Investment Rating - The investment rating for the company is "Buy" [1][9][16] Core Insights - The company has demonstrated significant growth in 2023, with revenue reaching 678 million yuan, a year-on-year increase of 52.29%, and net profit attributable to shareholders of 58 million yuan, up 166.42% [5][9][16] - The company is focusing on high-end products, particularly the AQ-300, which has contributed to improved profitability, with a gross margin of 73.78% and a net profit margin of 8.53% in 2023 [2][31] - The company is increasing its investment in sales and marketing, with a sales expense ratio of 34.27%, reflecting a 4.66 percentage point increase [2][31] Financial Performance and Forecast - Revenue and profit forecasts for 2024-2026 are optimistic, with expected revenues of 991 million yuan, 1.444 billion yuan, and 2.018 billion yuan, representing year-on-year growth rates of 46.1%, 45.8%, and 39.7% respectively [3][9][16] - The net profit attributable to shareholders is projected to reach 99 million yuan, 172 million yuan, and 262 million yuan for the same period, with growth rates of 71.3%, 73.2%, and 52.7% respectively [3][9][16] Product Development and Market Position - The company is actively enhancing its product line, having launched several new products in 2023, including the UHD series duodenoscopes and various endoscopic systems, which are expected to strengthen its market competitiveness [13][27] - The company is also developing innovative projects such as 3D flexible endoscopes and endoscopic robots, which are anticipated to further enhance its market position [13][27] Market Coverage and Sales Strategy - The company has significantly increased its market penetration in tertiary hospitals, with the installation of 96 high-end machines and 316 endoscopes, marking increases of 269% and 212% respectively [5][9][16] - The company has implemented a second stock incentive plan post-listing, aimed at core sales and R&D personnel, reflecting confidence in achieving ambitious revenue and profit targets for 2024-2026 [14][16]

2024 年 04 月 11 日 澳华内镜(688212.SH) 中高端产品推广顺利，销售结构优化带动公司毛利率提升。 聚焦研发创新，高效推动产品研发与发布。 | --- | --- | --- | --- | |------------|-------------|---------|---------| | 2023-04 | 2023-08 | 2023-11 | 2024-03 | | 资料来源： | Wind 资讯 | | | | 升幅 % | 1M | 3M | 12M | | 相对收益 | -2.7 | -6.9 | -2.2 | | 绝对收益 | -3.9 | 0.0 | -16.8 | | | 马帅 | | 分析师 | | --- | --- | |---------------------------|------------| | 相关报告 | | | 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 | 2023-10-27 | | 产内镜龙头成长性不断凸显 | | | 23Q1 业绩高速增长， ...

公司基本情况 总股本/流通股本（亿股）1.34 / 0.92 52 周内最高/最低价 71.60 / 48.06 市盈率 131.33 股票投资评级 个股表现 资料来源：聚源，中邮证券研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 研究助理:陈峻 SAC 登记编号:S1340123110013 Email:chenjun@cnpsec.com 公司持续快速发展，公司产品力稳步提升 ⚫ 23 年经营分析： ⚫ 24 年经营计划： 注重人才培养，增强团队凝聚力。公司将持续进行人才的引进与 培养，并进一步完善内部激励机制，建立具有行业竞争力的薪酬体系， 增强员工凝聚力及稳定性。 ⚫ 风险提示： 请务必阅读正文之后的免责条款部分 2 请务必阅读正文之后的免责条款部分 3 证券研究报告：医药生物 | 公司点评报告 最新收盘价（元） 56.47 总市值/流通市值（亿元）76 / 52 资产负债率(%) 12.5% 第一大股东 顾小舟 买入|首次覆盖 -31% -27% -23% -19% -15% -11% -7% -3% 1% 5% 2023 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [8]. Core Insights - The company achieved a revenue of 678 million yuan in 2023, reflecting a year-on-year growth of 52.29%, and a net profit of 58 million yuan, up 167.04% year-on-year, meeting expectations [10]. - The AQ-300 model showed significant growth, generating 320 million yuan in revenue, a remarkable increase of 366.4% year-on-year [12]. - The company is actively expanding its product line, introducing new models such as the duodenoscope and UHD dual-focus endoscope, which enhances its market competitiveness [24]. - The gross margin improved by 4.0 percentage points to 73.78%, with the endoscope equipment gross margin rising by 2.9 percentage points to 75.85% [12]. Financial Performance - The company reported a significant increase in operating income and net profit, with operating income reaching 678 million yuan and net profit at 58 million yuan for 2023 [10]. - The earnings per share (EPS) for 2023 was 0.43 yuan, with a projected EPS of 1.08 yuan and 2.05 yuan for 2025 and 2026, respectively [25]. - The return on equity (ROE) for 2023 was 4.19%, with projections of 9.48% and 15.51% for 2025 and 2026 [25]. Market Position and Strategy - The company is focusing on strengthening its marketing system in key regions to increase market share for its mid-to-high-end products [12]. - The company is also pursuing international market access to enhance its global presence and brand recognition [12]. - The stock's current price is 54.95 yuan, with a price-to-earnings (P/E) ratio projected to decrease from 154 in 2024 to 27 in 2026, indicating potential for growth [14][25]. Future Outlook - The company has set ambitious performance targets in its stock incentive plan, aiming for revenues of no less than 9.9 billion yuan in 2024 and net profits of at least 1.2 billion yuan [31]. - The report projects a continued increase in net profit, with estimates of 480 million yuan and 1.44 billion yuan for 2024 and 2025, respectively [14].

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 ...