Investment Rating - The investment rating for the company is "Outperform the Market" [4][16]. Core Views - The company has shown stable revenue growth, with a reported revenue of 501 million yuan for the first three quarters of 2024, representing a year-on-year increase of 16.79%. However, the net profit attributable to shareholders decreased by 17.45% to 37 million yuan, primarily due to the impact of share-based payment reversals and significant government subsidies [6][16]. - The company is actively promoting product iterations and expanding its product matrix, with recent launches including the AQ-150 and AQ-120 series endoscope systems, enhancing its offerings in the market [2][10]. Revenue and Profit Forecast - The revenue forecast for 2024-2026 is adjusted to 810 million, 1.02 billion, and 1.27 billion yuan, respectively, with year-on-year growth rates of 20%, 25%, and 25% [3][14]. - The net profit forecast for the same period is revised to 40 million, 100 million, and 190 million yuan, with year-on-year growth rates of -31%, 157%, and 89% [3][16]. Financial Metrics - The gross margin for Q3 2024 is reported at 63.95%, reflecting a decrease of 10.38 percentage points due to changes in accounting standards. The adjusted gross margin for Q3 2023 would have been 65.70% [2][10]. - The company has significantly reduced its expense ratios, with the sales expense ratio at 25.09% (down 5.48 percentage points) and the management expense ratio at 10.95% (down 2.02 percentage points) [2][10]. Market Environment - The soft endoscope industry is experiencing a sluggish bidding environment due to industry restructuring and slow implementation of equipment update policies. However, it is expected that the market conditions will gradually improve starting in 2025 as adverse factors are cleared [3][16].

Investment Rating - The report maintains a "Buy" rating for Aohua Endoscopy (688212) [1][4][6] Core Views - Aohua Endoscopy's revenue is under short-term pressure, but the company continues to innovate its endoscope products [1][2] - The company has seen a significant increase in net profit for Q3 2024, with a year-on-year growth of 345.17% [2] - Aohua Endoscopy's R&D expenses have increased by 6.62% year-on-year, accounting for 22.60% of total revenue [2] - The company is expanding its overseas market presence, particularly in Europe and other cost-effective markets [2] Financial Performance - For the first three quarters of 2024, Aohua Endoscopy achieved a revenue of 501 million yuan, a year-on-year increase of 16.79%, while net profit decreased by 17.45% [2] - The Q3 2024 revenue was 147 million yuan, reflecting a year-on-year increase of 5.39% [2] - The company expects revenues of 818 million, 1.017 billion, and 1.408 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 21%, 24%, and 38% [2][6] Product Development - Aohua Endoscopy is launching several new products in 2024, including the high-spectral intelligent imaging platform and various endoscope systems [2] - The AQ-150 Series endoscope system is designed to meet diverse clinical needs across different departments [2] - The AQ-300 system has been showcased at academic conferences, demonstrating its capabilities in automatic detection and diagnosis [2] Market Data - As of October 30, 2024, the stock price is 52.75 yuan, with a market capitalization of approximately 7.1 billion yuan [2] - The stock has shown a performance of 7.9% over the last month, 26.5% over the last three months, but a decline of 20.2% over the last year [2]

证券代码：688212 证券简称：澳华内镜 公告编号：2024-047 上海澳华内镜股份有限公司 关于获得政府补助的公告 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。 上海澳华内镜股份有限公司（以下简称"公司"）于2024年10月30日收到软件增值 税退税款人民币608.43万元，均属于与收益相关的政府补助款项。 二、政府补助的类型及对公司的影响 公司根据《企业会计准则第16号——政府补助》等有关规定，确认上述事项并划分 补助类型。公司获得的上述政府补助款项均属于与收益相关的政府补助，预计对公司利 润产生一定的积极影响，具体的会计处理以及对公司损益的影响情况仍须以审计机构年 度审计确认后的结果为准，敬请广大投资者注意投资风险。 特此公告。 上海澳华内镜股份有限公司董事会 2024年10月31日 一、获得补助的基本情况 ...

