Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company experienced a slight increase in revenue and net profit for the fiscal year 2024, with total revenue reaching 1.206 billion yuan (up 1.61% year-on-year) and net profit attributable to shareholders at 502 million yuan (up 1.96 year-on-year) [2] - The domestic market is under pressure due to price adjustments of core products and the impact of centralized procurement, with significant declines in revenue and net profit in the fourth quarter of 2024 [3] - The overseas market is showing strong growth, with overseas revenue nearly doubling to 164 million yuan, accounting for approximately 13.6% of total sales, and the company has acquired a European medical device company to expand its market presence [4] - The company has announced an equity incentive plan that reflects confidence in future growth, targeting net profits of no less than 600 million yuan in 2025 and cumulative net profits of 1.32 billion yuan from 2025 to 2026 [4] Financial Performance Summary - For the fiscal year 2024, the company achieved total revenue of 1.206 billion yuan, with projections for 2025, 2026, and 2027 at 1.354 billion yuan, 1.599 billion yuan, and 1.922 billion yuan respectively, representing year-on-year growth rates of 12.2%, 18.1%, and 20.2% [5][7] - The net profit attributable to shareholders is projected to increase from 547 million yuan in 2025 to 758 million yuan in 2027, with corresponding year-on-year growth rates of 9.0%, 14.4%, and 21.0% [5][10] - The earnings per share (EPS) is expected to rise from 4.44 yuan in 2025 to 6.15 yuan in 2027, with price-to-earnings (P/E) ratios decreasing from 22x in 2025 to 16x in 2027 [5][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 1.206 billion yuan in 2024, a year-on-year increase of 1.61%, and a net profit attributable to the parent company of 502 million yuan, up 1.96% year-on-year [2] - The company is facing pressure in the domestic market due to price adjustments of core products and the impact of centralized procurement [3] - The overseas market is experiencing rapid growth, with overseas revenue reaching 164 million yuan, nearly doubling year-on-year, and accounting for approximately 13.6% of total sales [4] - The company has implemented a stock incentive plan, indicating confidence in future growth, with projected net profits of no less than 600 million yuan in 2025 [4] Financial Performance Summary - In 2024, the company reported quarterly revenues of 358 million yuan, 429 million yuan, 182 million yuan, and 237 million yuan, with significant declines in the second half of the year [3] - The company expects revenues of 1.354 billion yuan, 1.599 billion yuan, and 1.922 billion yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 12.2%, 18.1%, and 20.2% [5][7] - The projected net profit for 2025 is 547 million yuan, with a growth rate of 9.0%, and is expected to reach 758 million yuan by 2027, growing at 21.0% [5][10] - The company's earnings per share (EPS) are projected to be 4.44 yuan in 2025, 5.08 yuan in 2026, and 6.15 yuan in 2027 [5][10]

公司因实施 2024 年半年度权益分派，本次回购股份价格上限由人民币 180 元 证券代码：688016 证券简称：心脉医疗 公告编号：2025-019 上海微创心脉医疗科技（集团）股份有限公司 关于以集中竞价交易方式第二期回购股份的进展公告 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： | 回购方案首次披露日（第二 | 2024/10/30 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期） | | | | | | | | | 回购方案实施期限（第二期） | 2024 年 月 年 | 10 | 28 | 日~2025 | 10 | 月 27 | 日 | | 预计回购金额（第二期） | 10,000 万元~20,000 万元 | | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | | | □用于转换公司可转债 | | | | | | | | | □为维护公司价值 ...

上海微创心脉医疗科技（集团）股份有限公司 2024 年年度股东大会 会议资料 二零二五年四月 上海微创心脉医疗科技（集团）股份有限公司 2024 年年度股东大会会议资料 证券代码：688016 证券简称：心脉医疗 | 年年度股东大会会议须知 2 | 2024 | | | | | | --- | --- | --- | --- | --- | --- | | 年年度股东大会会议议程 4 | 2024 | | | | | | 年年度股东大会会议议案 6 | 2024 | | | | | | 议案一：关于公司《2024 | 年年度报告》及其摘要的议案 6 | | | | | | 议案二：关于《公司 | 年度财务决算》的议案 7 | 2024 | | | | | 议案三： | 关于《2024 | 年度董事会工作报告》的议案（含独立董事 | 年度述职报告） 9 | 2024 | | | 议案四：关于《2024 | 年度监事会工作报告》的议案 10 | | | | | | 议案五：关于公司 | 年度日常性关联交易执行情况及预计 | 年度日常性关联交易的议案... | 2024 | 2025 | 11 | | 议案六：关于 ...

