证 券 研 究 报 告 2024 年 04 月 03 日 心脉医疗 (688016) 公 司 研 究 / 公 司 点 评 | --- | --- | --- | |-------------------------------|------------|------------------------| | | | | | 基础数据 : | 2023 | 年 12 月 31 日 | | 每股净资产（元） | | 46.46 | | 资产负债率 % | | 9.01 | | 总股本 / 流通 A | 股（百万） | 83/72 | | 流通 B 股 /H 股（百万） | | -/- | 04-0405-0406-0407-0408-0409-0410-0411-0412-0401-0402-0403-04 -30% -20% -10% 0% 10% 20% 30% 心脉医疗 沪深300指数（收益率） 《心脉医疗（688016）深度：主动脉介入 龙 头 ， 外 周 产 品 进 入 集 中 收 获 期 》 2024/03/26 报告原因：有业绩公布需要点评 买入（维持）投资要点： 2023 年业绩符合预期：公司发布 ...

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：2024-001 □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 2023年度报告业绩电话会 参与单位名称 163家机构287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3月29日 地点 电话会议 Jonathan Chen（董事长）、朱清（董事兼总经理）、邱 上市公司接待 根永（副总经理兼董事会秘书）、刘昊（治疗方案推广资 ...

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股 票 研 究 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------|----------------------------------------------------------------------------------------------------------------------------|------------------------------------|------------------------------------------|----------------------|-------------------|----------------------------------------------|------------|-------------------| | [Table_MainInfo] \n [Table_Title] 心脉医疗 | (688016) | | | [Table_industr ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 174.55 CNY [1]. Core Insights - The company has announced a 2.5 billion CNY refinancing project, which is expected to enhance its comprehensive competitiveness in vascular intervention [1]. - In 2023, the company achieved a revenue of 1.187 billion CNY, representing a year-on-year growth of 32.43%, and a net profit attributable to shareholders of 492 million CNY, up 37.98% year-on-year [11][33]. - The company is focusing on market penetration strategies in lower-tier cities, which has resulted in significant revenue growth in its aortic and peripheral intervention businesses [26]. Financial Performance Summary - The company reported a revenue of 1.187 billion CNY in 2023, with a year-on-year growth of 32.43% [11][33]. - The net profit attributable to shareholders for 2023 was 492 million CNY, reflecting a year-on-year increase of 37.98% [11][33]. - The gross margin for 2023 was 76.45%, an increase of 1.27 percentage points year-on-year, while the net margin was 41.04%, up 1.77 percentage points year-on-year [35]. Business Segment Performance - The aortic intervention segment generated 940 million CNY in revenue in 2023, a growth of 28.07% year-on-year [26]. - The peripheral intervention segment achieved revenue of 115 million CNY, marking a 49.30% increase year-on-year [26]. - The intraoperative stent business reported revenue of 132 million CNY, with a year-on-year growth of 54.59% [26]. International Expansion - The company has accelerated its international strategy, with six products entering the registration phase and overseas revenue reaching 82 million CNY, a year-on-year increase of 56.19% [40]. - The company has expanded its market presence to 31 countries, with its U.S. subsidiary officially operational [40]. Profit Forecast and Investment Recommendations - The revenue forecast for 2024-2026 is projected at 1.51 billion CNY, 1.92 billion CNY, and 2.42 billion CNY, with respective year-on-year growth rates of 27%, 27%, and 26% [11][30]. - The net profit forecast for the same period is expected to be 655 million CNY, 835 million CNY, and 1.051 billion CNY, with growth rates of 33%, 27%, and 26% [11][30]. - The current stock price corresponds to P/E ratios of 22, 17, and 14 for 2024-2026, indicating a strong competitive advantage in the vascular intervention market [11].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 20% compared to the relevant market index within the next six months [11][15]. Core Insights - The company has shown strong revenue growth, with a reported revenue of 1.19 billion yuan in 2023, representing a year-on-year increase of 32.4%. The net profit attributable to the parent company was 490 million yuan, up 38% from the previous year [13]. - The company's innovative products, such as the Castor and Minos stents, are gaining traction in the market, with significant increases in terminal coverage and implantation rates [14][15]. - The company is expanding its global presence, with overseas sales revenue increasing by 55% in 2023, now covering 31 countries [2]. Financial Performance - Quarterly revenue for 2023 was reported as follows: Q1: 290 million yuan (+10.8%), Q2: 340 million yuan (+67.3%), Q3: 270 million yuan (+29.9%), Q4: 300 million yuan (+28.6%). The net profit for the same quarters was 130 million yuan (+1.1%), 160 million yuan (+69%), 110 million yuan (+26.9%), and 100 million yuan (+85.7%) respectively [1]. - The gross margin for 2023 was 76.5%, with a net profit margin of 41% [1]. Revenue Projections - Revenue projections for 2024 to 2026 are as follows: 2024: 1.19 billion yuan, 2025: 1.57 billion yuan, and 2026: 2.09 billion yuan, with growth rates of approximately 32% each year [31]. - The company anticipates a steady increase in earnings per share (EPS) from 5.95 yuan in 2024 to 12.15 yuan in 2026 [15][16]. Product Development - The company is focusing on innovative products, with the Castor stent already covering over 1,000 hospitals and the Minos stent covering over 800 hospitals [14]. - The expected revenue growth for peripheral products is projected at 40% for 2024 and 2025, and 30% for 2026 [8][30].