2024 年 10 月 29 日 公司研究 短期业绩承压收入增长放缓，期待公司业绩回暖 ——澳华内镜（688212.SH）2024 年三季报点评 要点 事件：公司发布 2024 年三季报，2024 年前三季度实现营收 5.01 亿元 （yoy+16.79%），归母净利润 0.37 亿元（yoy-17.45%），扣非归母净利润 0.15 亿元（yoy-55.24%）。3Q24 公司实现收入 1.47 亿元（yoy+5.39%），归母净 利润 0.32 亿元（yoy+345.17%），扣非归母净利润 0.16 亿元（yoy+378.59%）。 点评： Q3 收入增速放缓，期待业绩回暖。24Q3 公司收入同比增长 5.39%，我们认为 主要系行业表现影响承压，24Q3 医疗设备招采复苏偏弱，公司或积极主动调整 渠道库存水平，期待 24Q4 行业招采复苏，公司业绩逐步回暖。24Q3 公司归母 净利润大幅增长，主要系公司预计 2024 年业绩结果不能满足限制性股票激励计 划归属条件冲回已计提股份支付费用，同时 Q3 公司收到大额政府补助。我们期 待 Q4 内镜设备招采逐步改善，公司发货节奏恢复正常，静候公司业绩回暖。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 5.01 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 17%. However, the net profit attributable to shareholders decreased by 17% to 37.3 million yuan, and the net profit after deducting non-recurring gains and losses fell by 55% to 14.81 million yuan [1] - In Q3 2024, the company achieved a revenue of 147 million yuan, a year-on-year increase of 5.39%, while the net profit attributable to shareholders was 31.64 million yuan, a significant increase of 345.17% year-on-year [1] - The company is experiencing short-term pressure on revenue growth due to slow recovery in equipment industry tenders and weak industry demand, but profit margins have improved significantly, mainly due to the reversal of previously accrued share-based payment expenses and substantial government subsidies [1] - The company has launched innovative products, including the AQ-300, which is the first 4K ultra-high-definition endoscope system in China, meeting clinical demands for image clarity. The upgraded version of AQ-300 has recently been launched, and it is expected that installation volumes will improve significantly as industry demand recovers [1] Financial Performance Summary - For 2024-2026, the company is expected to achieve revenues of 8.47 billion yuan, 11.01 billion yuan, and 14.22 billion yuan, with year-on-year growth rates of 24.9%, 30.0%, and 29.2% respectively [1][3] - The net profit attributable to shareholders is projected to be 670 million yuan, 1.45 billion yuan, and 2.05 billion yuan for the same period, with year-on-year growth rates of 15.6%, 116.1%, and 41.9% respectively [3][4] - The gross margin is expected to remain stable, with rates of 73.8% in 2023, increasing to 74.3% in 2024, and further to 74.6% by 2026 [7] - The company's earnings per share (EPS) are projected to be approximately 0.43 yuan, 0.50 yuan, 1.07 yuan, and 1.52 yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 144.26, 108.19, and 50.06 [3][7]

证券代码： 688212 证券简称：澳华内镜 编号：2024-007 | --- | --- | --- | |-----------------|----------------------------|---------------------------------------------------------------------| | | □ | 特定对象调研 □分析师会议 | | | □ 媒体采访 R | 业绩说明会 | | 投资者关系 | □ | 新闻发布会 □路演活动 | | 活动类别 | □现场参观 □一对一沟通 | | | | □ 券商策略会 □其他 | | | 参与单位及 人员 | | 见附件 | | 时间 | | 2024 年 10 月 25 日 | | 地点 | | 线上 | | 接待人员 | | 董事会秘书 施晓江 | | 投资者关系 | 第一部分：经营情况介绍 | | | 活动主要内 | | | | 容介绍 | 2024 | 年第三季度公司收入为 1.47 亿元，同比增长 5.39% ，归属于上市公 | | | 司股东的净利润为 | 3164.14 万元，同比增长 345.1 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's revenue growth has slowed due to a decrease in domestic bidding, but an improvement is expected starting from Q4 2024. Overseas markets, particularly in Europe and cost-effective segments, are anticipated to maintain higher growth rates [3][4] - The company achieved a revenue of 147 million yuan in Q3 2024, representing a 5.39% increase, and a net profit attributable to shareholders of 32 million yuan, a significant increase of 345% [4] - The substantial profit increase is attributed to the reversal of previously accrued equity incentive expenses and receipt of large government subsidies [4] - The EPS forecast for 2024 has been raised to 0.42 yuan from the previous 0.30 yuan, with 2025 and 2026 EPS estimates remaining at 1.22 yuan and 2.14 yuan respectively [4] Summary by Sections Financial Performance - Q3 2024 revenue was 147 million yuan (+5.39%), net profit was 32 million yuan (+345%), and non-recurring net profit was 16 million yuan (+310%) with a non-recurring net profit margin of 11% [4] - The company expects revenue to improve in Q4 2024 due to anticipated equipment updates and a revitalized sales team [4] - Accounts receivable decreased to 276 million yuan by the end of Q3 2024, indicating a positive trend [4] Market Outlook - The domestic bidding slowdown has pressured revenue, but improvements are expected as equipment updates are projected to take effect in Q4 2024 and continue into 2025 [4] - The company is increasing its sales personnel in cost-effective markets and has received CE certification for its AQ300 product in Europe, which is expected to enhance market share [4] Product Development - Continuous R&D investments have led to product iterations, including the launch of upgraded AQ300 and new products in hepatobiliary and urology fields [4] - The company aims to enhance its academic influence and competitive strength through ongoing product upgrades [4]

