Investment Rating - The investment rating for the company is "Buy" (首次覆盖) [1] Core Views - The company has shown rapid performance growth, with a revenue of 11.463 billion yuan in 2023, representing a year-on-year increase of 25.99%. The net profit attributable to shareholders reached 1.904 billion yuan, up by 100.79% [1] - In Q1 2024, the company achieved a revenue of 3.025 billion yuan, reflecting a year-on-year growth of 34.53%, with a net profit of 364 million yuan [1] - The company has a strong order backlog in its smart power distribution business, totaling 10.494 billion yuan by the end of 2023, which is a 22.09% increase year-on-year [1] - The company is expanding its overseas presence, having established a mature sales system in over 70 countries and regions, with new factories in Germany and Mexico [1] Financial Performance Summary - Revenue projections for the company are as follows: - 2024E: 14.356 billion yuan (growth rate of 25.2%) - 2025E: 17.740 billion yuan (growth rate of 23.6%) - 2026E: 21.821 billion yuan (growth rate of 23.0%) [2] - Net profit projections are: - 2024E: 2.307 billion yuan (growth rate of 21.2%) - 2025E: 2.842 billion yuan (growth rate of 23.2%) - 2026E: 3.506 billion yuan (growth rate of 23.4%) [2] - The company’s return on equity (ROE) is expected to improve from 17.2% in 2023 to 20.2% by 2026 [2] Market Data - As of April 26, 2024, the current stock price is 33.86 yuan, with a 52-week price range of 11.82 to 36.66 yuan. The total market capitalization is approximately 48.22 billion yuan [1] - The company has a total share capital of 141.12 million shares, with a circulating market value of 47.66 billion yuan [1] Operational Highlights - The company’s smart power distribution business generated 8.612 billion yuan in revenue in 2023, marking a year-on-year increase of 23.99% [1] - The company has successfully won significant overseas projects, including a 310 million yuan smart meter project in Brazil and a 466 million yuan transformer project in Greece [1]

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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported better-than-expected performance in its 2023 annual report and 2024 Q1 report, with revenues of 11.463 billion and 3.03 billion respectively, representing year-on-year growth of 26% and 35%. The net profit attributable to the parent company was 1.903 billion and 360 million, showing a year-on-year increase of 101% and 35% [2][3] - The company is accelerating its overseas expansion in smart distribution and power supply, with a significant increase in orders, particularly from international markets [3] - The rehabilitation hospital segment is experiencing steady growth, with medical service revenue reaching 2.8 billion, a year-on-year increase of 35% [3] - The company has increased its expenses to expand market reach, but has a strong order backlog, which supports future growth [3] - The profit forecast for the company has been adjusted upwards, with expected net profits of 2.35 billion and 2.84 billion for 2024 and 2025 respectively, indicating continued strong growth [3] Financial Summary - Total revenue for 2023 is projected at 11.463 billion, with a year-on-year growth rate of 25.99% for 2023 and 26.48% for 2024 [2] - The net profit attributable to the parent company is expected to reach 1.903 billion in 2023, with a growth rate of 100.79% [2] - The latest diluted EPS is projected to be 1.35 for 2023, with a P/E ratio of 25.10 [2] - The company’s gross margin for 2023 is 34.0%, reflecting a year-on-year increase of 5.1 percentage points [2][3]

