Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 77 yuan based on a DCF model valuation of 10.3 billion yuan [13][26]. Core Insights - The company achieved a total revenue of 678 million yuan in 2023, representing a 52% year-on-year increase, and a net profit attributable to shareholders of 58 million yuan, up 167% [15][27]. - The company has seen significant growth in its high-end product sales, particularly the AQ-300 4K ultra-high-definition endoscope system, which has expanded its customer base in large medical institutions [15]. - Domestic revenue reached 560 million yuan, a 64% increase, while overseas revenue was 110 million yuan, a 12% increase, indicating successful market penetration [15]. - The company invested 147 million yuan in R&D, accounting for 21.68% of its revenue, leading to the launch of several new products [15]. - Future revenue projections for 2024-2026 are 1.01 billion, 1.43 billion, and 2.02 billion yuan, with corresponding net profits of 130 million, 190 million, and 280 million yuan, reflecting strong growth expectations [15][27]. Financial Summary - Total shares outstanding: 13,403.30 million [15] - Market capitalization: 7.289 billion yuan [15] - Debt-to-asset ratio: 12.53% [15] - Earnings per share (EPS) for 2023: 0.43 yuan, with projected EPS of 0.95 yuan for 2024 [27].

ME 医疗器械 澳华内镜（688212.SH） 增持-B(维持) | --- | --- | --- | |--------------------------------|-------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------| | 公司近一年市场表现 | | 事件描述 | | | | 公司发布 2023 年报， 2023 年公司实现营业收入 6.78 亿元，同比增长 | | | | 52.29% ；实现归母净利润 5785.44 万元，同比增长 167.04% ；实现扣非归母 净利润 4448.96 万元，同比增长 361.42% ；实现基本每股收益 0.43 元，同比 增长 168.75% 。 | | | | 事件点评 2023 年公司业绩高速增长，且归母净利润同比增速显著快于营收，主 要系 AQ-300 上市后销 ...

公司 23 年业绩符合预期。根据公司 23 年年报，公司全年营业总收入 [Table_PicQuote] 相对市场表现 6.78 亿元（YOY+52.29%）；归母净利润 0.58 亿元（YOY+167.04%）， 毛利率 73.83%（YOY+4.1pp），主要系公司持续布局国内营销、不断丰 富产品矩阵、 加大临床推广、完善渠道建设、扩大服务体系所致。根据 wind，单 23Q4，公司实现收入 2.49 亿元（YOY+51.68%）；归母净利 润 0.13 亿元（YOY-3.18%）。 销售费用投入增长。根据 wind，销售费用率 34.27%（YOY+4.67pp）， 主要系职工薪酬及差旅费等费用增长；管理费用率 13.4%（YOY- 5.54pp）；研发费用率 21.68%，与 22 年同期持平，主要系职工薪酬和 [分析师： Table_Author]罗佳荣 研发领料增长。 | --- | --- | --- | |--------------------------------------|----------------------------|---------------------| | [T ...

