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Investment Rating - The report maintains a "Recommended" rating for the company [9][22]. Core Insights - The company reported a Q1 2024 revenue of 358 million yuan, representing a year-over-year increase of 25.38%, and a net profit attributable to shareholders of 184 million yuan, up 47.62% [4][20]. - The growth in revenue and profit exceeded expectations, driven by core products such as Castor, Minos, and peripheral drug balloons, with a significant contribution from high-value products [22]. - The gross margin for Q1 2024 reached 76.52%, an increase of 0.78 percentage points, attributed to a favorable product mix and a decrease in expense ratios [22][23]. Financial Summary - Revenue projections for 2024-2026 are as follows: 1,518 million yuan in 2024, 1,930 million yuan in 2025, and 2,438 million yuan in 2026, with year-over-year growth rates of 27.8%, 27.1%, and 26.3% respectively [7][14]. - Net profit forecasts for the same period are 657 million yuan in 2024, 832 million yuan in 2025, and 1,054 million yuan in 2026, with growth rates of 33.3%, 26.7%, and 26.6% respectively [7][14]. - The company's gross margin is expected to remain stable around 76.5% for the next few years, while the net margin is projected to improve to 43.3% in 2024 [14]. Operational Metrics - The company’s return on equity (ROE) is projected to increase from 12.8% in 2023 to 16.5% by 2026 [14]. - The price-to-earnings (P/E) ratio is expected to decrease from 29.4 in 2023 to 13.7 by 2026, indicating a potentially attractive valuation as earnings grow [14]. - The company’s cash flow from operating activities is forecasted to rise from 648 million yuan in 2024 to 1,091 million yuan in 2026 [13].

Financial Performance - The net profit attributable to shareholders of the listed company increased by 47.62% compared to the same period last year[15]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 48.91%[15]. - The company's operating revenue for the reporting period was ¥358,081,405.15, representing a year-on-year increase of 25.38%[34]. - The net profit attributable to shareholders was ¥184,296,095.55, reflecting a growth of 47.62% compared to the same period last year[34]. - The basic earnings per share (EPS) was ¥2.23, up by 28.90% from the previous year[34]. - Total operating revenue for Q1 2024 reached RMB 358,081,405.15, a 25.4% increase from RMB 285,591,399.25 in Q1 2023[48]. - Net profit attributable to shareholders of the parent company was RMB 184,296,095.55, up from RMB 124,840,722.70, marking a 47.5% growth year-over-year[51]. - Basic and diluted earnings per share for Q1 2024 were both RMB 2.23, compared to RMB 1.73 in Q1 2023, indicating a 28.9% increase[51]. Cash Flow - The net cash flow from operating activities increased by 77.53% due to business scale growth and improved cash flow management[15]. - The company's cash flow from operating activities for Q1 2024 was approximately ¥211.95 million, an increase of 77.5% compared to ¥119.39 million in Q1 2023[29]. - The net cash flow from investing activities was -¥1,737,334,030.87, indicating a significant outflow compared to -¥22,140,416.31 in the same period last year[30]. - The net cash flow from financing activities was ¥31,649,321.21, a recovery from -¥3,135,992.11 in the previous year[30]. Research and Development - Research and development expenses decreased by 22.53% compared to the previous period, reflecting an optimization of the R&D team structure[16]. - The proportion of R&D expenses to operating income decreased by 8.14 percentage points, indicating a focus on improving R&D output efficiency[16]. - Research and development (R&D) expenses totaled ¥47,137,794.16, which is a decrease of 22.53% year-on-year[35]. - The R&D expenses as a percentage of operating revenue were 13.16%, down by 8.14 percentage points from the previous year[35]. - Research and development expenses decreased to RMB 23,190,117.20 from RMB 36,218,269.91, a reduction of 36.1%[50]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 10,443[8]. - The largest shareholder, Endovascular CHINA Corp. Limited, holds 39.77% of the shares[8]. - The company’s total liabilities and equity structure remains stable, with no significant changes reported in the shareholder composition[21]. Assets and Liabilities - Total current assets as of March 31, 2024, amounted to ¥3.63 billion, up from ¥3.37 billion as of December 31, 2023, reflecting a growth of 7.9%[24]. - The total non-current assets as of March 31, 2024, were ¥122.98 million, slightly up from ¥121.86 million as of December 31, 2023, reflecting a growth of 0.92%[24]. - The company's cash and cash equivalents decreased to ¥1.47 billion as of March 31, 2024, from ¥2.97 billion as of December 31, 2023, a decline of 50.3%[24]. - The company’s accounts receivable increased to ¥193.34 million as of March 31, 2024, compared to ¥148.09 million as of December 31, 2023, representing a growth of 30.5%[24]. - Total assets at the end of the reporting period amounted to ¥4,524,504,555.34, a 6.55% increase from the end of the previous year[35]. - The total equity attributable to shareholders increased to ¥4,042,715,729.63, marking a 5.17% rise compared to the previous year[35]. Other Financial Metrics - The company recognized a government subsidy of 2,396,063.50 yuan during the reporting period[6]. - The weighted average return on net assets decreased by 2.49 percentage points due to the receipt of funds from a private placement in December 2023[15]. - The company reported a total non-recurring gains of 6,269,178.62 yuan after tax adjustments[14]. - Tax expenses rose to RMB 33,894,586.82 from RMB 21,375,906.54, representing a 58.7% increase[50]. - Investment income increased significantly to RMB 7,127,681.04 from RMB 2,164,491.69, a growth of 229.5%[50]. - Other comprehensive income attributable to shareholders of the parent company showed a loss of RMB 35,100.64, compared to a gain of RMB 4,360.05 in the previous year[51]. - The company did not apply new accounting standards for the first quarter of 2024[54].

