关于《关于上海微创心脉医疗科技(集团)股 份有限公司对外投资相关事项的问询函》(上 证 科 创 公 函【2024】0278 号 ) 的 回复之专项 意见 天职业字[2024]45515 号 关于上海微创心脉医疗科技(集团)股份有限公司 对外投资相关事项的问询函的回复 天 职业字 [2024]45515 号 上海证券交易所科创板公司管理部: 贵所于 2024年7月4日印发的《关于上海微创心脉医疗科技(集团)股份有限公司对外 投资相关事项的问询函》(上证科创公函【2024】0278 号)已收悉,根据我所对 Optimum Medical Device Inc.(以下简称 OMD) 2023 年年报审计具体情况,现就贵部所关注的问 题回复如下: | 问询函所列问题 | 黒体(加粗) | | --- | --- | | 问询函所列问题的回复 | 宋体 | 一、公告披露,OMD 及其下属公司主要从事主动脉腔内覆膜支架产品的研发、生产及销 售,核心产品包括 AorfixTM 腹主动脉覆膜支架系统及 AlturaTM 腹主动脉覆膜支架系统, 主营业务包括其旗下自有产品的研发生产及销售、以及在欧洲等地区经销心脉医疗的主要 产 ...

1 证券代码：688016 证券简称：心脉医疗 公告编号：2024-031 上海微创心脉医疗科技（集团）股份有限公司 关于对外投资相关事项的问询函的回复公告 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、准确性和完整性依法承担法律责任。 上海微创心脉医疗科技（集团）股份有限公司（以下简称"公司"、"心脉医疗"、 "上市公司"）于近日收到上海证券交易所下发的《关于上海微创心脉医疗科技(集团) 股份有限公司对外投资相关事项的问询函》（上证科创公函【2024】0278 号）（以下简 称"《问询函》"）。根据《问询函》的要求，公司与公司持续督导机构中国国际金融 股份有限公司及本次交易的审计机构天职国际会计师事务所（特殊普通合伙）对《问询 函》所提及的事项进行了认真核查，现就问询函所涉及问题回复如下： 风险提示：根据《企业会计准则》规定，本次交易形成的商誉不做摊销处理，但需 在未来每年年度终了或出现减值迹象时及时进行减值测试。如果公司识别出商誉减值迹 象或标的公司未来经营活动出现不利的变化，则商誉将存在减值的风险，并将对公司未 来的当期损益造成不利影响。 问题一 ...

中国国际金融股份有限公司 对《关于上海微创心脉医疗科技（集团）股份有限公司对外投资 相关事项的问询函》中相关问题的说明 1 （一）补充披露 OMD 的主要资产构成、最近两年销售费用、管理费用和研发费用 情况、平均毛利率、主要客户和客户集中度情况。 1、最近两年 OMD 的主要资产构成、销售费用、管理费用和研发费用情况、平均 毛利率 根据天职国际会计师事务所（特殊普通合伙）出具的《Optimum Medical Device Inc. 审计报告》（天职业字[2024]43682 号），截至 2022 年 12 月 31 日和 2023 年 12 月 31 日 （注：标的公司 2023 年度财务数据已经天职国际会计师事务所（特殊普通合伙）审计， 2022 年度财务数据为财务报表上年同期数据），OMD 合并资产负债表主要资产构成分 别如下： 截至 2023 年 12 月 31 日，OMD 主要资产包括：货币资金余额 1,238.17 万元人民 币，应收账款余额 2,030.19 万元人民币，预付款项 186.69 万元人民币，存货 2,566.03 万 元人民币，其他流动资产 62.47 万元人民币，固定资产 36 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Views - The company, as a leader in the arterial stent sector, demonstrates strong R&D capabilities with a steady advancement in its product pipeline. The high technical content and competitive strength of its products are evident. The sales of new products are increasing, and the overseas market is being further developed, leading to overall performance meeting expectations [7][9]. - Revenue forecasts for the company are maintained at 1.56 billion, 2.00 billion, and 2.53 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits of 689 million, 883 million, and 1.12 billion yuan for the same years. The corresponding EPS is projected to be 5.59, 7.16, and 9.12 yuan, with P/E ratios of 18, 14, and 11 times [7][8]. Summary by Sections Company Overview - The company is recognized as a leading entity in the arterial stent market, with robust R&D strength and a competitive product lineup [7]. Financial Performance - The company expects to achieve revenue of 7.77-8.08 billion yuan in the first half of 2024, representing a year-on-year growth of 25%-30%. The net profit is anticipated to be between 391 million and 419 million yuan, reflecting a growth of 40%-50% [11]. Market Expansion - The company is actively expanding into domestic and international markets, responding to national policies aimed at enhancing healthcare resources in lower-tier cities and developing partnerships with leading global clients [9][10]. Strategic Acquisitions - The acquisition of Optimum Medical Device Inc. will enhance the company's product line and strengthen its competitive position in the European market, facilitating deeper market penetration and supporting global expansion strategies [10].

