 new subsidiaries during the reporting period, expanding its consolidated financial statements[68] - The company acquired 100% equity in multiple hospitals, including Huzhou Zhebei Mingzhou Hospital and Quzhou Mingzhou Hospital[121] - The company acquired 100% equity of Huzhou Zhebei Mingzhou Hospital Co., Ltd., Yuyao Mingzhou Rehabilitation Hospital Co., Ltd., Jiaxing Mingzhou Nursing Home Co., Ltd., Quzhou Mingzhou Hospital Co., Ltd., and Quanzhou Mingzhou Rehabilitation Hospital Co., Ltd.[133] - The company acquired 100% equity of multiple hospitals, including Huzhou Zhebei Mingzhou Hospital, Yuyao Mingzhou Rehabilitation Hospital, Jiaxing Mingzhou Nursing Home, Quzhou Mingzhou Hospital, and Quanzhou Mingzhou Rehabilitation Hospital[144] - The company's subsidiary plans to acquire 100% equity of multiple hospitals for RMB 224 million[198] - The company acquired 100% equity of Huzhou Zhebei Mingzhou Hospital Co., Ltd. for a total of RMB 11,200 million[199] - The company acquired 100% equity of Yuyao Mingzhou Rehabilitation Hospital Co., Ltd. for a total of RMB 3,700 million[199] - The company acquired 100% equity of Jiaxing Mingzhou Nursing Home Co., Ltd. for a total of RMB 8,400 million[199] - The company acquired 100% equity of Quzhou Mingzhou Hospital Co., Ltd. for a total of RMB 12,900 million[199] - The company acquired 100% equity of Quanzhou Mingzhou Rehabilitation Hospital Co., Ltd. for a total of RMB 3,759.628 million[199] - The company completed the industrial and commercial registration changes for the five target hospitals in May 2023[199] - The company acquired 2.54% equity of Aokesi Intelligent Technology for RMB 3,759.628 million[199] Financial Performance - Revenue for 2023 reached RMB 11,462,508,357.39, a 25.99% increase compared to 2022[17] - Net profit attributable to shareholders in 2023 was RMB 1,903,702,022.52, up 100.79% year-over-year[17] - Operating cash flow for 2023 was RMB 1,901,306,987.04, a 55.52% increase from 2022[17] - Total assets at the end of 2023 were RMB 21,513,022,906.38, a 32.57% increase compared to 2022[17] - Basic earnings per share for 2023 was RMB 1.35, a 101.49% increase from 2022[18] - Weighted average return on equity (ROE) for 2023 was 18.51%, an increase of 8.19 percentage points from 2022[18] - Q4 2023 revenue was RMB 3,124,748,665.63, the highest among all quarters[20] - Non-operating income in 2023 included RMB 118,212,431.28 from government subsidies[21] - The company recognized RMB 64,406,482.16 in VAT refunds as recurring income due to its sustainability[24] - The company achieved operating revenue of 11.463 billion yuan, a year-on-year increase of 25.99%, and net profit attributable to shareholders of 1.904 billion yuan, a year-on-year increase of 100.79%[27] - The company's gross margin increased to 33.99%, up 5.11 percentage points year-on-year[27] - Company achieved revenue of 11.463 billion yuan, a year-on-year increase of 25.99%[61] - Net profit attributable to shareholders reached 1.904 billion yuan, a year-on-year increase of 100.79%[61] - Operating income from the manufacturing sector was 8.436 billion yuan, with a gross margin of 34.12%, an increase of 5.49 percentage points year-on-year[64] - Operating income from the medical services sector was 2.783 billion yuan, with a gross margin of 31.73%, an increase of 5.01 percentage points year-on-year[64] - Domestic operating income was 9.300 billion yuan, with a gross margin of 33.97%, an increase of 5.53 percentage points year-on-year[64] - International operating income was 1.961 billion yuan, with a gross margin of 32.85%, an increase of 2.98 percentage points year-on-year[64] - Direct sales revenue was 10.258 billion yuan, with a gross margin of 33.20%, an increase of 4.80 