Financial Performance - Main business revenue reached 264 million CNY, a year-over-year increase of 28.43% [7] - Net profit attributable to shareholders was 124 million CNY, up 57.93% year-over-year [7] - Deducted non-net profit was 120 million CNY, reflecting a 56.33% increase [7] - Earnings per share stood at 1.54 CNY, a rise of 25.57% [7] - Net cash flow amounted to 116 million CNY, showing a significant increase of 65.6% [7] Revenue Breakdown - GI category sales revenue was 172 million CNY, up 29.19% [7] - EMR/ESD category revenue reached 63 million CNY, increasing by 55.78% [7] - ERCP category revenue was 20 million CNY, reflecting a growth of 14.27% [7] - Domestic revenue for the reporting period was 125 million CNY, a year-over-year increase of 21.98% [7] - International revenue reached 138 million CNY, with 14 new cooperative clients developed in the first half of the year [7] Cost and Investment - R&D expenses totaled 27.93 million CNY, accounting for 10.58% of operating income [7] - Sales expenses were 25.85 million CNY, representing 9.79% of revenue [7] - The gross profit margin for main business reached 71.73%, an increase of 2.88% year-over-year [8] Strategic Initiatives - The company plans to enhance its product development capabilities through a "sales generation, R&D generation, exploration generation" strategy [8] - A new production base in Thailand is expected to be operational by Q1 2025 to mitigate U.S. tariff pressures [8] - The company aims to increase its proprietary brand share to nearly 30% through product innovation and strategic partnerships [10] Market Response and Future Outlook - The company has not been significantly affected by the 3+N procurement policy in Hebei, viewing it as a means to enhance market competition and efficiency [9] - The fourth-generation hemostatic clip has received positive feedback in Europe and is in the process of being promoted in the domestic market [9] - The company is focused on expanding its market share in the ERCP field through product optimization and innovation [10]

Company and Industry Summary Company Overview - The company reported total sales revenue of 1.172 billion (11.72亿元) for three main product categories, marking a year-over-year growth of 29.19% [1] - The ERC and ERR product categories generated sales revenue of 93 million (0.93亿元), reflecting a significant year-over-year increase of 55.78% [1] - ERCP product category achieved revenue of 20 million (0.2亿元), with a year-over-year growth of 14.27% [1] - The overall product structure demonstrates steady growth across all major categories [1]

公 司 研 究 [Table_Reportdate] 2024年08月12日 医 药 生 物 安杰思 沪深300 [Table_invest] 买入（维持） 报告原因：业绩点评 able_Authors] 证券分析师 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn | --- | --- | |---------------------------|--------------| | | | | 数据日期 Table_cominfo] | 2024/08/09 | | 收盘价 | 53.81 | | 总股本 ( 万股 ) | 8,086 | | 流通 A 股 /B 股 ( 万股 ) | 4,063/0 | | 资产负债率 (%) | 4.16% | | 市净率 ( 倍 ) | 1.96 | | 净资产收益率 ( 加权 ) | 5.51 | | 12 个月内最高 / 最低价 | 128.47/47.01 | [Table_QuotePic] -48% -36% -24% -12% 0% 12% 2 ...

公 司 研 究 [Table_Reportdate] 2024年08月12日 医 药 生 物 安杰思 沪深300 [Table_invest] 买入（维持） 报告原因：业绩点评 able_Authors] 证券分析师 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn | --- | --- | |---------------------------|--------------| | | | | 数据日期 Table_cominfo] | 2024/08/09 | | 收盘价 | 53.81 | | 总股本 ( 万股 ) | 8,086 | | 流通 A 股 /B 股 ( 万股 ) | 4,063/0 | | 资产负债率 (%) | 4.16% | | 市净率 ( 倍 ) | 1.96 | | 净资产收益率 ( 加权 ) | 5.51 | | 12 个月内最高 / 最低价 | 128.47/47.01 | [Table_QuotePic] -48% -36% -24% -12% 0% 12% 2 ...

