广州维力医疗器械股份有限公司 2024 年年度股东大会 会 议 资 料 2025 年 5 月 15 日 1 目 录 | 一、2024 | 年年度股东大会会议议程 3 | | --- | --- | | 二、2024 | 年年度股东大会会议须知 5 | | 三、2024 | 年年度股东大会会议议案 6 | 2 议案一、《公司 2024 年年度报告全文及其摘要》 议案二、《公司 2024 年度董事会工作报告》 议案三、《公司 2024 年度监事会工作报告》 议案四、《公司 2024 年度财务决算和 2025 年度财务预算报告》 议案五、《公司 2024 年度利润分配预案》 议案六、《关于公司 2024 年度董事薪酬的议案》 议案七、《关于公司 2024 年度监事薪酬的议案》 议案八、《关于公司向银行申请综合授信额度的议案》 议案九、《关于公司向全资子公司提供担保额度的议案》 议案十、《关于 2025 年度续聘会计师事务所的议案》 议案十一、《关于增加经营地址暨修改<公司章程>的议案》 广州维力医疗器械股份有限公司 2024 年年度股东大会会议议程 会议时间：2025 年 5 月 15 日（星期四）下午 14 点 ...

证券代码：603309 证券简称：维力医疗 公告编号：2025-031 广州维力医疗器械股份有限公司 关于控股子公司产品获得欧盟 MDR 认证的公告 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。 广州维力医疗器械股份有限公司（以下简称"公司"）控股子公司苏州麦德迅 医疗科技有限公司（以下简称"苏州麦德迅"）于近日收到欧盟医疗器械法规（Medical Device REGULATION (EU) 2017/745，简称"MDR"）认证证书，现将有关情况公告 如下： 一、MDR 认证证书的具体情况 证书名称：欧盟 MDR CE 证书 证书编号：G15 103283 0004 Rev.00 认证产品：Ambulatory Infusion Pump（便携式输液泵，IIb 类），Disposable Reservoirs（一次性使用储液盒，IIa 类） 发证机构：TüV SüD Product Service GmbH 证书签批时间：2025-04-29 证书到期时间：2030-04-28 二、对公司的影响 MDR，即 Medica ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 05 月 04 日 [Table_Title] 海外恢复高增，新品持续优化产品结构 [Table_Title2] 维力医疗(603309) [Table_Summary] 事件概述 公司发布 2024 年报和 2025 年一季报，2024 年实现营收 15.09 亿元，同比增长 8.76%；归母净利润为 2.19 亿元，同比增长 13.98%；扣非后归母净利润 2.1 亿元，同比增长 16.94%。 2025Q1 公司营收 3.48 亿元，同比增长 12.6%；归母净利润为 5892.38 万元，同比增长 17.25%；扣非归母净利润为 5664.55 万元，同比增长 20.49%。 ► 护理和导尿收入快速增长 分业务看，2024 年公司麻醉产品收入 4.77 亿元（+2.02%），导尿 产品收入 4.38 亿元（+14.66%），泌尿外科产品收入 2.16 亿元 （+6.22%），护理产品收入 1.73 亿元（+27.89%），呼吸产品收入 8393.39 万元（-4.32%），血透产品收入 7563.73 万元 （+10.49%）。护理产 ...

