Financial Performance - The company's operating revenue for 2024 reached ¥4,263,886,317.39, representing a 3.32% increase compared to ¥4,127,044,057.44 in 2023[23]. - The net profit attributable to shareholders for 2024 was ¥385,170,721.28, a significant increase of 94.14% from ¥198,399,010.76 in 2023[23]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥316,398,696.81, up 66.89% from ¥189,587,741.53 in 2023[23]. - The net cash flow from operating activities for 2024 was ¥461,142,986.68, a slight increase of 2.00% compared to ¥452,107,162.00 in 2023[23]. - The total assets at the end of 2024 amounted to ¥7,576,854,384.35, reflecting a 4.27% increase from ¥7,266,719,674.70 at the end of 2023[23]. - The net assets attributable to shareholders increased by 5.17% to ¥5,643,251,376.11 at the end of 2024, compared to ¥5,365,596,147.58 at the end of 2023[23]. - Basic earnings per share increased by 95.95% to CNY 1.45 in 2024 from CNY 0.74 in 2023[24]. - The weighted average return on equity rose by 3.4 percentage points to 7.00% in 2024 compared to 3.60% in 2023[24]. - The company achieved operating revenue of 4.264 billion yuan, a year-on-year increase of 3.32%, with core business revenue (excluding isolation protective products) growing by 15.80% to 4.104 billion yuan[34]. - The company reported a net cash flow from operating activities of CNY 301,624,869.98 in the fourth quarter of 2024[27]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of ¥6.50 per 10 shares (including tax), totaling approximately ¥173,109,144 (including tax) based on the adjusted share base[6]. - The cash dividend amount (including tax) was CNY 173,109,144, representing 44.94% of the net profit attributable to ordinary shareholders[184]. - Over the last three accounting years, the cumulative cash dividend amount (including tax) was CNY 705,752,664, with an average annual net profit of CNY 421,149,291.52, resulting in a cash dividend ratio of 167.58%[185]. Market and Business Strategy - The company aims to maintain steady growth in the healthcare sector, driven by policy support and technological innovation amid a complex market environment[33]. - The company plans to continue its dual-drive strategy focusing on both domestic and international markets to achieve its operational goals[33]. - The company is focused on enhancing its core competitive advantages through increased investment in innovation and product diversification in the low-value consumables sector[54]. - The company aims to improve the quality of life for patients through its diverse range of healthcare and personal care products[66]. - The company is committed to becoming a leading healthcare enterprise with a market value of over 10 billion yuan, focusing on medical and health sectors with certain international influence[132]. Research and Development - The company obtained 9 new Class II medical device registrations and 28 invention patents during the reporting period, totaling 105 invention patents and 136 Class II medical device registrations by the end of the reporting period[41]. - The company focused on innovation-driven strategies, enhancing R&D capabilities in high polymer materials and new antibacterial materials, with significant progress in product development[39]. - Research and development expenses totaled 135,489,953.88, representing 3.36% of total revenue, with a decrease of 2.49% compared to the previous year[88]. - The company plans to continue investing in R&D innovation and digital transformation to enhance operational efficiency and reduce costs[133]. Operational Efficiency and Digital Transformation - The company achieved significant improvements in operational efficiency through digital transformation and process optimization, enhancing employee productivity metrics[43]. - The integration of artificial intelligence and process automation has notably increased work efficiency and service quality, with the deployment of BPM management systems providing precise data support for decision-making[44]. - The company plans to enhance its supply chain efficiency, aiming for a 15% reduction in operational costs by the end of the year[158]. - The company will enhance its digital transformation by integrating AI and robotic process automation to improve internal efficiency and decision-making capabilities[140]. Corporate Governance and Compliance - The company adheres to legal regulations and optimizes its corporate governance structure, ensuring fair treatment of all shareholders[150]. - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with governance standards[151]. - The company emphasizes strict adherence to information disclosure obligations, ensuring transparency and fairness in its communications[5]. - The company has established a robust investor relations management system, facilitating communication through various channels[5]. Environmental Responsibility - The company invested 11.78 million yuan in environmental protection during the reporting period[196]. - The company has implemented various environmental management measures, including ISO14001 and ISO45001 certifications, to enhance its green development initiatives[198]. - The company is committed to promoting green development and has adopted measures to optimize energy use and reduce carbon emissions[199]. Market Trends and Opportunities - The global medical device market reached $582.6 billion in 2023, with a year-on-year growth of 5.40%, and is projected to grow to $617.6 billion in 2024[48]. - China's medical device market size reached ¥1,032.8 billion in 2023, growing by 5.07% year-on-year, positioning it as the second-largest market globally[50]. - The company is exploring market expansion opportunities in both domestic and international markets for its healthcare products[67]. Employee Engagement and Development - The total number of employees in the parent company and major subsidiaries is 7,807, with 4,826 in production, 638 in sales, and 673 in technical roles[174]. - The company has implemented a talent development system focusing on core competencies and clear career paths for employees[177]. - The company has established a multi-level incentive policy to enhance team collaboration and performance, focusing on a diverse performance evaluation system for different positions[175].

