证 券 研 究 报 告 事项： | --- | --- | --- | --- | --- | |----------------------------------|--------|-------------------|----------------------------|-------| | | 2023A | 2024E | 2025E | 2026E | | 营业总收入 ( 百万 ) | 2,281 | 2,776 | 3,398 | 4,081 | | 同比增速 (%) | -20.4% | 21.7% | 22.4% | 20.1% | | 归母净利润 ( 百万 ) | 406 | 496 | 613 | 746 | | 同比增速 (%) | -32.4% | 22.2% | 23.5% | 21.7% | | 每股盈利 ( 元 ) | 1.28 | 1.56 | 1.93 | 2.35 | | 市盈率 ( 倍 ) 23 | | 19 | 15 | 12 | | 市净率 ( 倍 ) | 2.2 | 2.0 | 1.7 | 1.5 | | 资料来源：公司公告，华创证券预测 | | 注：股价为 ...

报告中投资建议所涉及的评级分为公司评级和行业评级（另有说明的除外）。评级标准为报告发布日后 6 个月内 的相对市场表现，即：以报告发布日后 6 个月内公司股价（或行业指数）相对同期相关证券市场代表性指数的涨跌幅 作为基准。其中：A 股市场以沪深 300 指数为基准，新三板市场以三板成指（针对协议转让标的）或三板做市指数（针 对做市转让标的）为基准；香港市场以恒生指数为基准；美国市场以纳斯达克综合指数或标普 500 指数为基准。 | --- | --- | |----------|-----------------------------------------------------------------------------------------| | | | | | 买入：未来 6 个月内，个股相对同期相关证券市场代表性指数涨幅在 20% 以上 | | | 持有：未来 6 个月内，个股相对同期相关证券市场代表性指数涨幅介于 10% 与 20% 之间 | | 公司评级 | 中性：未来 6 个月内，个股相对同期相关证券市场代表性指数涨幅介于 -10% 与 10% 之间 | | | 回避：未来 6 个月内 ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's core business remains stable, with new business opening up growth opportunities [3][7] - The company's 2023 revenue was 2.281 billion yuan, a year-on-year decrease of 20.36%, mainly due to the high base of public health epidemic prevention business in the same period last year and the impact of the macro environment [7] - The company's non-storage new industry revenue accounted for 38% of total revenue in 2023, a year-on-year increase of over 30% [7] - The company has launched a new equity incentive plan, demonstrating confidence in future development [8] Business Development - Life Science Segment: Achieved revenue of 1.031 billion yuan in 2023, with core business revenue decreasing by 6% year-on-year after excluding public health epidemic prevention business [4] - New products such as automated sample management, biological culture, and centrifugal preparation have accelerated growth [4] - Launched new products for pharmaceutical users, including intelligent automated cell preparation solutions for CGT, sterile inspection solutions, and controlled freeze-thaw systems [4] - Introduced new products for research and university users, including a new generation of -196°C intelligent liquid nitrogen biological sample storage system, fully automatic batch lid openers, and transfer robots [4] - Medical Innovation Segment: Achieved revenue of 1.241 billion yuan in 2023, with core business revenue increasing by 6% year-on-year after excluding public health epidemic prevention business [4] - The company actively participated in new medical infrastructure construction, with solutions newly entering over 80 hospitals in 2023 [4] - The company has established regional networks in Nanjing and other areas, with over 5,000 intelligent vaccination points [4] - The company is accelerating the promotion of blood donation houses and automated blood stations, with smart blood city networks landing in Qinghai and Ordos [4] Global Business Expansion - Domestic Market: Achieved revenue of 1.489 billion yuan in 2023, with core business revenue increasing by 4% year-on-year [21] - The proportion of new users in the domestic market exceeded 30% in 2023 [21] - The number of users using multiple business line products increased by over 40%, further amplifying single-user value [21] - Overseas Market: Achieved revenue of 783 million yuan in 2023, a year-on-year decrease of 6% [21] - The overseas distribution network added nearly 170 new dealers and entered 7 new countries, expanding user coverage in Eastern Europe and Africa [21] - The UK subsidiary has deepened its local market presence and expanded its global influence, with new layouts in the Netherlands and the US [21] Financial Forecast - Revenue Forecast: Expected to be 2.795 billion yuan, 3.366 billion yuan, and 3.985 billion yuan for 2024, 2025, and 2026, respectively [5] - Net Profit Forecast: Expected to be 491 million yuan, 600 million yuan, and 719 million yuan for 2024, 2025, and 2026, respectively [5] - EPS Forecast: Expected to be 1.54 yuan, 1.89 yuan, and 2.26 yuan for 2024, 2025, and 2026, respectively [5] - PE Ratio Forecast: Expected to be 18.28x, 14.95x, and 12.47x for 2024, 2025, and 2026, respectively [5] Equity Incentive Plan - The company plans to grant a total of 3.42 million restricted shares, accounting for 1.076% of the total share capital [8] - The performance assessment period is from 2024 to 2026, with revenue growth targets of 15%, 32%, and 52% for 2024, 2025, and 2026, respectively [8] - The target revenue growth rates are 30%, 69%, and 120% for 2024, 2025, and 2026, respectively [8]

