Investment Rating - The report assigns a **Buy-A** rating to RunDa Medical (603108 SH) with a 6-month target price of **21 74 RMB**, implying a 35x forward P E ratio for 2024 [5][7] Core Views - RunDa Medical's Q1 2024 revenue declined by **4 85% YoY** to **2 072 billion RMB**, while net profit attributable to shareholders dropped by **72 11% YoY** to **23 million RMB** The revenue decline was attributed to domestic medical policy impacts, and the profit decline was due to extended payment cycles from hospital clients, leading to higher credit impairment losses [1] - The company's 2023 revenue decreased by **12 84% YoY** to **9 147 billion RMB**, and net profit attributable to shareholders fell by **34 58% YoY** to **273 million RMB** The decline was driven by a significant drop in third-party laboratory testing business and macroeconomic and medical policy impacts [15] - The industrial segment grew steadily, with revenue increasing by **15 73% YoY** to **561 million RMB**, driven by new product contributions However, third-party laboratory business revenue dropped by **78 14% YoY** to **296 million RMB** due to a high base effect in 2022 [14] Business Segments - The intensive business/regional testing center business generated **2 633 billion RMB** in revenue in 2023, down **1 23% YoY**, due to slower new customer acquisition and the termination of some extended payment cycle businesses [14] - The medical informatization business grew by **10 42% YoY** to **133 million RMB**, contributing to the industrial segment's growth [14] - The company is focusing on smart testing, developing digital and AI products for laboratory management and quality control, with promising application prospects It is also extending digital medical and AI technologies to pharmacy and health checkup scenarios [16][29] Financial Forecasts - Revenue is expected to grow at a CAGR of **15 29%**, **16 92%**, and **16 29%** from 2024 to 2026, reaching **10 546 billion RMB**, **12 330 billion RMB**, and **14 339 billion RMB**, respectively [7][21] - Net profit is projected to grow at a CAGR of **36 08%**, **19 05%**, and **16 69%** from 2024 to 2026, reaching **372 million RMB**, **443 million RMB**, and **517 million RMB**, respectively [7][21] - The pharmaceutical commercial segment is expected to grow at **14 99%**, **16 71%**, and **16 01%**, while the pharmaceutical industrial segment is forecasted to grow at **20 00%**, **20 00%**, and **20 47%** from 2024 to 2026 [21] Valuation and Peer Comparison - The company's forward P E ratios for 2024, 2025, and 2026 are **29 2x**, **24 6x**, and **21 0x**, respectively, compared to an average of **31 46x**, **15 70x**, and **12 38x** for peers like Wondfo Biotech, Sansure Biotech, YHLO, and Bioperfectus [20][22] - The target price of **21 74 RMB** is based on a **35x** forward P E ratio for 2024, reflecting the company's recovery potential and AI-driven growth prospects [7][32]

会议要点 1、公司业绩与财务状况 2023年营业收入为91.47亿，同比下滑12.84%，净利润为2.73亿，同比下滑34.58%。 净利润下滑幅度大于收入，主要由于营收端下滑，固定成本如人员和折旧未减少，边际成本提升， 以及医院账期延长导致的信用减值和资产减值。 2023年经营性现金流净额为7.3亿，较2022年增加11.59亿，主要由于第三方实验室业务结算。 2024年一季度营业收入为20.72亿，同比下滑4.85%，净利润为2260万，同比下滑72%，主要受医 院端复苏影响。 2、业务运营情况 集约化业务2023年营收26.3亿，同比下滑1.23%，受医疗政策环境影响，新签约客户进度推延。 第三方实验室业务2023年营收2.96亿，同比下滑78.14%，主要因为核酸检测业务回归常态化水平。 自产产品业务2023年营收5.6亿，同比增长16%，受医疗制造环境影响较小。 研发投入2023年共1.47亿，同比增长1%，主要集中在AI产品升级和合作。 3、AI业务发展 AI产品在体检领域推出"健康小美"，预计在未来1-2个月内正式在体检机构使用。 AI业务在2023年新增约30家医院，2024年一季度已有十来家 ...