Investment Rating - The investment rating for the company is "Accumulate" and is maintained [1] Core Views - The company reported a revenue of 11.463 billion yuan in 2023, representing a 26% increase year-on-year, and a net profit attributable to shareholders of 1.904 billion yuan, which is a 101% increase [4] - The gross margin and net margin improved to 33.99% and 16.76%, respectively, with significant contributions from the increase in gross margin [4] - The company has a strong order backlog in its smart distribution and power supply segment, with total orders reaching 12.462 billion yuan, a 33% increase year-on-year [4] - The company is expanding its overseas market presence, with a mature sales network covering over 70 countries and regions [4] - The company is also focusing on the rehabilitation medical business, with a revenue of 2.809 billion yuan in 2023, a 25% increase [4] Financial Summary - The company’s projected net profit for 2024-2026 is estimated to be 2.295 billion yuan, 2.722 billion yuan, and 3.329 billion yuan, respectively [5] - The corresponding P/E ratios for 2024-2026 are projected to be 20.82x, 17.56x, and 14.35x [5] - The company’s revenue is expected to grow from 14.688 billion yuan in 2024 to 21.951 billion yuan in 2026, with growth rates of 28.14% and 22.35% respectively [6][7]

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 [1][10]. Core Views - The company achieved a revenue of 11.46 billion RMB in 2023, a year-on-year increase of 26%, and a net profit of 1.90 billion RMB, doubling from the previous year. The gross margin reached 33.99%, up by 5.11 percentage points [1]. - In Q1 2024, the company reported a revenue of 3.03 billion RMB, reflecting a 35% year-on-year growth, with a net profit of 360 million RMB, also up by 35% [1]. - The company is expanding its overseas distribution and system integration projects, with a sales network covering over 70 countries and five factories in Brazil, Indonesia, Poland, Mexico, and Germany. In 2023, overseas revenue reached 1.96 billion RMB, a 20% increase [1][2]. - Domestic revenue from power distribution and utilization reached 6.48 billion RMB in 2023, a 25% increase, with a backlog of orders amounting to 6.96 billion RMB as of Q1 2024, up 19% year-on-year [2]. - The medical services segment saw a revenue of 2.81 billion RMB in 2023, growing by 34.6%, with rehabilitation services growing by 65% [3]. Summary by Sections Performance Overview - 2023 revenue: 11.46 billion RMB (+26% YoY) - 2023 net profit: 1.90 billion RMB (+100% YoY) - Q1 2024 revenue: 3.03 billion RMB (+35% YoY) - Q1 2024 net profit: 360 million RMB (+35% YoY) [1][6]. Operational Analysis - Overseas sales network covers 70+ countries, with significant projects in Europe and Latin America. - 2023 overseas revenue: 1.96 billion RMB (+20% YoY) - Q1 2024 backlog of overseas orders: 5.50 billion RMB (+58% YoY) [1][2]. Domestic Market - Domestic revenue from power distribution: 6.48 billion RMB (+25% YoY) - Q1 2024 backlog of domestic orders: 6.96 billion RMB (+19% YoY) [2]. Medical Services - 2023 revenue from medical services: 2.81 billion RMB (+34.6% YoY) - Rehabilitation services revenue: 1.31 billion RMB (+65% YoY) [3]. Profit Forecast and Valuation - Expected revenue for 2024/2025/2026: 14.24 billion RMB / 17.71 billion RMB / 21.96 billion RMB (+24% YoY each year) - Expected net profit for 2024/2025/2026: 2.29 billion RMB / 2.83 billion RMB / 3.47 billion RMB (+20% / +24% / +23% YoY) - Current PE valuation: 21x / 17x / 14x for the respective years [4][6].

1 2023 年度环境、社会和公司治理（ESG）报告 目录 CONTENTS 报告编制说明 01 | 01 | 关于三星医疗 | | --- | --- | | | 公司概况 | | | 业务布局 | | | 企业文化 | | 05 | 关注员工成长，促进职场和谐 | | | --- | --- | --- | | | 员工招聘与雇佣 | 31 | | | 员工权益与福利 | 31 | | | 员工培训与发展 | 33 | | | 健康与安全 | 35 | 02 06 ESG 管理 投身共同富裕，构建美好未来 ESG 管理架构 | ESG 管理架构 | 07 | | --- | --- | | 利益相关方沟通 | 08 | | 实质性议题分析 | 09 | | 强化合规运营，筑牢治理根基 | | --- | | 03 | | 公司治理 | 11 | | --- | --- | | 商业道德 | 13 | | 风险合规管理 | 14 | | 知识产权保护 | 14 | | 供应商管理 | 16 | 04 聚焦服务升级，保障客户权益 | 研发与创新 | 18 | | --- | --- | | 产品质量与安全 | ...