公 司 半 年 报 点 评 证 券 研 究 报 告 公 司 报 告 | --- | --- | --- | |------------------------|-------|----------------------------------| | 行业 | | 医药 | | 公司网址 | | www.bioags.com | | 大股东 / 持股 | | 杭州一嘉投资管理有限公司 /32.71% | | 实际控制人 | | 张承 | | 总股本 ( 百万股 ) | | 81 | | 流通 A 股 ( 百万股 ) | | 41 | | 流通 B/H 股 ( 百万股 ) | | | | 总市值 ( 亿元 ) | | 43 | | 流通 A 股市值 ( 亿元 ) | | 22 | | 每股净资产 ( 元 ) | | 27.47 | | 资产负债率 (%) | | 4.2 | | 行情走势图 | | | | | | | 安杰思(688581.SH) 国内外双轮驱动增长，利润端表现亮眼 股价:53.36元 请通过合法途径获取本公司研究报告，如经由未经许可的渠道获得研究报告，请慎重使用并注意阅读研究报告尾页的声明内容 ...

安杰思（688581.SH） 24 年半年报业绩点评：业绩超预期，海内外双轮 驱动，盈利能力持续提升 投资要点： 公司发布 2024 年半年报。 2024 年上半年公司实现营收 2.64 亿（同比+28.4%），归母净利润 1.24 亿元（同比+57.9%），扣非归母净利润 1.20 亿元（同比+56.3%）。 2024Q2 公司实现营收 1.52 亿元（同比+32.4%），归母净利润 7167 万元（同比+60.8%），扣非归母净利润 7170 万元（同比+68.3%）。 核心品类收入高增，毛利率持续上行。 24H1 公司积极开拓市场，GI 类、ESD/EMR 类核心产品销售快速 增长，带动毛利率提升，实现主营毛利率 71.7%（较上年同期提升 2.88pct）。其中 1）GI 类产品收入 1.71 亿元（同比+29.2%），毛利率 提升 1.66pct；2）ESD/EMR 类收入 6306 万元（同比+55.8%），毛利 率提升 7.05pct；3）ERCP 类收入 2025 万元（同比+14.3%）。 海内外双轮驱动，海外营收增速超预期。 24H1 国内实现营收 1.25 亿元（同比+22%），新增临床 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3]. Core Insights - The company's H1 2024 performance exceeded expectations, driven by the expansion of domestic and international markets, with revenue reaching 264 million yuan (yoy +28.43%) and net profit attributable to shareholders at 124 million yuan (yoy +57.93%) [3]. - The company maintains a strong growth trajectory, with projections for net profit attributable to shareholders for 2024-2026 estimated at 271 million, 338 million, and 423 million yuan respectively, corresponding to EPS of 3.35, 4.18, and 5.23 yuan [3][5]. - The company has a stable overseas customer base, with overseas revenue in H1 2024 amounting to 138 million yuan (yoy +35.28%), accounting for 52% of total revenue [3]. - The domestic market shows a strong trend of increasing coverage in high-grade hospitals, with sales revenue in H1 2024 reaching 125 million yuan (yoy +21.98%) [3]. Financial Summary - H1 2024 revenue was 264 million yuan, with a gross margin of 71.73% and a net margin of 47.14% [3]. - The company’s sales expense ratio was 10.58%, management expense ratio was 9.11%, and R&D expense ratio was 9.79% [3]. - The company’s total market capitalization is 4.315 billion yuan, with a circulating market capitalization of 2.168 billion yuan [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's H1 2024 performance exceeded expectations, driven by expansion in domestic and international markets [3] - The company achieved revenue of 264 million yuan (yoy +28.43%) and a net profit of 124 million yuan (yoy +57.93%) in H1 2024 [3] - The company maintains a strong growth outlook with projected net profits of 271 million, 338 million, and 423 million yuan for 2024, 2025, and 2026 respectively [3] Financial Performance - In Q2 2024, the company reported revenue of 152 million yuan (yoy +32.43%) and a net profit of 72 million yuan (yoy +60.78%) [3] - The gross margin for H1 2024 was 71.73% (+2.88pct) and the net margin was 47.14% (+8.81pct) [3] - The company’s sales expense ratio decreased to 10.58% (-0.76pct), while the management expense ratio decreased to 9.11% (-0.51pct) [3] Product Performance - Revenue from GI products was 172 million yuan (yoy +29.19%), ESD/EMR products generated 63 million yuan (yoy +55.78%), and ERCP products contributed 20 million yuan (yoy +14.27%) [3] - The company is actively expanding its market presence, with significant growth in sales of GI and ESD/EMR products in both China and the US [3] Market Expansion - The company’s overseas revenue reached 138 million yuan (yoy +35.28%), accounting for 52% of total revenue, with 14 new overseas customers added in H1 2024 [3] - The domestic market has seen a significant increase in coverage among top-tier hospitals, with 2,300 hospitals served and 44% being top-tier hospitals [3] - Domestic sales revenue was 125 million yuan (yoy +21.98%), with 198 new clinical customers added, including 57 from top-tier hospitals [3] Financial Projections - The company forecasts revenue growth of 25% annually from 2024 to 2026, with projected revenues of 636 million, 795 million, and 994 million yuan for those years respectively [5] - The projected EPS for 2024, 2025, and 2026 is 3.35, 4.18, and 5.23 yuan respectively, with corresponding P/E ratios of 15.9, 12.8, and 10.2 [5]

