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 | --- | --- | --- | |-----------------------------|----------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated significant cost reduction and efficiency improvements, leading to a continuous increase in gross margin, which reached 36.21% in the first three quarters of 2024, an increase of 2.59 percentage points year-on-year [1] - The smart power distribution segment has seen a revenue growth of 26.54% year-on-year, driven by technological innovations and cost-cutting measures, while the medical services segment has also expanded [1] - The company is positioned as a leading player in the smart power distribution sector, benefiting from both domestic and international demand growth, as well as expansion in its medical services segment [1][2] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 10.434 billion yuan, a year-on-year increase of 25.14%, and a net profit attributable to shareholders of 1.816 billion yuan, up 21.91% year-on-year [1] - The revenue for Q3 2024 was 3.436 billion yuan, reflecting a year-on-year growth of 23.21%, with a net profit of 666 million yuan, an increase of 7.43% year-on-year [1] - The company’s total orders on hand reached 14.894 billion yuan, a year-on-year increase of 25.74% [1] Earnings Forecast - The company is expected to achieve net profits of 2.307 billion yuan, 2.842 billion yuan, and 3.506 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 19.4, 15.8, and 12.8 [2][3] - The projected revenue growth rates for the years 2024, 2025, and 2026 are 25.2%, 23.6%, and 23.0% respectively [2][4] Comparable Company Valuation - The company’s current valuation is considered reasonable when compared to peers such as Haixing Electric, Huaming Equipment, and Juhua Technology [1][2] - The average P/E ratio for comparable companies is 17.3 for 2024E, while the company’s P/E ratio is 19.4 [3]

Investment Rating - The report maintains an "Outperform the Market" rating for the company [6][15]. Core Views - The company achieved a record high in backlog orders, with total orders reaching 156.20 billion yuan, a year-on-year increase of 35.18%. This includes domestic orders of 93.74 billion yuan (up 35.10%) and overseas orders of 62.46 billion yuan (up 35.30%). Notably, overseas distribution orders surged by 272.51% to 9.62 billion yuan, accounting for 15% of total overseas orders [3][14]. - The company reported a revenue of 104.34 billion yuan for the first three quarters, representing a year-on-year growth of 25.14%. The net profit attributable to shareholders was 18.16 billion yuan, up 21.91% year-on-year, with a non-recurring net profit of 17.48 billion yuan, reflecting a growth of 31.32% [7][12]. - The company is positioned as a leader in the domestic distribution transformer market, with its subsidiary, Ningbo Aokex, holding the top market share in both power grid sectors. The report anticipates a favorable investment cycle in the distribution network driven by multiple factors, including policy support for network upgrades and rural grid transformations [2][14]. Financial Summary - For the third quarter, the company achieved a revenue of 34.36 billion yuan, a year-on-year increase of 23.21%. The net profit attributable to shareholders was 6.66 billion yuan, up 7.43% year-on-year, while the non-recurring net profit reached 6.70 billion yuan, reflecting a growth of 30.03% [7][12]. - The gross profit margin for the third quarter was 39.48%, an increase of 0.89 percentage points year-on-year, while the net profit margin was 19.46%, down 2.98 percentage points year-on-year [12][16]. - The company forecasts net profits for 2024, 2025, and 2026 to be 23.21 billion yuan, 28.76 billion yuan, and 35.65 billion yuan, respectively, with corresponding price-to-earnings ratios of 19, 16, and 13 times [4][15].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company, Samsung Medical (601567), reported a revenue of 10.4 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 25%. The net profit attributable to shareholders was 1.82 billion yuan, up 22% year-on-year, while the net profit excluding non-recurring items was 1.75 billion yuan, reflecting a 31% increase year-on-year [3] - The company's sales gross margin improved to 36.2%, an increase of 2.6 percentage points year-on-year, although the net profit margin decreased by 0.5 percentage points to 17.5% due to high base effects from non-recurring income in the same period last year [3] - The company has a strong order backlog of 15.6 billion yuan as of September 2024, with a year-on-year increase of 35%. The overseas distribution segment is expected to contribute significantly to growth, with overseas orders reaching 6.2 billion yuan, a remarkable increase of 273% year-on-year [3] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 3.44 billion yuan, a year-on-year increase of 23% but a quarter-on-quarter decrease of 14%. The net profit for Q3 was 670 million yuan, up 7% year-on-year but down 15% quarter-on-quarter [3] - The company forecasts revenues of 14.6 billion, 17.9 billion, and 21.3 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 27%, 23%, and 19%. The net profit attributable to shareholders is expected to be 2.36 billion, 3.01 billion, and 3.66 billion yuan for the same years, with growth rates of 24%, 27%, and 22% [3][6] Market Position - Samsung Medical is positioned as a leading company in the electric meter export market, with continuous breakthroughs in its distribution business [3] - The current stock price is 31.80 yuan, with a market capitalization of approximately 44.87 billion yuan [3]

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].