北京市嘉源律师事务所 关于上海微创心脉医疗科技（集团）股份有限公司 2023 年年度股东大会的法律意见书 | 务 所 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 在 Um Each Ph YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 致:上海微创心脉医疗科技(集团)股份有限公司 北京市嘉源律师事务所 关于上海微创心脉医疗科技(集团)股份有限公司 2023 年年度股东大会的法律意见书 心脉医疗 2023 年年度股东大会 嘉源·法律意见书 整,所发表的结论性意见合法、准确,不存在虚假记载、误导性陈述或者重大遗 漏,并承担相应法律责任。 基于前述,本所律师根据相关法律法规的要求,按照律师行业公认的业务标 准、道德规范和勤勉尽责的精神,就本次股东大会的相关事项出具法律意见如下: 嘉源(2024)-04-256 北京市嘉源律师事务所(以下简称"本所")接受上海微创心脉医疗科技(集 团)股份有限公司(以下简称"公司")的委托,根据《中华人民共和国公司法》 ...

证券代码：688016 证券简称：心脉医疗 公告编号：2024-018 上海微创心脉医疗科技（集团）股份有限公司 2023 年年度股东大会决议公告 本公司董事会及全体董事保证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。 （四） 表决方式符合《公司法》及公司章程的规定以及主持情况的说明。 本次股东大会采用现场投票和网络投票相结合的方式召开，会议由董事会召集， 董事长 Jonathan Chen 先生主持，本次会议的召集、召开程序符合《公司法》、《证 券法》、《公司章程》的规定。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 4 月 18 日 （二） 股东大会召开的地点：上海市浦东新区康新公路 3399 弄 25 号楼 9 层公 司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 209 | | --- | --- | | 普通股股东人数 | 209 | | 2、出席会议的股东所持有的表决权 ...

中国国际金融股份有限公司 关于上海微创心脉医疗科技（集团）股份有限公司 2023 年度持续督导跟踪报告 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）根据《证 券发行上市保荐业务管理办法》、《上海证券交易所科创板股票上市规则》和《上 海证券交易所上市公司自律监管指引第 11 号——持续督导》等相关规定对上海微 创心脉医疗科技（集团）股份有限公司（以下简称"心脉医疗"、"公司"或"上 市公司"）进行持续督导，并出具本持续督导跟踪报告。 一、持续督导工作情况 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针对具体的持 | 保荐机构已建立并有效执行 | | | 续督导工作制定相应的工作计划 | 了持续督导制度，并制定了 | | | | 相应的工作计划 | | 2 | 根据中国证监会相关规定，在持续督导工作开始前，与上 | 保荐机构已与公司签订《保 | | | | 荐协议》，该协议明确了双方 | | | 市公司或相关当事人签署持续督导协议，明确双方在持续 | 在持续督导期间的权利和义 | | | 督导期间的权利义 ...

