Investment Rating - The report maintains a "Recommended" rating for Haier Biomedical (688139) [1] Core Views - Domestic business shows steady growth with Q1 2024 revenue reaching 499 million yuan, a year-on-year increase of 11% and a quarter-on-quarter increase of 80% [1] - Overseas business faces temporary pressure, with Q1 2024 revenue of 186 million yuan, showing a year-on-year decline but a quarter-on-quarter growth of 6% [1] - The Life Sciences segment benefits from laboratory construction opportunities, achieving Q1 2024 revenue of 350 million yuan, a quarter-on-quarter increase of 79% [1] - The Medical Innovation segment sees Q1 2024 revenue of 334 million yuan, a quarter-on-quarter increase of 31%, driven by new infrastructure and public health recovery [1] - Continuous R&D investment supports accelerated development of new industries, with Q1 2024 R&D expenses at 77 million yuan, accounting for 11.25% of total revenue [1] - The company expects net profit for 2024-2026 to be 500 million, 610 million, and 750 million yuan respectively, with corresponding PE ratios of 24, 19, and 16 times [1] Financial Summary - Total revenue for 2023 was 2,281 million yuan, with a year-on-year decline of 20.4% [3] - Projected total revenue for 2024 is 2,776 million yuan, with a year-on-year growth of 21.7% [3] - Net profit for 2023 was 406 million yuan, with a year-on-year decline of 32.4% [3] - Projected net profit for 2024 is 496 million yuan, with a year-on-year growth of 22.2% [3] - The company’s total market value is approximately 11.748 billion yuan [4]

证券研究报告·公司点评报告·医疗器械 2024 年一季报点评：Q1 业绩超预期，Q2 拐 点将至 2024 年 04 月 29 日 | --- | --- | --- | --- | --- | --- | |------------------------------|---------|---------|--------|--------|--------| | 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 | 2,863 | 3,436 | 4,054 | | 同比（ % ） | 34.72 | (20.36) | 25.54 | 20.00 | 17.99 | | 归母净利润（百万元） | 600.79 | 406.07 | 573.42 | 703.76 | 850.56 | | 同比（ % ） | (28.90) | (32.41) | 41.21 | 22.73 | 20.86 | | EPS- 最新摊薄（元 / 股） | 1.89 | 1.28 | 1.80 ...

证券代码：688139 证券简称：海尔生物 青岛海尔生物医疗股份有限公司 投资者关系活动记录表 编号：2024-008 投资者关系活动 R特定对象调研 □分析师会议 □媒体采访 □业绩说明会 类别 □新闻发布会 □路演活动 □现场参观 □电话会议 □其他 （请文字说明其他活动内容） 参与单位名称 共95家机构，参会机构名单详见附表。 时间 2024年4月26日 参会方式 电话会议 上市公司接待人 总经理刘占杰及莫瑞娟、王稳夫、王广生、陈海涛、巩燚、 ...

www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 （一）公司财务预测表 [Table_ReportTypeIndex] 公司点评 [Table_AuthorsRxplain] 本人承诺以勤勉的执业态度，独立、客观地出具本报告，本报告清晰准确地反映本人的研究观点。本人薪酬的任何部分过去不 曾与、现在不与、未来也将不会与本报告的具体推荐或观点直接或间接相关。 [Table_Avow] 本报告由中国银河证券股份有限公司（以下简称银河证券）向其客户提供。银河证券无需因接收人收到本报告而视其为客户。 若您并非银河证券客户中的专业投资者，为保证服务质量、控制投资风险、应首先联系银河证券机构销售部门或客户经理，完成投 资者适当性匹配，并充分了解该项服务的性质、特点、使用的注意事项以及若不当使用可能带来的风险或损失。 本报告所载的全部内容只提供给客户做参考之用，并不构成对客户的投资咨询建议，并非作为买卖、认购证券或其它金融工具 的邀请或保证。客户不应单纯依靠本报告而取代自我独立判断。银河证券认为本报告资料来源是可靠的，所载内容及观点客观公正， 但不担保其准确性或完 ...