最新一期业绩显示，2024年三季报，公司实现营业收入31.25亿元，同比-2.61%；净利润3.07亿元，同比 2.31%，销售毛利率34.84%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)64振德医疗28.7029.711.0658.94亿行业平均 46.4650.224.93109.40亿行业中值33.0731.042.5248.44亿1硕世生物-1956.94-1956.941.2340.43亿2诺唯 赞-583.67-583.672.5299.23亿3博晖创新-305.50-188.093.3746.89亿4康泰医学-294.1934.523.0157.22亿5华 大基因-216.51236.822.24220.01亿6奥精医疗-121.42-121.421.5522.00亿7睿昂基因-83.80-83.801.3012.12亿 8热景生物-57.27-57.273.15102.65亿9华大智造-54.80-54.804.11328.30亿10中红医疗-54.40-37.010.8648.44 亿11天智航-46.58-46.584.8657.34亿 来源：金融界 从行业市盈率排名来看， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][16] Core Views - The company's performance in 2024 is expected to meet forecasts, with a continued recovery in core business operations [4][5] - Revenue for 2024 is projected to be between 4.2 billion to 4.3 billion yuan, representing a year-over-year increase of 1.77% to 4.19% [4] - The net profit attributable to shareholders is expected to be between 373 million to 393 million yuan, showing a significant year-over-year growth of 88% to 98% [4] - The company has adjusted its profit forecasts for 2024-2026 due to ongoing compliance work in the domestic medical sector, with net profit estimates of 383 million, 450 million, and 530 million yuan for the respective years [4][5] Financial Performance Summary - The company anticipates a revenue of 40.5 billion to 41.3 billion yuan for 2024, excluding isolation protective products, which indicates a year-over-year growth of 14.28% to 16.54% [5] - The gross margin for 2024 is expected to be between 33.58% and 34.38%, reflecting an increase of 0.82 to 1.62 percentage points year-over-year [5] - The company has achieved a significant recovery in its core business, with a notable increase in revenue and profitability after excluding the impact of isolation protective products [5][6] Market Position and Brand Strength - The company has strengthened its market position with over 98% coverage in top chain pharmacies and more than 200,000 stores as of the first half of 2024 [6] - The company has also established a strong online presence with 15 e-commerce stores and over 9.15 million followers across platforms [6] - Recognition as a top home medical device brand in the 2024 Health Industry Brand List and winning the Xipu Gold Award further enhances its brand influence [6]

Core Viewpoint - Zhendemedical (603301) announced a profit forecast for 2024, expecting a net profit between 373 million to 393 million yuan, representing a year-on-year growth of 88.00% to 98.09% [1] Group 1: Company Performance - The stock price of Zhendemedical closed at 21.44 yuan, with a slight increase of 0.28% on the announcement day [1] - The trading volume was 23.23 million yuan, with a turnover rate of 0.41% [1] - Over the past five days, the stock has increased by 2.10% [1] Group 2: Market Reaction - A statistical analysis showed that 72.26% of stocks with a profit forecast increase of over 50% experienced a price increase on the announcement day [1] - Among these stocks, 20 companies hit the daily price limit on the announcement day [1] - Over the following five days, 83.87% of these stocks saw price increases [1] Group 3: Capital Flow - On the announcement day, Zhendemedical experienced a net inflow of 370,900 yuan in main funds, while there was a net outflow of 238,900 yuan over the past five days [1] - As of January 20, the margin balance was 36.91 million yuan, with a financing balance of 36.64 million yuan, reflecting a 0.86% increase from the previous trading day [1] - The financing balance has decreased by 3.30% over the past five days [1]

Financial Performance Forecast - The company expects a net profit attributable to shareholders for 2024 to be between RMB 373 million and RMB 393 million, representing an increase of 88.00% to 98.09% compared to the previous year[2]. - The projected net profit after deducting non-recurring gains and losses is estimated to be between RMB 303 million and RMB 323 million, an increase of 59.82% to 70.37% year-on-year[3]. - The company anticipates total revenue for 2024 to be between RMB 4.2 billion and RMB 4.3 billion, reflecting a growth of 1.77% to 4.19% compared to the previous year[6]. Revenue Breakdown - Revenue from isolation protective products is expected to decline to between RMB 150 million and RMB 170 million, a decrease of 70.85% to 74.28% from RMB 583.2 million in the previous year[7]. - Revenue excluding isolation protective products is projected to be between RMB 4.05 billion and RMB 4.13 billion, an increase of 14.28% to 16.54% compared to RMB 3.54 billion in the previous year[7]. Gross Profit Expectations - The gross profit from isolation protective products is expected to be between RMB 60 million and RMB 70 million, down 74.20% to 77.89% from RMB 271.34 million last year[7]. - The gross profit from core business excluding isolation protective products is projected to be between RMB 1.36 billion and RMB 1.42 billion, an increase of 17.13% to 22.30% compared to RMB 1.1611 billion in the previous year[7]. Non-Operating Gains and Impairment Tests - The increase in non-operating gains is expected to be approximately RMB 60 million due to asset disposal gains from land use rights[6]. - The company has conducted impairment tests on inventory and production equipment, leading to a low performance base for 2023[6]. Performance Forecast Accuracy - There are no significant uncertainties that could affect the accuracy of this performance forecast[9].

证券代码：603301 证券简称：振德医疗 公告编号：2024-030 振德医疗用品股份有限公司 关于公司第二期员工持股计划第二个解锁期解锁条 件未达成暨锁定期届满的公告 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。 振德医疗用品股份有限公司（以下简称"公司"）于 2024 年 12 月 13 日召开了第三届董事会第十九次会议、第三届监事会第十六次 会议审议通过《关于公司第二期员工持股计划第二个解锁期解锁条件 未达成情况的议案》，具体情况如下： 一、第二期员工持股计划的基本情况 公司分别于 2022 年 9 月 30 日、2022 年 10 月 20 日召开第三届 董事会第四次会议和 2022 年第二次临时股东大会，审议通过了《关 于<公司第二期员工持股计划（草案）>及其摘要的议案》等相关议案， 同意实施公司第二期员工持股计划，具体内容详见公司于 2022 年 10 月1日、2022 年10月21日在上海证券交易所网站（www.sse.com.cn） 披露的公告。 2022 年 12 月 14 日，公司收到中国证券登记结算有 ...

