FF301 本月底法定/註冊股本總額： RMB 383,568,500 | 383,568,500 | | --- | | 2. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 | 688236 | 說明 | | 於上海證券交易所上市的A股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 288,428,000 | RMB | | 1 | RMB | | 288,428,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 288,428,000 | RMB | | 1 | RMB | | 288,428,000 | 呈交日期: 2024年4月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) ...

公司投资评级说明： 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 5 Q4 业绩或受到高基数影响。22 年 Q4 公司业绩有较好增长，导致 23 年 Q4 的 基数较高，没有延续 23 年 Q3 的快速增长趋势。 关节收入稳健增长，海外拓展成效显著。分业务看，23 年公司关节类产品收 入 11.01 亿元（+5.18%），保持稳定增长；其他产品收入 1.07 亿元（-29.94%）。 分地域来看，23 年国内收入 10.09 亿元（-7.40%），国内收入受到集采等因素 影响导致下滑；境外收入 1.98 亿元（+81.73%），海外收入高速增长，海外市 场拓展成效显著。 毛利率下滑，盈利水平受到集采影响。23 年公司总体毛利率为 72.48%（- 3.55pct），其中国内收入毛利率为 74.21%（-3.10pct），境外收入毛利率为 63.80% （+0.74pct），国内毛利率受到集采影响有所降低。23 年公司销售费用率为 31.70%（-0.88pct），管理费用率 3.68%（+0.45pct），研发费用率为 13.03%（- 0.48pct），财务费用率-1.37%（ ...

Investment Rating - The report maintains a rating of "Buy" for the company, with a target price adjusted to 27.63 CNY from the previous 32.30 CNY [6][14][13]. Core Insights - The company's performance in 2023 met expectations, with total revenue of 1.209 billion CNY, reflecting a slight increase of 0.6% year-on-year. However, the net profit attributable to shareholders decreased by 9.7% to 278 million CNY [13][6]. - The report highlights a significant improvement in cash flow, with operating cash flow reaching 512 million CNY, a substantial increase compared to the previous year [13]. - Domestic sales experienced a decline of 7.4% to 1.009 billion CNY, while overseas sales surged by 81.7% to 198 million CNY, indicating strong international market performance [13][6]. - The company continues to invest in research and development, with expenditures reaching 157 million CNY in 2023, focusing on innovation in orthopedic products [13]. Financial Summary - Revenue Forecast: - 2023: 1.209 billion CNY - 2024: 1.510 billion CNY (projected growth of 25%) - 2025: 1.961 billion CNY (projected growth of 30%) [13][6]. - Net Profit Forecast: - 2023: 278 million CNY - 2024: 353 million CNY (projected growth of 27%) - 2025: 464 million CNY (projected growth of 31%) [13][6]. - Earnings Per Share (EPS) Forecast: - 2023: 0.72 CNY - 2024: 0.92 CNY - 2025: 1.21 CNY - 2026: 1.51 CNY [13][6]. Valuation Metrics - The report provides valuation metrics, including: - Price-to-Earnings (PE) ratio for 2024E: 30X - Expected dividend per share for 2024: 0.40 CNY [13][6]. - The company's market capitalization is reported at 7.226 billion CNY, with a current share price of 18.84 CNY [15][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.21 billion yuan in 2023, a year-on-year increase of 0.6%, with a net profit attributable to shareholders of 280 million yuan, down 9.7% year-on-year [12] - The overseas market showed significant growth, with revenue reaching 198 million yuan in 2023, representing a year-on-year increase of 81.7%, and overseas revenue now accounts for 16.41% of total revenue [9][10] - The company has established a broad sales network in over 50 countries and regions, maintaining its position as the leading exporter of joint products in China [10] Summary by Sections Financial Performance - In 2023, the company achieved a gross profit margin of 72.5%, down 3.55 percentage points from the previous year, and a net profit margin of 23% [12] - The fourth quarter of 2023 saw a revenue of 420 million yuan, a decrease of 5.7% year-on-year, with a net profit of 97 million yuan, down 0.83% year-on-year [12] Product Performance - The joint prosthesis segment generated revenue of 1.101 billion yuan in 2023, a growth of 5.26% year-on-year, with sales volume increasing by 3% to approximately 1.13 million units [13] - The company expects its knee joint products to be included in the national procurement list in 2024, which could restore market share to pre-procurement levels [13] Future Outlook - Revenue projections for 2024-2026 are 1.505 billion yuan, 1.870 billion yuan, and 2.286 billion yuan, with growth rates of 24.6%, 24.2%, and 22.2% respectively [17] - The net profit attributable to shareholders is expected to reach 344 million yuan, 442 million yuan, and 537 million yuan for the same period, with growth rates of 23.8%, 28.5%, and 21.5% respectively [17]

| --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------|-------------------|----------------------------------------|------------------------|--------------------| | 2024 年 04 月 01 日 \n春立医疗（ 688236.SH ） | | | 公司研究●证券研究报告 | 公司快报 | | 集采影响逐步出清，海外业务拓展加速 | 投资评级 | | 医药 \| 买入 | 医疗器械Ⅲ -A(维持) | | 投资要点 | 股价 | (2024-04-01) | | 20.98 元 | | 事件：公司发布 2023 年年度报告， 2023 年实现营收 12.09 亿元（ +0.58% ，同比 | 交易数据 | | | | | 增速，下同）；归母净利润 2.78 亿元（ -9.72% ）；扣非归母净利润 2.54 ...

