Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Viewpoints - The company has established a platform-based layout in the fields of clinical rehabilitation, IVD (in vitro diagnostics), and medical aesthetics, achieving high growth in revenue and net profit over the years. From 2019 to 2023, the compound annual growth rate (CAGR) for revenue and net profit reached 28% and 34%, respectively [1][18]. - The dual drivers of IVD and rehabilitation aesthetics are expected to continue to provide strong momentum for growth, with significant market opportunities both domestically and internationally [1][18]. - The company has successfully broken the monopoly of imported technologies in the electrochemical luminescence sector, positioning itself as a leader in domestic IVD [1][18]. Summary by Sections 1. IVD and Rehabilitation Aesthetics Dual-Drive - The company has developed a comprehensive solution in rehabilitation equipment, with a market size in the hundreds of billions. The photon therapy device has a clear first-mover advantage, and the treatment and rehabilitation business achieved revenue of 300 million yuan in 2023, a year-on-year increase of 34% [1][22]. - The IVD segment, particularly in electrochemical luminescence, has shown significant growth potential, with the company’s products gaining recognition in international markets [1][18]. 2. IVD Business: Leader in Electrochemical Luminescence - The company launched its electrochemical luminescence product in 2017, becoming the first domestic company to break the foreign monopoly. The market for chemical luminescence diagnostics in China reached 471 billion yuan in 2023, with a year-on-year growth rate of 20% [1][49]. - The company’s innovative approach and competitive pricing have positioned it favorably against international competitors [1][49]. 3. Rehabilitation Equipment Market - The rehabilitation equipment market is projected to be worth hundreds of billions, with the company offering a complete range of solutions to meet diverse patient needs. The acquisition of Zhixin Bio in 2022 further enhances its product line [1][22]. 4. Medical Aesthetics Market - The medical aesthetics market in China has been rapidly expanding, with the market size expected to grow from 47.5 billion yuan in 2016 to 153.3 billion yuan by 2025. The company has quickly established a presence in this sector through strategic acquisitions and product launches [1][24]. 5. Profit Forecast and Investment Recommendations - Revenue forecasts for 2024-2026 are projected at 1.44 billion, 1.85 billion, and 2.36 billion yuan, with corresponding year-on-year growth rates of 26%, 28%, and 28%. Net profit is expected to reach 420 million, 540 million, and 690 million yuan during the same period [1][18]. - The report employs a comparable company valuation method, selecting peers from the IVD, rehabilitation, and medical aesthetics sectors, and assigns a price-to-earnings (P/E) ratio of 25.1 for 2024 [1][18].

Financial Performance - In Q1 2024, the company achieved operating revenue of ¥305,741,862.07, representing a year-on-year growth of 10.06% [2] - The net profit attributable to shareholders was ¥107,218,856.40, with a year-on-year increase of 21.69% [2] - The net profit after deducting non-recurring gains and losses was ¥103,288,918.11, reflecting a growth of 24.60% [2] - Operating cash flow for the period was ¥26,082,118.62, up by 12.51% year-on-year [2] Business Segments - The main revenue sources in Q1 2024 were from the in vitro diagnostics and treatment & rehabilitation sectors, with total revenue of ¥306 million and net profit of ¥107 million [3] - In vitro diagnostics generated revenue of ¥242 million, while treatment & rehabilitation contributed ¥60 million [3] Product Development and Market Position - The company offers three main categories of skin aesthetic products: basic photonic products, specialty energy products, and aesthetic consumables [3] - The company aims to enhance existing products and develop new technologies to maintain a competitive edge in the domestic skin aesthetic market [3] - The aesthetic market remains vibrant, with positive client feedback on the company's products [3] Investor Relations - The investor relations activity involved 26 institutions and 30 participants, held via phone conference and at the company headquarters [2] - The meetings took place on May 23, 24, 27, and 28, 2024 [2]

