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%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)48心脉医疗21.9121.912.90110.00亿行业平均 46.1548.384.77102.50亿行业中值29.1 ...

交易信息汇总 心脉医疗2025-04-03信息汇总- 资金流向：当日主力资金净流出3422.46万元，占总成交额10.33%；游资 资金净流入1959.24万元，占总成交额5.92%；散户资金净流入1463.21万元，占总成交额4.42%。 公司公告汇总心脉医疗：关于以集中竞价交易方式第二期回购股份的进展公告 截至2025年4月3日收盘，心脉医疗(688016)报收于97.52元，下跌0.88%，换手率2.74%，成交量3.38万 手，成交额3.31亿元。 当日关注点 以上内容为证券之星据公开信息整理，由智能算法生成（网信算备310104345710301240019号），不构 成投资建议。 交易信息汇总：心脉医疗当日主力资金净流出3422.46万元，占总成交额10.33%。 公司公告汇总：心脉医疗已累计回购股份864,989股，支付资金总额为91,560,636.42元，用于员工 持股计划或股权激励。 公司公告汇总：心脉医疗将于2025年4月18日召开2024年年度股东大会，审议九项议案，包括年度 报告、财务决算、利润分配预案等。 上海微创心脉医疗科技（集团）股份有限公司将于2025年4月18日召开2024 ...

Quantitative Models and Construction Methods Model 1: Volume Timing Signal - **Model Name**: Volume Timing Signal - **Model Construction Idea**: The model uses volume data to generate timing signals for broad-based indices. - **Model Construction Process**: The model evaluates the volume timing signals for various broad-based indices and assigns a cautious view if the signals indicate a potential downturn. - **Model Evaluation**: The model provides a cautious outlook for all major broad-based indices as of April 3, 2025[23][24]. Model 2: Momentum Sentiment Indicator - **Model Name**: Momentum Sentiment Indicator - **Model Construction Idea**: The model uses the proportion of stocks with positive returns within an index to gauge market sentiment. - **Model Construction Process**: - Calculate the proportion of stocks in the CSI 300 index with positive returns over a specified period. - Apply smoothing with two different window periods to capture the trend. - Generate signals based on the relationship between the short-term and long-term smoothed lines. - Formula: $$ \text{Proportion of Rising Stocks in CSI 300} = \frac{\text{Number of Stocks with Positive Returns in N Days}}{\text{Total Number of Stocks in CSI 300}} $$ - When the short-term smoothed line is above the long-term smoothed line, it indicates a bullish market sentiment[24][25][27]. - **Model Evaluation**: The model can quickly capture upward opportunities but may miss out on gains during prolonged market exuberance. It also has limitations in predicting downturns[25]. Model 3: Moving Average Sentiment Indicator - **Model Name**: Moving Average Sentiment Indicator - **Model Construction Idea**: The model uses the eight moving average system to determine the trend state of the CSI 300 index. - **Model Construction Process**: - Calculate the eight moving averages for the CSI 300 index with parameters 8, 13, 21, 34, 55, 89, 144, and 233. - Assign values based on the number of moving averages the current price exceeds. - Generate signals based on the number of moving averages the current price exceeds. - Formula: $$ \text{Number of Moving Averages Exceeded} = \sum_{i=1}^{8} \mathbb{1}(\text{Price} > \text{MA}_i) $$ - If the number exceeds 5, it indicates a bullish sentiment[32][33]. - **Model Evaluation**: The model indicates that the CSI 300 index is currently in a non-optimistic sentiment zone[35]. Model Backtesting Results 1. **Volume Timing Signal**: All broad-based indices have a cautious view as of April 3, 2025[24]. 2. **Momentum Sentiment Indicator**: The proportion of rising stocks in the CSI 300 index is around 61%[25]. 3. **Moving Average Sentiment Indicator**: The CSI 300 index is in a non-optimistic sentiment zone[35]. Quantitative Factors and Construction Methods Factor 1: Cross-sectional Volatility - **Factor Name**: Cross-sectional Volatility - **Factor Construction Idea**: The factor measures the dispersion of returns among index constituents to gauge the alpha environment. - **Factor Construction Process**: - Calculate the cross-sectional volatility of the constituents of the CSI 300, CSI 500, and CSI 1000 indices. - Compare the recent values with historical averages to determine the alpha environment. - Formula: $$ \text{Cross-sectional Volatility} = \sqrt{\frac{1}{N-1} \sum_{i=1}^{N} (R_i - \bar{R})^2} $$ - Where \( R_i \) is the return of stock \( i \) and \( \bar{R} \) is the average return[41]. - **Factor Evaluation**: The recent cross-sectional volatility indicates a better short-term alpha environment for the CSI 300 and CSI 500 indices, while the CSI 1000 index shows a deteriorating alpha environment[40]. Factor 2: Time-series Volatility - **Factor Name**: Time-series Volatility - **Factor Construction Idea**: The factor measures the volatility of index constituents over time to gauge the alpha environment. - **Factor Construction Process**: - Calculate the time-series volatility of the constituents of the CSI 300, CSI 500, and CSI 1000 indices. - Compare the recent values with historical averages to determine the alpha environment. - Formula: $$ \text{Time-series Volatility} = \sqrt{\frac{1}{T-1} \sum_{t=1}^{T} (R_t - \bar{R})^2} $$ - Where \( R_t \) is the return at time \( t \) and \( \bar{R} \) is the average return[43]. - **Factor Evaluation**: The recent time-series volatility indicates a better short-term alpha environment for the CSI 300 index, while the CSI 500 and CSI 1000 indices show a mixed alpha environment[42]. Factor Backtesting Results 1. **Cross-sectional Volatility**: - CSI 300: Recent quarterly average 1.83%, 51.24% of the two-year range[41]. - CSI 500: Recent quarterly average 2.10%, 47.62% of the two-year range[41]. - CSI 1000: Recent quarterly average 2.48%, 51.79% of the two-year range[41]. 2. **Time-series Volatility**: - CSI 300: Recent quarterly average 0.57%, 49.38% of the two-year range[43]. - CSI 500: Recent quarterly average 0.43%, 40.48% of the two-year range[43]. - CSI 1000: Recent quarterly average 0.26%, 50.20% of the two-year range[43].

心脉医疗的业绩与核心产品Castor®分支型主动脉覆膜支架及输送系统（简称Castor支架）的价格调整密 切相关，该产品此前正经历一场"降价"风波。 2024年8月19日，国家医保局首次以公开问询形式质疑心脉医疗Castor支架定价问题。这也成为国内医 疗器械领域史无前例的监管事件。医保局指出，Castor支架（200mm）出厂价约为5万元，但医院终端 采购价高达12万元以上，价格加成逾100%，显著超过合理范围。此前已有大量群众投诉该产品价格虚 高，医保局对此表示"价格差距过大""显著超出必要范围"。 8月26日，在舆论与监管双重压力下，心脉医疗宣布降价，将Castor支架的最高销售价格调整为不超过 7.15万元，降幅达40.42%。公司解释称，此前价格差主要源自多级分销体系中经销商承担的库存管理、 术中支持、市场推广、培训服务等成本。此次降价不仅彰显国家对高值医用耗材价格监管的决心，也标 志着医保局监管触角从药品延伸至高值医疗器械的转折点。 根据心脉医疗此前数据，2023年Castor支架植入量约6500-7000个，销售额约4.5亿-4.9亿元，占当年总营 收（11.87亿元）的比重高达38%-41%。 ...

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]