证券代码：688389 证券简称：普门科技 公告编号：2024-051 深圳普门科技股份有限公司 2024年股票期权激励计划（草案）摘要公告 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： 深圳普门科技股份有限公司（以下简称"公司"或"普门科技"）2024 年股 票期权激励计划（以下简称"本激励计划"或"本计划"）拟向激励对象授予 1,131 万份股票期权，约占本激励计划草案公告时公司股本总额 42,842.9163 万股的 2.64%，不设置预留权益。 一、本激励计划的目的与原则 为了进一步优化公司治理结构，健全公司长效激励机制，吸引和留住优秀人 才，充分调动公司核心团队的积极性，有效地将股东利益、公司利益与核心个人、 团队利益结合在一起，使各方共同关注和推动公司的长远发展，在充分保障股东 利益的前提下，按照激励与约束对等的原则，公司根据《中华人民共和国公司法》 （以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、《上 市公司股权激励管理办法》（以下简称《管理办法》）、《上海证券交易所 ...

Group 1: Sales Model and Market Potential - The company primarily adopts an indirect sales model, with direct sales contributing a small portion to total revenue [3] - Direct sales revenue is currently only over 10 million yuan, representing a very low percentage of total income, indicating a significant untapped market potential [3] - The company has not yet made substantial efforts to expand its direct sales channels, with limited social media presence (1.5 million followers on JD, 20,000 on Tmall, and only a few hundred on Douyin and Xiaohongshu) [3] Group 2: Financial Performance - In the first half of 2024, the company achieved revenue of 590 million yuan, a year-on-year increase of 5.64% [4] - The net profit attributable to shareholders reached 172 million yuan, reflecting a year-on-year growth of 27.78% [4] - The net profit after deducting non-recurring gains and losses was 163 million yuan, with a year-on-year increase of 29.16% [4] Group 3: Business Development and Strategy - The company is in the early stages of developing its consumer health business and is gradually building a professional direct sales team [3] - There is a focus on enhancing core capabilities in R&D, marketing, production supply chain, human resources, finance, and information technology [4] - The company aims to learn from leading competitors while adapting strategies to its own operational context [4]

证 券 研 究 报 告 普门科技（688389）2024 年中报点评 推荐（维持） IVD 业务保持较快增长，利润端超预期 目标价：21 元 事项： 公司发布 24 年中报，营业收入 5.90 亿元（+5.64%），归母净利润 1.72 亿元 （+27.78%），扣非净利润 1.63 亿元（+29.16%）。24Q2，营业收入 2.84 亿元 （+1.27%），归母净利润0.65亿元（+39.33%），扣非净利润0.60亿元（+37.86%）。 评论： IVD 业务持续较快增长，治疗康复业务承压。分业务看，24H1 公司 IVD 业务 收入 4.68 亿元（+21.67%），治疗与康复类业务收入 1.14 亿元（-31.96%）。IVD 业务保持较快增长，24H1 公司 IVD 业务国内收入 3.19 亿元（+19.36%），IVD 国际收入 1.49 亿元（+26.91%），国内外 IVD 业务均表现亮眼。治疗康复业务 下滑预计是由于同期高基数和医疗合规化的影响。 持续深耕国际市场。分地域看，2024H1，公司国内市场收入 4.29 亿元（+1.58%）， 占比 72.7%（-2.91pct），国际市场收入 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown significant growth in overseas business and has a more complete product line [1] - In H1 2024, the company achieved operating revenue of 590 million yuan, a year-on-year increase of 5.64%, and a net profit attributable to shareholders of 172 million yuan, up 27.78% year-on-year [3] - The gross profit margin for H1 2024 was 69.82%, an increase of 4.60 percentage points year-on-year, indicating improved profitability [3] - The company continues to invest in R&D, with R&D expenses reaching 99 million yuan in H1 2024, representing 16.74% of revenue [3] - The company launched new automated products, enhancing its competitive edge in the market [3] - The projected net profits for 2024-2026 are 417 million, 514 million, and 613 million yuan, respectively, with corresponding PE ratios of 13x, 11x, and 9x [3] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 590 million yuan, with a net profit of 172 million yuan, reflecting a year-on-year growth of 5.64% and 27.78% respectively [3] - The gross profit margin improved to 69.82%, up 4.60 percentage points from the previous year [3] Market Segmentation - Domestic and overseas revenue for H1 2024 was 429 million yuan and 161 million yuan, showing year-on-year growth of 1.58% and 18.26% respectively [3] - In the in-vitro diagnostics sector, domestic and overseas revenues were 319 million yuan and 149 million yuan, with growth rates of 19.36% and 26.91% respectively [3] R&D and Product Development - The company invested 99 million yuan in R&D in H1 2024, with 440 R&D personnel making up 26.19% of the total workforce [3] - New product launches include the fully automated electrochemical luminescence immunoassay line LifoLas 8000 and the fully automated laboratory line LifoLas 9000 [3] Future Outlook - The company is expected to maintain high growth in its core business areas, with significant contributions from its flagship products [3] - The projected net profits for 2024-2026 are 417 million, 514 million, and 613 million yuan, with PE ratios of 13x, 11x, and 9x respectively [3]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 590 million yuan, an increase of 5.64% year-on-year, and a net profit attributable to the parent company of 172 million yuan, up 27.78% year-on-year [1] - The growth in revenue is primarily driven by the IVD (In Vitro Diagnostics) and aesthetic medicine segments, while the clinical medical product line faced some pressure [1] - The overall gross margin improved to 69.82%, an increase of 4.61 percentage points year-on-year, attributed to product mix optimization and a decrease in unit costs [1] Financial Performance Summary - For the first half of 2024, the IVD business generated revenue of 468 million yuan, a year-on-year increase of 21.67%, accounting for 79.38% of total revenue [1] - The clinical medical product line saw a decline in revenue due to high base effects from the previous year and delays in hospital procurement processes [1] - The aesthetic medicine segment achieved a revenue growth of 34% year-on-year, mainly driven by private hospitals [1] Profit Forecast and Investment Rating - The forecasted net profits for the company from 2024 to 2026 are 432 million yuan, 533 million yuan, and 642 million yuan, representing year-on-year growth rates of 31.4%, 23.5%, and 20.4% respectively [2] - The company is expected to maintain a high growth trajectory, focusing on the IVD and treatment & rehabilitation sectors, with accelerated development in the aesthetic medicine business [1][2]

