本报告仅供 Choice 东方财富 使用，请勿传阅。 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 5 9.63 元 股价 (2024-08-26) 38.83 元 交易数据 总市值(百万元) 5,226.02 流通市值(百万元) 3,602.04 总股本(百万股) 134.59 流通股本(百万股) 92.76 12 个月价格区间 38.5/67.73 元 升幅% 1M 3M 12M 相对收益 -8.0 -13.1 -18.8 绝对收益 -10.5 -20.8 -29.2 马帅 分析师 liben@essence.com.cn 相关报告 23 年报符合预期，AQ-300 持 续放量驱动业绩高增长 2024-04-12 年报预告收入端符合预期， 2024-01-30 内镜装机量与市场份额稳步 提升 前三季度业绩高速增长，国 产内镜龙头成长性不断凸显 2023-10-27 23Q1 业绩高速增长，期待 AQ-300 逐步放量 2023-04-28 公司快报 2024 年 08 月 29 日 澳华内镜(688212.SH) 24H1 行业承压下公司收入较快增长， 下半年订单有望改善 事件：公 ...

[ T able_StockInfo] 2024 年 08 月 26 日 证券研究报告•2024 年中报点评 当前价：38.83 元 澳华内镜（688212）医药生物 目标价：——元（6 个月） 看好 24H2 外部环境改善，静待装机放量 [Table_Summary 事件：公司发布] 2024年中报，2024H1公司实现营收 3.54亿元（+22.3%），归 母净利润 0.06亿元（-85.13%），如果剔除股权支付金额，则利润为 4774万元 （+7.2%）。其中，单 2024Q2公司实现收入 1.84亿元（+12.6%），归母净利润 0.03 亿元 (-86.5%)。24H1 业绩符合业绩快报预期，H2 业绩压力较大。看好 24H2 外部环境改善，静待装机放量。 看好 24H2外部环境改善，静待装机放量。分季度收入看，24Q1/Q2 单季度收 入分别为 1.7/1.8 亿元（+34.9%/+12.6%)，公司加大产品推广，以临床需求为 导向更新升级公司产品，不断拓宽对各等级医院的覆盖度。从盈利能力看，23 年毛利率 71.5%，略有下降，系新的会计准则之下原并入销售费用的部分后面 并入了成本费用计算中， ...

上海澳华内镜股份有限公司 投资者关系活动记录表 | --- | --- | --- | |----------------|-----------------------|---------------------------------------------------------| | | □ | 特定对象调研 □分析师会议 | | | □ | 媒体采访 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 8 月 26 日 | | 地点 | | 线上电话会议 | | 接待人员 | | 董事会秘书 施晓江 | | 投资者关系 | 业绩概况： | | | 活动主要内 | | | | 容介绍 | 公司上半年营业收入为 | 3.54 亿元，同比增长 22.29%，归属于母公司的净 | | | 利润为 566.16 | 万元，同比下降 85.13%，剔除股份支付后的归属于母公司的净 | | | 利润为 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][9][12] Core Views - The company achieved a revenue of 354 million yuan in H1 2024, representing a year-on-year growth of 22.29%, while the net profit attributable to shareholders was 5.66 million yuan, down 85.13% [5][9] - The decline in net profit was significantly influenced by share-based payments and increased R&D investments, with the adjusted net profit excluding these factors showing a growth of 7.19% [5][9] - The company continues to increase its sales and R&D investments, with R&D expenditure reaching 87.33 million yuan in H1 2024, up 25.48% [2][9] Revenue and Profitability - In H1 2024, the company's endoscopy equipment revenue was 342 million yuan (+23%), while consumables revenue decreased by 9% to 7 million yuan, and maintenance services revenue fell by 3% to 4 million yuan [5][7] - The gross margin for H1 2024 was 71.46%, with a slight decline attributed to changes in accounting standards [7][9] - The company’s expense ratios increased, with sales expense ratio at 34.69% (+5.42pp), management expense ratio at 16.60% (+2.68pp), and R&D expense ratio at 24.70% (+0.63pp) [5][9] Future Projections - Revenue projections for 2024-2026 are adjusted to 900 million yuan, 1.44 billion yuan, and 2.02 billion yuan respectively, with year-on-year growth rates of 33%, 60%, and 40% [2][9] - The net profit projections for the same period are 20 million yuan, 140 million yuan, and 300 million yuan, with significant growth expected in the later years [2][9] Market Performance - The current stock price corresponds to a price-to-sales ratio of 6x for 2024, 4x for 2025, and 3x for 2026 [2][9] - The company maintains a strong market position with a focus on expanding its product applications and enhancing its marketing efforts [2][9]