国金证券股份有限公司 关于上海润达医疗科技股份有限公司 2023 年度募集资金存放与使用情况的专项核查意见 国金证券股份有限公司（以下简称"国金证券"或"保荐机构"）作为上海润达医 疗科技股份有限公司（以下简称"润达医疗"或"公司"）公开发行可转换公司债券的 保荐机构，根据《证券发行上市保荐业务管理办法》、《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》、《上市公司监 管指引第 2 号——上市公司募集资金管理和使用的监管要求》等有关规定，对润达 医疗 2023 年度募集资金存放与使用情况进行了审慎的核查，情况如下： 一、募集资金基本情况 （一）实际募集资金的数额、资金到位情况 根据公司 2019 年 2 月 27 日召开的第三届董事会第二十六次会议及公司 2019 年 3 月 18 日召开的 2019 年第一次临时股东大会决议，并经中国证券监督管理委员 会"证监许可[2020]586 号"《关于核准上海润达医疗科技股份有限公司公开发行可 转换公司债券的批复》核准，公司向社会公开发行可转换为公司 A 股股票的可转换 公司债券，债券票面金额为人民币 100.00 元， ...

Corporate Governance - The company held three meetings of the Nomination Committee during the reporting period, focusing on the nomination of directors and senior management personnel[2]. - The company’s audit committee approved all proposals related to the 2023 semi-annual and third-quarter reports, ensuring compliance with regulatory requirements[2]. - The company’s internal control self-assessment reports were unanimously approved by the audit committee, demonstrating effective governance practices[2]. Environmental Compliance and Sustainability - The company has established a hazardous waste management system and collaborates with qualified waste recycling firms to ensure safe disposal of hazardous waste[8]. - The company promotes energy-saving measures and has implemented a paperless office policy to enhance sustainability[8]. - The company has not faced any penalties related to environmental issues during the reporting period, indicating strong compliance with environmental regulations[7]. - The company’s commitment to sustainable development is evident through its regular third-party assessments of emissions to ensure compliance with environmental standards[7]. - The company actively engages in social responsibility initiatives, including waste reduction and employee awareness programs[8]. Financial Performance - The company's core service business (centralized business/regional testing center) achieved revenue of RMB 2.633 billion, a decrease of 1.23% year-on-year, primarily due to the impact of medical policy on new customer acquisition[43]. - The industrial segment, which includes IVD product R&D and digital information systems, generated revenue of RMB 561 million, representing a year-on-year growth of 15.73%[45]. - R&D expenses amounted to RMB 147 million, an increase of 0.63% year-on-year, with continued investment in clinical mass spectrometry and glycation product areas[45]. - The company reported a stable performance in its core service business despite a challenging market environment[42]. - The operating revenue for 2023 is RMB 9.15 billion, a decrease of 12.84% from the previous year's revenue[111]. - The net profit attributable to shareholders after deducting non-recurring gains and losses for 2023 is RMB 149.40 million, a decrease of 61.98% compared to RMB 392.93 million in 2022[103]. Shareholder Information - The total number of shares increased from 579,543,067 to 597,203,812 after the issuance of new shares[34]. - The top shareholder, Hangzhou Gongshu District State-owned Investment Group Co., Ltd., holds 116 million shares, accounting for 19.42% of total shares[39]. - The total number of shareholders at the end of the reporting period was not specified, but significant shareholders included various investment management firms[68]. - The company does not have a controlling shareholder or actual controller situation[71]. Capital Management - The company approved the use of up to RMB 200 million of idle raised funds to temporarily supplement working capital, with a usage period not exceeding 12 months[32]. - The total amount of funds raised through convertible bonds was 550 million RMB, with a net amount of 537.91 million RMB after deducting issuance costs[57]. - The company registered medium-term notes amounting to 300 million RMB, with 30 million RMB allocated to its affiliate Hangzhou Yuandong Asset Management Co., Ltd.[51]. - The company completed the repayment of the first phase of medium-term notes for the year 2021, with a total principal and interest payment of CNY 319.5 million on July 24, 2023[100]. Asset and Liability Management - The total assets at the end of the reporting period were CNY 14,309,993,279.77, with total liabilities of CNY 8,862,740,506.35, resulting in a debt-to-asset ratio of 61.93%[65]. - The total assets decreased to RMB 14.31 billion from RMB 14.52 billion, a decline of 1.43%[120]. - The asset-liability ratio decreased to 61.93% from 65.49%, a reduction of 5.44%[103]. - The company has not reported any overdue interest-bearing debts other than bonds at the end of the reporting period[78]. Future Outlook and Strategy - The company plans to continue focusing on the development of new products and technologies to enhance market competitiveness[111]. - The company plans to focus on expanding its market presence and investing in new product development in the upcoming year[136]. - Future guidance indicates a strategic shift towards mergers and acquisitions to bolster growth and market share[136]. Revenue Breakdown - Revenue from reagent and consumable sales is RMB 8.56 billion, while instrument sales revenue is RMB 447 million, together accounting for approximately 98.48% of total revenue[111]. - Revenue from third-party laboratory testing business decreased by 78.14%, significantly impacting total revenue[184]. - Revenue from regular business, excluding third-party laboratory services, was RMB 8.845 billion, a decline of 3.18% year-on-year[184]. - The East China region accounted for 54.68% of total revenue, with a decrease of 23.05% year-on-year due to the previous year's high base from third-party laboratory services[186]. Changes in Financial Position - The company reported a net loss of RMB 191,699,208.59, compared to a loss of RMB 104,753,317.53 in the previous year[130]. - Total equity at the end of the period was RMB 5,447,252,773.42, reflecting a decrease from RMB 6,867,474,32[135]. - The company achieved total operating revenue of RMB 9.147 billion, a decrease of 12.84% compared to the same period last year[184]. - The gross profit margin for the current period is 26.55%, down from 27.97% in the previous period, reflecting a decrease of 1.41%[142].

