Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing strong growth driven by the expansion of overseas channels and the orderly advancement of new visualization products. The company reported a revenue of 2.012 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 15.31%, and a net profit attributable to shareholders of 451 million yuan, up 16.70% year-on-year [1][2] - The company is focusing on enhancing its sales management and expanding its product offerings in the visualization segment, which is expected to contribute to future revenue growth. The company is also actively exploring upgrades and improvements to its disposable endoscope products [1][2] Financial Summary - **Revenue Forecasts**: - 2022A: 1,980 million yuan - 2023A: 2,411 million yuan - 2024E: 2,939 million yuan - 2025E: 3,603 million yuan - 2026E: 4,450 million yuan - Year-on-year growth rates: 2% (2022), 22% (2023), 22% (2024), 23% (2025), 23% (2026) [1] - **Net Profit Forecasts**: - 2022A: 331 million yuan - 2023A: 486 million yuan - 2024E: 598 million yuan - 2025E: 744 million yuan - 2026E: 919 million yuan - Year-on-year growth rates: 2% (2022), 47% (2023), 23% (2024), 24% (2025), 23% (2026) [1] - **Earnings Per Share (EPS)**: - 2022A: 1.76 yuan - 2023A: 2.59 yuan - 2024E: 3.18 yuan - 2025E: 3.96 yuan - 2026E: 4.89 yuan [1] - **Valuation Ratios**: - P/E ratios: 41.0 (2022), 27.9 (2023), 22.7 (2024), 18.2 (2025), 14.8 (2026) - P/B ratios: 4.2 (2022), 3.8 (2023), 3.3 (2024), 2.8 (2025), 2.4 (2026) [1] Market Performance - The company's stock price as of October 29, 2024, was 72.20 yuan, with a market capitalization of approximately 13.56 billion yuan [1] - The company has maintained a stable gross margin of 67.64%, with a year-on-year increase of 23.06% [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in the first three quarters of 2024 met expectations, with revenue reaching 2.012 billion yuan (+15.31% YoY) and net profit attributable to the parent company at 451 million yuan (+16.70% YoY) [2] - The company's overseas expansion in endoscopic consumables is progressing well, with overseas revenue in H1 2024 reaching 624 million yuan (+39.72% YoY) [3] - The company has established a strong presence in over 90 countries and regions, with subsidiaries in key markets such as the US, Germany, and Japan [3] Financial Performance - Q3 2024 revenue was 679 million yuan (+13.44% YoY), with a gross margin of 67.06% and a net margin of 21.23% [2] - The company's sales/management/R&D expense ratios in Q3 2024 were 23.86%/12.28%/6.19%, showing good cost control [2] - The company's 2024-2026 net profit attributable to the parent company is forecasted to be 577/715/907 million yuan, with corresponding PE ratios of 23/19/15 times [3] Overseas Expansion - The company's overseas revenue in H1 2024 was 624 million yuan (+39.72% YoY), with MTU revenue at 280 million yuan (+38.6% YoY) and MTE revenue at 220 million yuan (+53.9% YoY) [3] - The company has established a stable marketing network in the US, Europe, and other regions, with strong partnerships with world-renowned enterprises [3] Financial Projections - The company's 2024-2026 revenue is projected to be 2.722/3.256/3.872 billion yuan, with YoY growth rates of 12.90%/19.58%/18.92% [1] - The company's 2024-2026 net profit attributable to the parent company is projected to be 577/715/907 million yuan, with YoY growth rates of 18.81%/23.91%/26.81% [1]

