证券代码：688139 证券简称：海尔生物 公告编号：2024-027 青岛海尔生物医疗股份有限公司 投资者可于 2024 年 4 月 18 日(星期四)16:00 前通过邮件 （haierbiomedical@haierbiomedical.com）、电话（0532-88935566）等方式将需 要了解和关注的问题提前提供给公司。公司将在说明会上对投资者普遍关注的问题 进行回答。 青岛海尔生物医疗股份有限公司（以下简称"公司"）于 2024 年 3 月 28 日发 布公司 2023 年年度报告，为便于广大投资者更全面深入地了解公司 2023 年年度经 营成果、财务状况、发展理念，公司参与了由上交所主办的 2023 年度医疗设备专 场集体业绩说明会，此次活动将采用视频和网络文字互动的方式举行，投资者可登 录上海证券交易所上证路演中心（http://roadshow.sseinfo.com/）参与线上互动 交流。 一、 说明会类型 本次投资者说明会以视频和网络互动形式召开，公司将针对 2023 年年度报告 1 会议召开时间：2024 年 4 月 19 日(星期五)下午 15:00-17:00 会议召开方式：视频 ...

证券研究报告：医药生物 | 公司点评报告 总股本/流通股本（亿股）3.18 / 3.18 资产负债率(%) 19.6% 股票投资评级 -61% -54% -47% -40% -33% -26% -19% -12% -5% 2% 9% 2023-04 2023-06 2023-08 2023-11 2024-01 2024-04 海尔生物 医药生物 研究所 ⚫ 2023 年业绩总体承压，在不利外部挑战下实现平稳发展 事件：公司发布 2023 年年度报告，2023 年公司实现营业收入 22.8 亿元，同比下降 20.4%，剔除同期 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。2023 年公司实现归母净利润 4.1 亿元，同 比下降 32.4%。分季度看，2023 年，Q1-Q4 分别实现营收 6.9、5.8、 5.6、4.5 亿元，归母净利润 1.4、1.4、0.8、0.5 亿元。公司毛利率 50.6%，同比提升了 2.5%；净利率 18.1%，同比降低 3.3%。净利率下 降主要系营业收入同比下降，费用持续投入所致。 公司基本情况 52 周内最高/最低价 73.66 / 26.12 第一大股东 ...

青岛海尔生物医疗股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： 截至 2024 年 3 月 31 日，青岛海尔生物医疗股份有限公司（以下简称 "公司"）通过上海证券交易所交易系统以集中竞价交易方式累计回购公司股 份 809,606 股，占公司总股本 317,952,508 股的比例为 0.25%，回购成交的最 高价为 32.31 元/股，最低价为 29.55 元/股,支付的资金总额为人民币 25,488,165.35 元（不含交易费用）。 一、回购股份的基本情况 公司于 2024 年 2 月 8 日召开第二届董事会第十七次会议，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》（以下简称"本次回购方 案"），同意公司以自有资金通过上海证券交易所交易系统以集中竞价交易方式 回购公司已发行的部分人民币普通股（A 股）股票。回购的股份将在未来适宜 时机全部用于员工持股计划或股权激励，回购价格不超过 50 元/股（含），回购 资金总额不低于人民 ...

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：2024-005 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101家机构，参会机构名单详见附表。 时间 2024年3月28日-2024年3月29日 参会方式 电话会议 上市公司接待人 首席财务官莫瑞娟、副总经理王稳夫、副总经理王广生、副 ...

Investment Rating - The report maintains a "Buy" rating for Haier Biomedical (688139.SH) [5][26]. Core Views - The company faced pressure on its overall performance in 2023, with revenue declining by 20.36% year-on-year to 2.281 billion yuan. However, core business revenue slightly increased when excluding public health control-related income [5]. - The introduction of a new round of equity incentives is expected to stimulate growth, with ambitious revenue targets set for 2024-2026 [27]. - The company is focusing on expanding its non-storage business and enhancing synergies from acquisitions, despite the storage business still being in a recovery phase [5]. Financial Summary - **2023 Financial Performance**: - Revenue: 2.281 billion yuan (yoy -20.36%) - Net Profit: 406 million yuan (yoy -32.41%) - Core Net Profit: 331 million yuan (yoy -37.83%) - Gross Margin: 50.61% (+2.53 percentage points) - Operating Cash Flow: 249 million yuan [5][7]. - **Revenue Breakdown**: - Non-storage products: 867 million yuan (38% of total revenue, yoy +30%) - Medical innovation: 1.24 billion yuan (yoy -22.93%) - Life sciences: 1.03 billion yuan (yoy -17.23%) [5]. - **Geographical Breakdown**: - Domestic Sales: 1.49 billion yuan (yoy -18.44%) - International Sales: 780 million yuan (yoy -6.09%), with overseas sales accounting for over 34% of total revenue [5]. - **Future Profit Forecasts**: - Expected net profits for 2024-2026 are projected at 512 million yuan, 643 million yuan, and 807 million yuan respectively, with corresponding EPS of 1.61 yuan, 2.02 yuan, and 2.54 yuan [5][7]. Growth Drivers - The company is leveraging both organic growth and high-quality acquisitions to enhance its strategic positioning and business synergies. The life sciences segment is expected to see accelerated growth through automation and digital upgrades in pharmaceutical processes [6][27]. - The medical innovation segment is actively participating in new healthcare infrastructure projects, aiming to replicate successful models across various healthcare settings [6].

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 ...

Investment Rating - The investment rating for the company is "Buy," indicating an expected stock price increase of over 20% relative to the market index over the next six months [2]. Core Views - The report highlights that Haier Biomedical (688139) faced performance pressure in 2023, with revenue of 2.28 billion yuan, a decrease of 20.4%, and a net profit of 406 million yuan, down 32.4%. The company is focusing on R&D investments to support new industry layouts [7][15]. - The report emphasizes the company's strategic shift towards non-storage new businesses, which accounted for 38% of revenue in 2023, growing over 30% year-on-year. This segment is expected to maintain a compound annual growth rate (CAGR) of over 30% from 2024 to 2026 [15][21]. - The company is deepening its global market presence, establishing over 800 overseas distribution networks and maintaining long-term partnerships with international organizations like WHO and UNICEF [15][21]. Financial Summary - In 2023, the company reported a revenue of 2,280.90 million yuan, with a projected revenue increase to 2,672.52 million yuan in 2024, representing a growth rate of 17.17% [16]. - The net profit for 2023 was 406.07 million yuan, with expectations of a slight increase to 444.74 million yuan in 2024, reflecting a growth rate of 9.52% [16]. - The report forecasts a compound annual growth rate for net profit of 15.5% from 2024 to 2026, driven by steady growth and anticipated acquisitions [15][21]. Business Segmentation - The report segments the company's revenue into three main categories: Life Sciences, Medical Innovation, and Other Businesses. Life Sciences is expected to see a revenue growth of 16% in 2024, while Medical Innovation is projected to grow by 18% [21][22]. - The gross margin for the overall business is expected to remain stable at around 50.6% in 2024, with specific margins for Life Sciences and Medical Innovation at 55% and 46.8%, respectively [22]. Market Positioning - The company is positioned favorably within the industry, with comparable companies such as Mindray Medical, Jianhui Information, and Dongfulong showing similar business characteristics. The report suggests that Haier Biomedical's future growth prospects warrant continued attention [24].

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 ...