杭州安杰思医学科技股份有限公司 关于向 2023 年限制性股票激励计划激励对象 授予预留部分限制性股票的公告 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： 证券代码：688581 证券简称：安杰思 公告编号：2024-035 《杭州安杰思医学科技股份有限公司2023年限制性股票激励计划（草案）》 （以下简称"《激励计划（草案）》"或"本激励计划"）规定的限制性股票预 留授予条件已经成就，根据杭州安杰思医学科技股份有限公司（以下简称"本公 司"或"公司"）已获2023年第二次临时股东大会授权，公司于2024年8月7日召 开第二届董事会第十五次会议、第二届监事会第十一次会议，审议通过了《关于 向激励对象授予预留限制性股票的议案》，同意以2024年8月7日为本激励计划的 预留授予日，并以48.96元/股的授予价格向18名符合条件的激励对象预留授予共 计119,000股限制性股票。关于授予价格和授予数量调整的具体内容详见公司同 日在上海证券交易所网站（www.sse.com.cn）披露的《关于调整公司2023年限 ...

杭州安杰思医学科技股份有限公司 关于公司 2024 年度提质增效重回报专项行动方案的半年度评估报告 为贯彻中央经济工作会议、中央金融工作会议精神，践行"以投资者为本" 的上市公司发展理念，推动杭州安杰思医学科技股份有限公司（以下简称"公 司"）持续优化经营、规范治理和积极回报投资者，大力提高公司质量，助力 信心提振、资本市场稳定和经济高质量发展，基于对公司未来发展前景的信心、 对公司价值的认可和切实履行社会责任,公司于 2024 年 4 月 23 日发布了《2024 年度"提质增效重回报"专项行动方案》，通过持续加强自身价值创造能力， 切实履行上市公司的责任和义务，回报投资者信任，维护公司在资本市场形象， 共同促进资本市场平稳健康发展。现将行动方案进展半年度评估情况报告如下： 一、夯实企业内部实力，助力企业优质发展 1、 继续建立丰富的技术储备，夯实公司研发能力 上半年公司研发投入合计 2585.19 万元，占同期营业收入比例为 9.79%，较 去年同期增加 1.03 个百分点。上半年公司各研发项目进展顺利，其中在售品设 计改善项期初 25 项，上半年新增 8 项完结 6 项，在售品设计改善进行中项目 27 ...