Investment Rating - The report maintains a "Strong Buy" rating for ZhenDe Medical (603301) with a target price of 34 CNY [1][3] Core Views - Revenue in Q3 2024 reached 1.083 billion CNY, a 19.92% YoY increase, with net profit attributable to shareholders surging 131.73% YoY to 146 million CNY [1] - Excluding exchange rate impacts, adjusted net profit grew over 40% YoY in Q3 2024 [1] - The company's overseas business recovered strongly, with Q3 2024 revenue increasing 24.36% YoY to 645 million CNY [1] - Domestic hospital channel revenue grew 20.99% YoY in Q3 2024, reaching 278 million CNY [1] Financial Performance Revenue Breakdown - Regular business revenue (excluding protective products) grew 21.05% YoY in Q3 2024 to 1.054 billion CNY [1] - Protective products revenue declined 10.56% YoY to 29 million CNY in Q3 2024 [1] - Domestic business revenue increased 13.52% YoY to 432 million CNY in Q3 2024 [1] Profitability - Gross margin improved to 33.77% in Q3 2024, up 0.45 percentage points YoY [1] - Net profit margin surged to 13.87% in Q3 2024, a 6.57 percentage point increase YoY [1] - Asset disposal contributed approximately 93 million CNY to Q3 2024 net profit [1] Cost Structure - Sales expense ratio decreased to 7.53% in Q3 2024, down 0.43 percentage points YoY [1] - Management expense ratio fell to 12.20% in Q3 2024, a 0.75 percentage point reduction YoY [1] - R&D expense ratio increased to 3.36% in Q3 2024, up 0.24 percentage points YoY [1] Financial Forecasts - Revenue is projected to grow from 4.466 billion CNY in 2024E to 6.024 billion CNY in 2026E [2] - Net profit attributable to shareholders is expected to increase from 466 million CNY in 2024E to 618 million CNY in 2026E [2] - EPS is forecasted to rise from 1.75 CNY in 2024E to 2.32 CNY in 2026E [2] - PE ratio is estimated to decline from 14x in 2024E to 10x in 2026E [2] Valuation - The DCF model suggests a total valuation of 9 billion CNY for the company [1] - The target price of 34 CNY implies a 43.7% upside potential from the current price of 23.66 CNY [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 31.68 yuan for the next 6 months [1] Core Views - The company's Q3 2024 performance met expectations, with overseas destocking effects eliminated [1] - Revenue for the first three quarters of 2024 was 3.13 billion yuan (-2.6% YoY), while net profit attributable to the parent company was 310 million yuan (+2.3% YoY) [1] - Q3 2024 single-quarter revenue reached 1.08 billion yuan (+19.9% YoY), with net profit attributable to the parent company at 150 million yuan (+131.7% YoY) [1] - The high net profit growth in Q3 2024 was mainly due to asset disposal gains of nearly 100 million yuan [2] Business Performance - Excluding isolation protection products, Q3 2024 revenue was 1.054 billion yuan (+21.1% YoY) [2] - Isolation protection products (masks, protective clothing, isolation gowns, antigen test kits) revenue was 30 million yuan (-10.6% YoY) [2] - Revenue growth was driven by overseas business and domestic hospital business, with destocking effects gradually decreasing [2] - Domestic hospital channel performance was strong, with increased product portfolio and hospital coverage [3] - Overseas sales mainly follow OEM/ODM models, with long-term strategic partnerships established with multiple well-known medical device brands [3] Strategic Development - The company has accelerated M&A activities to enrich domestic product lines and expand overseas channels [3] - In April 2023, the company acquired Jiangsu Inbase to supplement its therapy product line with pre-filled catheter flush syringes [3] - In late 2022, the company acquired UK subsidiary Rocialle Healthcare Limited to integrate community medical distribution resources [3] Financial Forecast - The company is expected to achieve net profit attributable to the parent company of 420 million, 470 million, and 570 million yuan in 2024-2026 [4] - Revenue growth rates are projected at 5.74%, 16.89%, and 16.27% for 2024-2026 [5] - EPS is forecasted to be 1.57, 1.76, and 2.16 yuan for 2024-2026 [5] - ROE is expected to be 7.76%, 7.98%, and 