事件： 公司发布2024 年度及2025 年一季度报告，2024 年实现营业收入15.09 亿元（YoY+8.76%），归母净利 润2.19 亿元（YoY+13.98%），扣非净利润2.10 亿元（YoY+16.94%）；24Q4 实现营业收入4.49 亿元 （YoY+9.32%），归母净利润0.53 亿元（YoY+8.44%），扣非净利润0.5亿元（YoY+5.18%）；25Q1 实 现营业收入3.48 亿元（YoY+12.6%），归母净利润0.59 亿元（YoY+17.25%），扣非净利润0.57 亿元 （YoY+20.49%）。 点评： 1. 出海业务持续亮眼，大客户订单驱动护理、导尿线高增，国内市场短期承压。分区域看，2024 年海 外市场营收7.97 亿元（+23.7%），大客户去库存已完成、2024 年恢复常态化，贡献收入同比增长超 30%，此外公司本地化部署不断深化，欧洲、南美、东南亚等地区均实现较快增长，墨西哥生产基地建 设也在加速推进，随着泌外等创新产品的开始出海，公司海外业务增长亮眼；国内市场持续受到医疗行 业整顿影响，同时随着集采品种的逐步落地执行，内销业务暂时承压，营收6.83 亿元（ ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][9]. Core Views - The company is transitioning from low-cost to high-cost products, initiating a new phase of high growth despite facing external challenges in recent years [10][11]. - The overall profitability has significantly improved, with gross margins increasing from 43.2% in 2022 to 44.5% in 2024, despite revenue growth being impacted by external factors [2][41]. - Future growth is expected to be driven by the introduction of high-margin new products and the gradual reduction of the impact from anti-corruption measures in the domestic market [46][48]. Summary by Sections Product System Upgrade as Core Growth Driver - The company has focused on upgrading its product system across research, sales, and manufacturing, transitioning from a traditional low-value consumables company to a more innovative entity [15][16]. - R&D investment has increased from 0.42 billion in 2019 to 1.11 billion in 2024, with the R&D expense ratio rising from 4.3% to 7.4% [16][18]. Impact of External Factors on Performance - In 2023, external factors such as inventory destocking by overseas clients led to a decline in export revenue, which fell to 2.64 billion, a year-on-year decrease of 18% [1][31]. - Domestic sales were also affected by anti-corruption measures, resulting in a 15% year-on-year decline in the second half of 2023 [1][34]. Future Outlook and Margin Improvement - The report anticipates that the impact of anti-corruption will diminish, allowing for the accelerated introduction of high-margin new products, which will boost domestic sales and margins [46][48]. - The company is also expanding its overseas operations to mitigate geopolitical risks, with plans for new manufacturing facilities in Mexico and Southeast Asia [49][50]. Financial Forecast and Valuation - The projected total revenue for 2024 is 1.509 billion, with a year-on-year growth rate of 8.8%, and net profit is expected to reach 219 million, reflecting a 14% increase [4][12]. - The target price for the company's stock is set at 16 yuan, with a current price of 11.59 yuan, indicating significant upside potential [4][9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a recovery in overseas business growth, with a rich pipeline of products under research and orderly construction of new production capacity [1][8] - In 2024, the company achieved operating revenue of 1.509 billion yuan, a year-on-year increase of 8.76%, and a net profit attributable to shareholders of 219 million yuan, up 13.98% year-on-year [4][5] - The company is actively expanding its overseas production base in Mexico and exploring new markets in Europe, South America, and Southeast Asia [6][8] Financial Performance - In 2024, the company's domestic sales revenue was 683 million yuan, a decrease of 5.39% year-on-year, while overseas sales revenue was 797 million yuan, an increase of 23.74% year-on-year [5][6] - The company expects revenues of 1.779 billion yuan, 2.073 billion yuan, and 2.426 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 17.9%, 16.6%, and 17.0% [8][10] - The projected net profit attributable to shareholders for 2025, 2026, and 2027 is 267 million yuan, 318 million yuan, and 384 million yuan respectively, with growth rates of 21.5%, 19.1%, and 20.9% [8][10] Product Development and Capacity Expansion - The company has a diverse range of products under research, including key anesthesia products and various medical devices, with plans to enhance production capacity in both domestic and international markets [7][8] - New production facilities are being established in Zhaoqing, China, and Mexico, with the aim to complete the first phase of construction by Q1 2026 [7][8] Market Strategy - The company is focusing on refining its channel management and optimizing its distributor structure to adapt to the changing landscape of the medical consumables market [5][6] - A specialized procurement and public affairs department has been established to navigate government procurement policies and enhance competitive pricing strategies [5][6]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential [1][3]. Core Viewpoints - The company has ended inventory destocking with significant localization effects and is experiencing high growth in overseas markets. However, domestic sales are impacted by medical industry regulations, leading to a slowdown in growth [3]. - In 2024, the company achieved a revenue of 1.509 billion yuan, a year-on-year increase of 8.76%, and a net profit of 219 million yuan, up 13.98% year-on-year. The first quarter of 2025 saw a revenue of 348 million yuan, reflecting a year-on-year growth of 12.6% [1][3]. - The company is expanding its market presence in Mexico, Europe, and emerging markets in South America and Southeast Asia, with foreign sales revenue reaching 797 million yuan, a year-on-year increase of 23.74%, accounting for 52.82% of total revenue [3]. - The company has shown strong growth in its anesthesia and urology product lines, with revenues of 477 million yuan and 216 million yuan, respectively, while nursing and catheter products also saw significant growth [3]. Financial Summary - The company’s revenue is projected to grow from 1.753 billion yuan in 2025 to 2.438 billion yuan in 2027, with year-on-year growth rates of 16.1%, 17.6%, and 18.2% respectively [4]. - The net profit attributable to the parent company is expected to increase from 264 million yuan in 2025 to 399 million yuan in 2027, with growth rates of 20.3%, 22.9%, and 23.1% [4]. - The gross margin for 2024 was reported at 44.53%, a decrease of 1.36 percentage points year-on-year, primarily due to the higher proportion of lower-margin overseas sales [3][4]. - The company has effectively controlled expenses, leading to an increase in the net profit margin to 15.14%, up 0.4 percentage points year-on-year [3].