2024 年 4 月 25 日 公司基本情况 总股本/流通股本（亿股）3.18 / 3.18 资产负债率(%) 19.6% 第一大股东青岛海尔生物医疗控股 有限公司 股票投资评级 个股表现 研究所 海尔生物(688139) 事件：公司发布 2024 年一季报：2024Q1 营业收入 6.87 亿元，实 现在去年同期高基数压力下同比增幅 0.04%，环比增幅 51%，相比去 年二三季度分别增幅 18%和 24%的高增长。第一季度公司归母净利润 1.38 亿元，同比增长 0.06%，环比增长 182%；扣非归母净利润 1.33 亿元，同比增长 7%，环比增长 251%。归母净利润率和扣非归母净利 润率分别为 20%和 19%，环比分别提升 9%和 11%，随着收入提升和持 续的降本增效，期间费率大幅改善，盈利能力回归常态。 围绕生命科学和医疗创新场景，2024Q1 在非存储产品系列化布局 继续完善，新产业占收入比重达 39%，同比增长 22%，环比增长 36%， 多品类发展新格局进一步夯实。其中，在生命科学领域推出光照/霉 菌培养箱、落地式高速冷冻离心机、全自动细胞培养工作站等新产品 方案；在医疗创新领域推出普药 ...

Investment Rating - The investment rating for the company is "Buy - A" with a 6-month target price of 43.27 CNY [7][22]. Core Views - The company has captured structural opportunities in the industry and continues to see rapid growth in new business segments [2][6]. - The domestic market achieved revenue of 4.99 billion CNY in Q1 2024, representing a year-on-year growth of 11% and a quarter-on-quarter growth of 80% [20]. - The overseas market generated revenue of 1.86 billion CNY, showing a quarter-on-quarter growth of 6%, although there was a year-on-year decline due to project execution cycles [20]. Financial Performance - In Q1 2024, the company reported revenue of 6.87 billion CNY, a year-on-year increase of 0.04% and a quarter-on-quarter increase of 51% [5][6]. - The net profit attributable to shareholders was 1.38 billion CNY, with a year-on-year growth of 0.06% and a quarter-on-quarter growth of 182% [5]. - The gross profit margin stood at 49.6%, with net profit margin and non-recurring net profit margin at 20% and 19% respectively, both showing significant quarter-on-quarter improvements [5]. Business Segments - The life sciences segment generated revenue of 3.5 billion CNY in Q1 2024, with a quarter-on-quarter growth of 79% [6]. - The medical innovation segment achieved revenue of 3.34 billion CNY, reflecting a quarter-on-quarter growth of 31% [6]. - New industries accounted for 39% of total revenue, with a year-on-year growth of 22% and a quarter-on-quarter growth of 36% [6]. Market Outlook - The company is expected to maintain strong revenue growth rates of 26.4%, 25.0%, and 23.5% for the years 2024 to 2026 respectively [22]. - Net profit growth rates are projected at 35.5%, 25.3%, and 25.1% for the same period, indicating robust growth potential [22].