8.90% for 2024-2026 [5] Business Segment Analysis - Surgical infection control: Expected revenue growth of 20%, 18%, 18% for 2024-2026, with gross margin improving to 35% [8] - Basic wound care: Expected revenue growth of 10%, 13%, 13% for 2024-2026, with gross margin improving to 26.5% [8] - Pressure therapy and fixation: Expected revenue growth of 20%, 18%, 18% for 2024-2026, with gross margin at 42% [8] - Ostomy and modern wound care: Expected revenue growth of 25%, 25%, 20% for 2024-2026, with gross margin at 47% [8] - Infection protection: Expected revenue decline of 60% in 2024, followed by 5% growth in 2025-2026, with gross margin at 36% [9]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][10] Core Views - The company reported a revenue growth of 20% in Q3 2024, with a significant increase in net profit due to asset disposal gains and improved domestic hospital line business [1][3] - The company has adjusted its revenue forecasts for 2024-2026, expecting revenues of 44.0 billion, 51.8 billion, and 60.7 billion respectively, with corresponding net profits of 4.0 billion, 5.1 billion, and 6.4 billion [1][3] - The gross margin has shown a slight increase to 33.77%, attributed to a better revenue mix, while financial expenses have risen due to exchange losses [1][3] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 10.83 billion (up 19.92% YoY) and a net profit of 1.46 billion (up 131.73% YoY) [1] - For the first three quarters of 2024, total revenue was 31.25 billion (down 2.61% YoY) and net profit was 3.07 billion (up 2.31% YoY) [1][2] Revenue Breakdown - The company's conventional business (excluding isolation protective products) generated 10.54 billion in Q3 2024, a 21.05% increase YoY [1] - Overseas business revenue reached 6.45 billion (up 24.36% YoY), while domestic business revenue was 4.32 billion (up 13.52% YoY) [1] Cost and Margin Analysis - The gross margin improved to 33.77% (up 0.45 percentage points), driven by a higher proportion of modern wound dressings and surgical infection control products [1] - Financial expense ratio increased to 2.23% (up 2.69 percentage points), primarily due to increased exchange losses [1] Future Outlook - The company anticipates gradual improvement in performance as the impact of overseas inventory clearance diminishes and domestic industry adjustments ease [1][3] - The adjusted profit forecasts reflect a strong recovery trajectory, with expected net profit growth rates of 101%, 28%, and 24% for the years 2024, 2025, and 2026 respectively [1][3]

Financial Performance - The company's operating revenue for Q3 2024 reached ¥1,082,970,366.62, representing a year-on-year increase of 19.92%[2] - Net profit attributable to shareholders for Q3 2024 was ¥146,351,133.85, a significant increase of 131.73% compared to the same period last year[2] - The basic and diluted earnings per share for Q3 2024 were both ¥0.55, reflecting a year-on-year increase of 129.17%[4] - Total operating revenue for the first three quarters of 2024 was CNY 3,125,390,090.31, a decrease of 2.61% compared to CNY 3,209,194,823.07 in the same period of 2023[20] - Net profit for the first three quarters of 2024 was CNY 317,474,354.86, an increase of 2.38% compared to CNY 308,745,291.11 in the same period of 2023[21] - Earnings per share for the first three quarters of 2024 were CNY 1.15, compared to CNY 1.13 in the same period of 2023[22] - Comprehensive income for the first three quarters of 2024 was CNY 367,041,293.44, compared to CNY 323,240,452.44 in the same period of 2023[22] Assets and Liabilities - Total assets at the end of Q3 2024 amounted to ¥7,873,442,974.15, an increase of 8.35% from the end of the previous year[4] - Total liabilities as of the end of the third quarter of 2024 amounted to CNY 2,036,039,313.17, an increase of 22.49% from CNY 1,662,319,359.19 at the end of the previous year[20] - Total equity attributable to shareholders of the parent company was CNY 5,582,058,548.97, an increase of 4.05% from CNY 5,365,596,147.58 in the previous year[20] - The company's total assets reached CNY 7,873,442,974.15, an increase