Company and Industry Summary Company Introduction - The document begins with an introduction to the company, setting the stage for the subsequent discussion on its performance and developments in the first half of the year [1] Key Points from the Q&A Session - The CEO, referred to as Mr. Ma, is expected to provide a detailed explanation of the company's operational status and recent progress over the past six months, with a presentation time of approximately 15 minutes [1]

证券代码：688212 证券简称：澳华内镜 公告编号：2024-022 上海澳华内镜股份有限公司 2022 年限制性股票激励计划首次授予部分 第二个归属期归属结果暨股份上市的公告 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。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 554,250 股。 本次股票上市流通总数为 554,250 股。 本次归属股票上市流通日期为 2024 年 5 月 20 日。 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责 任公司上海分公司有关业务规则的规定，上海澳华内镜股份有限公司（以下简称 "公司"）于 2024 年 5 月 14 日收到中国证券登记结算有限责任公司上海分公司 出具的《证券变更登记证明》，公司已完成 2022 年限制性股票激励计划（以下简 称"本次激励计划"）首次授予部分第二个归属期的股份登记工作。现将有关情 况公告如下： 一、本次限制性股票归属的决策程序及相关信息披露 （一）2022 年 1 月 17 日，公司召开第一届董事 ...

Group 1: Financial Performance - In Q1 2024, the company's revenue reached 169 million CNY, representing a year-on-year growth of 34.91% [1] - The net profit attributable to shareholders was 2.76 million CNY, a decrease of 83.32% year-on-year [1] - After excluding the impact of share-based payments, the net profit attributable to shareholders was 24.56 million CNY, reflecting a growth rate of 24.15% compared to the same period last year [1] Group 2: Product Development and Market Strategy - The AQ-300 product was launched at the end of 2022 and has undergone market promotion and performance upgrades in 2023, following an S-curve adoption pattern [2] - The company has obtained EU certification for the AQ-300 product and is actively participating in industry conferences to enhance market presence [2] - Future strategies include expanding the AQ-300 series with more models and enhancing brand recognition through academic exchanges and training sessions [2] Group 3: Market Expansion and Challenges - Europe is a key area for the company's overseas business, with ongoing efforts to penetrate cost-effective markets that still have unmet demand for soft endoscopes [2] - The company aims to focus on technological innovation and brand building in the soft endoscope sector, where domestic brands currently hold a low market share [3] - Increasing the penetration rate of gastrointestinal endoscopies in grassroots healthcare requires collaborative efforts, including government support, training systems, and public health awareness campaigns [3]

公司发布 2024 年一季报，高基数下收入依然高增。 根据定期报告调整盈利预测，我们预计公司 2024-2026 年营收为 10.1/14.4/20.3 亿元（前值为 10.1/14.4/20.3 亿元），CAGR 为 44.2%，归母 净利润为1.16/1.80/2.73亿元（前值为1.19/1.82/2.73亿元），CAGR为67.8%， 当前股价对应 2024-2026 年 PS 为 7.5/5.3/3.7 倍。公司作为专注于软镜赛道 的国产龙头企业，产品具有创新性并实现赋能临床，维持"买入"评级。 风险提示 分析师： 刘佳琦(S0210523090003) LJQ3653@hfzq.com.cn 相关报告 1、销售持续高增，AQ-300 三级医院加速放量— —2024.04.10 2、2023 年业绩快报点评：产品力持续提升， AQ-300 支撑业绩高速增长——2024.02.27 3、澳华内镜（688212.SH）2023 年业绩预告点评： AQ-300 支撑公司业绩持续高速增长，2024 年看 好高端机型出海——2024.01.30 当前价格： 56.65 元 利润表 单位:百万元 2023A 营 ...