公 司 点 评 报 告 注:每股收益均按照最新股本摊薄计算 东楠 证券研究报告 ＃industryId＃ 医药生物 ＃investSuggestion＃ 请务必阅读正文之后的信息披露和重要声明 点评：公司 2023 年业绩符合此前业绩快报。创新产品放量叠加海外业务拓 展，公司营收与利润均高速增长。Castor、Minos 等独家创新产品持续放量， Talos、Fontus 等新产品进院顺利，梯度丰富的产品布局有望支撑公司后续业 ＃相关rel报ate告dReport＃ 绩增速。国际化方面，公司全球化推广捷报频传，实现多个国家的准入及销 售，海外收入占比不断提高，为公司业绩增长又一重要引擎。 S0190521030001 投资要点 ＃summary＃ 近日，心脉医疗发布了 2023 年年报。报告期内，公司实现营业收入 11.87 亿 元，同比增长 32.43%；实现归母净利润 4.92 亿元，同比增长 37.98%；实现 扣非归母净利润 4.62 亿元，同比增长 42.74%；实现经营现金流净额 5.58 亿 元，同比增长 67.28%。2023 年 Q4 单季度实现营业收入 2.99 亿元，同比增 长 28.6 ...

证券代码：688016 证券简称：心脉医疗 公告编号：2024-017 上海微创心脉医疗科技（集团）股份有限公司 关于参加2023 年度医用耗材专场集体业绩说明会的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 三、 参加人员 公司董事长 Jonathan Chen 先生、董事兼总经理朱清博士、独立董事叶小杰先 生、副总经理兼董事会秘书邱根永先生、治疗方案推广资深总监刘昊先生、财务高 级总监李春芳女士（如有特殊情况，参会人员将可能进行调整）。 （http://roadshow.sseinfo.com/） 投资者可于 2024 年 4 月 17 日(星期三)下午 16:00 前通过公司邮箱 irm@endovastec.com 将需要了解和关注的问题提前提供给公司。公司将在文字互动 环节对投资者普遍关注的问题进行回答。 上海微创心脉医疗科技（集团）股份有限公司（以下简称"公司"）已于 2024 年 3 月 28 日发布公司 2023 年年度报告，为便于广大投资者更全面深入地了解公司 2023 年年度经营 ...

上海微创心脉医疗科技（集团）股份有限公司 2023 年年度股东大会会议资料 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 2023 年年度股东大会 会议资料 二 O 二四年四月 | 年年度股东大会会议须知 2 | 2023 | | --- | --- | | 年年度股东大会会议议程 4 | 2023 | | 年年度股东大会会议议案 6 | 2023 | | 年年度报告》及其摘要 6 | 议案一：关于公司《2023 | | 年度财务决算》的议案 7 | 议案二：关于《公司 2023 | | 年度董事会工作报告》的议案（含独立董事 | 议案三： 关于《2023 2023 年度述职报告） 9 | | 年度监事会工作报告》的议案 10 | 议案四：关于《2023 | | 年度日常性关联交易执行情况及预计 2024 | 议案五：关于公司 2023 年度日常性关联交易的议案... 11 | | 年度利润分配预案的议案 12 | 议案六：关于 2023 | | 年年度薪酬奖金及 2024 | 议案七：关于公司董事 年薪酬方案的议案 13 2023 | | 年年度薪酬奖金及 2024 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][25][28] Core Views - The company achieved a revenue of 1.187 billion yuan, representing a year-on-year growth of 32.43%, and a net profit attributable to shareholders of 492.43 million yuan, up 37.98% [13][25] - The company is focused on innovation and has increased its R&D investment by 25.70% to 173 million yuan, with multiple products in the pipeline [14][24] - The company has accelerated its international expansion, with overseas revenue reaching 82 million yuan, a growth of 56.19%, and has entered nine new countries [3][24] Financial Performance - Revenue and profit forecasts for the next few years are optimistic, with projected net profits of 649.34 million yuan in 2024, 831.65 million yuan in 2025, and 1.063 billion yuan in 2026, reflecting growth rates of 31.86%, 28.08%, and 27.84% respectively [25][22] - The company’s earnings per share (EPS) are expected to be 7.85 yuan in 2024, 10.05 yuan in 2025, and 12.85 yuan in 2026 [22][25] - The current price-to-earnings (P/E) ratio is projected to be 23.41 in 2024, decreasing to 14.30 by 2026, indicating a favorable valuation compared to peers [22][25] Product and Market Development - The company has seen strong sales in its aortic stent products, with sales volume reaching 48,664 units and revenue of 940 million yuan, a growth of 28.07% [23] - The company is actively expanding its marketing channels in lower-tier cities, enhancing its market influence [23][24] - The company has successfully submitted registration materials for several innovative products, indicating a robust pipeline for future growth [14][24]