总股本（万股） 10,525.10 事件: 2023 年，公司实现收入 9.51 亿元(+64%，同比口径，下同)、归母净利 润 3.04 亿元(+31%)、扣非归母净利润 2.89 亿元(+39%)。 表现 1M 3M 12M 手术治疗和近视防控业务持续增长，视力保健业务高速扩张。2023 年，公司人工晶状体业务收入 5.00 亿元（+42%），毛利率 89.23% （-0.31pct）；其他手术产品收入 0.21 亿元（+36%），毛利率 40.52% （-2.06pct）；角膜塑形镜收入 2.19 亿元（+26%），毛利率 85.13% （-1.11pct）；其他近视防控产品收入 0.57 亿元（+166%），毛利率 68.77%（-3.62pct）；隐形眼镜收入 1.37 亿元（+1505%），毛利率 26.63%（+40.52pct）；其他视力保健业务收入 0.13 亿元（+238%）， 毛利率 25.10%（-22.75pct）。2024 年一季度，公司手术治疗和近视 防控业务保持持续增长；视力保健业务处于扩张初期，增长较快。 爱博医疗 -1.9% -14.0% -37.3% 沪深 300 -1. ...

公 司 报 告│ 公 司 年 报 点 评 业绩超预期，隐形眼镜业务快速放量 爱博医疗(688050) 事件： 公司发布 2023 年年报和 2024 年一季报，2023 年实现营收 9.51 亿元（同 比+64%，下同），归母净利润 3.04 亿元（+31%），扣非归母净利润 2.89 亿 元（+39%）符合预期；2024 年一季度营收 3.10 亿元（+64%），归母净利润 1.03 亿元（+31%），扣非归母净利润 0.99 亿元（+32%），业绩超预期。 ➢ 人工晶体持续高增长，海外增速亮眼 2023 年公司人工晶体收入 5.00 亿元，同比增长 41.67%，毛利率 89.23%， 同比减少 0.31pct。随着年初市场环境逐步恢复，白内障手术量快速增长， 公司人工晶状体销量同步增长，国内年销量突破百万片，同时国际市场也 加快推进，境外人工晶状体收入同比增长为 127.90%。角膜塑形镜收入 2.19 亿元，同比增长 26.03%，毛利率 85.13%，同比减少 1.11pct，主要受消费 降级、竞品增加等因素影响，市场增速有所放缓。 ➢ 隐形眼镜成为第二增长曲线 2022 年中国软性接触镜厂商端市场 ...

上 市 公 司 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 18 日 | | 收盘价（元） | 138.29 | | 一年内最高/ 最低（元） | 228.88/119.65 | | 市净率 | 6.6 | | 息率（分红/ 股价） | - | | 流通 A 股市值（百万元） | 14555 | | 上证指数 / 深证成指 | 3074.23/9376.81 | 《爱博医疗（688050）点评：新老动能叠 加， Q3 延续高增长》 2023/10/27 《爱博医疗（688050）点评：2023H1 高 增长，关注下半年系列催化》 2023/08/18 隐形眼镜放量阶段，毛利率下行：根据公司 2023 年年报，报告期内公司毛利率为 76.01% （去年同期为 84.75%）；销售费用率为 19.28%（去年同期为 18.64%）；管理费用率为 12.08%（去年同期为 11.82%）；研发费用率为 9.85%（去年同期为 11.38%）。公司毛 利率波动主要 ...

爱博医疗（688050.SH） 2024Q1 业绩超预期，隐形眼镜业务强势增长 爱博医疗公布 2023 年度报告。2023 年公司实现营业收入 9.51 亿元（同比 增长 64.14%）；实现归母净利润 3.04 亿元（同比增长 30.63%）；实现扣 非后归母净利润 2.89 亿元（同比增长 38.96%）。 爱博医疗公布 2024 年度一季报。2024Q1 公司实现营业收入 3.10 亿元（同 比增长 63.55%）；实现归母净利润 1.03 亿元（同比增长 31.26%）；实现 扣非后归母净利润 0.99 亿元（同比增长 31.70%）。 观点：隐形眼镜引领增长，基石业务表现稳健。利润端增速不及收入端，主 要是蓬莱基地产能爬坡及隐形眼镜处于扩张初期影响毛利率表现。 公司收入高速增长，利润端增速不及收入端主要系毛利率波动影响。1）2023 年、2024Q1 公司毛利率分别为 76.01%（同比下滑 8.74pct）、71.61%（同 比下滑 11.55pct），毛利率波动主要系：①蓬莱生产基地产能尚在逐步释放， 规模效应尚未体现，导致营业成本相对较高；②隐形眼镜业务处于扩张初期， 毛利率较低。2）2024 ...