上海市通力律师事务所关于上海澳华内镜股份有限公司 2023 年年度股东大会的法律意见书 致:上海澳华内镜股份有限公司 上海市通力律师事务所(以下简称"本所")接受上海澳华内镜股份有限公司(以 下简称"公司")的委托,指派本所夏青律师、卓海萍律师(以下简称"本所律师") 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东大会规则》 等法律法规和规范性文件(以下统称"法律法规")及《上海澳华内镜股份有限公司章 程》(以下简称"公司章程")的规定就公司 2023年年度股东大会(以下简称"本次 股东大会")相关事宜出具法律意见。 本所律师已经对公司提供的与本次股东大会有关的法律文件及其他文件、资料予以 了核查、验证。在进行核查验证过程中,公司已向本所保证,公司提供予本所之文件中 的所有签署、盖章及印章都是真实的,所有作为正本提交给本所的文件都是真实、准确、 完整和有效的,且文件材料为副本或复印件的,其与原件一致和相符。 在本法律意见书中,本所仅对本次股东大会召集和召开的程序、出席本次股东大会 人员资格和召集人资格及表决程序、表决结果是否符合法律法规和公司章程的规定发表 意见,并不对本次股东大会所审议的 ...

证券代码：688212 证券简称：澳华内镜 公告编号：2024-021 上海澳华内镜股份有限公司 2023 年年度股东大会决议公告 本公司董事会及全体董事保证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。 重要内容提示： 2、公司在任监事 3 人，出席 3 人； 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 5 月 7 日 （二） 股东大会召开的地点：上海市闵行区光中路 133 弄 66 号澳华内镜大厦十 楼会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 78 | | --- | --- | | 普通股股东人数 | 78 | | 2、出席会议的股东所持有的表决权数量 | 50,769,069 | | 普通股股东所持有表决权数量 | 50,769,069 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 37.8780 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [12] Core Views - The company achieved a revenue growth of 34.91% year-on-year in Q1 2024, reaching 169 million yuan, while the net profit attributable to shareholders decreased by 83.32% to 3 million yuan due to share-based payment impacts [9][11] - The gross margin remained stable at 76.40%, with an increase in expense ratios due to heightened marketing efforts and personnel investments [9][10] - The flagship product AQ300 has seen significant market penetration, with a 269% increase in installed units in tertiary hospitals [10] Financial Performance Summary - Revenue projections for 2024-2026 are 991 million yuan, 1.444 billion yuan, and 2.018 billion yuan, with year-on-year growth rates of 46.1%, 45.8%, and 39.7% respectively [11] - The net profit attributable to shareholders is forecasted to be 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 [11] - The current price-to-sales ratio is projected at 7x, 6x, and 4x for the years 2024, 2025, and 2026 [11] Market and Product Insights - The company is focusing on innovation and has expanded its product line with new offerings such as UHD series duodenoscopes and various endoscope systems, enhancing its market competitiveness [10] - The company has increased its R&D investment, which is expected to further strengthen its product portfolio and market position [10]

Investment Rating - The investment rating for the company is "Buy" [5]. Core Views - The company achieved a revenue of 169 million yuan in Q1 2024, representing a year-on-year growth of 34.91%. However, the net profit attributable to shareholders decreased by 83.32% to 3 million yuan due to the impact of share-based payments [2]. - The gross margin remained stable at 76.40%, while the expense ratios increased, with the sales expense ratio at 37.55% (+4.46pp) and the management expense ratio at 16.40% (+2.88pp) [2]. - The flagship product AQ300 has seen significant market penetration, with a 269% increase in the number of units installed in tier-three hospitals [3]. - The company is focusing on innovation and has expanded its product line with new offerings, including UHD series endoscopes and a 3D flexible endoscope currently in development [3]. Financial Performance and Forecast - The company maintains its profit forecast, expecting revenues of 991 million yuan, 1.44 billion yuan, and 2.02 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 46.1%, 45.8%, and 39.7% [4]. - The net profit attributable to shareholders is projected to be 99 million yuan, 172 million yuan, and 262 million yuan for the same years, with growth rates of 71.3%, 73.2%, and 52.7% [4]. - The current stock price corresponds to price-to-sales ratios of 7x, 6x, and 4x for the years 2024, 2025, and 2026, respectively [4].

