重要内容提示： 振德医疗用品股份有限公司 2024 年度业绩预增公告 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。 本期业绩预告适用于实现盈利，且归属于上市公司股东的净利 润与上年同期相比增长 50%以上。 振德医疗用品股份有限公司（以下简称"公司"）预计 2024 年 度实现归属于上市公司股东的净利润 37,300 万元至 39,300 万元，与 上年同期相比预计增加 17,460 万元至 19,460 万元，同比增加 88.00% 到 98.09%； 公司预计 2024 年度实现归属于上市公司股东的扣除非经常性 损益的净利润 30,300 万元至 32,300 万元，与上年同期相比预计增加 11,341 万元至 13,341 万元，同比增加 59.82%到 70.37%。 一、本期业绩预告情况 证券代码：603301 证券简称：振德医疗 公告编号：2025-002 （一）业绩预告期间 2、公司预计 2024 年度实现归属于上市公司股东的扣除非经常性 损益的净利润 30,300 万元至 32,300 万元，与上年同期相比预 ...

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]

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振德医疗用品股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 证券代码：603301 证券简称：振德医疗 振德医疗用品股份有限公司 2024 年第三季度报告 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。 第三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 | --- | --- | --- | --- | --- | |------------------------------------------------|------------------|--------------------------------------|------------------|------------------ ...

证券代码：603301 证券简称：振德医疗 公告编号：2024-029 振德医疗用品股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 重要内容提示： 1、会议召开时间：2024 年 11 月 25 日（星期一）13:00-14:00 2、会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） 3、会议召开方式：上证路演中心网络互动 4、投资者可于 2024 年 11 月 18 日（星期一）至 11 月 22 日（星 期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过本公告后附的电话、传真和指定邮箱进行提问。公司将在说明 会上选择投资者普遍关注的问题进行回答。 振德医疗用品股份有限公司（以下简称"公司"）已于 2024 年 10 月 30 日发布公司 2024 年第三季度报告。为便于广大投资者更全 面深入地了解公司 2024 年三季度经营成果、财务状况，公司计划于 2024 年 11 月 25 ...

证券代码：603301 证券简称：振德医疗 公告编号：2024-026 本公司董事会、全体董事及相关股东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： 控股股东的一致行动人持股的基本情况 振德医疗用品股份有限公司控股股东的一致行动人 减持股份计划提前终止的公告 截至本公告披露日，振德医疗用品股份有限公司（以下简称"公司"）股东 许昌振德园林绿化工程有限公司（以下简称"许昌园林"，系控股股东浙江振德 控股有限公司全资子公司）持有公司股份 11,773,940 股，占公司总股本的 4.42%。 公司控股股东浙江振德控股有限公司、实际控制人鲁建国、沈振芳与许昌园林系 一致行动人，合计持有公司股份 157,748,066 股，占公司总股本的 59.20%。 减持计划的实施结果情况 公司于 2024 年 10 月 11 日收到许昌园林出具的《关于提前终止集中竞价、 大宗交易减持股份计划的告知函》，许昌园林决定终止本次股份减持计划（详见 公司于 2024 年 10 月 9 日披露的《振德医疗控股股东的一致行动人减持股份计划 公告》（公告编号：2 ...

振德医疗用品股份有限公司 关于"提质增效重回报"行动方案的公告 证券代码：603301 证券简称：振德医疗 公告编号：2024-027 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"）为深入贯彻中 央经济工作会议和中央金融工作会议精神，认真落实国务院《关于进 一步提高上市公司质量的意见》要求，积极响应上海证券交易所《关 于开展沪市公司"提质增效重回报"专项行动的倡议》，践行"以投 资者为本"的理念，推动公司高质量发展和投资价值提升，保护投资 者尤其是中小投资者合法权益，公司结合自身发展战略和实际经营情 况制定了"提质增效重回报"行动方案。具体举措如下： 一、聚焦主业，稳步提升经营质量 公司成立于 1994 年，是一家集研发、生产、销售为一体的医疗+ 健康产业协同发展的企业。 在医疗领域，公司主要产品线涵盖造口与现代伤口护理产品、手 术感控产品、感控防护产品、基础护理产品及压力治疗与固定产品。 经过多年的积累，公司已成为国内医用敷料和感控防护产品生产企业 中产品种类较为齐全、规模领先的 ...