证券代码：688389 证券简称：普门科技 编号：2024-014 深圳普门科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | |----------------|-----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 特定对象调研 | 分析师会议 | | 投资者关系活动 | □媒 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.10 RMB [2][5] Core Views - The company achieved revenue of 590 million RMB in H1 2024, a YoY increase of 5.6%, driven by sales of in-vitro diagnostic instruments and skin medical aesthetic devices [1] - In-vitro diagnostic business contributed 468 million RMB, accounting for 79.4% of total revenue, with a YoY growth of 21.7% [1] - Treatment and rehabilitation business generated 114 million RMB, a YoY decrease of 32.0%, accounting for 19.4% of total revenue [1] - Net profit attributable to shareholders reached 172 million RMB, a YoY increase of 27.8%, supported by a higher proportion of high-margin products [1] - Gross margin improved to 69.82%, up 4.6 percentage points YoY [1] Business Segments - The company launched new products in the in-vitro diagnostic field, including the LifoLas 8000 and LifoLas 9000 automated systems, enhancing laboratory efficiency [1] - In the treatment and rehabilitation sector, the company upgraded its clinical medical product line, introducing a CPAP mode for high-flow respiratory humidifiers and improving safety in semiconductor laser hair removal devices [1] Geographic Performance - Domestic market revenue was 429 million RMB, a YoY increase of 1.6%, while international market revenue reached 161 million RMB, up 18.3% YoY [1] - In the in-vitro diagnostic segment, domestic revenue grew by 19.4% to 319 million RMB, and overseas revenue increased by 26.9% to 149 million RMB [1] - The company established subsidiaries in Russia and Indonesia to strengthen its international presence, with products exported to over 100 countries [1] Financial Projections - Revenue is projected to grow from 1,344 million RMB in 2024E to 2,111 million RMB in 2026E, with a CAGR of 25.3% [4] - Net profit attributable to shareholders is expected to increase from 407 million RMB in 2024E to 647 million RMB in 2026E [4] - EPS is forecasted to rise from 0.95 RMB in 2024E to 1.51 RMB in 2026E [4] - Gross margin is projected to remain stable at around 66.7% to 67.4% from 2024E to 2026E [4] Valuation - The company is valued at 18x PE for 2024, based on comparable company valuations [2] - The target price of 17.10 RMB implies a potential upside from the current price of 12.95 RMB [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.10 RMB, based on a 18x PE multiple for 2024 [2][5] Core Views - The company achieved sustained revenue growth in H1 2024, with total revenue reaching 590 million RMB, a 5.6% YoY increase, driven by sales of in-vitro diagnostic instruments and skin medical aesthetic devices [1] - In H1 2024, the in-vitro diagnostic business contributed 468 million RMB, accounting for 79.4% of total revenue, while the treatment and rehabilitation business generated 114 million RMB, representing 19.4% of total revenue [1] - Net profit attributable to shareholders increased by 27.8% YoY to 172 million RMB in H1 2024, supported by improved product mix with higher-margin products [1] - The company's gross margin reached 69.82% in H1 2024, a 4.6 percentage point increase YoY [1] Financial Performance - Revenue is projected to grow from 1.146 billion RMB in 2023 to 2.111 billion RMB in 2026, with a CAGR of 22.6% [4] - Net profit attributable to shareholders is expected to increase from 329 million RMB in 2023 to 647 million RMB in 2026, with a CAGR of 25.3% [4] - The company's ROE is forecasted to rise from 20.3% in 2023 to 24.3% in 2026 [4] - EPS is projected to grow from 0.77 RMB in 2023 to 1.51 RMB in 2026 [4] Product Innovation - The company launched two new in-vitro diagnostic products in H1 2024: the LifoLas 8000 automated electrochemiluminescence immunoassay system and the LifoLas 9000 laboratory automation system [1] - In the treatment and rehabilitation segment, the company upgraded its high-flow medical respiratory humidifier with CPAP mode and improved the safety of its semiconductor laser hair removal device [1] Market Expansion - Domestic revenue reached 429 million RMB in H1 2024, a 1.6% YoY increase, while international revenue grew by 18.3% YoY to 161 million RMB [1] - The company established subsidiaries in Russia and Indonesia to enhance its overseas operations, with products exported to over 100 countries [1] Valuation - The company's PE ratio is expected to decline from 16.9x in 2023 to 8.6x in 2026, indicating potential undervaluation [4] - The PB ratio is projected to decrease from 3.1x in 2023 to 1.9x in 2026 [4]