上海润达医疗科技股份有限公司 公司于 2023 年 1 月 31 日进行换届选举，本人连任公司第五届董事会独立董 事。本人基本情况如下： 2023 年度独立董事述职报告——冯国富 本人作为上海润达医疗科技股份有限公司（以下简称"公司"）的独立董事， 2023 年度我严格按照《公司法》、《证券法》、《上市公司独立董事管理办法》等 法律法规和《公司章程》的规定，恪尽职守、勤勉尽责，忠实履行职责，积极出 席相关会议，充分发挥作为独立董事的独立作用，维护了公司整体利益和中小股 东的合法权益。 现将 2023 年度主要工作情况报告如下： 一、独立董事基本情况 （一）个人工作履历、专业背景以及兼职情况 中国国籍，1972 年生，工商管理硕士，执业药师。曾任浙江佐力药业股份 有限公司总经理助理、投资总监、副总经理；浙江佐力健康产业投资管理有限公 司副总经理；浙江凯欣医药有限公司董事等职务。2008 年 3 月至今任浙江佐力 药业股份有限公司原料药事业部总监。2015 年 11 月至今任浙江佐力创新医疗投 资管理有限公司副总经理；2017 年 1 月至今任浙江佐力药业股份有限公司董事； 2019 年 11 月至今任浙江佐力百 ...

| 证券代码：603108 | 证券简称：润达医疗 | 公告编号：临 | 2024-012 | | --- | --- | --- | --- | | 转债代码：113588 | 转债简称：润达转债 | | | 上海润达医疗科技股份有限公司 监事会决议公告 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。 一、监事会会议召开情况 上海润达医疗科技股份有限公司（以下简称"公司"）第五届监事会第八次会 议通知于 2024 年 4 月 15 日以邮件形式发出，会议于 2024 年 4 月 25 日（星期四） 14:00-16:00 在上海市虹口区乍浦路 89 号星荟中心 1 座 8 楼公司会议室以现场方 式召开。会议应到监事 3 人，实到监事 3 人，公司董事会秘书张诚栩先生列席了 会议。会议由公司监事会主席严晨女士主持。 本次监事会经过了适当的通知程序，会议的召集、召开和表决程序符合《中 华人民共和国公司法》等相关法律法规和公司章程的规定，会议及通过的决议合 法有效。 二、监事会会议审议情况 （一）审议通过了《2023年度监事会工作 ...