Financial Performance - The net profit attributable to the parent company for the year 2023 was RMB 277,824,014.12, with the parent company achieving a net profit of RMB 269,864,234.66 by December 31, 2023[7]. - The proposed cash dividend distribution is RMB 3.62 per 10 shares, totaling RMB 138,851,797.00, which accounts for 49.98% of the net profit attributable to shareholders for 2023[8]. - The company will not issue bonus shares or conduct capital reserve transfers in 2023[8]. - The company's operating revenue for 2023 was approximately RMB 1.21 billion, a slight increase of 0.58% compared to RMB 1.20 billion in 2022[26]. - The net profit attributable to shareholders for 2023 was approximately RMB 277.82 million, representing a decrease of 9.72% from RMB 307.72 million in 2022[26]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately RMB 254.13 million, down 8.32% from RMB 277.19 million in the previous year[26]. - The net cash flow from operating activities for 2023 was approximately RMB 511.71 million, a significant increase of 1,147.85% compared to RMB 41.01 million in 2022[26]. - The total assets at the end of 2023 were approximately RMB 3.65 billion, an increase of 7.03% from RMB 3.41 billion at the end of 2022[26]. - The net assets attributable to shareholders at the end of 2023 were approximately RMB 2.88 billion, reflecting a growth of 5.80% from RMB 2.72 billion at the end of 2022[26]. Audit and Compliance - The company has received a standard unqualified audit report from Da Xin Accounting Firm[7]. - The board of directors guarantees the authenticity, accuracy, and completeness of the annual report, with no false records or misleading statements[9]. - The company has not experienced any non-operating fund occupation by controlling shareholders or related parties[10]. - There are no violations of decision-making procedures regarding external guarantees[11]. - The financial report is prepared in accordance with the Chinese Accounting Standards[12]. Research and Development - The company continues to focus on the development of new orthopedic medical devices and technologies to enhance its product offerings[24]. - The company maintains a strong commitment to innovation and research in the medical device industry, aiming to introduce new products in the near future[24]. - Research and development expenses accounted for 13.03% of operating revenue, a decrease of 0.48 percentage points from the previous year[27]. - The total R&D investment for the year was approximately ¥157.45 million, representing a decrease of 3.02% compared to the previous year, with R&D investment accounting for 13.03% of operating revenue[131]. - The company has received 137 new patent applications this year, with 25 patents granted, bringing the total to 577 granted patents across various categories[128]. Market Position and Strategy - The company is actively exploring market expansion opportunities to increase its market share in the orthopedic sector[24]. - The company is a leading domestic orthopedic medical device manufacturer, providing a comprehensive solution for orthopedic consumables, with a strong market position in joint, spine, sports medicine, trauma, and surgical instruments[41]. - The orthopedic implant market in China has significant growth potential, driven by an aging population and increasing public health awareness[93]. - The company is focusing on expanding its market presence through innovative product development and strategic partnerships in the orthopedic sector[61]. - The company is actively pursuing market expansion opportunities, focusing on both domestic and international markets to enhance its competitive position[50]. Product Development and Innovation - The company is focusing on R&D of new materials such as tantalum, magnesium alloy, and PEEK, as well as developing new product lines in surgical robotics and sports medicine[40]. - The company has developed advanced customized joint prosthetics, utilizing technologies such as 3D printing and porous tantalum materials[98][99]. - The company has introduced various 3D printing technologies, including EBM and MJF, to enhance product customization and production efficiency[97][98]. - The company is leading a project on porous tantalum bone repair materials, which has been approved as a key project under the national key R&D plan for biomedical materials[143]. - The company is actively researching biodegradable magnesium and magnesium alloy products as a new generation of degradable biomedical materials[143]. Sales and Distribution - The main sales model includes a distribution model, with a focus on leveraging distributors' networks to enhance market penetration[82]. - Direct sales to major hospitals are a key aspect of the company's sales strategy, supported by a dedicated marketing team[84]. - Domestic sales accounted for 83.59% of total revenue, with overseas sales increasing by 81.73% year-on-year[159]. Financial Risks and Challenges - The company faces risks related to the long and costly product registration process, which may impact future product planning and growth potential if new products fail to pass regulatory approval[148]. - The company is exposed to market competition risks, necessitating continuous innovation and adaptation to maintain market share and profitability[150]. - The gross profit margin for the distribution model decreased by 3.24 percentage points due to price reductions from government procurement policies[159]. Corporate Governance - The company has established a governance structure that includes a shareholders' meeting, board of directors, supervisory board, and management, ensuring clear responsibilities and effective operations[196]. - During the reporting period, the company held 14 board meetings, all complying with legal and regulatory requirements, ensuring diligent performance of duties by board members[198]. - The supervisory board, consisting of three members, conducted ten meetings during the reporting period, ensuring compliance with legal requirements and protecting shareholder rights[199]. - The company maintains independence in finance, personnel, assets, and operations, ensuring no conflicts of interest with controlling shareholders[200].

