中信证券股份有限公司 关于上海澳华内镜股份有限公司 2023 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在对上海澳华内镜股份有限公司（以下简称"澳华内镜"、"公司"） 进行持续督导工作的保荐人，对公司 2023 年度（以下简称"本持续督导期间"） 的规范运作情况进行了现场检查，现就现场检查的有关情况报告如下： （四）现场检查时间 2024 年 4 月 8 日—2024 年 4 月 9 日；2024 年 4 月 15 日—2024 年 4 月 18 日 一、本次现场检查的基本情况 （一）保荐人 中信证券股份有限公司 （二）保荐代表人 徐峰林、慎利亚 （三）现场检查人员 徐峰林、罗伟豪 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披露 情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况、 募集资金使用情况、关联交易、对外担保、重大对外投资情况、经营状况等方面 进行了现场检查，具体检查内容详见本报告"二、本次现场检查主 ...

中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为上海澳 华内镜股份有限公司（以下简称"澳华内镜"或"公司"或"上市公司"）首次 公开发行股票并在科创板上市的保荐人。根据《证券发行上市保荐业务管理办 法》、《上海证券交易所科创板股票上市规则》等相关规定，中信证券履行持续 督导职责，并出具本持续督导年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订承销及保荐协议，该协议已明确了双方在持续督导 期间的权利义务，并报上海证券交易所备案。 中信证券股份有限公司 关于上海澳华内镜股份有限公司 2023 年度持续督导跟踪报告 （7）查询公司公告的各项承诺并核查承诺履行情况； 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2024 年 4 月 8-9 日和 15-18 日对公司进行了现场检查。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； （2）查阅公司财务管理、会计核 ...

Financial Performance - Total revenue for 2023 reached 678 million CNY, representing a year-on-year growth of 52.29% [1] - Net profit attributable to shareholders was approximately 58 million CNY, with a year-on-year increase of 167.04% [1] - After excluding share-based payments, net profit attributable to shareholders was 87 million CNY [1] - Sales expenses accounted for 34.27% of operating revenue, while R&D expenses made up 21.68% [1] Revenue Breakdown - Total income of 678 million CNY comprised: - Endoscope equipment sales: 622 million CNY, accounting for 91.76% of total revenue [1] - Endoscopic diagnostic consumables: 42.57 million CNY, representing 6.28% [1] - Endoscope repair service income: 12.35 million CNY, contributing 1.82% [1] Market Insights - As of 2023, the company installed 73 mid-to-high-end models in tertiary hospitals, with 96 main units and 316 endoscopes [2] - The company aims to enhance its international market presence, viewing it as a potential growth driver [2] - The international product strategy varies by region, with a focus on high-end products in Asia and a more foundational approach in Europe [2] Service Revenue - Repair service revenue currently holds a small share of overall income due to the company's low market share, with most revenue derived from the sale of main units and endoscopes [2]

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， ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [14]. Core Insights - The company has shown rapid growth, with a 52.29% increase in revenue for 2023, reaching 678 million yuan, and a significant net profit growth of 167.04%, amounting to 58 million yuan [17][21]. - The company focuses on R&D innovation, with R&D expenses increasing by 52.26% to 146.99 million yuan, representing 21.68% of total revenue, leading to the launch of several new products [18]. - The company aims to enhance its marketing network and service levels to improve market competitiveness and increase domestic market share [34]. Financial Performance - In 2023, the company achieved a total revenue of 678 million yuan, with a quarterly breakdown of 125 million, 164 million, 140 million, and 249 million yuan [17]. - The company’s net profit attributable to shareholders was 58 million yuan, with a significant increase in net profit excluding non-recurring items, which reached 44 million yuan, reflecting a 361.42% year-on-year growth [17]. - The company’s projected revenues for 2024, 2025, and 2026 are 1.01 billion, 1.44 billion, and 2.03 billion yuan, respectively, with expected growth rates of 49.4%, 42.4%, and 40.5% [20][21]. Market Position and Strategy - The company is focusing on the soft endoscope market, with expectations for continued growth and expansion in both domestic and international markets [20]. - The company has made significant advancements in product offerings, including the launch of new endoscope systems and accessories that cater to various medical departments [18]. - The company is enhancing its academic service capabilities and brand presence through various initiatives, including hosting competitions and participating in academic conferences [18].

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 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 73.94 CNY per share, indicating an expected performance that exceeds the market by more than 15% over the next 12 months [2][3]. Core Insights - The company's 2023 performance met expectations, with total revenue of 678 million CNY, a year-over-year increase of 52.29%, and a net profit attributable to shareholders of 58 million CNY, reflecting a significant year-over-year growth of 167.04% [1][3]. - The gross margin improved to 73.83%, up by 4.1 percentage points year-over-year, driven by enhanced domestic marketing efforts, product diversification, increased clinical promotion, and improved channel construction [1]. - Sales expenses increased, with a sales expense ratio of 34.27%, up by 4.67 percentage points year-over-year, primarily due to rising employee compensation and travel expenses [1]. Financial Summary - Revenue projections for 2024-2026 are 991 million CNY, 1.427 billion CNY, and 2.075 billion CNY, representing growth rates of 46.1%, 44%, and 45.4% respectively [3][39]. - Expected net profits for the same period are 122 million CNY, 185 million CNY, and 277 million CNY, with growth rates of 111%, 51.9%, and 49.3% respectively [3][39]. - Earnings per share (EPS) are forecasted to be 0.91 CNY, 1.38 CNY, and 2.07 CNY for 2024, 2025, and 2026 respectively [3][39].