一、利润分配方案内容 | | | 上海润达医疗科技股份有限公司 2023 年年度利润分配方案公告 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。 重要内容提示： 分配比例：每 10 股派发现金红利 1 元（含税） 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体 日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股 分配比例不变，相应调整分配总额，并将在相关公告中披露。 2023 年度现金分红比例低于 30%，主要考虑到公司所处行业领域正处 于集中度提升、规模快速扩张和各项医改政策推行的快速发展阶段，为保持公司 的稳健发展，提升公司在区域市场的占有率，巩固市场领先地位，提升客户服务 质量，发挥规模效应，2024 年公司需预留充足的资金用于业务流动周转和业务 发展，以满足公司战略发展的需求。 经亚太（集团）会计师事务所（特殊普通合伙）审计，截至 2023 年 12 月 31 日，上海润达医疗科技股份有限公司（以下简称"公司"）以合并报表口径 实现归属于上市公司股东的净利润为 ...

一、募集资金基本情况 （一）实际募集资金的数额、资金到位情况 根据公司2019年2月27日召开的第三届董事会第二十六次会议及公司2019 年 3 月 18 日召开的 2019 年第一次临时股东大会决议，并经中国证券监督管理委 员会"证监许可[2020]586 号"《关于核准上海润达医疗科技股份有限公司公开发 行可转换公司债券的批复》核准，上海润达医疗科技股份有限公司（以下简称"公 司"）向社会公开发行可转换为公司 A 股股票的可转换公司债券，债券票面金额 为人民币 100.00 元，按票面金额发行，发行数量 5,500,000 张，期限 6 年，募集 资金总额 550,000,000.00 元，扣除发行费用人民币 12,092,452.79 元后，实际募集 资金净额为人民币 537,907,547.21 元。上述募集资金于 2020 年 6 月 23 日全部到 位，已经立信会计师事务所（特殊普通合伙）审验，并出具信会师报字[2020]第 ZA15071 号《验资报告》。公司对募集资金采取了专户存储制度。 （二）募集资金本年度使用金额及年末余额 本公司本次实际收到的募集净额为 537,907,547.21 元， ...

关于上海润达医疗科技股份有限公司 2023 年度非经营性资金占用及其他关联资金往来情况汇总表的 专项审计报告 亚会专审字（2024）第 01110023 号 亚太（集团）会计师事务所（特殊普通合伙） 二〇二四年四月二十五日 目 录 | 目 项 | 起始页码 | | --- | --- | | 专项审核报告 | 1-1 | 非经营性资金占用及其他关联资金往来情况汇总表 1-1 团)会计师事务所(特殊普通合伙) ic (Group) CPAs(Special General Partnership) 于上海润达医疗科技股份有限公司 性资金占用及其他关联资金往来情况汇总表 主经营 专项审核报告 亚会专审字(2024)第01110023号 上海淘达医疗科技股份有限公司全体股东: 我们接受委托,在审计了上海润达医疗科技股份有限公司(以下简称"海达医疗公司")2023 年 12月31日合并及公司的资产负债表,2023年度合并及公司的利润表、合并及公司的现金流 量表和合并及公司的股东权益变动表以及财务报表附注的基础上,对后附的《上市公司 2023年 度非经营性资金占用及其他关联资金往来的情况汇总表》(以下简称"汇总表")进 ...

第三条 独立董事对公司及全体股东负有忠实与勤勉义务，应当按照法律、 行政法规、中国证券监督管理委员会（以下简称"中国证监会"）规定、上海证 券交易所业务规则和《公司章程》的规定，认真履行职责，在董事会中发挥参与 决策、监督制衡、专业咨询作用，维护公司整体利益，保护中小股东合法权益。 上海润达医疗科技股份有限公司 第四条 公司应当定期或者不定期召开全部由独立董事参加的会议（以下简 称"独立董事专门会议"）。原则上应当于会议召开前三天通知全体独立董事并 提供相关资料和信息。情况紧急，需要尽快召开独立董事专门会议的，可随时通 过电话或其他方式发出会议通知，时限可不受本条款限制，但召集人应当在会议 上做出说明。 独立董事专门会议制度 第五条 独立董事专门会议由过半数独立董事出席或委托出席方可举行。独 立董事应当亲自出席独立董事专门会议，因故不能亲自出席会议的，应当事先审 阅会议材料，形成明确的意见，并书面委托其他独立董事代为出席。如有需要， 公司非独立董事、高级管理人员及议题涉及的相关人员可以列席独立董事专门会 议，但非独立董事对会议议案没有表决权。 （二〇二四年四月） 第一条 为进一步规范上海润达医疗科技股份有限公 ...