证券研究报告·公司点评报告·医疗器械 2023 年报及 2024 年一季报点评：业绩快速 增长，隐形眼镜占比提升 2024 年 04 月 19 日 | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 579.50 | 951.18 | 1,229.73 | 1,605.49 | 2,059.48 | | 同比（ % ） | 33.81 | 64.14 | 29.28 | 30.56 | 28.28 | | 归母净利润（百万元） | 232.69 | 303.98 | 399.87 | 511.15 | 641.75 | | 同比（ % ） | 35.80 | 30.63 | 31.55 | 27.83 | 25.55 | | EPS- 最新摊薄（元 / 股） | 2 ...

http://www.huajinsc.cn/ 4 / 5 请务必阅读正文之后的免责条款部分 446 | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------|----------------|----------------------------------------|------------------------|----------------| | 2024 年 04 月 18 日 \n爱博医疗（ 688050.SH ） | | | 公司研究●证券研究报告 | 公司快报 | | | | | 医药 \| | 医疗器械Ⅲ | | 业绩保持快速增长，视光产品快速放量 | 投资评级 | | 增持-B(维持 | ) | | 投资要点 | 股价 | (2024-04-18) | | 138.29 元 | | 业绩保持快速增长：公司发布 2023 年度报告和 2 ...

盈利能力：23 年实现销售毛利率 76.01%/-8.74pct，销售净利率 30.07%/- 9.14pct，主因产品推广力度加大，蓬莱生产基地产能尚在逐步释放，导致营业 成本及各项费用增长较快，且隐形眼镜业务单位成本偏高，导致净利润增速同 比放缓；销售费率 19.28%/+0.64pct，管理费率 12.09%/+0.27pct，财务费率 0.31%/+0.74pct，研发费率 9.85%/-1.54pct。 风险因素：消费力疲软，集采降价风险，隐形业务放量不及预期 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 3 周子莘，美容护理分析师。南京大学经济学硕士，华中科技大学经济学学士，曾任兴业证券社会服务行业 美护分析师，2022 年 11 月加入信达新消费团队。主要覆盖化妆品、医美。 林凌，厦门大学经济学院金融硕士，2023 年 1 月加入信达新消费团队。主要覆盖化妆品、医美。 负责本报告全部或部分内容的每一位分析师在此申明，本人具有证券投资咨询执业资格，并在中国证券业协会注册登记为证券分 析师,以勤勉的职业态度,独立、客观地出具本报告；本报告所表述的所有观点准确反映了分 ...

2024 年 4 月 17 日，公司发布 2023 年年度报告。2023 年公司实 现收入 9.51 亿元（同比+64%）；实现归母净利润 3.04 亿元（同 比+31%）；实现扣非归母净利润 2.89 亿元（+39%）。 2023 年 Q4 公司实现收入 2.83 亿元（同比+105%），归母净利润为 0.52 亿元（同比+49%），扣非归母净利润为 0.50 亿元（同比 +90%）。 公司同时发布 2024 年一季报。2024Q1 公司实现收入 3.10 亿元 （同比+64%）；实现归母净利润 1.03 亿元（同比+31%）；实现扣 非归母净利润 0.99 亿元（同比+32%）。 爱博医疗 (688050.SH) 公司点评 证券研究报告 业绩简评 经营分析 风险提示 市场推广不及预期风险；产品研发进度不及预期风险；并购整合 不及预期风险；股东减持风险。 分析师：袁维（执业 S1130518080002） yuan_wei@gizq.com.cn 市价 (人民币): 125.20 元 人工晶体有望凭借集采进一步放量。2023 年公司人工晶状体收入 5.0 亿元（同比+42%），其中境外人工晶状体收入同比增长 ...

爱博诺德（北京）医疗科技股份有限公司 2023 年度审计报告 目 录 | 零引 | 页码 | | --- | --- | | 审计报告 | 1-4 | | 公司财务报表 | | | 合并资产负债表 | 5-6 | | 母公司资产负债表 | 7-8 | | 合并利润表 | 0 | | 母公司利润表 | 10 | | 合并现金流量表 | 11 | | 母公司现金流量表 | 12 | | 合并股东权益变动表 | 13-14 | | 母公司股东权益变动表 | 15-16 | | 财务报表附注 | 17-105 | 信永中和会计师事务所 | 北京市东城区朝阳门北大街 8 号富华大厦 A 座 9 层 联系电话: +86 (010) 6554 2288 telephone: +86 (010) 6554 2288 QIE Block A Fill No 8 Chaovangmen Donachena District. Beijin +86 (010) 6554 7190 窗计报告 XYZH/2024BJAA12B0093 爱博诺德(北京)医疗科技股份有限公司 爱博诺德(北京)医疗科技股份有限公司全体股东: 一、审计意见 ...