公司近一年市场表现 -上证指数 叶中正 预计公司 2024-2026 年分别实现营收 10.06、14.33、20.31 亿元，同 比增长 48.3%、42.5%、41.7%；分别实现净利润 1.16、1.83、2.70 亿元， 同比增长 99.7%、58.6%、47.2%；对应 EPS 分别为 0.86、1.37、2.01 元， 分析师： 以 4 月 30 日收盘价 53.41 元计算，对应 PE 分别为 61.9X、39.1X、26.5X， 维持"增持-B"评级。 邮箱：yezhongzheng@sxzq.com 魏赟 市场占有率、产品丰富度等与国际知名企业存在较大差距的风险；产能 相对不足风险；行业政策变化及产品认证风险；技术创新和研发失败的风险； 奥林巴斯在中国开展本土化研发及生产的风险。 邮箱：weiyun@sxzq.com 冯瑞 医疗器械 澳华内镜（688212.SH） 增持-B(维持) 高基数背景下营收增长态势延续，股份支付干扰 2024Q1 净利润 事件描述 受高基数影响，2024Q1 公司营收同比增速较去年同期有所放缓，但营 收仍维持了较快增长。2023Q1 公司实现营业收入 1.25 亿元 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 169,298,973.87, representing a year-on-year increase of 34.91%[5]. - Total operating revenue for Q1 2024 reached ¥169.30 million, a 35% increase from ¥125.49 million in Q1 2023[18]. - The net profit for Q1 2024 was CNY 9,321,245.81, down 34.5% from CNY 14,239,211.16 in Q1 2023[26]. - Net profit for Q1 2024 was ¥2.55 million, down 84% from ¥16.47 million in Q1 2023[19]. - The total comprehensive income for Q1 2024 was ¥1.25 million, a decrease of 93% from ¥16.97 million in Q1 2023[19]. Expenses and Costs - Research and development expenses totaled CNY 44,482,962.56, which is an increase of 39.70% compared to the previous year, accounting for 26.27% of operating revenue[5][8]. - Total operating costs increased to ¥176.93 million in Q1 2024, up from ¥121.18 million in Q1 2023, representing a 46% rise[18]. - The company experienced a significant increase in sales expenses, which rose to ¥63.58 million from ¥41.52 million, a 53% increase year-over-year[18]. - The company reported a decrease in sales expenses to CNY 60,587,639.73 in Q1 2024 from CNY 39,365,684.58 in Q1 2023[25]. Cash Flow - The net cash flow from operating activities was negative at CNY -104,090,525.46, attributed to increased personnel expenses and reduced sales collections[7]. - The company reported a net cash outflow from operating activities of ¥104.09 million in Q1 2024, compared to an outflow of ¥30.80 million in Q1 2023[21]. - Cash flow from operating activities was CNY 115,682,097.71 in Q1 2024, down from CNY 130,760,766.39 in Q1 2023[27]. - The company reported a total cash outflow of $109.25 million for the quarter, compared to $59.70 million in Q1 2023[28]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,596,435,026.38, a slight increase of 0.09% from the end of the previous year[5]. - The company's current assets decreased to RMB 977,540,677.12 from RMB 1,008,181,335.04, representing a decline of approximately 3.5%[14]. - The total liabilities decreased to RMB 176,329,643.17 from RMB 199,884,992.04, a reduction of about 11.8%[16]. - The company's total liabilities decreased to CNY 153,128,485.90 in Q1 2024 from CNY 168,015,854.10 in Q4 2023[24]. Shareholder and Equity Information - The net profit attributable to shareholders decreased by 83.32% to CNY 2,759,505.20, primarily due to increased personnel costs related to the restricted stock incentive plan[5][7]. - The basic and diluted earnings per share both decreased by 83.33% to CNY 0.02[5]. - The owner's equity increased to RMB 1,420,105,383.21 from RMB 1,395,158,777.46, marking a growth of approximately 1.8%[16]. - The total equity increased to CNY 1,382,354,515.81 in Q1 2024, compared to CNY 1,348,891,384.29 in Q4 2023[25]. Strategic Initiatives - The company launched a new round of equity incentive plans in October 2023, which significantly impacted the net profit for the reporting period[7]. - The increase in operating revenue was driven by the strong performance of the AQ300 product line[7]. - The company has ongoing investments in new technologies and product development, although specific figures are not detailed in the provided content[17]. Cash and Cash Equivalents - The company's cash and cash equivalents were reported at RMB 108,263,015.62, down from RMB 244,547,569.15, a significant decrease of about 55.8%[14]. - Cash and cash equivalents at the end of Q1 2024 were ¥108.26 million, down from ¥188.69 million at the end of Q1 2023[22]. - The company's cash and cash equivalents decreased to CNY 87,078,987.30 as of March 31, 2024, from CNY 196,326,434.61 at the end of 2023[23].