证券研究报告 2024 年 11 月 22 日 湘财证券研究所 公司研究 威高骨科（688161.SH）首次覆盖 营收利润全面恢复增长，业绩修复超预期 公司评级：增持（首次覆盖） 近十二个月公司表现 % 1 个月 3 个月 12 个月 相对收益 4.9 31.8 -42.3 绝对收益 6.3 51.9 -31.4 注：相对收益与沪深 300 相比 分析师：聂孟依 证书编号：S0500524040001 Tel：(8621) 50299667 Email：nmy06967@xcsc.com 地址：上海市浦东新区银城路 88 号 中国人寿金融中心 10 楼 核心要点： ❑ 2024 年三季度业绩增速超预期 公司前三季度实现营业收入 10.83 亿元，同比增长 0.07%；归属于上市公司 股东的净利润 1.64 亿元，同比增长 34.66%。其中第三季度实现营业收入 3.33 亿元，同比增长 20.06%；实现归属于上市公司股东的净利润 7,116.33 万元，同比增长 594.19%。2022 年以来，受集采降价等因素影响，公司业 绩持续处于下滑状态，如今营收与净利润全面恢复增长，且单第三季度增 速较高，整体业绩 ...

证券研究报告·公司点评报告·医疗器械 威高骨科（688161） 2024 三季报点评：利润超预期，业绩趋势向 好 2024 年 11 月 01 日 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） | 2058 | 1284 | 1483 | 1719 | 2077 | | 同比（ % ） | (4.44) | (37.63) | 15.57 | 15.88 | 20.80 | | 归母净利润（百万元） | 600.70 | 112.32 | 231.05 | 350.52 | 414.72 | | 同比（ % ） | (12.98) | (81.30) | 105.71 | 51.71 | 18.31 | | EPS- 最新摊薄（元 / 股） | 1.50 | ...