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [4] Core Views - The company reported a revenue of 354 million yuan for H1 2024, representing a year-on-year growth of 22.29%. However, the net profit attributable to shareholders was 5.66 million yuan, a significant decline of 85.13%. Excluding share-based payments, the net profit attributable to shareholders was 47.74 million yuan [6][4] - The core business of endoscopic equipment generated revenue of 342 million yuan in H1 2024, showing a robust growth of 23.37% [6] - The company continues to invest heavily in research and development, with R&D expenses reaching 8.7 million yuan in H1 2024, an increase of 25.48% year-on-year, representing a R&D expense ratio of 24.70% [6] - The company maintains a high gross margin of 71.46%, although it has decreased by 4.82 percentage points year-on-year due to changes in accounting policies [6] Financial Performance Summary - For H1 2024, the company achieved a revenue of 354 million yuan, with a year-on-year growth of 22.29%. The net profit attributable to shareholders was 5.66 million yuan, down 85.13% year-on-year. Excluding share-based payments, the net profit was 47.74 million yuan [6] - The revenue for Q2 2024 was 184 million yuan, a year-on-year increase of 12.61%, while the net profit was 2.90 million yuan, down 86.52% year-on-year [6] - The company forecasts revenues of 1.032 billion yuan, 1.459 billion yuan, and 2.023 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 52.26%, 41.30%, and 38.70% [6][7] - The net profit attributable to shareholders is expected to be 75 million yuan, 133 million yuan, and 251 million yuan for the same years, with growth rates of 75.35%, 60.96%, and 73.90% [6][7] Product and Market Insights - The company’s endoscopic equipment revenue for H1 2024 was 342 million yuan, up 23.37% year-on-year, driven by the market promotion of high-end products like AQ-300 [6] - The revenue from endoscopic diagnostic consumables was 6.90 million yuan, down 8.88% year-on-year, attributed to external industry factors [6] - The company has made significant progress in international market access, obtaining product approvals in multiple countries including the EU, Brazil, South Korea, and Russia [6] Future Outlook - The company is expected to continue its growth trajectory, supported by its leading position in the domestic soft endoscope market, high technical barriers, and favorable competitive landscape [6] - The company plans to maintain high R&D investment to support product iteration and innovation, with several new products launched in various medical fields [6]

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证券研究报告|公司点评报告 [Table_Date] 2024 年 08 月 27 日 [Table_Title] 业绩符合预期，期待下半年招标改善 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------|--------- ...