公司研究 事件：公司发布 23 年年报，2023 年全年实现收入 11.87 亿元（YOY+32.43%）， 归母净利润 4.92 亿元（YOY+37.98%），扣非归母净利润 4.62 亿元 （YOY+42.74%）。单季度来看，23 年 Q4 单季度实现收入 2.99 亿元 （YOY+28.63%），归母净利润 1.04 亿元（YOY+85.74%），业绩符合市场预期。 研发持续强劲，产品管线有望进一步丰富。各管线稳步推进，有望成为中长期发 展动力，其中 23 年全年研发投入 2.60 亿元，研发投入占营收比重达 21.94%。 2023 年公司各研发管线均取得重要进展，6 款产品向国家药监局递交注册资料。 阻断球囊、Cratos 分支型主动脉覆膜支架及输送系统已提交注册资料；Aegis II 腹主动脉覆膜支架系统处于上市前临床试验阶段。外周业务领域，静脉方面，静 脉支架及输送系统已完成注册资料递交，腔静脉滤器及机械血栓切除导管已完成 上市前临床植入；动脉方面，新一代外周裸球囊导管及带纤维毛栓塞弹簧圈均处 于注册阶段。肿瘤介入方面，微球类产品处于上市前临床植入阶段，HepaFlow TIPS 覆膜支架系统 ...

公 司 报 告 公 司 年 报 点 评 证 券 研 究 报 告 2024年03月28日 医药 心脉医疗(688016.SH) 2023高增长兑现，产品渗透与迭代保障增长持续性 推荐 ( 维持) 事项： 股价:174.55元 | --- | --- | |------------------------|----------------------------------| | 行业 | 医药 | | 公司网址 | www.endovastec.com | | 大股东 / 持股 | MicroPort Endovascular CHINA | | | Corp. Limited/39.77% | | 实际控制人 | | | 总股本 ( 百万股 ) | 83 | | 流通 A 股 ( 百万股 ) | 72 | | 流通 B/H 股 ( 百万股 ) | | | 总市值 ( 亿元 ) | 144 | | 流通 A 股市值 ( 亿元 ) | 126 | | 每股净资产 ( 元 ) | 46.46 | | 资产负债率 (%) | 9.0 | | 行情走势图 | | | | | 相关研究报告 证券分析师 公司发布2023年 ...