Revenue and Profit Performance - Revenue for the third quarter was RMB 332.74 million, a 20.06% increase compared to the same period last year[2] - Net profit attributable to shareholders of the listed company for the third quarter was RMB 71.16 million, a 594.19% increase year-over-year[2] - The company achieved a revenue of RMB 1,083.28 million in the first three quarters, a year-on-year increase of 0.07%, and a net profit attributable to shareholders of RMB 164.29 million, a year-on-year increase of 34.66%[11] - In the third quarter, the company achieved a revenue of RMB 332.74 million, a year-on-year increase of 20.06%, and a net profit attributable to shareholders of RMB 71.16 million, a year-on-year increase of 594.19%[11] - Total operating revenue for the first three quarters of 2024 was RMB 1,083,278,467.47, a slight increase from RMB 1,082,526,944.91 in the same period of 2023[22] - Net profit attributable to the parent company's shareholders in the first three quarters of 2024 was RMB 164,293,158.99, compared to RMB 122,008,305.50 in the same period of 2023, representing a growth of 34.7%[23] - The increase in revenue was primarily due to higher sales volume compared to the same period last year[6] Earnings Per Share and Return on Equity - Basic earnings per share for the third quarter were RMB 0.18, a 500% increase compared to the same period last year[2] - Diluted earnings per share for the third quarter were RMB 0.18, a 500% increase compared to the same period last year[3] - Weighted average return on equity for the third quarter was 1.82%, an increase of 1.56 percentage points compared to the same period last year[3] - Basic earnings per share for the first three quarters of 2024 were RMB 0.41, up from RMB 0.31 in the same period of 2023, reflecting a 32.3% increase[24] R&D and Sales Expenses - R&D investment for the third quarter was RMB 27.51 million, accounting for 8.27% of revenue, a decrease of 0.72 percentage points compared to the same period last year[3] - R&D expenses for the first three quarters of 2024 increased to RMB 91,157,022.54, up from RMB 86,638,389.02 in the same period of 2023, reflecting a 5.2% increase[22] - The company's sales expense ratio decreased by 9 percentage points year-on-year due to optimized marketing organization and personnel structure, channel integration, and refined expense management[12] - Sales expenses decreased to RMB 371,892,305.06 in the first three quarters of 2024, down from RMB 468,100,649.76 in the same period of 2023, a reduction of 20.6%[22] Product Line Performance - The spine product line achieved sales revenue of RMB 331 million in the first three quarters, a year-on-year decrease of 16.23%, with sales volume increasing by 36.17%[12] - The trauma product line achieved sales revenue of RMB 188 million in the first three quarters, a year-on-year increase of 16.25%, with sales volume increasing by 18.45%[12] - The joint product line achieved sales revenue of RMB 300 million in the first three quarters, a year-on-year increase of 23.12%, with sales volume increasing by over 27.37%[13] - The sports medicine product line achieved sales revenue of RMB 28.54 million in the first three quarters, a year-on-year increase of over 11 times[14] - The tissue repair product line achieved sales revenue of approximately RMB 130 million in the first three quarters, a year-on-year increase of 20.49%, with sales volume increasing by 65.74%[14] - The company's quantum medical revenue reached approximately 24 million yuan, a year-on-year increase of over 3 times[15] Assets and Liabilities - Total assets at the end of the reporting period were RMB 5.02 billion, a 1.56% decrease compared to the end of the previous year[3] - The company's total assets amounted to 5,017,260,766.83 yuan, with current assets totaling 4,241,592,416.03 yuan[19] - The company's total liabilities were 1,094,005,081.86 yuan, with current liabilities accounting for 967,428,423.95 yuan[20] - The company's fixed assets were valued at 441,498,720.68 yuan, showing a decrease from the previous period[19] - The company's inventory was valued at 743,556,501.84 yuan, slightly decreasing from the previous period[19] - Total equity attributable to the parent company's shareholders as of the end of Q3 2024 was RMB 3,913,925,667.34, compared to RMB 3,868,918,255.96 at the end of Q3 2023, showing a 1.2% increase[21] - The company's total liabilities and equity as of the end of Q3 2024 were RMB 5,017,260,766.83, slightly lower than RMB 5,096,573,977.62 at the end of Q3 2023, a decrease of 1.6%[21] Cash Flow and Financial Activities - Net cash flow from operating activities for the period from the beginning of the year to the end of the reporting period was RMB 189.84 million, a 103.67% increase year-over-year[2] - Operating cash flow increased to 189.84 million yuan, up 103.7% year-over-year from 93.21 million yuan[26] - Investment cash inflow totaled 859.48 million yuan, with 840 million yuan from investment recoveries[26] - Investment cash outflow reached 864.66 million yuan, including 852 million yuan for new investments[26] - Financing cash outflow was 87.51 million yuan, with 47.99 million yuan allocated for dividend and interest payments[27] - Net cash and cash equivalents increased by 105.71 million yuan, compared to a decrease of 925.03 million yuan in the same period last year[27] - End-of-period cash and cash equivalents stood at 1.92 billion yuan, up from 1.78 billion yuan at the end of the previous period[27] - Tax refunds received amounted to 2.29 million yuan, a decrease from 14.97 million yuan in the previous year[26] - Cash received from other operating activities was 23.17 million yuan, down from 90.26 million yuan year-over-year[26] - Cash paid for employee compensation was 250.07 million yuan, slightly lower than the 254.44 million yuan in the previous year[26] - Cash paid for taxes and fees decreased to 90.44 million yuan from 225.29 million yuan year-over-year[26] - Cash received from sales of goods and services in the first three quarters of 2024 was RMB 1,244,264,410.31, a decrease from RMB 1,349,627,802.79 in the same period of 2023, representing a 7.8% decline[25] Government Subsidies and Other Income - Government subsidies included in current profits amounted to RMB 1.52 million for the third quarter[4] Overseas Business and Trade - The company's overseas trade grew by 52% year-on-year, with rapid expansion in overseas business[17] Product Approvals and Innovations - The company's "plasma surgery equipment" was approved by the National Medical Products Administration, enriching the minimally invasive treatment product line[16] - The company's "one-time use annulus suture device" was approved, enhancing post-surgery stability and reducing recurrence rates[16] - The company's "occipital-cervical-thoracic spine posterior fixation system" was approved, offering flexible configurations and superior biomechanical performance[15] Production and Operational Efficiency - The company optimized production capacity and improved manufacturing efficiency through scientific equipment allocation[17] Comprehensive Income - Total comprehensive income for the first three quarters of 2024 was RMB 168,426,611.66, compared to RMB 121,877,124.55 in the same period of 2023, showing a 38.2% growth[23]