业绩短期承压，后集采时代有望迎来恢复性增长 [Table_Summary 事件：公司发布] 2023 年年报，2023 年实现营业收入 12.1 亿元（+0.6%），归 母净利润 2.8 亿元（-9.7%），扣非归母净利润 2.5 亿元（-8.3%）。 骨科产品线全覆盖，积极拓宽新领域。春立医疗目前关节业务已经覆盖髋、膝、 肩、肘四大人体关节。公司是中国大陆首家获得 BIOLOX® delta 第四代陶瓷关 节假体产品医疗器械注册证的企业，涵盖半陶及全陶关节假体产品，是国内较 早生产 先进关节假体产 品的企业之一。 此外，公司是国 内首家拥有 BIOLOX®OPTION 带锥套的陶瓷头产品注册证的企业，同时也是国内首家同时 拥有活动平台单髁和固定平台单髁的企业，国内首家拥有髌股关节的企业，国 内唯一一家拥有反置肩关节产品的企业。除此之外，公司布局关节机器人领域， 研发了全膝置换导航机器人设备"长江 INS"智能机器人系统。另外公司在脊柱、 PRP、口腔等领域也有产品布局，产品线持续拓宽。 盈利预测与评级：预计公司 2024~2026 年 EPS 分别为 0.93、1.17、1.43元， 维持"买入"评级。 | ...

二、 董事会对独立董事独立性情况的评估意见 经核查独立董事姚立杰女士、翁杰先生、黄德盛先生的任职经历以及个人签署的 相关自查文件，各位独立董事确认在报告期内未在公司担任除独立董事以外的任何 职务，也未在公司的主要股东单位担任任何职务。与公司以及主要股东之间不存在任 何形式的利益冲突、关联关系或其他可能对其进行独立客观判断产生影响的情况，符 合《上市公司独立董事管理办法》中对独立董事独立性的相关要求。 公司独立董事在 2023 年度始终保持高度的独立性，其履职行为符合《上市公司 独立董事管理办法》以及《公司章程》中关于独立董事独立性的严格规定和要求，有 效的履行了独立董事的职责，为公司决策提供了公正、独立的专业意见。 北京市春立正达医疗器械股份有限公司 董事会关于独立董事独立性情况的专项报告 根据中国证券监督管理委员会《上市公司独立董事管理办法》、《上海证券交易 所股票上市规则》、《上海证券交易所上市公司自律监管指引第 1 号—科创板上市公 司规范运作》等要求，北京市春立正达医疗器械股份有限公司（以下简称"公司"） 董事会，就公司在任独立董事姚立杰女士、翁杰先生、黄德盛先生的独立性情况进行 评估并出具专项意见， ...

证券代码：688236 证券简称：春立医疗 公告编号：2024-009 北京市春立正达医疗器械股份有限公司 第五届监事会第五次会议决议公告 本公司监事会及全体监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。 一、 监事会会议召开情况 北京市春立正达医疗器械股份有限公司（以下简称"公司"）第五届监事会 第五次会议于 2024 年 3 月 28 日以现场加通讯方式召开。本次会议由公司监事 会主席张杰先生召集并主持，本次会议应参加监事 3 名，实际参加监事 3 名， 本次会议的召集和召开程序符合《公司法》及《公司章程》的有关规定，会议决 议合法、有效。 二、监事会会议审议情况 经与会监事审议，以记名投票的方式一致通过以下议案： （一）审议通过《关于公司 2023 年度利润分配方案的议案》 监事会认为：公司 2023 年度利润分配方案充分考虑了公司实际经营业绩情 况、现金流状况及资金需求等各项因素，该预案的决策程序、利润分配形式和比 例符合有关法律法规、《公司章程》的规定，不存在损害股东利益的情形。综上， 监事会同意本次年度利润分配方案，并同意将该议 ...

核查意见 1 | | | | 单位:元 | | --- | --- | --- | --- | | 账户名 | 开户行名称 | 账号 | 金额 | | 北京市春立正达医疗器械 | 北京银行股份有限公司大 | | 3.906.311.75 | | | | 20000001840500065272701 | | | 股份有限公司 | 兴支行 | | | | 北京市春立正达医疗器械 | 中国建设银行股份有限公 | | 55.950.77 | | | 司北京大兴支行 | 11050184360000002493 | | | 股份有限公司 | | | | | 北京市春立正达医疗器械 | 招商银行股份有限公司北 | | 21,866,449.13 | | | 京方庄支行 | 110925811010808 | | | 股份有限公司 | | | | | 北京市春立正达医疗器械 | 北京银行股份有限公司方 | | 69.179.86 | | | 庄支行 | 20000001840500065319888 | | 核查意见 2 核查意见 | 账户名 | 开户行名称 | 账号 | 金额 | | --- | --- | --- | ...