欢迎大家参加本次由国联证券主办浙商国盛中金海通等三大十一家券商协办的南威医学三季度商业绩交流会今天我们也非常荣幸邀请到公司的高管团队包括公司的总裁冷德荣冷总执行总裁李长青李总高级副总裁芮成为芮总高级副总裁张伯张总副总裁 我们在今年夏天的时候也发了一篇深度公司是全球化布局的这个领先的龙头企业那9月份其实也有一些变化收购了欧洲的销售渠道进一步巩固了自己在海外的优势那么在目前国内集采的这个环境下公司我们觉得还是非常积极去做了一些应对 我们的利润率还是保持了非常稳定的水平增长非常有质量那么下面想先请公司的领导帮介绍一下三季度的经营数据以及一些细胎的内容谢谢好的主持人各位大家好欢迎大家参加我们2024年度第三季度的业绩变化会下面我来跟大家分享一下我们的经营情况和财务议题说明 公司第三季度的整体经营情况稳定国内主要还是应对器材的影响降低我们的中端库存调整我们的产品结构提升我们的中端销售海外继续做我们的战略供给的布局方向不断投入资源加速海外的市场拓展提高我们的海外生产有率公司第三季度实现销售收入是6.79亿元较去年同期增长了13.4%总体来看因为国内是应对器材的影响所以销售收入 基本上是持平然后我们的亚太的海外销售呢完成的 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved stable revenue growth in Q3 2024, with a total revenue of 2.012 billion RMB, representing a year-on-year increase of 15%. The net profit attributable to shareholders reached 451 million RMB, up 17% year-on-year [1] - The gross margin improved significantly to 67.1%, an increase of 2.4 percentage points year-on-year, attributed to the scale effect of new products and cost reduction efforts [1] - The company is expanding its overseas market presence, with a new production base in Thailand expected to be operational by 2026, aimed at enhancing the global supply chain and expanding into Southeast Asia [1] - The company has increased its marketing and R&D expenditures, with sales expenses reaching 162 million RMB (up 25% year-on-year) and R&D expenses at 41.99 million RMB (up 24% year-on-year) [1] - The acquisition of UK-based CME is expected to enhance the company's market presence in Europe and complement its sales channels [1] Summary by Sections Performance Overview - For the first three quarters of 2024, the company reported revenues of 2.012 billion RMB, a 15% increase year-on-year, and a net profit of 451 million RMB, up 17% year-on-year. In Q3 alone, revenues were 679 million RMB, with a net profit of 141 million RMB, reflecting a 13% and 15% increase year-on-year, respectively [1] Operational Analysis - The gross margin for Q3 reached 67.1%, a 2.4 percentage point increase year-on-year, driven by new product scale effects and successful cost reduction initiatives. The new domestic production base completed in May 2024 is expected to further enhance production efficiency [1] - The company is actively increasing its marketing and R&D investments, with significant growth in both areas, indicating a commitment to strengthening its global brand presence [1] M&A Activity - The company announced the acquisition of 51% of Creo Medical S.L.U. for up to 36.72 million euros, which focuses on minimally invasive surgical equipment. This acquisition is expected to positively impact the company's performance and enhance its sales in Europe [1] Profit Forecast and Valuation - The company is projected to achieve net profits of 611 million RMB, 789 million RMB, and 970 million RMB for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 26%, 29%, and 23%. The current price corresponds to a PE ratio of 22, 17, and 14 for the respective years [1]

Financial Performance - The company's operating revenue for Q3 2024 reached ¥678,602,151.95, representing a year-over-year increase of 13.44%[2] - Net profit attributable to shareholders was ¥140,630,694.66, reflecting a 15.06% increase compared to the same period last year[2] - The basic earnings per share for the quarter was ¥0.75, up 15.38% year-over-year[3] - The net profit after deducting non-recurring gains and losses was ¥139,936,897.60, up 17.82% year-over-year[2] - The company reported a net profit of approximately CNY 1.56 billion for the first three quarters of 2024, compared to CNY 1.39 billion for the same period in 2023, reflecting an increase of