Investment Rating - The report maintains a rating of "Accumulate" for the company [4]. Core Views - The company has a diversified multi-business and multi-market platform layout, with the domestic market expected to recover sequentially and the overseas market continuing to grow steadily and rapidly [2]. - The report adjusts the EPS forecast for 2024-2026 to 0.96, 1.20, and 1.51 yuan respectively, down from the previous estimates of 0.99, 1.29, and 1.68 yuan, and sets a target price of 19.20 yuan, down from 22.44 yuan [9]. Financial Performance - For H1 2024, the company achieved operating revenue of 590 million yuan, an increase of 5.64%, and a net profit attributable to shareholders of 172 million yuan, up 27.78% [9]. - The gross margin for H1 2024 was 69.82%, an increase of 4.60 percentage points, while the net profit margin was 29.01%, up 4.98 percentage points [9]. - The company reported a net operating cash flow of 86 million yuan, an increase of 33.81% [9]. Market Segments - Domestic market revenue for H1 2024 was 429 million yuan, up 1.58%, with the in vitro diagnostic (IVD) business revenue at 319 million yuan, a growth of 19.36% [9]. - The international market revenue reached 161 million yuan, an increase of 18.26%, with IVD business revenue at 149 million yuan, up 26.91% [9]. Valuation Metrics - The company has a total market capitalization of 5,548 million yuan and a current price of 12.95 yuan, with a target price of 19.20 yuan [5][4]. - The price-to-earnings (PE) ratio for 2024 is set at 20 times, based on comparable company valuations [9].

Financial Performance - Total revenue for the first half of 2024 reached 590 million CNY, representing a year-on-year growth of 5.64%[24] - Net profit attributable to shareholders was 172 million CNY, with a year-on-year increase of 27.78%[24] - Operating cash flow net amount was 86 million CNY, showing a year-on-year growth of 33.81%[25] - The net profit margin for the first half of 2024 was 29.01%[8] - Return on equity (ROE) stood at 16.44%[15] Market Performance - Domestic market revenue was 429 million CNY, while international market revenue was 161 million CNY, with the latter showing a year-on-year growth of 18.26%[26] Research and Development - Research and development investment amounted to 99 million CNY, accounting for 16.74% of total revenue, an increase of 4.61 percentage points year-on-year[27] - The company holds a total of 220 authorized patents, including 52 invention patents[16] Product Development - The company launched several new products, including the LifoLas 8000 and LifoLas 9000 automated systems, enhancing its competitive edge in the market[27] Recognition and Awards - The company was recognized as a "Demonstration Enterprise for Smart Health and Elderly Care Applications" by multiple government departments[28]