[Table_Page] 中报点评|医疗器械 证券研究报告 [Table_Title] 澳华内镜（688212.SH） 公司业绩符合预期，加速海外市场产品准入 [Table_Summary] 核心观点： 公司业绩符合预期。根据公司 24 年半年报，24 年上半年，公司营收 3.54 亿元（YOY+22.29%）；归母净利润 0.06 亿元（YOY-85.13%）， 系公司的限制性股票激励计划和人力的持续投入增加；毛利率 71.46% （YOY-4.82pp），主要系公司成本随营收增加而增加。根据 wind，公 司 24 年 2 季度实现收入 1.84 亿元（YOY+12.61%）；归母净利润 0.03 亿元，环比增速 5.17%。 公司费率整体略增。根据 wind，公司 24 年上半年，销售费用率 34.69% （YOY+0.52pp），主要系职工薪酬及差旅费等费用增长；管理费用率 16.6%（YOY+2.69pp），主要系股份支付差旅费等费用增加；研发费用 率 24.7%（YOY+0.62pp），主要系职工薪酬及差旅费等费用增长。 公司新产品陆续迭代，加速海外市场产品准入。根据公司 24 年半年 报，24 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 [table_Authors] 丁丹(分析师) 张拓(分析师) 0755-23976735 0755-23976170 dingdan@gtjas.com zhangtuo024925@gtjas.com [当前价格： Table_CurPrice] 40.50 登记编号S0880514030001 S0880523090003 52 周内股价区间（元） 38.50-67.73 总市值（百万元） 5,451 总股本/流通A股（百万股） 135/93 流通 B股/H 股（百万股） 0/0 [Table_Balance] 资产负债表摘要(LF) 股东权益（百万元） 1,405 每股净资产（元） 10.44 市净率（现价） 3.9 净负债率 -30.96% 证 券 研 究 报 告 [Table_Trend] 升幅(%) 1M 3M 12M 绝对升幅 -16% -20% -23% 相对指数 -12% -11% -15% [Table_Finance] 财务摘要（百万元） 20 ...

Company Information - The company's registered address was changed from "No. 4299, Jindu Road, Minhang District, Shanghai" to "No. 66, Lane 133, Guangzhong Road, Minhang District, Shanghai" in March 2020[9] - The company's legal representative is Gu Kang[9] - The company's website is https://www.aohua.com and the email address is ir@aohua.com[9] - The company's foreign name is SHANGHAI AOHUA PHOTOELECTRICITY ENDOSCOPE CO., LTD. and its abbreviation is AOHUA ENDOSCOPE[9] - The company's Chinese name is 上海澳华内镜股份有限公司 and its Chinese abbreviation is 澳华内镜[9] - The company's registered address is No. 66, Lane 133, Guangzhong Road, Minhang District, Shanghai[9] - The company's office address is No. 66, Lane 133, Guangzhong Road, Minhang District, Shanghai with a postal code of 201108[9] - The company's registered address was changed from "Oriental Economic City, Luhui Town, Minhang District, Shanghai" to "No. 4299, Jindu Road, Minhang District, Shanghai" in July 2002[9] - The company's foreign name and abbreviation are SHANGHAI AOHUA PHOTOELECTRICITY ENDOSCOPE CO., LTD. and AOHUA ENDOSCOPE respectively[9] - The company's Chinese name and abbreviation are 上海澳华内镜股份有限公司 and 澳华内镜 respectively[9] Financial Performance - Revenue for the first half of 2024 increased by 22.29% year-on-year to RMB 353.52 million, driven by product promotion and brand influence[13][15] - Net profit attributable to shareholders decreased by 85.13% year-on-year to RMB 5.66 million, mainly due to restricted stock incentive plans and increased human resource investment[13][15] - Adjusted net profit attributable to shareholders, excluding non-recurring gains and losses, decreased by 104.55% year-on-year to RMB -1.35 million[13][15] - Total assets as of the end of the reporting period increased by 2.84% to RMB 1.64 billion, while shareholders' equity increased by 1.15% to RMB 1.40 billion[13][15] - Basic earnings per share decreased by 86.21% year-on-year to RMB 0.04, and diluted earnings per share decreased by 85.71% to RMB 0.04[14] - R&D expenditure as a percentage of revenue increased by 0.62 percentage points to 24.70%[14] - Non-recurring gains and losses amounted to RMB 7.01 million, including government subsidies of RMB 1.51 million and gains from financial assets of RMB 6.67 million[16][17] - Revenue increased by 22.29% to RMB 353,524,229.81, driven by increased R&D investment and improved product quality[49] - Operating costs rose by 21.93% to RMB 100,909,672.24, in line with revenue growth[49] - Sales expenses surged by 44.93% to RMB 122,623,118.18 due to higher employee compensation, travel expenses, and market sample depreciation[49] - R&D expenses grew by 25.48% to RMB 87,336,827.97, primarily due to increased employee compensation and travel costs[49] - Net cash flow from operating activities decreased significantly to RMB -129,061,317.87, mainly due to slower collections and increased investments[49] - Net cash flow from