Company and Industry Overview * **Company**: Pumeng Technology * **Industry**: In Vitro Diagnostics (IVD) and Rehabilitation Medical Equipment Key Points Financial Performance * **Q1 2024 Revenue**: 306 million RMB, up 10.06% * **Q1 2024 Net Profit**: 107 million RMB, up 21.69% * **Q1 2024 Non-Operating Net Profit**: 103 million RMB, up 24.6% * **Operating Cash Flow**: 26 million RMB, up 12.51% * **Overall Gross Margin**: 69.99%, up 4% YoY * **Overall Net Margin**: 34.96%, up 3.3% YoY Business Segments * **IVD**: 242.2 million RMB, up 34% YoY, accounting for 79% of total revenue * **Treatment and Rehabilitation**: 60 million RMB, up 20% YoY, accounting for 20% of total revenue * **Consumer Health**: Small, with products like phototherapy masks, hyaluronic acid essence, and air wave machines Product Development * **IVD**: Focus on immunocoupled, high-throughput analyzers, and medium-speed chemiluminescence products * **Treatment and Rehabilitation**: Focus on respiratory and critical care, wound treatment, and pain rehabilitation * **Skin Aesthetics**: Focus on anti-aging, whitening, skin treatment, hair removal, hair growth, and intimate treatments * **Consumer Health**: Expand to dermal fillers, collagen, and tranexamic acid Market Segmentation * **Domestic**: 229 million RMB, up 3.67% YoY, accounting for 75% of total revenue * **International**: 77 million RMB, up 34.73% YoY, accounting for 25% of total revenue Growth Drivers * **International Market**: Strong growth in international markets, particularly in the IVD segment * **Sugar Testing**: High growth rate of sugar testing due to the increasing prevalence of diabetes * **Skin Aesthetics**: High growth rate of skin aesthetics due to the increasing demand for beauty and anti-aging treatments * **Consumer Health**: High growth rate of consumer health due to the increasing demand for health and wellness products Challenges * **Competition**: Intense competition in the IVD market, particularly in the chemiluminescence segment * **Regulatory Approval**: Long approval process for new products in the international market * **Cost Control**: Need to control costs while maintaining high levels of research and development Future Outlook * **Continue to focus on R&D and product innovation** * **Expand international market share** * **Develop consumer health business** * **Maintain strong financial performance**

Summary of the Conference Call Company and Industry Involved - The conference call involved Huazhong Pharmaceutical, focusing on the pharmaceutical industry and its strategies for the summer season [1]. Core Points and Arguments - The call was hosted by the Huazhong Pharmaceutical team, including key figures such as the host and the chief analyst [1]. Other Important but Possibly Overlooked Content - The event was structured as a summer online strategy meeting, indicating a focus on upcoming strategies and market positioning for the pharmaceutical sector [1].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [2][20]. Core Insights - The company is positioned as a diversified medical device platform, focusing on in vitro diagnostics (IVD) and rehabilitation treatment, with a strong emphasis on differentiated competition in IVD products [10][55]. - The IVD business generated revenue of 829 million yuan in 2023, showing a year-on-year growth of 10.73%, maintaining over 70% of total revenue [1][11]. - The company’s electrochemical luminescence products are technologically competitive with leading imported brands, targeting both top-tier medical institutions and grassroots testing departments [1][22]. - The treatment and rehabilitation segment, bolstered by optical medical aesthetics, is expected to return to a rapid growth phase, with a revenue forecast of 368 million yuan in 2024, growing at 20.98% [21][106]. Summary by Sections IVD Product Line - The IVD product line is expected to see revenues of 1.08 billion, 1.37 billion, and 1.72 billion yuan from 2024 to 2026, with growth rates of 30.19%, 26.82%, and 26.01% respectively [5][82]. - The company has a clear competitive advantage in clinical and grassroots testing scenarios, with ongoing international registrations enhancing customer maturity [5][82]. Treatment and Rehabilitation Product Line - The treatment and rehabilitation product line is projected to generate revenues of 368 million, 471 million, and 598 million yuan from 2024 to 2026, with growth rates of 20.98%, 27.91%, and 27.05% respectively [21][106]. - The company is expanding its product matrix in medical aesthetics, which is expected to drive significant growth in the treatment and rehabilitation segment [17][105]. Financial Forecast and Valuation - The company’s net profit is forecasted to be 428 million, 545 million, and 692 million yuan for 2024 to 2026, with growth rates of 30.40%, 27.19%, and 27.02% respectively [2][20]. - The current price-to-earnings (PE) ratios are projected at 20, 16, and 12 for the years 2024, 2025, and 2026, respectively, compared to an average PE of 26 for comparable companies [2][20].

证券代码：688389 证券简称：普门科技 编号：2024-008 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 □媒体采访 □业绩说明会 投资者关系活动 □新闻发布会 路演活动 类别 □现场参观 其他 (电话会议) 参与单位及人员 共64 家机构，74位参与人员 时间 2024 年5月13日、5月14日、5月15日、5月16日 地点 北京、上海、深圳券商策略会，电话会议 上市公司接待人 总经理：胡明龙 员姓名 董事会秘书：路曼 除前期已披露的投资者关系活动交流内容外，本次新增主要 互动交流内容如下： ...