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: 截至本公告披露日，公司股东广州纬岳贸易咨询有限公司合计持有公司股份 15,670,200 股，占公司总股本的 5.35%，累计质押公司股份 10,180,000 股，占其所 持股份比例的 64.96%，占公司总股本的 3.48%。 广州维力医疗器械股份有限公司（以下简称"公司"）于近日接到公司股东广州 纬岳贸易咨询有限公司（以下简称"广州纬岳"）函告，获悉其将持有的本公司部分 股份进行了延期质押，具体情况如下： 证券代码：603309 证券简称：维力医疗 公告编号：2025-029 广州维力医疗器械股份有限公司 关于股东股份延期质押的公告 一、股东股份延期质押的基本情况 2020 年 5 月 6 日，广州纬岳将其持有的公司 9,880,600 股无限售流通股质押给 国泰君安证券股份有限公司，回购期限 12 个月。详见公司 2020 年 5 月 8 日披露于 《中国证券报》《上海证券报》《证券时报》及上海证券交易所网站（www.sse.com.cn） 的《关于股东股 ...

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。 广州维力医疗器械股份有限公司（以下简称"公司"）控股子公司广州利健益 医疗器械科技有限公司（以下简称"利健益"，本公司持股占比 70%）于近日收到 广州市市场监督管理局签发的《第二类医疗器械经营备案凭证》。现将有关情况公 告如下： 一、证书主要内容 备案编号：粤穗药监械经营备20252024号 统一社会信用代码：91440115MAECXTW14D 证券代码：603309 证券简称：维力医疗 公告编号：2025-030 广州维力医疗器械股份有限公司 关于控股子公司取得医疗器械经营备案凭证的公告 企业名称：广州利健益医疗器械科技有限公司 法定代表人：张钊 利健益取得上述《第二类医疗器械经营备案凭证》后，可开展备案凭证经营范 围内的医疗器械批发业务。上述证书的取得不会对公司经营业绩产生重大影响。 三、风险提示 相关业务在实际开展过程中，可能受到外部环境和市场变化等因素影响而存在 不确定性。敬请投资者注意投资风险。 企业负责人：张钊 经营方式：批发 经营场所：广州市南沙区珠江街兴隆路1 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential [1][3]. Core Viewpoints - The company has ended inventory destocking with significant localization effects and is experiencing high growth in overseas markets. However, domestic sales are impacted by medical industry regulations, leading to a slowdown in growth [3]. - In 2024, the company achieved a revenue of 1.509 billion yuan, a year-on-year increase of 8.76%, and a net profit attributable to the parent company of 219 million yuan, up 13.98% year-on-year [1]. - The company is expanding its production base in Mexico and exploring markets in Europe, South America, and Southeast Asia, resulting in a 23.74% year-on-year increase in foreign sales revenue, which now accounts for 52.82% of total revenue [3]. - The company’s product lines, particularly anesthesia and urology products, are showing stable growth, with revenues of 477 million yuan and 216 million yuan respectively [3]. - The company is focusing on innovation and increasing R&D investment, which is expected to enhance its product line and improve profit margins [3]. Financial Summary - The company’s total revenue for 2024 is projected to be 1.753 billion yuan, with a year-on-year growth rate of 16.1% for 2025, reaching 2.062 billion yuan in 2026 and 2.438 billion yuan in 2027 [4]. - The net profit attributable to the parent company is expected to grow from 264 million yuan in 2025 to 399 million yuan in 2027, reflecting a compound annual growth rate of 20.3% to 23.1% [4]. - The gross margin for 2024 is reported at 44.53%, with a slight decrease attributed to the higher proportion of lower-margin overseas sales [3][4]. - The company’s sales net profit margin improved to 15.14% in 2024, indicating effective cost control measures [3]. Market and Business Outlook - The company is expected to maintain a steady growth trend as domestic demand recovers and overseas markets continue to expand [3]. - The report anticipates that the introduction of new products will not only diversify the product line but also optimize the product structure, potentially enhancing profitability [3].