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 ...

Group 1: Acquisition Overview - Heart Medical invested $21 million in OMD in March 2022, acquiring a 27.632% stake, with a post-investment valuation of $76 million [2] - The acquisition involves purchasing the remaining 72.368% of OMD's shares for $65 million, corresponding to an estimated valuation of approximately $89.82 million [2] - OMD operates two subsidiaries, Lombard UK and Lombard Germany, with three certified products in Europe and Japan [3] Group 2: Product and Market Position - OMD's products include Aorfix™, a unique abdominal aortic stent with CE, FDA, and PMDA certifications, and Altura™, the only Double-D product targeting renal artery openings [3] - The European market for aortic stent grafts is projected to reach approximately $824 million by 2029, accounting for 22.8% of the global market [12] - Heart Medical's market share in Europe was less than 2% in 2022, with plans to significantly increase this share over the next five years [12] Group 3: Financial Performance - OMD's revenue for 2022 was approximately RMB 77.7 million, increasing to RMB 111.5 million in 2023, representing a growth rate of 43.55% [4] - OMD's losses have narrowed, with a projected turnaround to profitability expected in 2024 [4][12] - The company reported a loss of RMB 24.8 million in 2022, reduced to RMB 4.2 million in 2023 [12] Group 4: Strategic Considerations - The acquisition is expected to enhance Heart Medical's operational performance and market presence in Europe [5] - The integration of OMD's management and operational systems is anticipated to be smooth due to a long-standing partnership [6] - The acquisition will allow Heart Medical to better control its international strategy and mitigate risks associated with domestic market pressures [5] Group 5: Future Outlook - Heart Medical plans to leverage OMD's established sales channels in Europe and Japan to enhance product promotion and market penetration [7] - The company aims to accelerate the certification and commercialization of new products in overseas markets post-acquisition [14] - Future revenue contributions are expected from new products, including the next-generation Meridian™ stent, which is set to enter the market soon [10]

Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company is expected to achieve a revenue of 777 to 808 million yuan in the first half of 2024, representing a growth of 25% to 30%, and a net profit attributable to shareholders of 391 to 419 million yuan, indicating a growth of 40% to 50% [1]. - The company is actively expanding its overseas market presence through the acquisition of Optimum Medical Device Inc. (OMD), aiming to enhance its global competitiveness [1]. - The introduction of new products is driving stable growth, with significant sales increases in innovative products such as the Castor branched aortic stent graft and the Minos abdominal aortic stent graft [1]. Financial Summary - The company forecasts revenues of 1,580.57 million yuan, 2,101.78 million yuan, and 2,792.90 million yuan for 2024, 2025, and 2026 respectively, with growth rates of 33.13%, 32.98%, and 32.88% [2]. - The net profit attributable to shareholders is projected to be 666.61 million yuan, 900.36 million yuan, and 1,210.80 million yuan for the same years, with growth rates of 35.37%, 35.07%, and 34.48% [2]. - The gross margin is expected to remain stable, with rates of 76.74%, 77.07%, and 77.42% for the years 2024 to 2026 [2]. Market Position and Strategy - The company aims to establish a business platform in the European market through the acquisition of OMD, which has shown continuous improvement in its operating performance, with a revenue growth of 43.55% in 2023 [1]. - The European aortic valve stent market is projected to reach 824 million yuan by 2029, and the company aims to increase its market share from less than 2% in 2022 to over 10% in the next five years [1].

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].

第二届董事会提名委员会第七次会议决议 上海微创心脉医疗科技（集团）股份有限公司 第二届董事会提名委员会第七次会议决议 上海微创心脉医疗科技（集团）股份有限公司（以下简称"公司"）第二届董 事会提名委员会第七次会议于 2024 年 6 月 27 日以现场和通讯表决的方式召开， 公司于 2024 年 6 月 24 日以通讯方式向全体委员发出召开本次会议的通知，会议 应出席委员三名，实际出席委员三名。会议的召开符合《公司章程》的规定。 本次会议由提名委员会召集人召集并主持。经与会委员审议，以记名投票表 决方式通过如下决议事项： 一、 审议通过《关于独立董事任期满六年辞任暨补选独立董事、董事会专门 委员会委员》 第二届董事会提名委员会第七次会议决议 (此页无正文,为《上海微创心脉医疗科技(集团)股份有限公司第二届董事会 提名委员会第七次会议决议》之签署页) 公司独立董事刘宝林先生、付荣女士因在公司董事会连续任职独立董事时间 即将满六年，已向公司董事会申请辞去第二届董事会独立董事职务及其在董事会 专门委员会中的相应职务。根据《公司法》、《证券法》、《上海证券交易所科创板 股票上市规则》、《上海证券交易所科创板上市公司自 ...

科创板上市公司独立董事提名人声明与承诺 提名人上海微创心脉医疗科技(集团)股份有限公司第二届董事会,现提名 宋成利先生为上海微创心脉医疗科技(集团)股份有限公司第二届董事会独立董 事候选人,并已充分了解被提名人职业、学历、职称、详细的工作经历、全部兼 职、有无重大失信等不良记录等情况。被提名人已书面同意出任上海微创心脉医 疗科技(集团)股份有限公司第二届董事会独立董事候选人(参见该独立董事候 选人声明)。提名人认为,被提名人具备独立董事任职资格,与上海微创心脉医 疗科技(集团)股份有限公司之间不存在任何影响其独立性的关系,具体声明并 承诺如下: (一)《中华人民共和国公司法》等关于董事任职资格的规定; (二)《中华人民共和国公务员法》关于公务员兼任职务的规定(如适用): (三)中国证监会《上市公司独立董事管理办法》、上海证券交易所自律监 管规则以及公司章程有关独立董事任职资格和条件的相关规定; (四)中共中央纪委、中共中央组织部《关于规范中管干部辞去公职或者退 (离)休后担任上市公司、基金管理公司独立董事、独立监事的通知》的规定(如 适用): (五)中共中央组织部《关于进一步规范党政领导干部在企业兼职(任职) ...

证券代码：688016 证券简称：心脉医疗 公告编号：2024-028 上海微创心脉医疗科技（集团）股份有限公司 关于独立董事任期满六年辞任暨补选独立董事、董事 会专门委员会委员的公告 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。 一、关于公司独立董事辞职的情况说明 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"或"公 司"）董事会于近日收到独立董事刘宝林先生、付荣女士提交的书面辞职报告， 刘宝林先生因连续担任本公司独立董事即将满六年申请辞去独立董事及董事会 薪酬与考核委员会主任委员、审计委员会委员、战略委员会委员的职务，辞职后 将不在公司任职；付荣女士因连续担任本公司独立董事即将满六年申请辞去独立 董事及董事会提名委员会主任委员、薪酬与考核委员会委员的职务，辞职后将不 在公司任职。 根据《公司法》、《证券法》、《上海证券交易所科创板股票上市规则》（以 下简称"《科创板股票上市规则》"）、《上海证券交易所科创板上市公司自律 监管指引第 1 号——规范运作》及《公司章程》等相关法律法规的规定，由于刘 宝林先 ...