investing activities dropped by 90.90% to RMB 1,902,414.62, as the company redeemed fewer financial products compared to the previous year[49] - Monetary funds decreased by 40.45% to RMB 145,629,546.22, accounting for 8.88% of total assets, due to expansion-related expenditures[50] - Accounts receivable increased by 47.16% to RMB 283,366,389.40, reflecting sales growth and slower collections[51] - Overseas assets amounted to RMB 53,861,515.22, representing 3.28% of total assets[52] - The company's investment in fixed-income financial assets, including structured deposits and negotiable certificates of deposit, totaled RMB 244,508,815.27 at the end of the reporting period[56] - Total operating income for the first half of 2024 reached 353,524,229.81 RMB, a 22.3% increase compared to 289,084,742.53 RMB in the same period of 2023[118] - Operating costs for the first half of 2024 were 371,843,932.97 RMB, a 33.8% increase from 277,959,752.83 RMB in the first half of 2023[118] - R&D expenses for the first half of 2024 amounted to 87,336,827.97 RMB, a 25.5% increase compared to 69,601,485.15 RMB in the same period of 2023[119] - Net profit attributable to the parent company's shareholders for the first half of 2024 was 5,661,627.44 RMB, a decrease of 85.1% from 38,079,363.05 RMB in the first half of 2023[119] - Total liabilities as of the first half of 2024 were 232,830,899.32 RMB, a 38.6% increase from 168,015,854.10 RMB in the same period of 2023[117] - Total equity attributable to the parent company's shareholders as of the first half of 2024 was 1,374,528,177.94 RMB, a 1.9% increase from 1,348,891,384.29 RMB in the first half of 2023[117] - Sales expenses for the first half of 2024 were 122,623,118.18 RMB, a 44.9% increase compared to 84,607,819.25 RMB in the same period of 2023[118] - Basic earnings per share for the first half of 2024 were 0.04 RMB, a significant decrease from 0.29 RMB in the first half of 2023[120] - Total comprehensive income for the first half of 2024 was 4,162,251.56 RMB, an 89.8% decrease from 40,942,548.84 RMB in the same period of 2023[120] - Parent company's operating income for the first half of 2024 was 327,110,897.35 RMB, a 23.7% increase compared to 264,517,499.10 RMB in the first half of 2023[121] - Net profit for the first half of 2024 was RMB 12,507,606.15, a decrease of 65.8% compared to RMB 36,614,609.92 in the same period last year[122] - Operating cash flow for the first half of 2024 was negative RMB 129,061,317.87, compared to negative RMB 29,789,202.51 in the same period last year[124] - Investment cash flow for the first half of 2024 was positive RMB 1,902,414.62, a significant decrease from RMB 20,901,953.83 in the same period last year[125] - Financing cash flow for the first half of 2024 was positive RMB 11,071,337.97, slightly higher than RMB 9,396,888.63 in the same period last year[125] - Cash and cash equivalents at the end of the first half of 2024 were RMB 128,628,546.22, a decrease of 47.4% compared to RMB 231,495,511.27 at the end of the same period last year[126] - Revenue from sales of goods and services in the first half of 2024 was RMB 293,879,912.37, a 1.7% increase compared to RMB 288,984,899.10 in the same period last year[124] - Cash paid for goods and services in the first half of 2024 was RMB 164,398,131.92, a 20.3% increase compared to RMB 136,642,183.22 in the same period last year[124] - Cash paid to employees in the first half of 2024 was RMB 172,023,158.69, a 38.7% increase compared to RMB 124,059,276.87 in the same period last year[125] - Cash received from investments in the first half of 2024 was RMB 263,500,000.00, a 34.6% decrease compared to RMB 402,919,396.79 in the same period last year[125] - Cash paid for investments in the first half of 2024 was RMB 170,500,000.00, a 42.9% decrease compared to RMB 298,800,000.00 in the same period last year[125] - Operating cash flow for the first half of 2024 was -102.79 million yuan, a