Financial Performance - In Q1 2024, the company's domestic market revenue reached RMB 499 million, representing a year-on-year growth of 11% and a quarter-on-quarter growth of 80%[9] - The overseas market generated revenue of RMB 186 million, showing a 6% quarter-on-quarter increase despite a year-on-year decline due to project execution cycles[9] - Total operating revenue for Q1 2024 was ¥686,909,061.52, slightly up from ¥686,668,622.18 in Q1 2023, representing a growth of 0.035%[20] - The company's operating revenue for Q1 2024 was CNY 686,909,061.52, reflecting a year-on-year increase of 0.04%[44] - Net profit attributable to shareholders of the listed company reached CNY 137,614,697.49, up 0.06% year-on-year[44] - In Q1 2024, the company achieved a net profit attributable to shareholders of 138 million RMB, a year-on-year increase of 0.06% and a quarter-on-quarter increase of 182%[64] - The company's net profit from investments was ¥3,291,655.49 in Q1 2024, a decrease from ¥13,015,767.85 in Q1 2023, representing a decline of about 74.7%[20] Cash Flow and Assets - The net cash flow from operating activities was RMB 77.2 million, a decrease of 27.34% compared to the previous period[5] - The net cash flow from investment activities for Q1 2024 was -¥7,529,404.95, compared to ¥243,627,690.30 in Q1 2023, showing a significant decline[25] - Cash and cash equivalents at the end of Q1 2024 amounted to ¥1,307,071,714.34, an increase from ¥1,260,604,285.14 at the end of Q4 2023[25] - The total assets at the end of the reporting period amounted to RMB 5.69 billion, reflecting a 2.92% increase from the end of the previous year[5] - The total assets increased to ¥2,457,000,000.00 as of March 31, 2024, compared to ¥2,400,000,000.00 at the end of 2023, indicating a growth of approximately 2.4%[30] Liabilities and Equity - The total liabilities as of March 31, 2024, were ¥1,130,338,492.54, up from ¥1,085,719,569.95 at the end of 2023, reflecting an increase of approximately 4.1%[32] - The total equity attributable to shareholders of the parent company increased to CNY 4,342,842,117.06 from CNY 4,230,710,929.50, marking a growth of approximately 2.64%[33] - The total liabilities and equity amounted to CNY 5,686,835,629.15, up from CNY 5,525,682,568.67, reflecting an increase of about 2.91%[33] Research and Development - The company's R&D investment totaled RMB 77.3 million, accounting for 11.25% of operating revenue, which is a decrease of 0.4 percentage points[5] - Research and development expenses were ¥77,257,984.27 in Q1 2024, down from ¥80,011,141.60 in Q1 2023, indicating a decrease of about 3.4%[20] - The company plans to focus on technological innovation to support the accelerated development of new industries[6] - The company is focusing on expanding its automation applications in life sciences and medical innovation, enhancing its product offerings in these sectors[61] Product Development and Market Strategy - The company launched several new products in Q1 2024, including a light/mold incubator and a fully automated cell culture workstation, enhancing its product offerings in the life sciences sector[45] - The company is focusing on strengthening its direct user engagement capabilities in both domestic and international markets[46] - The company benefited from VAT refunds amounting to approximately 3.86 million RMB, related to software products developed in-house[66] - The company also received government subsidies related to assets amounting to 729,177.13 RMB, which are expected to have a lasting impact on its financial performance[66] Profitability and Cost Management - The gross profit margin for the first quarter improved significantly, with the net profit margin reaching 20% and the non-recurring net profit margin at 19%, both showing substantial quarter-on-quarter increases[64] - The company has seen a significant improvement in cost management, contributing to enhanced profitability and operational efficiency[64] Shareholder Information - Major shareholder China Bank holds 5,212,089 shares, representing 1.64% of total shares[70] - The top 10 shareholders collectively hold 416,500 shares, accounting for 0.13%[70] - The total number of shares lent out in the stock borrowing program at the end of the period is 222,400, which is 0.07% of total shares[70] - The total number of unrestricted circulating shares participating in the stock borrowing program is 5,406,189, representing 1.7%[70]

证券代码：688139 证券简称：海尔生物 青岛海尔生物医疗股份有限公司 投资者关系活动记录表 编号：2024-007 投资者关系活动 □特定对象调研 □分析师会议 □媒体采访 R业绩说明会 类别 □新闻发布会 □路演活动 □现场参观 □电话会议 □其他 （请文字说明其他活动内容） 时间 2024年4月19日下午15：00- 17：00 参会方式 上海证券交易所上证路演中心（http://roadshow.sseinfo.com/） 上市公司接待人 董事、总经理刘占杰先生、独立董事邹殿新先生、首席财务 ...

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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： 证券代码：688139 证券简称：海尔生物 公告编号：2024-029 青岛海尔生物医疗股份有限公司 2023 年年度股东大会决议公告 | 1、出席会议的股东和代理人人数 | 18 | | --- | --- | | 普通股股东人数 | 18 | | 2、出席会议的股东所持有的表决权数量 | 215,420,781 | | 普通股股东所持有表决权数量 | 215,420,781 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 68.2408 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 68.2408 | （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 （一） 股东大会召开的时间：2024 年 4 月 18 日 （二） 股东 ...

证券代码：688139 证券简称：海尔生物 公告编号：2024-031 青岛海尔生物医疗股份有限公司 第二届监事会第十七次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 青岛海尔生物医疗股份有限公司（以下简称"公司"、"本公司"或"海尔 生物"）第二届监事会第十七次会议于 2024 年 4 月 18 日下午 15:30 以现场结合 通讯方式召开，现场会议在青岛市崂山区盈康一生大厦 15 层会议室举行。本次 会议的通知于 2024 年 4 月 11 日以电子邮件方式送达全体监事。本次会议应出席 监事 3 人，实际出席监事 3 人，会议由监事会主席江兰主持。会议的召集和召开 程序符合有关法律法规、规范性文件和公司章程的规定，会议决议合法、有效。 公司不存在《上市公司股权激励管理办法》等法律、法规和规范性文件规定 的禁止实施股权激励计划的情形，公司具备实施股权激励计划的主体资格。 经审议，公司监事会认为： 1、对公司 2024 年限制性股票激励计划（以下简称"本激励计划"）的首次 授予条件 ...