about 12.06%[13] - Net profit for Q3 2024 was CNY 464,032,872.96, representing a 17.4% increase from CNY 395,076,681.45 in the same quarter last year[15] - Basic and diluted earnings per share for Q3 2024 were both CNY 2.41, compared to CNY 2.06 in Q3 2023, marking an increase of 17%[16] Assets and Liabilities - Total assets as of the end of the reporting period amounted to ¥4,566,598,060.14, an increase of 3.96% from the end of the previous year[3] - As of September 30, 2024, the total assets of Nanwei Medical Technology Co., Ltd. reached approximately CNY 4.57 billion, an increase from CNY 4.39 billion at the end of 2023, reflecting a growth of about 3.77%[11] - The company's current assets totaled approximately CNY 3.29 billion, slightly down from CNY 3.29 billion at the end of 2023, indicating a marginal decrease of 0.02%[10] - The total liabilities of the company amounted to approximately CNY 764.31 million, an increase from CNY 722.51 million, indicating a rise of about 5.79%[12] - The equity attributable to shareholders increased to approximately CNY 3.73 billion from CNY 3.61 billion, showing a growth of about 3.31%[12] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥381,656,637.85, showing a 6.26% increase compared to the same period last year[2] - Cash flow from operating activities generated CNY 381,656,637.85, slightly up from CNY 359,177,957.50 in the previous year[17] - Cash inflow from operating activities totaled CNY 2,109,854,672.77, an increase from CNY 1,791,077,407.19 in the previous year[17] - The net cash flow from investment activities was -55,315,049.28 CNY, a significant improvement from -1,529,252,872.06 CNY in the same period last year[19] - Total cash inflow from investment activities reached 2,314,666,583.30 CNY, compared to 997,115,514.58 CNY in Q3 2023, indicating a 132.5% increase[19] - Cash outflow for investment activities was 2,369,981,632.58 CNY, down from 2,526,368,386.64 CNY year-over-year, reflecting a decrease of 6.2%[19] - The net cash flow from financing activities was -246,597,988.32 CNY, worsening from -72,888,320.21 CNY in the previous year[19] - Cash and cash equivalents at the end of Q3 2024 totaled 1,281,557,227.56 CNY, up from 660,725,878.76 CNY in Q3 2023, marking a 94.0% increase[19] Research and Development - Research and development expenses totaled ¥41,987,560.64, which is 6.19% of operating revenue, marking a 23.75% increase in R&D investment[3] - Research and development expenses for Q3 2024 totaled CNY 111,568,259.50, an increase of 8.9% from CNY 102,602,589.38 in Q3 2023[14] Market Expansion and Investments - The company obtained a total of 34 initial registration certificates and 22 change registration certificates for its products across 15 countries, including China, the USA, Germany, and Brazil during the reporting period[8] - The company plans to continue expanding its market presence and invest in new product development to drive future growth[11] - The company has increased its long-term investments, with long-term equity investments rising to approximately CNY 56.26 million from CNY 49.71 million, indicating a growth of about 13.06%[11] Operating Costs - Total operating costs amounted to CNY 1,467,685,015.45, up from CNY 1,293,258,893.85, reflecting a year-over-year increase of 13.5%[14] - Sales expenses rose to CNY 465,159,798.73, compared to CNY 382,701,595.11, indicating a year-over-year increase of 21.5%[14]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company plans to acquire 