significant decrease compared to 11.29 million yuan in the same period of 2023[127] - Sales revenue from goods and services in the first half of 2024 was 260.72 million yuan, a 5% increase from 248.27 million yuan in the same period of 2023[127] - Investment cash inflow in the first half of 2024 was 290.78 million yuan, a decrease of 12% from 330.51 million yuan in the same period of 2023[127][128] - Cash outflow for investment activities in the first half of 2024 was 259.64 million yuan, a decrease of 28% from 360.22 million yuan in the same period of 2023[128] - Net cash flow from financing activities in the first half of 2024 was 12.22 million yuan, a slight increase from 11.42 million yuan in the same period of 2023[128] - Total owner's equity at the end of the first half of 2024 was 1.41 billion yuan, an increase of 1.1% from 1.40 billion yuan at the beginning of the period[130][131] - Comprehensive income for the first half of 2024 was 4.25 million yuan, a decrease of 53% from 9.02 million yuan in the same period of 2023[130] - Cash and cash equivalents at the end of the first half of 2024 were 137.26 million yuan, a decrease of 30% from 196.33 million yuan at the beginning of the period[128] - The company's total owner's equity at the end of the period was 1,347,542,471.85 yuan, reflecting an increase from the previous period[133] - The comprehensive income for the period amounted to 41,275,629.09 yuan, contributing significantly to the owner's equity[132] - Owner's equity increased by 66,181,509.92 yuan during the period, driven by capital injections and retained earnings[132] - The company's capital reserve increased by 24,290,880.83 yuan, indicating strong capital accumulation[132] - The undistributed profit rose by 38,079,363.05 yuan, reflecting improved profitability[132] - The company's total owner's equity at the end of the period was 1,374,528,177.94 yuan, showing a steady growth trend[134] - The company's capital reserve increased by 52,951,112.50 yuan, indicating continued capital strengthening[134] - The undistributed profit decreased by 27,868,568.85 yuan, reflecting profit distribution to shareholders[134] - The company's total owner's equity at the end of the period was 1,333,957,614.28 yuan, showing a slight decrease from the previous period[133] - The company's capital reserve increased by 2,225,007.28 yuan, indicating continued capital accumulation[133] - The company's total owner's equity at the end of the period was RMB 1,286,557,886.91, with a capital reserve of RMB 1,042,246,884.40 and undistributed profits of RMB 103,524,011.64[136] - The company issued 615,000 restricted shares under the 2022 Restricted Stock Incentive Plan, with a total subscription amount of RMB 13,720,650.00, of which RMB 615,000.00 was recorded as share capital and RMB 13,105,650.00 as capital reserve[138] - The company's comprehensive income for the period was RMB 36,614,609.92, contributing to the increase in owner's equity[135] - The company's registered capital increased to RMB 133,955,000.00 after the issuance of restricted shares[138] - The company's owner's equity at the beginning of the period was RMB 1,225,535,596.81, with a capital reserve of RMB 1,018,454,204.22 and undistributed profits of RMB 66,909,401.72[135] - The company issued 78,000 restricted shares at an exercise price of RMB 22.31 per share, with a total subscription amount of RMB 1,740,180, increasing the company's share capital to RMB 134,033,000[139] - An additional 554,250 restricted shares were issued at the same exercise price of RMB 22.31 per share, further increasing the company's share capital to RMB 134,587,250[139] Market and Industry Overview - The global medical device market size reached $440 billion in 2020 and is expected to exceed $800 billion by 2030, with a CAGR of 6.3% from 2020 to 2030[19] - China's medical device market size increased from RMB 843.8 billion in 2021 to RMB 958.2 billion in 2022, with