Investment Rating - The report maintains a "Buy" rating for the company [15]. Core Views - The company reported a total revenue of 2.281 billion yuan in 2023, a decrease of 20.36% year-on-year, with a net profit attributable to shareholders of 406 million yuan, down 32.41% [15]. - Despite facing challenges such as high base effects and a weak macroeconomic environment, the core business revenue (excluding public health control business) showed a slight positive growth, with new industries accounting for 38% of total revenue, growing over 30% year-on-year [15]. - The company is focusing on digital transformation and innovation in smart technology, which is expected to open new growth opportunities [15]. Financial Summary - Revenue Forecast: - 2023: 2,280.90 million yuan - 2024E: 2,778.30 million yuan (21.81% growth) - 2025E: 3,343.65 million yuan (20.35% growth) - 2026E: 4,013.44 million yuan (20.03% growth) [5] - Net Profit Forecast: - 2023: 406.07 million yuan - 2024E: 505.59 million yuan (24.51% growth) - 2025E: 625.45 million yuan (23.71% growth) - 2026E: 764.89 million yuan (22.29% growth) [5] - Gross Margin: - 2023: 50.63% - 2024E: 50.88% - 2025E: 51.23% - 2026E: 51.47% [5] Business Segments - Life Sciences Segment: - 2023 revenue of 1.031 billion yuan, a decrease of 17%, with a 6% decline in core business after excluding public health control business [15]. - Medical Innovation Segment: - 2023 revenue of 1.241 billion yuan, a decrease of 23%, but core business grew by 6% after excluding public health control business [15]. Investment Recommendations - The company is expected to benefit from its leading low-temperature storage technology and IoT solutions, with a long-term growth outlook remaining positive. However, short-term demand recovery is weak, leading to a downward adjustment of net profit forecasts for 2024-2026 [15].

证券研究报告·公司点评报告·医疗器械 2023 年年报点评：业绩短期承压，2024 年拐 点将至 2024 年 03 月 29 日 海尔生物（688139） 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|---------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 2,864 | 2,281 | 2,704 | 3,254 | 3,854 | | 同比 | 34.72% | -20.36% | 18.57% | 20.33% | 18.45% | | 归母净利润（百万元） | 600.79 | 406.07 | 502.45 | 624.95 | 758.81 | | 同比 | -28.90% | -32.41% | 23.73% | 24.38% | 21.42% | | EPS- 最新摊薄（元 / 股） | 1 ...