因为在这样的环境下只要上头不愿意拿货这个确实是会对包裹摆摊的数字会有较大的影响当然从客观另外一个程度来讲的话实际上也是有对公司来说我们的收入质量也会更高一些就是我们大家可以看到我们现在程序是处于一个画幅式的一个状态这样的可以明后年就可以有军装上阵我们可以取得更高质量的一个成长 这边是这样所以总体来说吧就是这个费用端的这些情况实际上只是说大家不用特别关注这个数字是三十几还是二十几核心点就是一个是我营销端我营销费用投入大家可以看到市场的一些效果以及包括我们招投标月单招投标的一些数据的体现 那么研发端大家可以关注我们整个新产品后面陆续产品发布的管线和节奏管线发布的这个特别是一些东方新产品的一些发布的节奏所以我们总体觉得这个还都是符合预期的吧那么困难只是暂时的后面我们中长期还是还是非常好的一个赛道谢谢好的谢谢施总那公司也艺术公司在这个销售之间 接下来我们请华泰证券的老师提问好的施总和马总好我是华泰证券的沟通我这边请教一下就是因为看到我们的新产品其实终端的招投标还是情况非常不错的就请教一下施总我们今年就是AQ300介入的一些就是投入的一些代表性的意愿呢就是请您帮我们大概介绍一下有哪些代表性的意愿 以及奥法目前就是在最就 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 501 million yuan in the first three quarters of 2024, representing a year-on-year increase of 17%. However, the net profit attributable to shareholders decreased by 17% to 37.3 million yuan, and the net profit after deducting non-recurring items fell by 55% to 14.81 million yuan [1] - In Q3 2024, the company reported a revenue of 147 million yuan, up 5% year-on-year, with a significant increase in net profit attributable to shareholders by 345% to 31.64 million yuan, and a 379% rise in net profit after deducting non-recurring items to 16.16 million yuan [1] - The company is focusing on product research and development, with R&D expenses reaching 113 million yuan in the first three quarters, accounting for 22.6% of revenue. New products launched include the AQ-150 Series 4K endoscope system and the AQ-120 Series endoscope system, which are expected to enhance the company's market presence [1] - The 4K ultra-high-definition endoscope platform is gaining traction, with expectations for rapid growth in market share among tertiary hospitals due to the innovative AQ-300 product, which meets clinical demands for image clarity [1] Summary by Sections Performance Overview - Revenue for 2024 is projected to be 820 million yuan, with a growth rate of 20.96%. Net profit is expected to reach 77 million yuan, reflecting a year-on-year growth of 32.97% [6] - The company anticipates net profits of 130 million yuan and 198 million yuan for 2025 and 2026, respectively, with growth rates of 68.68% and 52.32% [6] Financial Metrics - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 89.61, 53.12, and 34.88, respectively [6] - The return on equity (ROE) is expected to improve from 5.28% in 2024 to 11.51% in 2026 [6] Market Position - The company is positioned to benefit from increasing patient demand and domestic product substitution trends, which are expected to support revenue recovery in the future [1]

《科创板日报》10月24日讯（记者 郑炳巽）24日晚间，国产软镜设备龙头澳华内镜（688212.SH）发布 2023年第三季度报告。 前三季度实现营收5.01亿元，同比增长16.79%，归母净利润3730.30万元，同比下降17.45%。相比之 下，澳华内镜第三季度业绩表现有所好转，Q3单季度营收1.47亿元，同比增长5.39%，归母净利润 3164.14万元，同比增长345.17%。 澳华内镜表示，第三季度归母净利润取得增长的原因在于，一方面，因为预计2024年运营结果不能满足 限制性股票归属条件，本期冲回已计提股份支付费用。另一方面，第三季度收到了大额政府补助。 具体来看，澳华内镜第三季度计入当期损益的政府补助为1664.24万元，较今年上半年的150.87万元大幅 度增加1513.37万元。 至于股份支付费用，在此之前的确给澳华内镜的净利润造成较大影响。以2024年上半年为例，澳华内镜 实现营收3.54亿元，同比增长22.29%，归母净利润566.16万元，同比下降85.13%。但是若剔除股份支 付，澳华内镜上半年实际取得归母净利润4774.02万元，同比增长7.19%。 关于股份支付费用，已有投资者在 ...