Financial Performance - In 2023, the basic earnings per share reached RMB 6.81, representing a 37.30% increase compared to RMB 4.96 in 2022[29] - The net profit attributable to shareholders of the listed company increased by over 30%, driven by strong market recognition and enhanced product competitiveness[30] - The weighted average return on net assets rose to 26.43%, an increase of 4.21 percentage points from 22.22% in the previous year[29] - The diluted earnings per share also stood at RMB 6.81, reflecting the same growth rate as the basic earnings per share[29] - The net profit after deducting non-recurring gains and losses was RMB 6.40 per share, a 42.22% increase from RMB 4.50 in 2022[29] - The company's operating revenue for 2023 reached ¥1,187,204,459.56, representing a 32.43% increase compared to ¥896,500,382.30 in 2022[38] - Net profit attributable to shareholders was ¥492,431,974.71, a 37.98% increase from ¥356,878,470.69 in the previous year[38] - The net profit after deducting non-recurring gains and losses was ¥462,198,067.66, up 42.74% from ¥323,794,022.99 in 2022[38] - Operating profit reached CNY 573.85 million, up 38.21% compared to the previous year[70] - The company achieved total operating revenue of CNY 1,187.20 million, a year-on-year increase of 32.43%[93] - Net profit attributable to shareholders was CNY 492.43 million, reflecting a growth of 37.98% year-on-year[93] Research and Development - The company's R&D investment accounted for 21.94% of operating revenue, an increase of 2.72 percentage points from 19.22% in 2022[29] - The company invested ¥26,043.75 million in R&D, accounting for 21.94% of its operating revenue[41] - The total number of R&D personnel increased to 266, accounting for 29.30% of the total workforce, with 57.14% holding master's degrees or higher[46] - Continuous investment in R&D is being emphasized to drive innovation and improve market acceptance of new products[69] - The company is actively investing in research and development to enhance its product offerings and maintain a competitive edge in the market[165] - The company plans to accelerate the launch of several new products, including a new generation of bare balloons and various aortic products, with approvals expected within the year[178] - Research and development investments increased by 30%, totaling $75 million, focusing on advanced medical technologies[188] - The company is investing $200 million in R&D for new technologies aimed at enhancing product features and user experience[200] Market Expansion and Sales - The company is focusing on expanding its marketing channels in lower-tier cities to enhance market penetration and product coverage[43] - Overseas sales revenue increased by over 55% compared to the same period last year, with products sold in 31 countries[44] - The company is focusing on channel expansion and enhancing its sales team to boost market penetration[69] - The company plans to further explore international market opportunities alongside domestic growth strategies[69] - The company aims to strengthen cooperation with leading clients globally and promote its products in Europe, Latin America, and Asia-Pacific regions[121] - The company is focusing on market expansion strategies to increase its footprint in both domestic and international markets[162] - The company is exploring potential mergers and acquisitions to bolster its market position and enhance its product portfolio[162] - Market expansion plans include entering two new international markets by Q2 2024, targeting a 15% increase in market share[185] - The company is expanding its market presence in Southeast Asia, targeting a 10% market share within the next two years[188] - The company plans to enter two new international markets in the upcoming year, targeting a revenue contribution of $100 million[200] Product Development and Innovation - Six products have submitted registration materials to the National Medical Products Administration, including the Cratos® branched aortic stent and delivery system[41] - The company has submitted registration materials for the Vflower® venous stent and delivery system, and the Vewatch® inferior vena cava filter is in the pre-market clinical implantation stage[42] - The company is focused on collecting clinical data for its products in the European market and promoting innovative products for clinical trials in Europe and Japan[121] - The company aims to build a competitive product portfolio in the peripheral vascular field through independent research and development as well as mergers and acquisitions[178] - New product launches included two innovative medical devices, expected to contribute an additional $50 million in revenue[188] Corporate Governance and Management - The company is committed to improving its governance structure and decision-making mechanisms to ensure compliance with relevant laws and regulations[117] - The company has established a strong core professional team through optimized human resource management, ensuring sustainable development[46] - The company has revised its investor relations management system to enhance communication channels with investors, including performance briefings and direct interactions[148] - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to 15.08 million RMB[175] - The total remuneration for core technical personnel at the end of the reporting period was 4.78 million RMB[175] Financial Outlook and Projections - The company provided guidance for the next fiscal year, projecting revenue growth of 25% and aiming for $625 million[200] - The company provided an optimistic outlook for Q4 2023, projecting revenue growth of 20% to 25%[185] - The company has set ambitious performance guidance for the upcoming fiscal year, anticipating significant revenue growth driven by increased market penetration and product innovation[162] Operational Efficiency and Cost Management - The company reported a gross margin of 60%, maintaining strong profitability despite increased operational costs[185] - The management emphasized a commitment to sustainability, with plans to reduce carbon emissions by 25% by 2025[185] - The company plans to implement cost-cutting measures, aiming to reduce operational expenses by 15% over the next fiscal year[197] - Overall operational efficiency improved, with a reduction in costs by 5%, leading to higher profit margins[200]

Investment Rating - The report maintains a "Buy" rating for the company [3][25]. Core Insights - The company has rapidly promoted new products and advanced its R&D pipeline, leading to significant revenue and profit growth in 2023 [4][5]. - The company achieved a revenue of 1.187 billion RMB in 2023, a year-on-year increase of 32%, and a net profit of 492 million RMB, up 38% year-on-year [5]. - The company is expanding its international business, with revenue from overseas operations reaching 82 million RMB, a 56% increase year-on-year, and currently selling in 31 countries [6][13]. Summary by Sections Performance Overview - In Q4 2023, the company reported a revenue of 299 million RMB, a 29% increase year-on-year, and a net profit of 104 million RMB, up 86% year-on-year [5]. - The company’s core business segments showed strong growth, with a 28% increase in aortic stent revenue (940 million RMB), a 55% increase in intraoperative stent revenue (132 million RMB), and a 49% increase in peripheral and other business revenue (115 million RMB) [6][13]. Profitability and R&D - The overall gross margin for 2023 was 76.5%, an increase of 1.3 percentage points, while the net margin reached 41.0%, up 1.8 percentage points [18]. - R&D investment totaled 260 million RMB, a 51.2% increase year-on-year, accounting for 21.9% of revenue [18]. Cash Flow and Dividend Policy - The company generated a net operating cash flow of 558 million RMB in 2023, a 67.3% increase year-on-year [27]. - A dividend distribution plan was announced, with a total cash dividend of 248 million RMB, representing 50.4% of the net profit for the year [27]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 639 million RMB, 816 million RMB, and 1.066 billion RMB for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 30%, 28%, and 31% [6][10].