Investment Rating - The report maintains a "Buy" rating for Samsung Medical [1] Core Views - The company's revenue for Q3 2024 increased by 23% year-on-year, with net profit attributable to shareholders rising by 7%, and the non-recurring net profit exceeding market expectations by 30% [2] - The company has achieved rapid breakthroughs in its business, with overseas orders increasing by 35.3% year-on-year, indicating strong growth potential in international markets [2] - The domestic market remains robust, with a 27% year-on-year increase in smart distribution and utilization business revenue, and a 35% increase in cumulative orders [2] - The medical services segment has shown a 22% year-on-year revenue growth, driven by an increase in the number of rehabilitation hospitals and improved single-store operations [3] - The company has seen significant improvement in cash flow, with operating cash flow increasing by 250% year-on-year [3] - The profit forecast for 2024-2026 has been slightly adjusted, with expected net profits of 24.04 billion, 30.23 billion, and 37.71 billion yuan respectively, corresponding to a price-to-earnings ratio of 19x, 15x, and 12x [3] Financial Performance Summary - For Q1-Q3 2024, total revenue reached 10.43 billion yuan, a 25% increase year-on-year, with net profit attributable to shareholders at 1.82 billion yuan, a 22% increase [2] - The gross margin for Q1-Q3 was 36.2%, with a net profit margin of 17.4%, reflecting a slight year-on-year increase [2] - The company’s total revenue is projected to grow from 11.46 billion yuan in 2023 to 22.41 billion yuan in 2026, with a compound annual growth rate of approximately 22.34% [1][9] - The net profit attributable to shareholders is expected to grow from 1.90 billion yuan in 2023 to 3.77 billion yuan in 2026, with a similar growth trajectory [1][9] Market Position and Strategy - The company has solidified its leading position in the domestic distribution and utilization market, with a market share increase in both internal and external orders [2] - The overseas market expansion strategy has been successful, with significant orders secured in Brazil, Nigeria, and Mexico, indicating a strong foothold in international markets [2] - The company is focusing on enhancing its medical service management, which is expected to contribute to sustained growth in the healthcare segment [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [3][9]. Core Insights - The company reported a revenue of 10.43 billion RMB for the first three quarters of 2024, representing a year-on-year growth of 25.1%. The net profit attributable to shareholders was 1.82 billion RMB, up 21.9% year-on-year, while the net profit excluding non-recurring items reached 1.75 billion RMB, reflecting a 31.3% increase [2]. - The company has two main business segments: power distribution and medical services, both showing strong growth. The power distribution segment saw a 26.5% increase in revenue, while the medical services segment grew by 21.7% [3]. - The total backlog of orders reached 15.62 billion RMB, a 35.2% increase year-on-year, with domestic orders at 9.37 billion RMB and international orders at 6.25 billion RMB [3]. - The company's gross margin improved to 36.2%, an increase of 2.6 percentage points year-on-year, driven by cost reduction and efficiency improvements [3]. Summary by Sections Performance Overview - For Q3 2024, the company achieved a revenue of 3.44 billion RMB, a 23.2% increase year-on-year, with a net profit of 670 million RMB, up 7.4% year-on-year [2]. Business Analysis - The power distribution segment continues to lead in domestic market share and is expanding internationally, with significant breakthroughs in Europe and the Americas [3]. - The medical services segment is enhancing its rehabilitation service capabilities and expanding its chain of medical facilities, contributing to revenue growth [3]. Financial Projections - The company is projected to achieve revenues of 14.68 billion RMB, 18.57 billion RMB, and 22.54 billion RMB for the years 2024, 2025, and 2026, respectively, with growth rates of 28%, 27%, and 21% [3]. - The net profit attributable to shareholders is expected to reach 2.38 billion RMB, 2.98 billion RMB, and 3.62 billion RMB for the same years, with growth rates of 25% for both 2024 and 2025, and 21% for 2026 [3].

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]