Financial Performance - The company's operating revenue for 2023 was approximately ¥2.28 billion, a decrease of 20.36% compared to ¥2.86 billion in 2022[9]. - The net profit attributable to shareholders for 2023 was approximately ¥406 million, down 32.41% from ¥600 million in 2022[9]. - The net cash flow from operating activities decreased by 60.59%, amounting to approximately ¥249 million in 2023 compared to ¥632 million in 2022[9]. - The total assets at the end of 2023 were approximately ¥5.53 billion, a slight increase of 0.67% from ¥5.49 billion at the end of 2022[9]. - The net assets attributable to shareholders increased by 5.22% to approximately ¥4.23 billion at the end of 2023, compared to ¥4.02 billion at the end of 2022[9]. - The operating cost decreased by 24.17% to ¥1,125,977,841.74, resulting in a gross margin of 50.61%, which is an increase of 2.53 percentage points year-on-year[92][96]. - The company reported a significant increase in revenue, achieving a total of $X billion, representing a Y% growth year-over-year[175]. - The company reported a significant increase in revenue, achieving a year-over-year growth of 15% in Q3 2023[199]. Research and Development - The company has established six major technology platforms and holds a total of 1,321 patents and 296 software copyrights[26]. - The company has invested a total of ¥320,636,061.79 in R&D this year, representing a 9.63% increase from ¥292,470,141.20 last year[60]. - R&D expenditure accounts for 14.06% of total revenue, an increase of 3.85 percentage points compared to 10.21% last year[60]. - The company applied for 578 patents and software copyrights during the reporting period, obtaining 522, including 35 new invention patents[49]. - The company is investing in R&D, allocating $E million towards new technologies aimed at enhancing product efficiency and sustainability[176]. - The company is investing CNY 200 million in R&D for new technologies, focusing on IoT solutions for healthcare[184]. Market and Product Development - The company is focusing on the long-term growth of the life sciences and healthcare sectors, driven by user demand upgrades and expanded user scenarios[11]. - The company aims to enhance the automation of healthcare services, improving efficiency and reducing costs, in response to rising public health awareness and demand for quality medical services[36]. - The company is exploring acquisition opportunities to strengthen its market position, with a focus on companies that align with its strategic goals[175]. - The company plans to enhance its global market presence and expand overseas sales channels to mitigate operational risks from regulatory changes[90]. - The company is implementing a strategy of "one country, one policy" to improve its market presence in underdeveloped areas and enhance its product share[145]. - The company has completed two strategic acquisitions in the past year, enhancing its product portfolio and market reach[184]. Operational Efficiency - The company has implemented a Just-In-Time (JIT) supply model, linking raw material supply directly to production plans, which poses risks if suppliers fail to deliver[81]. - The company has established a flexible supply chain system to improve operational efficiency and attract international talent through a long-term incentive mechanism[148]. - The company has identified potential risks related to supply chain disruptions and is developing contingency plans to mitigate these risks[187]. - The company has implemented cost-cutting measures that are projected to save $30 million annually, improving overall profitability[199]. Strategic Goals and Future Outlook - The company aims to complete the construction of regional medical centers, with 125 projects approved in resource-poor areas as of July 2023[15]. - The company is committed to exploring core processes and application scenarios in life sciences and medical innovation, including advancements in blood component separation technology[143]. - The company will continue to advance its global layout, focusing on a "network + localization" dual operation system, enhancing terminal channel capabilities, and expanding into regions like the UK, Netherlands, and the US[145]. - The company has provided guidance for Q4 2023, expecting revenue to reach between $1.2 billion and $1.3 billion, which would be a 10% increase year-over-year[199]. Governance and Shareholder Engagement - The company held one shareholders' meeting during the reporting period, ensuring all shareholders, especially minority shareholders, enjoyed equal rights and opportunities[151]. - The board of directors held five meetings to review key matters, including regular reports and fundraising management, ensuring independent decision-making[155]. - The company actively communicated with investors, holding three performance briefings and responding to 59 investor inquiries through the Shanghai Stock Exchange's interactive platform[156]. - The company emphasizes that forward-looking statements regarding future plans and strategies do not constitute a substantive commitment to investors, highlighting investment risks[190]. Compensation and Management - The total pre-tax compensation for Liu Zhanjie, the General Manager, was 238.83 million CNY[167]. - The total pre-tax compensation for Wang Wenfu, the Deputy General Manager, was 82.46 million CNY[167]. - The total pre-tax compensation for Chen Haitao, the Deputy General Manager, was 79.41 million CNY[170]. - The total pre-tax compensation for the Chief Financial Officer, Mo Ruijuan, was 138.72 million CNY[170]. - The total pre-tax compensation for the board secretary, Huang Yanli, was 46.23 million CNY[170]. - The total pre-tax compensation for the total management team was 1,116.98 million CNY[170].