percentage points year-on-year[65] - Distribution sales revenue was 1.003 billion yuan, with a gross margin of 39.61%, an increase of 6.95 percentage points year-on-year[65] - Production volume of smart electricity products increased by 12% year-on-year to 25.750 million units/sets[66] - Sales volume of smart electricity products increased by 21% year-on-year to 25.444 million units/sets[66] - Manufacturing sector's main business cost increased by 14.36% year-on-year to 5,558,123,490.30 yuan[67] - Medical services sector's main business cost increased by 25.52% year-on-year to 1,899,717,301.57 yuan[67] - Operating cash flow increased by 55.52% year-on-year to 1,901,306,987.04 yuan[77] - Investment cash flow decreased significantly due to reduced receivables and increased construction investments[77] - Financing cash flow increased to 1,174,529,477.93 yuan due to increased long-term borrowing[77] - Fair value changes in non-current financial assets generated a profit of 100,688,795.43 yuan[79] - Disposal of subsidiaries and other non-current financial assets generated profits of 50,979,269.60 yuan and 27,942,470.54 yuan respectively[79] - Monetary funds increased by 85.93% to 5,452,937,584.98 yuan, mainly due to increased operating cash inflow and long-term loans[80] - Trading financial assets increased by 98.34% to 53,723,860.13 yuan, primarily due to changes in the fair value of Samsung Hong Kong stocks[80] - Inventory increased by 80.70% to 3,256,637,523.09 yuan, driven by scale growth and product/material stockpiling to meet order delivery[80] - Long-term loans surged by 1,544.00% to 2,466,000,000.00 yuan, as the company increased liquidity through additional long-term borrowing[81] - Overseas assets amounted to 1,575,977,257.21 yuan, accounting for 7.33% of total assets[83] - Total restricted assets were 749,963,385.33 yuan, including 410,251,706.66 yuan in monetary funds used as guarantees for bank transactions[85] - Total external investment reached 1,298,996,400 yuan, with 977,626,300 yuan allocated to equity investments through acquisitions and new establishments[87] - The acquisition of Zhebei Mingzhou for 224,000,000 yuan resulted in a profit impact of 5,856,200 yuan[88] - The acquisition of Yuyao Mingzhou Rehabilitation for 112,000,000 yuan resulted in a profit impact of 6,019,900 yuan[88] - The establishment of Quanzhou Mingzhou Rehabilitation for 129,000,000 yuan resulted in a profit impact of 8,639,000 yuan[88] - The company established new rehabilitation medical centers in Suzhou, Jinhua, Wuhu, Hefei, and Foshan with investments of 5,070, 3,900, 3,900, 5,200, and 4,550 thousand RMB respectively, all funded with 65% equity[89] - The company acquired Aokes Intelligent Technology for 3,759.63 thousand RMB, achieving a 100% ownership and generating a profit of 41,042.42 thousand RMB[89] - The company invested 10,000 thousand RMB in establishing Aokes Energy Storage, focusing on new energy technology R&D and equipment manufacturing[90] - The company's total investment in non-equity projects reached 97,762.63 thousand RMB, with a cumulative profit of 40,805.30 thousand RMB[90] - The company invested 32,137.01 thousand RMB in the Power Internet of Things Industrial Park project, with a cumulative investment of 107,975.40 thousand RMB[92] - The company's financial assets, including stocks, private equity funds, and derivatives, had a total fair value of 982,221.47 thousand RMB at the end of the period[93] - The company's stock investment in Modern Dental (HK3600) had an initial cost of 8,585.56 thousand RMB and a year-end fair value of 28,357.71 thousand RMB[94] - The company's commodity futures investments had a year-end fair value of 27,584.46 thousand RMB, accounting for 2.47% of