边际显著改善，看好下半年持续向好态势 ——威高骨科 2024 中报点评 核心观点 ⚫ 业绩环比回暖，集采影响陆续出清。2024H1，公司实现营收 7.51 亿元（同比6.8%），归母净利润 0.93 亿元（同比-16.7%），系主营业务脊柱产品在 23Q1 仍执 行集采前价格，今年执行集采后价格所致。单季度来看，24Q2公司实现营收4.03亿 元（同比-3.1%，环比+15.7%），归母净利润 0.58 亿元（同比+230.5%，环比 +66.8%），24 年以来公司业绩呈现逐季回暖态势。2024H1，公司经营性现金流为 1.45 亿元（同比+148.5%），主要系 2024H1 公司收 2023 年所得税汇算清缴退税， 及当期缴纳增值税和各项税费同比减少所致。 ⚫ 骨科集采全面落地，公司各主要产线趋势向好。公司主要产线在 24H1 均实现了销 量、手术量和市场份额的提升。公司脊柱产线在 24H1 实现 2.2 亿元收入，其中 Q2 收入环比+12%。且 24H1 手术量同比+15%，销量同比+36%。创伤产线方面，公司 完善物流布局，加强配送优势，24H1实现收入1.2亿元，其中Q2环比+33%。24H1 ...

边际显著改善，看好下半年持续向好态势 ——威高骨科 2024 中报点评 核心观点 ⚫ 业绩环比回暖，集采影响陆续出清。2024H1，公司实现营收 7.51 亿元（同比6.8%），归母净利润 0.93 亿元（同比-16.7%），系主营业务脊柱产品在 23Q1 仍执 行集采前价格，今年执行集采后价格所致。单季度来看，24Q2公司实现营收4.03亿 元（同比-3.1%，环比+15.7%），归母净利润 0.58 亿元（同比+230.5%，环比 +66.8%），24 年以来公司业绩呈现逐季回暖态势。2024H1，公司经营性现金流为 1.45 亿元（同比+148.5%），主要系 2024H1 公司收 2023 年所得税汇算清缴退税， 及当期缴纳增值税和各项税费同比减少所致。 ⚫ 骨科集采全面落地，公司各主要产线趋势向好。公司主要产线在 24H1 均实现了销 量、手术量和市场份额的提升。公司脊柱产线在 24H1 实现 2.2 亿元收入，其中 Q2 收入环比+12%。且 24H1 手术量同比+15%，销量同比+36%。创伤产线方面，公司 完善物流布局，加强配送优势，24H1实现收入1.2亿元，其中Q2环比+33%。24H1 ...

证券研究报告 | 2024年09月10日 威高骨科（688161.SH） 优于大市 二季度营收环比增长 16%，各产品线销量及市场份额均实现增长 业绩正逐步走出集采影响，二季度营收环比增长 16%。2024 年上半年公司 实现营收 7.51 亿（-6.81%），归母净利润 0.93 亿（-16.67%），扣非归母 净利润 0.89 亿（-16.70%），下降原因主要是脊柱产品集采前后的价格降幅 导致。单二季度公司实现营收 4.03 亿（-3.12%），环比增长 15.73%，归 母净利润 0.58 亿（+230.47%），环比增长 66.80%，业绩开始呈现环比提 升趋势，下半年有望持续向好。 各产品线均实现销量、手术量和市场份额的持续增长，关节业务线快速放量。 2024 年上半年脊柱线实现收入 2.2 亿，其中二季度环比增长 12%，下半年 随着脊柱囊袋和椎体支架新产品上市，脊柱线增速预计会进一步加快。创伤 线实现收入 1.2 亿，其中二季度环比增长 33%，公司针对性地完善物流布局， 并加强与其他产品线的协同。关节线实现收入 2.3 亿，上半年完成的接续采 购中，公司主要产品组套相比于上一轮集采中标价均有 ...