澳华内镜（ [Table_StockNameRptType] 688212） 公司研究/公司点评 敬请参阅末页重要声明及评级说明 证券研究报告 ⚫ 投资建议 新产品研发及推广不及预期风险； 市场竞争加剧风险。 财务报表与盈利预测 [资产负债表 Table_Finace] 单位:百万元 利润表 单位:百万元 会计年度 2023A 2024E 2025E 2026E 会计年度 2023A 2024E 2025E 2026E 流动资产 1008 1101 1270 1590 营业收入 678 1048 1453 2005 现金 245 132 61 60 营业成本 178 270 373 515 应收账款 193 296 411 567 营业税金及附加 6 10 14 19 其他应收款 5 8 11 15 销售费用 232 356 465 602 预付账款 6 9 13 17 管理费用 91 147 196 261 存货 200 295 412 567 财务费用 -3 -3 -2 -1 其他流动资产 360 361 362 363 资产减值损失 -18 0 0 0 非流动资产 587 675 769 851 公允价 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [6]. Core Insights - The company achieved significant revenue growth in 2023, with total revenue reaching 678 million yuan, a year-on-year increase of 52.29%. The net profit attributable to shareholders was 58 million yuan, up 167.04% [1][8]. - The company's strong performance is attributed to enhanced R&D efforts, leading to improved product quality and functionality, which has garnered widespread recognition in clinical applications [1]. - The company has expanded its domestic and international revenue streams, with domestic revenue growing by 63.96% to 564 million yuan and international revenue increasing by 11.66% to 113 million yuan [1]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 678 million yuan, with a growth rate of 52.29%. The net profit attributable to shareholders was 58 million yuan, reflecting a growth of 167.04% [1][9]. - The company’s R&D expenses for 2023 were 147 million yuan, representing a 52.26% increase, with a R&D expense ratio of 21.68% [1]. Business Segments - The endoscope equipment segment generated 622.20 million yuan in revenue, a 58.63% increase year-on-year. The endoscope consumables segment saw a decline of 13.73% to 42.57 million yuan, while the endoscope maintenance services segment grew by 235.20% to 12.35 million yuan [1]. - The company’s sales team expanded to 363 members, enhancing its academic service capabilities and contributing to the growth of high-end product sales [1]. Market Position and Strategy - The company has strengthened its marketing network and expanded its product line, which has led to increased domestic market penetration and brand influence [1][8]. - The introduction of new products, such as the AQ-300 4K ultra-high-definition endoscope system, has been pivotal in attracting large medical clients and boosting sales [1]. Profitability Metrics - The company’s gross profit margin for 2023 was 73.78%, an increase of 4.06 percentage points year-on-year. The net profit margin was 8.96%, up 3.33 percentage points [1][9].

股 票 研 究 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 [Table_Range] 52 周内价格范围 48.06-71.60 市值（百万元） 7,569 14% 15% 16% 17% 18% 19% 178 211 244 277 310 22A 23A 24E 25E 26E 净资产(现金)/净负债 净负债(现金)(百万) 净负债/净资产(%) [Table_Page] 澳华内镜(688212) 请务必阅读正文之后的免责条款部分 3 of 4 [Table_Page] 澳华内镜(688212) 作者具有中国证券业协会授予的证券投资咨询执业资格或相当的专业胜任能力，保证报告所采用的数据均来自合规渠道，分析 逻辑基于作者的职业理解，本报告清晰准确地反映了作者的研究观点，力求独立、客观和公正，结论不受任何第三方的授意或 影响，特此声明。 本报告仅供国泰君安证券股份有限公司（以下简称"本公司"）的客户使用。本公司不会因接收人收到本报告而视其为本公司 的当然客户。本报告仅在相关法律许可的情况下发放，并仅为提供信息而发放，概不构成任何广告。 本报告中所指的投资及服务可能不适合个别客户，不构成客户私 ...

Investment Rating - The investment rating for the company is "Cautious Recommendation" [2] Core Insights - The company reported a total revenue of 678 million yuan in 2023, representing a year-on-year increase of 52.29%. The net profit attributable to the parent company was 58 million yuan, up 167.04%, while the non-recurring net profit reached 44 million yuan, a significant increase of 395.03% [1] - The growth in performance is driven by the successful ramp-up of mid-to-high-end products, particularly the AQ-300 4K ultra-high-definition endoscope system, which contributed to a revenue of 622 million yuan from endoscope equipment, marking a 58.6% increase [1] - The company has introduced several new products, enhancing its competitive strength and market coverage. In 2023, the R&D expenses amounted to 147 million yuan, accounting for 21.68% of total revenue, with significant advancements in multiple product lines [1] - The company has set ambitious performance targets through its stock incentive plan, aiming for revenues of no less than 9.9 billion yuan in 2024, 14 billion yuan in 2025, and 20 billion yuan in 2026, with corresponding net profit targets [1] Financial Summary - The company achieved a gross margin of 73.78% in 2023, an increase of 4.05 percentage points, with the endoscope business gross margin rising to 75.85% [1] - Forecasted revenues for 2024, 2025, and 2026 are 999 million yuan, 1.42 billion yuan, and 2 billion yuan, respectively, with expected growth rates of 47.39%, 42.28%, and 40.84% [4] - The projected net profit for the same years is 121.5 million yuan, 184.05 million yuan, and 273.82 million yuan, with growth rates of 110.01%, 51.48%, and 48.78% [4] - The earnings per share (EPS) are expected to be 0.91 yuan, 1.37 yuan, and 2.04 yuan for 2024, 2025, and 2026, respectively [4]