a 7-year CAGR of approximately 17.5%[19] - The global endoscope market size was approximately $26 billion in 2021, with a CAGR of 5.99% from 2017 to 2021[19] - China's endoscope market size is expected to reach RMB 60 billion by 2030, up from RMB 25 billion in 2021[19] - The global soft endoscope market size was approximately $8.98 billion in 2023 and is projected to grow to $16.73 billion by 2033[19] - China's soft endoscope market size increased to RMB 6.29 billion in 2021, with a YoY growth rate of 9.77%, and is expected to reach RMB 8.12 billion by 2025[19] Product and Technology Development - The company's AQ-300 ultra-high-definition endoscope system has entered the 4K field, providing high-quality and efficient platforms for endoscopic diagnosis and disease management[21] - The company's products have entered developed markets such as Germany, the UK, and South Korea, competing in the soft endoscope field dominated by foreign manufacturers[21] - The company's R&D investment in the first half of 2024 was RMB 87,336,827.97, a 25.48% increase compared to the same period last year[26][28] - The company added 3 new patent applications and was granted 14 invention patents in the first half of 2024[26][27] - The 4K ultra-high-definition flexible endoscope system project has a total investment of RMB 310,736,650, with RMB 40,376,464.60 invested in the current period and a cumulative investment of RMB 237,850,639.59[30] - The AQ-200 system upgrade and supporting development project has a total investment of RMB 48,858,800, with RMB 4,865,785.08 invested in the current period and a cumulative investment of RMB 36,733,985.41[30] - The 3D digestive endoscope development project has a total investment of RMB 22,036,000, with RMB 58,613.34 invested in the current period and a cumulative investment of RMB 14,011,135.85[30] - The endoscope robot system project has a total investment of RMB 104,500,000, with RMB 8,775,852.86 invested in the current period and a cumulative investment of RMB 55,641,242.36[30] - The supporting equipment development and other projects have a total investment of RMB 48,661,000, with RMB 7,045,001.78 invested in the current period and a cumulative investment of RMB 46,568,437.70[30] - The endoscope consumables product research and development project has a total investment of RMB 59,236,000, with RMB 4,225,604.40 invested in the current period and a cumulative investment of RMB 38,064,630.77[30] - The company's R&D investment accounted for 24.70% of operating revenue, an increase of 0.62 percentage points compared to the same period last year[28] - The company achieved a revenue of 353.52 million yuan in the first half of 2024, a year-on-year increase of 22.29%, with a net profit attributable to shareholders of 5.66 million yuan[40] - R&D investment in the first half of 2024 reached 87.34 million yuan, accounting for 24.70% of revenue, a year-on-year increase of 25.48%[40] - The company has 268 R&D personnel, accounting for 21.46% of the total workforce, with an average salary of 15.07 thousand yuan[33] - The company launched new products including electronic percutaneous cholangioscope and electronic cystoscope in March 2024, expanding into hepatobiliary surgery and urology fields[40] - In May 2024, the company released an electronic ureterorenoscope with an ultra-thin diameter for treating urinary stones[40] - The company has established 15 marketing branches and 34 service outlets nationwide, enhancing market coverage and competitiveness[40] - The company's R&D team includes 5 PhD holders, 87 master's degree holders, and 147 bachelor's degree holders, with 99 employees under 30 years old[33] - The company's AQ-100 and AQ-200 series products were listed in the Excellent Domestic Medical Equipment Catalog by the China Medical Equipment Association[34] - The company has obtained 240 patents, including 73 invention patents, 101 utility model patents, and 66 design patents