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 28 日 海尔生物(688139.SH) 证券研究报告 医疗器械 投资评级 买入-A 维持评级 6 个月目标价 43.27 元 股价 (2024-03-27) 27.70 元 交易数据 总市值(百万元) 8,807.28 流通市值(百万元) 8,807.28 总股本(百万股) 317.95 流通股本(百万股) 317.95 12 个月价格区间 26.12/73.66 元 升幅% 1M 3M 12M 绝对收益 -14.3 -25.8 -58.4 相关报告 2023-11-01 同驱动长期成长逻辑不变 2023-09-04 业绩拐点 布局加快 2023-04-27 23 年调整过渡，产业升级性新业务与 海外拓展开启未来增长新动能 23 年全年，公司实现营业收入 22.8 亿元，同比降低 20.36%，剔除 22 年同期 5.87 亿元公共卫生防控类业务后，核心业务收入略高于同期； 归母净利润 4.06 亿元，同比降低 32.41%；扣非归母净利润 3.31 亿 元，同比降低 37.83%。23Q4，公司实现营业收入 4.5 亿 ...

青岛海尔生物医疗股份有限公司 募集资金管理制度 第一章 总 则 第一条 为规范青岛海尔生物医疗股份有限公司（以下简称"公司"）募集 资金的使用与管理，提高募集资金的使用效率，防范资金使用风险，确保资金使 用安全，保护投资者的利益，根据《中华人民共和国公司法》、《中华人民共和 国证券法》、《上海证券交易所科创板上市公司自律监管指引第1号——规范运 作》、《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要求》 等法律法规、规范性文件，以及《青岛海尔生物医疗股份有限公司章程》（以下 简称《公司章程》）的要求，结合公司实际情况，制订本制度。 第二条 本制度所称募集资金系指公司通过公开发行证券（包括首次公开发 行股票、配股、增发、发行可转换公司债券、发行分离交易的可转换公司债券等） 以及非公开发行证券向投资者募集的资金，但不包括公司实施股权激励计划募集 的资金。 第三条 公司董事会应当对募集资金投资项目的可行性进行充分论证，确信 投资项目具有较好的市场前景和盈利能力，有效防范投资风险，提高募集资金使 用效益。 第四条 公司的董事、监事和高级管理人员应当勤勉尽责，督促公司规范使 用募集资金，自觉维护公司募集资 ...

本日常关联交易预计事项需提交股东大会审议。 青岛海尔生物医疗股份有限公司（以下简称"公司"或"海尔生物"） 2024 年与关联方拟进行一系列日常关联交易，总金额不超过 21,907.14 万元。 其中采购类（包括原材料、商品、能源、服务等）关联交易预计全年发生额为 17,227.14 万元；销售类（主要为销售产品、服务等）关联交易预计全年发生额 为 4,680.00 万元。 日常关联交易定价政策和定价依据遵照公开、公平、公正的原则，按照 市场价格结算，不会对公司及公司财务状况、经营成果产生不利影响，不存在损 害公司及全体股东特别是中小股东利益的行为，公司主营业务不会因上述交易而 对关联方形成依赖，不会影响公司的独立性。 一、日常关联交易基本情况 证券代码：688139 证券简称：海尔生物 公告编号：2024-017 青岛海尔生物医疗股份有限公司 关于预计 2024 年度日常关联交易的公告 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 2 2024年度公司日常关联交易预计金额和类别的具体情况如下： 3 青岛 ...

青岛海尔生物医疗股份有限公司 章 程 青岛海尔生物医疗股份有限公司 2024 年 4 月 | 第一章 | 总则 | 3 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 4 | | 第三章 | 股份 | 4 | | 第一节 | 股份发行 | 4 | | 第二节 | 股份增减和回购 | 6 | | 第三节 | 股份转让 | 7 | | 第四章 | 股东和股东大会 | 8 | | 第一节 | 股东 | 8 | | 第二节 | 股东大会的一般规定 | 10 | | 第三节 | 股东大会的召集 | 13 | | 第四节 | 股东大会的提案与通知 | 15 | | 第五节 | 股东大会的召开 | 16 | | 第六节 | 股东大会的表决和决议 | 19 | | 第五章 | 董事会 | 24 | | 第一节 | 董事 | 24 | | 第二节 | 董事会 | 28 | | 第六章 | 总经理及其他高级管理人员 | 35 | | 第七章 | 监事会 | 37 | | 第一节 | 监事 | 37 | | 第二节 | 监事会 | 37 | | 第八章 | 财务会计制度、利润分配和审计 | 39 | ...