the company's net assets[96] - The company's forward exchange contracts had a total investment of 21,321.15 thousand RMB, with all positions closed by the end of the period[96] - The fair value change of commodity futures contracts in the reporting period was RMB 2.2621 million, calculated based on the settlement prices of corresponding contracts on the Nanhua Futures Exchange[97] - The fair value of forward foreign exchange contracts was determined based on the difference between the contract price and the forward exchange rate at the end of the period[97] - Samsung Intelligent's total assets in 2023 were RMB 2.36837 billion, with a net profit of RMB 236.9189 million[100] - Aux Intelligent Technology's total assets in 2023 were RMB 5.0325527 billion, with a net profit of RMB 410.4242 million[100] - Ningbo Mingzhou Hospital's total assets in 2023 were RMB 1.8831204 billion, with a net profit of RMB 125.4596 million[100] - Mingzhou Medical Group's total assets in 2023 were RMB 2.355199 billion, with a net loss of RMB 28.295 million[100] - Aux Investment's total assets in 2023 were RMB 1.2562357 billion, with a net profit of RMB 142.538 million[100] Business Segments and Market Presence - The smart power distribution and utilization business generated revenue of 8.612 billion yuan, a year-on-year increase of 23.99%, with cumulative orders of 10.494 billion yuan, up 22.09% year-on-year[28] - Overseas orders for the smart power distribution and utilization business reached 4.525 billion yuan, a year-on-year increase of 42.93%, driven by rapid growth in key markets such as Europe, the Middle East, and the Americas[28] - The medical services business achieved revenue of 2.809 billion yuan, a year-on-year increase of 34.57%, with rehabilitation medical services revenue reaching 1.311 billion yuan, up 64.80% year-on-year[32] - The company expanded its hospital network to 28 hospitals, with a total of 8,868 beds, adding 10 new hospitals during the reporting period[33] - The company's overseas sales network now covers over 70 countries and regions, with new factories established in Germany and Mexico[28] - The company successfully delivered multiple smart energy integration projects in Europe and Latin America, achieving a data collection rate of over 99.9% in the Swedish PUMA smart meter project[29] - The company's overseas power distribution business made breakthroughs in the Middle East and Asia-Pacific markets, securing a project with Saudi Arabia's national power company[29] - The company launched new products in the new energy sector, including charging piles and energy storage systems, and developed an integrated "source-grid-storage-charging" business model[30] - The company's DC charging stations cover 60-480kW, with leading performance in recent years[47] - The company launched new products including residential inverters, small commercial string inverters, and residential energy storage inverters in 2023[47] - The company's smart metering products achieved industry-leading collection and line loss rates in overseas markets[47] - The company's photovoltaic box transformers received the first domestic certification, and compact ring main units have been widely used in the Middle East market[47] - The company has established 5 overseas manufacturing bases in Brazil, Indonesia, Poland, Mexico, and Germany, and 5 sales centers in Sweden, Colombia, Nepal, Peru, and Bangladesh, covering over 70 countries and regions[51] - The company's business in the European market covers 15 countries, making it the Chinese manufacturer with the most extensive coverage in Europe[51] - The company has 28 hospitals under its management, with a total of 8,868 beds, including 22 rehabilitation hospitals[57] - The