风险提示：新产品研发失败；市场推广不及预期；设备入院装机不及预期。 | --- | --- | --- | --- | --- | --- | |----------------------|---------|------------------------------|-----------|-------------------------|--------| | 财务数据和估值 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入（百万元） | 445 | 678 | 1032 | 1459 | 2023 | | 增长率（ % ） | 28.30% | 52.29% | 52.26% | 41.30% | 38.70% | | EBITDA （百万元） | 45 | 97 | 218 | 298 | 424 | | 归母净利润（百万元） | 22 | 58 | 119 | 184 | 291 | | 增长率（ % ） | -61.93% | 166.42% | 106.46% | 53.63% | 58.73% | | EPS （元 / 股） | 0.16 | ...

医药生物/医疗器械 相关研究报告 2023 年公司中高端产品销量稳步提升。中高端机型主机、镜体在三级医院装机 （含中标）数量分别是 96 台，316 根，进入三级医院 73 家。公司研发成果颇 丰，新增发明专利 20 项，相继发布十二指肠镜（ERCP 诊疗）、双焦内镜（远近 场景切换）、超细内镜、支气管镜等多款细镜、分体式消化内镜（提高清洗效 率）、可适配多部位多科室镜体的 AQ-200Elite，进一步丰富了公司产品线，提 高了科室覆盖度，为公司在软性内镜行业市场占有率的不断提升奠定了基础。 请务必参阅正文后面的信息披露和法律声明 2 / 4 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 | --- | --- | |-------------------------|-------------| | | | | 投资评级：买入（维持） | | | 日期 | 2024/4/9 | | 当前股价 ( 元 ) | 59.06 | | 一年最高最低 ( 元 ) | 74.33/46.06 | | 总市值 ( 亿元 ) | 79.16 | | 流通市值 ( 亿元 ) | 54.46 | | 总股本 ( ...

# 2024年4月9日,公司发布 2023年年度报告。2023年公司实现 收入 6.78 亿元，同比+52%;归母净利润 5785 万元,同比+167%; 实现扣非归母净利润 4449 万元，同比+361%; 分季度来看,2023Q4 公司实现收入 2.49 亿元,同比+52%;归母净 利润 1267 万元,同比-3%;实现扣非归母净利润 722 万元,同比 +36%。 2024年04月09日 澳华内镜 (688212.SH) 买入(维持评级) 公司点评 证券研究报告 三级医院装机拓展迅速，毛利率持续提 业绩简评 经营分析 三级医院内镜蒙机快速拓展，毛利单持续提升。依托于 AQ-300 4K 超高清内镜系统的持续推广,公司国内大型医疗终端客户数量不 断增长,2023年中高端机型主机、镜体在三级医院装机(含中标) 数量分别是 96 台，316 根，装机三级医院 73 家。在主营业务中, 公司内窥镜设备实现收入 6.22 亿元,同比+59%;内窥镜设备毛利 率 75.9%，同比+2.9pct,高端产品收入占比持续提升。 研发投入快速增长,产品管线取得多项进展。公司全年销售费用 率 34.3%,同比+4.7pct; ...