51% of Creo Medical S.L.U. for up to €36.72 million, enhancing its overseas business presence [1] - The acquisition is expected to strengthen the company's sales capabilities in Europe, particularly in the endoscopic consumables market, which accounted for nearly 70% of the target company's 2023 revenue [2] - The company is progressing steadily in product development, with new products expected to drive a second growth curve [2] Financial Forecasts and Valuation - The company is a leader in endoscopic diagnostic consumables, with international expansion underway and strong R&D capabilities [3] - The net profit forecasts for 2024 and 2025 have been adjusted downwards to ¥586 million and ¥696 million, respectively, reflecting a decrease of 5.64% and 14.18% from previous estimates [3] - The projected net profit for 2026 is ¥826 million, with corresponding P/E ratios for 2024, 2025, and 2026 at 23, 19, and 16 times, respectively [3] - Revenue is expected to grow from ¥2,411 million in 2023 to ¥4,212 million by 2026, with a compound annual growth rate (CAGR) of approximately 19.55% [4] Key Financial Metrics - The company's revenue growth rate is projected at 21.78% for 2023 and 21.86% for 2024 [4] - The net profit margin is expected to improve from 16.7% in 2022 to 20.2% in 2023 [7] - The company's return on equity (ROE) is forecasted to increase from 13.45% in 2023 to 15.67% in 2026 [4][7]

证券代码：688029 证券简称：南微医学 公告编号：2024-058 南微医学科技股份有限公司 关于2024年半年度权益分派实施后 调整回购价格上限的公告 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： 一、回购股份的基本情况 2024 年 7 月 15 日，公司召开第三届董事会第二十一次会议，审议通过了 《关于以集中竞价交易方式回购公司股份方案的议案》，同意公司以集中竞价 交易方式回购公司股份，回购资金总金额不低于人民币 2,000.00 万元（含）， 不超过人民币 4,000.00 万元（含），回购价格不超过董事会通过回购股份决议 前 30 个交易日公司股票交易均价的 150%即 95.19 元/股（含），回购期限自公 司董事会审议通过回购方案之日起 6 个月内。具体内容详见公司于 2024 年 7 月 16 日在上海证券交易所网站（www.sse.com.cn）披露的《南微医学科技股份有 限公司关于以集中竞价交易方式回购公司股份的回购报告书》（公告编号： 2024-028）。 二、调整股份回购价格上 ...

证券代码：688029 证券简称：南微医学 公告编号：2024-057 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： | 回购方案首次披露日 | 2024/7/16，由公司董事长隆晓辉先生提议 | | | --- | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 6 个月 | | | 预计回购金额 | 2,000 万元 | 万元~4,000 | | 回购用途 | √用于员工持股计划或股权激励 | □减少注册资本 | | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | | 累计已回购股数 | 187,338 | 股 | | 累计已回购股数占总股本比例 | 0.10% | | | 累计已回购金额 | | 11,086,557.13 元 | | 实际回购价格区间 | 55.85 元/股 | 元/股~62.74 | 南微医学科技股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 一、 回购股份的基本情况 2024 年 7 月 15 日，公司召开第三届董 ...

南京证券股份有限公司 一、本次差异化分红的原因： 关于南微医学科技股份有限公司 2024 年 2 月 4 日，公司召开第三届董事会第十八次会议，审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》，同意公司以集中竞价交易方 式回购公司股份，回购资金总金额不低于人民币 2,000.00 万元（含），不超过人 民币 4,000.00 万元（含），回购价格不超过董事会通过回购股份决议前 30 个交 易日公司股票交易均价的 150%即 122.90 元/股（含），回购期限自公司董事会审 议通过回购方案之日起 3 个月内。截至 2024 年 5 月 3 日，公司本次股份回购期 限已届满，股份回购计划实施完毕，公司已实际回购公司股份 575,584 股，占公 司总股本 187,847,422 股的比例为 0.31%，使用资金总额为人民币 3,890.49 万元 （不含印花税、交易佣金等交易费用）。 2024 年 7 月 15 日，公司召开第三届董事会第二十一次会议，审议通过了 《关于以集中竞价交易方式回购公司股份方案的议案》，同意公司以集中竞价交 易方式回购公司股份，回购资金总金额不低于人民币 2,000.00 ...

证券代码：688029 证券简称：南微医学 公告编号：2024-056 南微医学科技股份有限公司 2024 年半年度权益分派实施公告 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。 重要内容提示： 每股现金红利 0.50 元 相关日期 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2024/10/10 | 2024/10/11 | 2024/10/11 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经南微医学科技股份有限公司（以下简称"公司"）2024 年 9 月 9 日的 2024 年第三次临时股东大会审议通过。 二、 分配方案 1. 发放年度：2024 年半年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 （公司回购专用证券账户除外） 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所上 市公司自律监管指引第 7 号— ...