Core Insights - The company reported a revenue of 1.21 billion yuan in 2024, reflecting a growth of 1.6%, and a net profit attributable to shareholders of 502 million yuan, up by 2% [1] - The company experienced robust performance in overseas sales, with a significant increase of 99.4% in international revenue [4] Financial Performance - Quarterly revenue for 2024 was as follows: Q1: 360 million yuan (+25.4%), Q2: 430 million yuan (+27.7%), Q3: 180 million yuan (-31.7%), Q4: 240 million yuan (-20.8%) [2] - The net profit for each quarter was: Q1: 180 million yuan (+47.6%), Q2: 220 million yuan (+41.7%), Q3: 150 million yuan (+37.6%), Q4: -50 million yuan (-149.3%) [2] - The gross profit margin for 2024 was 73%, a decrease of 3.4 percentage points, while the net profit margin remained stable at 41.6% [2] Product Development - The company’s innovative products, including the Castor branched aortic stent and Minos abdominal aortic stent, have seen rapid growth in market acceptance and sales volume [3] - New products such as the Talos straight thoracic aortic stent system and Fontus branched intraoperative stent system have also shown significant growth in hospital admissions and implant volumes [3] Global Expansion - The company’s products are now sold in 40 countries and regions, with successful first implants of key products in multiple countries [4] - The Castor branched stent has been implanted in Colombia, Greece, and Belgium, while the Minos stent has been introduced in South Korea and Uzbekistan [4] Future Outlook - The company forecasts earnings per share (EPS) of 5.14 yuan, 6.45 yuan, and 8 yuan for the years 2025 to 2027, indicating a positive outlook for growth driven by an increase in innovative device sales [4]

Core Viewpoint - The company faces pressure on its 2024 annual performance due to price adjustments in aortic stents, but its competitiveness in the aortic field remains strong, and its layout in peripheral and tumor intervention areas continues to improve, maintaining a buy rating [1] Group 1: Financial Performance - The company maintains a buy rating and forecasts EPS of 4.95/6.19 yuan for 2025-2026, with a new EPS forecast of 7.30 yuan for 2027, adjusting the target price to 123.75 yuan from 133.65 yuan, based on a target PE of 25X for 2025 [2] - In 2024, the company expects revenue of 1.206 billion yuan (up 1.6% year-on-year) and a net profit attributable to shareholders of 502 million yuan (up 2.0%), with a non-recurring net profit of 396 million yuan (down 14.4%) [2] - The first half of 2024 saw high growth with revenue and net profit increasing by 27% and 44% year-on-year, respectively, but the second half is expected to decline by 26% and 54% due to the impact of aortic stent price adjustments [2] Group 2: International Expansion - The company is increasing its efforts in overseas market promotion, achieving market access and promotion for aortic and peripheral products in Europe, Latin America, and Asia-Pacific, with overseas sales revenue exceeding 160 million yuan in 2024, nearly doubling year-on-year [3] - The full acquisition of the UK joint venture Lombard in mid-2024 is expected to enhance cooperation and leverage its professional sales team and established distributor network in Europe, supporting the company's international strategy [3] Group 3: Product Development - The company continues to upgrade its aortic product line, with the new generation Cratos branched thoracic stent approved in March 2025, and ongoing clinical trials for Aegis II abdominal stent and Hector multi-branch thoracic stent, which are expected to maintain strong competitiveness in the aortic field [3] - The company is actively expanding into the peripheral and tumor intervention markets, with a complete product line including venous stents and filters, and ongoing clinical and registration work for new products [4] - In the fifth batch of national procurement in December 2024, the company’s self-developed peripheral venous stents and 3D peripheral arterial stents won bids, indicating potential for rapid market entry and volume growth [4]

上海微创心脉医疗科技(集团)股份有限公司的主营业务是主动脉及外周血管介入医疗器械的研发、生产 和销售。公司的主要产品是胸主动脉覆膜支架系统、腹主动脉覆膜支架系统、术中支架类、球囊类、支 架类。公司获评上海市政府质量金奖、科创板公司价值30强、首届"未来20·中国A股上市公司成长力年 度企业"；子公司鸿脉、蓝脉、拓脉获评"科技型中小企业"，蓝脉首次通过高新技术企业认定并获评"张 江年度新锐"企业；Castor分支型胸主动脉覆膜支架进入国家知识产权局《第二十五届中国专利金奖预 获奖项目》公示名录;静脉支架等入选《上海市"新优药械"产品目录》和《浦东新区创新药械产品推荐 目录》，另有5个项目获评浦东职工科技创新项目。总裁朱清入选"明珠领军人才"，刘梦钦、王金耀、 屠春霖、樊亚明入选"明珠工程师"。 最新一期业绩显示，2024年年报，公司实现营业收入12.06亿元，同比1.61%；净利润5.02亿元，同比 1.96%，销售毛利率73.01%。 3月31日，心脉医疗今日收盘90.11元，下跌2.37%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到22.12倍，总市值111.07亿元。 从行业市盈率排名来 ...