Financial Performance - The company achieved total revenue of RMB 95,117.71 million in 2023, representing a year-on-year growth of 64.14%[18]. - Net profit attributable to shareholders reached RMB 30,397.83 million, an increase of 30.63% compared to the previous year[21]. - The net profit after deducting non-recurring gains and losses was RMB 28,878.57 million, up 38.96% year-on-year[21]. - The cash flow from operating activities was RMB 21,262.09 million, a decrease of 15% compared to the previous year[21]. - Total assets at the end of 2023 amounted to RMB 306,178.66 million, reflecting a growth of 36.42% year-on-year[22]. - The company’s basic earnings per share increased to RMB 2.89, a rise of 30.77% from the previous year[20]. - The company reported a significant increase in the production and sales of contact lenses, with production volume up by 1,638.90% and sales volume up by 1,599.51% year-over-year[140]. - The company's revenue from the medical device sector was CNY 91,946.97 million, with a gross margin of 76.31%, reflecting a year-over-year decrease of 8.79 percentage points[135]. Dividend and Share Capital - The company plans to distribute a cash dividend of RMB 4.90 per 10 shares, totaling RMB 51,503,014.08, which accounts for 16.94% of the net profit attributable to shareholders for 2023[4]. - The total share capital after the proposed capital increase will rise to 189,337,546 shares, with an increase of 84,086,554 shares distributed at a rate of 8 shares for every 10 held[4]. - The company has a total share capital of 105,250,992 shares as of April 16, 2024, after accounting for repurchased shares[4]. Research and Development - The company’s R&D expenditure accounted for 13.91% of total revenue, a slight decrease of 0.25 percentage points from the previous year[20]. - Research and development expenses totaled 13,229.97 million yuan, marking a 61.23% increase year-on-year, with several clinical projects progressing well[36]. - The company has 210 R&D personnel, representing 10.13% of the total workforce, with an average salary of ¥22.37[75]. - The company aims to maintain its competitive edge and sustainable development through increased R&D efforts and project advancements[67]. Market Expansion and Strategy - The company plans to expand its market presence in myopia prevention and vision care products, including the "Puno Tong" brand of orthokeratology lenses[31]. - The company is focusing on expanding its presence in the vision care market, with plans to develop higher comfort and safety contact lenses[40]. - The company aims to enhance its global presence by distributing products in Europe, Asia, and Australia, and plans to enter the South American market[172]. - The company plans to increase investment in consumer products and enhance brand awareness to capture growth opportunities in the vision care market[171]. Risks and Challenges - The company has detailed various risk factors in its operations, which are outlined in the management discussion and analysis section[3]. - The company faces risks related to talent retention, as the departure of key personnel could disrupt business operations and lead to increased costs for recruitment and training[84]. - The company may face significant challenges in obtaining additional funding for R&D and business growth, which could adversely affect its prospects[103]. - The company faces risks associated with using third-party logistics providers, where any disruptions could affect timely product delivery and damage reputation[97]. Corporate Governance - The company has established a robust internal governance structure, including a board of directors with 9 members, ensuring compliance with legal requirements[177]. - The company held 2 shareholder meetings in 2023, approving 15 resolutions, with strict adherence to legal procedures[176]. - The company has not engaged in any significant related party transactions that would affect its independence or operational capabilities[181]. - The company has established quality control procedures, but risks of product defects or failures remain, which could lead to increased costs and damage to customer relationships[90]. Product Development and Innovation - The company is focusing on high-growth areas, including artificial crystalline lenses and soft contact lenses, with a range of products in development[172]. - The company has developed a high oxygen permeability (125 Dk) fluorosilicone acrylate polymer material for orthokeratology lenses, enhancing comfort and safety for patients[58]. - The company has received regulatory approval for multiple products, including preloaded aspheric intraocular lenses and various soft hydrophilic contact lenses, throughout 2023[62][63]. - The company has made substantial progress in developing new products, including advanced intraocular lenses and contact lenses, with several products in clinical trials[70]. Sales and Marketing - The company’s sales network covers nearly 6,000 hospitals and vision centers across 31 provinces and municipalities in China, demonstrating strong commercialization capabilities[80]. - The company has expanded its direct-to-consumer marketing and distribution channels, leveraging e-commerce growth to enhance its influence in the consumer market[81]. - The effectiveness of the company's sales and marketing efforts is critical for future growth, influenced by product acceptance and treatment efficacy[96]. - The company plans to strengthen its leadership in the intraocular lens market and diversify its orthokeratology product line, aiming for sustainable growth and market expansion[88].