宁波三星医疗电气股份有限公司 2023年度独立董事述职报告（杨华军） 《上市公司治理准则》、《上市公司独立董事规则》等有关法律法规及《公司章 程》、《独立董事工作细则》及《独立董事年报工作制度》的规定和要求，勤勉 尽责地履行独立董事的职责和义务，审慎认真地行使公司和股东所赋予的权利， 积极参加公司股东大会、董事会及各专门委员会会议，对公司董事会审议的相关 重大事项发表了公正客观的独立意见，为公司的长远发展积极出谋划策，对董事 会的科学决策和规范运作以及公司内部控制起到了积极作用，现将我在2023年度 的工作情况报告如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景以及兼职情况 杨华军：男，中国国籍，1976年出生，博士学历，工商管理（会计学）副教 授，曾任海通证券宁波营业部项目经理。现任浙江万里学院副教授。同时兼任永 泰运化工物流股份有限公司、广博集团股份有限公司、荣安地产股份有限公司、 宁波海运股份有限公司独立董事，宁波名山建设发展集团有限公司董事，宁波布 里斯特园艺制品有限公司监事。 （二）是否存在影响独立性的情况说明 本人未在公司担任除独立董事以外的任何职务，也未在公司主要股东公司担 任任何职 ...

宁波三星医疗电气股份有限公司独立董事 经核查，我们认为立信会计师事务所具备丰富的审计服务经验，在为公司提 供2023年度财务审计和内部控制审计服务的过程中，遵循了独立、客观、公正的 执业准则，顺利完成年度审计任务，我们一致同意续聘立信会计师事务所（特殊 普通合伙）为公司2024年度财务及内控审计机构，并同意将该议案提交公司董事 会审议。 独立董事：王溪红、段逸超、杨华军 2024年4月15日 1 一、关于2024年度预计日常关联交易的事前认可意见 公司根据2023年度发生的日常关联交易情况及2024年生产经营计划，预计了 2024年度的日常关联交易额度。我们经过仔细核查，认为公司2024年度预计发生 的关联交易是在关联各方平等协商的基础上按照市场原则进行，不存在损害公司 及其他股东利益的情形，且符合监管部门及有关法律、法规、《公司章程》的规 定，我们一致同意将此项议案提交公司董事会审议。 二、关于续聘立信会计师事务所（特殊普通合伙）为公司2024年财务及内控 审计机构的事前认可意见 关于第六届董事会第十二次会议相关事项的事前认可意见 根据《上市公司治理准则》、《上市公司独立董事规则》、《上海证券交易 所股票上 ...

经立信会计师事务所（特殊普通合伙）审计，截至2023年12月31日，宁波三星医 疗电气股份有限公司（以下简称"公司"）母公司期末未分配利润为人民币 2,099,045,890.36元。经公司第六届董事会第十二次会议、第六届监事会第九次会议审 议通过，公司2023年度拟以实施权益分派股权登记日登记的总股本为基数进行现金分 红。本次利润分配预案如下： 证券代码：601567 证券简称：三星医疗 公告编号：临 2024-049 宁波三星医疗电气股份有限公司 关于2023年度利润分配预案的公告 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。 一、利润分配预案内容 重要内容提示： 公司拟以本次实施权益分派股权登记日登记的可参与利润分配的总股数为基数， 向全体股东每10股派发现金红利（含税）6.50元。截至本公告披露日，公司总股本为 1,411,197,171股，扣除回购专用账户股份13,559,332股，公司可参与利润分配的总股数 为1,397,637,839股，以此计算预计合计派发现金红利约人民币908,464,595.35元（含 税 ...