证券代码：688016 证券简称：心脉医疗 上海微创心脉医疗科技（集团）股份有限公司投资者关系活动记录表 编号：2024-003 □特定对象调研□分析师会议 投资者关系活 □媒体采访□业绩说明会 □新闻发布会□路演活动 动类别 □现场参观 √其他：海外重大并购进展交流电话会 参与单位名称 272家机构363名参与人员，详见附件清单（排名不分先 及人员姓名 后） 时间 2024年7月2日 地点 电话会议 Jonathan Chen(董事长)、朱清（董事兼总经理）、邱根永 上市公司接待 （副总经理兼董事会秘书）、刘昊（治疗方案推广资深总 ...

证券代码：688016 证券简称：心脉医疗 上海微创心脉医疗科技（集团）股份有限公司投资者关系活动记录表 编号：2024-003 □特定对象调研□分析师会议 投资者关系活 □媒体采访□业绩说明会 □新闻发布会□路演活动 动类别 □现场参观 √其他：海外重大并购进展交流电话会 参与单位名称 272家机构363名参与人员，详见附件清单（排名不分先 及人员姓名 后） 时间 2024年7月2日 地点 电话会议 Jonathan Chen(董事长)、朱清（董事兼总经理）、邱根永 上市公司接待 （副总经理兼董事会秘书）、刘昊（治疗方案推广资深总 ...

| --- | --- | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is expected to achieve revenue of approximately 777 million to 808 million RMB in the first half of 2024, representing a year-on-year growth of 25% to 30%. The net profit attributable to the parent company is projected to be between 391 million and 419 million RMB, reflecting a year-on-year increase of 40% to 50% [9][20] - The acquisition of Optimum Medical Device Inc. (OMD) is set to enhance the company's product offerings and market presence, with OMD expected to become a wholly-owned subsidiary [2][20] - The company has seen rapid sales growth in both domestic and international markets, driven by the successful launch of new products [20] Financial Performance Summary - Revenue (in million RMB): - 2022: 897 - 2023: 1,187 - 2024E: 1,520 - 2025E: 1,939 - 2026E: 2,533 - Revenue Growth Rate: - 2022: 30.95% - 2023: 32.43% - 2024E: 28.05% - 2025E: 27.53% - 2026E: 30.67% [11] - Net Profit (in million RMB): - 2022: 357 - 2023: 492 - 2024E: 639 - 2025E: 796 - 2026E: 1,039 - Net Profit Growth Rate: - 2022: 12.99% - 2023: 37.98% - 2024E: 29.83% - 2025E: 24.51% - 2026E: 30.49% [11] Market Position and Future Outlook - The company is well-positioned in the aortic and peripheral intervention sectors, with expected net profits of 639 million, 796 million, and 1,039 million RMB for 2024-2026, representing year-on-year growth rates of 30%, 25%, and 30% respectively [20] - The current price-to-earnings (P/E) ratios are projected to be 19, 15, and 12 for the years 2024, 2025, and 2026 [20]

买入(维持评级) 同日公司发布关于受让 Optimum Medical Device Inc.(OMD)股权 的公告，拟使用自有资金 6500 万美元（约合人民币 4.63 亿元） 分析师：袁维（执业51130518080002） 分析师： 回冠洲（执业 S1130523080002） 分析师：何冠洲（执业 S1130523080002） heguanzhou@gizq.com.cn 3.《心脉医疗公司点评：三季度业绩稳步增长，创新产品 2023.9.27 | --- | --- | --- | --- | --- | --- | |-------------------------------|--------|--------|--------|--------|--------| | 公司基本情况（人民币） \n项目 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元 ) | 897 | 1,187 | 1,520 | 1,939 | 2,533 | | 营业收入增长率 | 30.95% | 32.43% | 28.05% | 27.53% | 30.6 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 150.13 CNY for 2024, based on an updated EPS forecast of 5.37/6.97/8.91 CNY for 2024-2026 [1][18]. Core Insights - The company is experiencing strong growth, with projected revenue for H1 2024 estimated between 777-808 million CNY, representing a year-on-year increase of 25-30%. The net profit attributable to the parent company is expected to be between 391-419 million CNY, reflecting a growth of 40-50% [1]. - The company plans to fully acquire Lombard, which will support its globalization strategy. This acquisition is expected to enhance product offerings and technology, improve competitiveness, and contribute to revenue growth [1]. Summary by Sections Financial Performance - The company forecasts a revenue increase from 1,187 million CNY in 2023 to 1,549 million CNY in 2024, with a compound annual growth rate (CAGR) of 30.5% [17]. - The net profit attributable to the parent company is projected to grow from 492 million CNY in 2023 to 661 million CNY in 2024, with a CAGR of 34.3% [17]. Acquisition Strategy - The company intends to use 65 million USD to acquire the remaining 72.37% stake in OMD, which will lead to full ownership of Lombard, a UK-based aortic stent company. This acquisition is expected to stabilize and deepen cooperation, enhancing the company's international strategy [1]. - Lombard's products have a 20-year history in developed markets and are expected to complement the company's existing product lines, thereby increasing market competitiveness [1]. Market Position and Growth - The company's overseas revenue has grown significantly, from 30 million CNY in 2021 to 82 million CNY in 2023, with a CAGR of 65% [1]. - The report highlights the potential for OMD to turn profitable in 2024, contributing positively to the company's overall performance [1].