证券代码：688161 证券简称：威高骨科 山东威高骨科材料股份有限公司投资者关系活动记录表 编号：2024-002 | --- | --- | --- | |-------------------|-------------------------|---------------------------------------------------------------------------------------------------| | | □ | 特定对象调研 □分析师会议 | | 投 资 者 关 系 活 | □ 媒体采访 √业绩说明会 | | | 动类别 | □新闻发布会 □路演活动 | | | | □ 现场参观 | | | | □ | 其他 （请文字说明其他活动内容） | | 参 与 单 位 名 称 | 75 家境内外机构共 | 95 名参会人员，详见附件明细 | | 及人员姓名 | | | | 时间 | 2024 年 8 月 29 | 日 | | 地点 | 公司会议室（电话会议） | | | 上 市 公 司 接 待 | | | | 人员姓名 | | 董事长陈敏女士、总经理卢均强先生、销 ...

2024 年半年度报告 公司代码：688161 公司简称：威高骨科 山东威高骨科材料股份有限公司 2024 年半年度报告 2024 年 8 月 1 / 209 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细描述未来将面临的主要风险及应对措施，详情请查阅本报告"第三节管理 层讨论与分析"之"五、风险因素"部分，请投资者注意投资风险。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人陈敏、主管会计工作负责人吕苏云及会计机构负责人（会计主管人员）吕苏云声 明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 为进一步提高分红频次，增强投资者回报水平，结合公司实际情况，公司2024年度的中期分 红安排如下： 截至目前，公司总股本为400,000,000股，扣减公司回购专用证券账户股份数2,713,876股后 ，剩余股本数为397,28 ...

本次电话会议仅服务于德光证券研究所客户不构成投资建议相关人员应自主作出投资决策并自行承担投资风险德光证券不对因使用本次内容所导致的任何损失承担任何责任 以任何形式复制、刊载、转载、转发引用本子会议内容否则由此造成的一切后果及法律责任由该机构或个人承担本公司保留追究其法律责任的权利市场有风险投资需谨慎好的 中间的各位投资者大家下午好我是德邦医药手机分析师医药手机分析师周星铭 那么我们今天是关于微高骨科的一个近况的交流啊我们非常荣幸的请到了公司的董事会秘书林总来跟大家做一个沟通 那么威高骨科的话也是中国这个在骨科领域的一个器械领域的龙头企业那么公司过去几年也经历了一些行业的一些影响那么现在的话就是三个领域的话我们可以看到影响的话也逐步的这个消除了 那么在这个时间点我们还是对于整个骨科行业在中国老年化背景下的一个整体的一个增长包含的微高骨科在这里面一个集采之后的一个量以及后面这个续标以后价格的增长都表示未来的前景还是比较好的那么我们 在这个时候的话就请公司的这个董事会秘书林总跟大家做一个沟通啊那我们本次的电话会议的话就分成两个部分啊首先的话我们先请林总给大家啊关于公司的这个近况做一个介绍后面的话我们会那个开放投资者 ...

至 2023 年，创伤产品集采已基本覆盖全国。2023 年度及 2024 年一季度，公司该类产品的 销量、价格及营业收入变动情况如下： | --- | --- | --- | --- | |---------------------|-------------------------|---------------------------|-------| | | 期间 销量变动 | 销售价格变动 营业收入变动 | | | 2023 年同比 | -10.34% -48.58% -53.89% | | | | 2024 年一季度同比 | 24.94% -14.02% 7.42% | | | | | | | | 2024 年一季度，在销量增长的带动下，公司创伤类产品营业收入相较上年同期增长 7.42%， 收入增长较为稳定，创伤类产品集采对于公司的影响已基本在 2023 年得到消化。 （3）关节类 关节产品集采为国家统一组织的全国性集采，公司已在该次集采中中标，中标区域为参与 国家级采购的全部区域。 2024 年 5 月，公司在新一轮的人工关节接续采购中中标结果总体较好。根据人工关节接续 采购文件公示的采购需求量， ...