Investment Rating - The report maintains a "Recommendation" rating for the company [1][8]. Core Viewpoints - The company demonstrates steady operational growth, with a projected revenue of 1.206 billion yuan for 2024, reflecting a year-on-year increase of 1.61%, and a net profit of 502 million yuan, up 1.96% year-on-year [3][4]. - The company is focusing on international expansion, with overseas sales expected to reach 164 million yuan in 2024, nearly doubling from the previous year, and is actively pursuing market entry in Europe, Latin America, and Asia [7][8]. - The company has maintained a strong product pipeline, with 12 new products approved domestically and internationally since 2024, enhancing its integrated solutions for aortic and peripheral vascular diseases [5][8]. Financial Summary - Revenue projections for the next few years are as follows: 1.206 billion yuan in 2024, 1.491 billion yuan in 2025, 1.909 billion yuan in 2026, and 2.409 billion yuan in 2027, with respective year-on-year growth rates of 1.6%, 23.6%, 28.1%, and 26.2% [4][12]. - Net profit is expected to grow from 502 million yuan in 2024 to 879 million yuan by 2027, with year-on-year growth rates of 2.0%, 17.8%, 22.3%, and 21.5% [4][12]. - The gross margin is projected to decline slightly from 73.0% in 2024 to 67.4% in 2027, while the net margin is expected to decrease from 41.6% to 36.5% over the same period [12]. Market Position and Strategy - The company is a leading player in the domestic aortic and peripheral vascular intervention market, with a strong market share and ongoing product launches [8]. - The company is enhancing its product line through innovation and strategic partnerships, including the acquisition of Lombard Medical to strengthen its presence in the European and Japanese markets [7][8].

Investment Rating - The report maintains a "Recommended" rating for the company [1][8]. Core Views - The company demonstrates steady operational growth, with expectations for international growth. Despite a market environment change affecting performance in the second half of the year, the overall business remains robust. The company has maintained stable growth in product admissions and implant volumes, although sales and profit growth were impacted by pricing and promotional strategy adjustments [4][8]. - The company continues to focus on technological innovation and has enhanced its integrated solutions. A total of 12 new products have been approved domestically and internationally since 2024, with significant advancements in the development of integrated solutions for aortic, peripheral vascular, and tumor diseases [5][7]. - The company is accelerating its globalization strategy, achieving nearly 100% growth in overseas sales revenue in 2024, expanding its international business into 40 countries and regions [7][8]. Financial Summary - For 2024, the company is projected to achieve revenue of 1.206 billion yuan, a year-on-year increase of 1.61%, and a net profit of 502 million yuan, up 1.96% year-on-year [3][4]. - The company’s revenue and profit forecasts for 2025-2027 have been adjusted to 5.92 billion yuan, 7.24 billion yuan, and 8.79 billion yuan respectively, reflecting the ongoing growth potential of innovative products and the rapid expansion of international business [8]. - Key financial metrics include a gross margin of 73% for 2024, with a projected decline to 67.4% by 2027, and a net profit margin of 41.6% for 2024, decreasing to 36.5% by 2027 [11]. Market Position - The company is a leading player in the domestic aortic and peripheral vascular intervention market, with a strong product lineup and increasing market share. As of the end of 2024, its products are present in over 2,500 hospitals in China [7][8]. - The company has successfully acquired Lombard Medical, enhancing its presence in the European and Japanese medical device markets, which is expected to further boost its brand influence [7][8].

据证券之星公开数据整理，近期心脉医疗（688016）发布2024年年报。截至本报告期末，公司营业总收入 12.06亿元，同比上升1.61%，归母净利润5.02亿元，同比上升1.96%。按单季度数据看，第四季度营业总收入 2.37亿元，同比下降20.75%，第四季度归母净利润-5123.79万元，同比下降149.26%。本报告期心脉医疗三费 占比上升明显，财务费用、销售费用和管理费用总和占总营收同比增幅达30.05%。 该数据低于大多数分析师的预期，此前分析师普遍预期2024年净利润为盈利6.32亿元左右。 | 报告日期 | 机构简称 | 研究员 | 沂三年业绩 | 研报数 覆盖时长 | | 2024预测 | 2025预测 | 2026预测 | 目标价 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 预测准确度 | | | 净利润(元) | 净利润(元) | 净利润(元) | (元) | | 2025-02-09 | 国泰君安 | 工程 | -- | -- | -- | 4.97 乙 | 6.10 Z | 7.63亿 ...