from CNY 7,266,719,674.70 at the end of the previous year[20] Cash Flow - The net cash flow from operating activities for the year-to-date period decreased by 39.31% to ¥159,518,116.70 compared to the same period last year[4] - In the first three quarters of 2024, the net cash flow from operating activities was ¥159,518,116.70, a decrease of 39.4% compared to ¥262,852,224.14 in the same period of 2023[25] - Total cash inflow from operating activities was ¥3,382,595,024.60, down from ¥3,823,930,847.44, representing a decline of 11.5% year-over-year[25] - Cash outflow from operating activities totaled ¥3,223,076,907.90, compared to ¥3,561,078,623.30 in the previous year, indicating a decrease of 9.5%[25] - The cash flow from investment activities showed a net outflow of ¥639,071,697.05, an improvement from a net outflow of ¥1,055,233,440.43 in the same period last year[25] - Cash inflow from investment activities was ¥510,640,483.98, significantly higher than ¥102,670,916.39 in the previous year[25] - Cash inflow from financing activities was ¥1,419,260,000.00, up from ¥585,065,805.00, marking an increase of 142.6% year-over-year[25] - The net cash flow from financing activities was ¥234,402,342.05, a turnaround from a net outflow of ¥74,313,386.63 in the same period of 2023[25] - The ending balance of cash and cash equivalents was ¥799,490,399.41, down from ¥1,205,615,108.09 in the previous year[25] - The company reported a cash inflow of ¥450,000,000.00 from the recovery of investments, compared to ¥100,000,000.00 in the same period last year[25] Shareholder Information - The total number of common shareholders at the end of the reporting period is 23,529 shares[10] - Zhejiang Zhendai Holdings Co., Ltd. holds 132,739,480 shares, accounting for 49.82% of the total shares[10] Other Financial Metrics - The weighted average return on equity for Q3 2024 was 2.66%, an increase of 1.54 percentage points compared to the previous year[4] - The company reported a decrease of 20.59% in net profit attributable to shareholders after deducting non-recurring gains and losses for the year-to-date period[8] - Research and development expenses for the first three quarters of 2024 were CNY 98,872,971.89, a decrease from CNY 110,447,381.62 in the same period of 2023[20] - The company reported a significant increase in other comprehensive income after tax, totaling CNY 49,566,938.58 compared to CNY 14,495,161.33 in the previous year[21] - The company has not adopted new accounting standards or interpretations affecting the financial statements for the year[26] Business Operations - The overseas main business revenue for Q3 2024 was ¥645 million, an increase of 24.36% year-on-year, indicating a recovery in international operations[7] - The revenue from domestic hospital lines reached ¥278 million, showing a growth of 20.99% compared to the same period last year[7] - The company recognized a gain from the disposal of assets due to the acquisition of land use rights and properties, contributing positively to net profit[7] - The company signed an asset acquisition agreement for state-owned land use rights and buildings, with a total compensation amount of RMB 297.81 million, which is expected to increase net profit by approximately RMB 9.3 million[15] Current Assets and Liabilities - Current assets total RMB 3,113.70 million, up from RMB 2,719.81 million at the end of 2023, reflecting a growth of approximately 14.5%[16] - The company's cash and cash equivalents decreased to RMB 806.65 million from RMB 1,051.79 million, a decline of about 23.3%[16] - Accounts receivable increased to RMB 702.18 million from RMB 539.65 million, representing a growth of approximately 30.2%[16] - Inventory increased to RMB 820.81 million from RMB 800.81 million, showing a slight increase of about 2.5%[16] - The company reported a short-term loan of RMB 451.83 million, up from RMB 220.14 million, indicating an increase of approximately 105.5%[18] - The total non-current assets amount to RMB 4,759.74 million, an increase from RMB 4,546.91 million, reflecting a growth of approximately 4.7%[18]