company added 10 new hospitals through self-construction and acquisitions during the reporting period[57] - The company has 31 domestic offices, achieving comprehensive coverage of the power grid and user markets[51] - The company has established a global marketing platform, focusing on five major regional markets: Europe, the Middle East, Asia-Pacific, Africa, and the Americas[48] - The company has successfully passed the CMMI V2.0 L5 international certification, the highest level in the global software field[53] - The company has built a 5G+ industrial internet provincial-level digital factory, equipped with advanced manufacturing facilities such as smart meter production lines and 5G-AGV logistics systems[54] - The company has developed a comprehensive digital operation management platform, integrating systems like SAP, PLM, MES, CRM, WMS, and SRM[56] - The company has established a "large comprehensive base, strong specialized chain" medical system, with Ningbo Mingzhou Hospital becoming a third-level B comprehensive hospital in March 2023[58] Corporate Governance and Leadership - The company's legal representative is Shen Guoying, and its headquarters are located in Ningbo, Zhejiang Province[11] - The company's annual report is disclosed through major financial media outlets such as China Securities Journal, Shanghai Securities News, and Securities Times[14] - The company held a total of 5 shareholder meetings during the reporting period[113] - The company completed the board of directors' re-election, ensuring compliance with legal and regulatory requirements[114] - The company completed the board of supervisors' re-election, effectively supervising business decisions and financial status[115] - The company disclosed 104 temporary announcements in addition to regular reports during the reporting period[118] - The company held 3 performance briefings via video recording in 2023, engaging with investors on governance and strategy[119] - Chairman Shen Guoying holds 650,000 shares with no change during the year[124] - Director Zheng Jianjiang holds 179,306,730 shares with no change during the year[124] - Director Cheng Zhihao reduced his holdings by 172,000 shares to 258,000[124] - Former director Zheng Junda reduced his holdings by 497,375 shares to 50,000[124] - Total shares held by directors and supervisors decreased by 669,375 to 181,328,230[125] - Chairman Shen Guoying received a pre-tax remuneration of

2024 年第一季度报告 单位：元 币种：人民币 证券代码：601567 证券简称：三星医疗 宁波三星医疗电气股份有限公司 2024 年第一季度报告 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。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 | --- | --- | --- | |-----------------------------------------------|----------|-------------------------------------| | 项目 | 本报告期 | 本报告期比上年同期增 减变动幅度 (%) | | 营业收入 | | 3,024,788,914.34 34.53 ...

证券代码：601567 证券简称：三星医疗 宁波三星医疗电气股份有限公司 投资者关系活动记录表 R特定对象调研 £分析师会议 投资者关系 £媒体采访 £业绩说明会 活动类别 £新闻发布会 R路演活动 R现场参观 R电话会议 易方达基金、博时基金、南方基金、景顺长城基金、民生加银基 参与单位名称 金、浦银安盛基金、海富通基金、诺德基金、西部利得基金、安信 （排名不分先 基金、广发基金、华泰保兴基金、农银汇理基金、中金基金、东方 后） 红基金、建信基金、长信基金、信达澳亚基金、合远基金、交银施 罗德基金、大成基金、淡水泉、长江证券、财通资管 时间 2024年2月1日、2月4日、2月6日、2月27日、2月28日 地点 公司会议室/线上 上市公司 董事会秘书郭粟女士 接待人员 投资者关系活动 1、公司近期发布了核心团队持股计划，主要有哪些考量？ 主要内容介绍 本次发布的核心团队持股计划的参加对象为公司及下属公司董 ...

证券研究报告：电力设备 | 公司深度报告 2024年2月27日 股票投资评级 三星医疗(601567) 增持|首次覆盖 国内配用电龙头，受益电力设备出海大趋势 个股表现 ⚫ 投资要点 国内电表龙头，积极布局配电业务，同时拓展医疗服务作为第二 三星医疗 电力设备 主业。公司前身为1986年的龙观乡钟表零件厂，1993年成为电表龙 85% 72% 头并获得出口资格，2001年成立奥克斯高科技进军配电领域，2015年 59% 46% 收购了控股股东旗下的宁波明州医院，拓展医疗服务业务。目前公司 33% 20% 在国内电表、网内配电产品等领域份额领先，医疗业务聚焦康复医疗， 7% 已打造成为知名民营医院品牌。 -6% -19% （1）电表业务： -32% -45% 国内：深耕30余年，市场份额领先。公司1991年创立“三星”品 2023-02 2023-05 2023-07 2023-10 2023-12 2024-02 牌，自主研发生产电表，并在至今的三十多年时间始终保持电表行业 资料来源：聚源，中邮证券研究所 领先地位，目前在电网的市占率中名列第一，约为4%。预期后续伴随 智能电表新标准的推出，龙头份额有望进一步 ...