普门科技（688389.SH） 买入 2024 年一季度归母净利同比增长 22%，新业务快速发展 2023 年营收呈现良好增长态势，归母净利润同比增长 31%。2023 年公司实现 营收 11.46 亿元（+16.55%），归母净利润 3.29 亿元（+30.65%），扣非归 母净利润 3.13 亿元（+34.39%）。其中第四季度实现营收 3.37 亿（+8.71%）， 归母净利润 1.24 亿（+25.66%），公司主营的治疗与康复和体外诊断两大业 务不断丰富和完善产品体系，同时公司营销能力进一步加强，带动收入呈现 良好的增长。2024 年一季度实现营收 3.06 亿元（+10.06%），归母净利润 1.07 亿元（+21.69%），保持稳健增长趋势。 治疗与康复类业务快速增长，进一步深化国际业务布局。分产品看，2023 年体外诊断类产品营收 8.29 亿元（+10.73%），其中检验设备营收 3.10 亿 元（+15.68%），检验试剂 5.18 亿元（+7.96%），临床应用持续上量，特别 是发光和糖化两大系列产品拉动了相关业绩增长。2023 年治疗与康复类产品 营收 3.04 亿元（+33.79%） ...

北京市中伦（深圳）律师事务所 关于深圳普门科技股份有限公司 2021 年、2022 年、2023 年股票期权 激励计划相关事项的 法律意见书 二〇二四年五月 1 北京市中伦（深圳）律师事务所接受深圳普门科技股份有限公司（以下简称 "普门科技"或"公司"）的委托，担任普门科技实施 2021 年股票期权激励计划、 2022 年股票期权激励计划、2023 年股票期权激励计划相关事宜的专项法律顾问。 本所律师根据《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》"）、中国证券监督管理委员会（以 下简称"中国证监会"）发布的《上市公司股权激励管理办法》（以下简称"《管 理办法》"）、《上海证券交易所科创板股票上市规则》等有关法律、法规、规 范性文件和《深圳普门科技股份有限公司章程》（以下简称"《公司章程》"）、 《深圳普门科技股份有限公司 2021 年股票期权激励计划（草案）》（以下简称 "《2021 激励计划（草案）》"）《深圳普门科技股份有限公司 2022 年股票期 权激励计划（草案）》（以下简称"《2022 激励计划（草案）》"）《深圳普门 科技股份有限公司 20 ...

证券代码：688389 证券简称：普门科技 公告编号：2024-029 深圳普门科技股份有限公司 关于2022年股票期权激励计划首次授予股票期权 第二个行权期行权条件成就的公告 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： 深圳普门科技股份有限公司（以下简称"公司"）于2024年5月9日召开第三 届董事会第七次会议和第三届监事会第六次会议，审议通过了《关于公司2022 年股票期权激励计划首次授予股票期权第二个行权期行权条件成就的议案》。根 据《公司2022年股票期权激励计划（草案）》的相关规定，公司2022年股票期权 激励计划首次授予的股票期权第二个行权期的行权条件已经成就，现将相关事项 公告如下： 一、股权激励计划批准及实施情况 （一）股票期权激励计划方案及履行程序 公司于2022年4月制定并实施了《深圳普门科技股份有限公司2022年股票期 权激励计划（草案）》（以下简称"2022年激励计划"），合计向激励对象授予 1 / 9 ●股票期权拟行权数量：348.00万份； ●行权价格：19.304元/份； ...

证券代码：688389 证券简称：普门科技 公告编号：2024-026 深圳普门科技股份有限公司 第三届监事会第六次会议决议公告 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 深圳普门科技股份有限公司（以下简称"公司"）于2024年5月9日以现场会 议结合通讯方式召开了第三届监事会第六次会议。会议通知于2024年5月6日通过 直接送达方式发送给全体监事。本次会议由刘敏女士召集并主持，会议应出席监 事3人，实际出席监事3人。本次会议的召集和召开程序符合《中华人民共和国公 司法》和《公司章程》等相关规定。 二、监事会会议审议情况 （一） 审议通过了《关于调整2021年、2022年、2023年股票期权激励计划 行权价格的议案》 监事会对本次调整公司2021年、2022年、2023年股票期权激励计划行权价格 进行了核查，监事会认为：董事会根据公司2021年第四次临时股东大会、2021 年年度股东大会以及2023年第一次临时股东大会的授权，调整公司2021年、2022 年、2023年股票期权激励计划的行权价 ...