Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock in the near term [12][15]. Core Insights - The company's performance exceeded expectations, with a revenue of 509 million yuan in 2023, representing a year-on-year growth of 37.09%. The net profit attributable to shareholders reached 217 million yuan, up 49.86% [3][15]. - The gross margin significantly improved to 70.87% in 2023, an increase of 2.75 percentage points year-on-year, while the net profit margin rose to 42.70%, up 3.64 percentage points [4][15]. - The company is actively expanding its domestic and international markets, achieving domestic and overseas sales of 261 million yuan and 245 million yuan respectively in 2023, with growth rates of 37.57% and 36.78% [14][15]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 509 million yuan, with a growth rate of 37.1%. The net profit attributable to shareholders was 217 million yuan, reflecting a growth rate of 49.9% [16]. - The company forecasts revenues of 674 million yuan, 887 million yuan, and 1.151 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 279 million yuan, 365 million yuan, and 473 million yuan [15][16]. Market Expansion - The company has successfully expanded its market presence, with over 2,300 hospitals covered domestically and a 44% coverage rate in tertiary hospitals. Internationally, it added 12 new customers in Europe and 10 in North America in 2023 [14][15]. Profitability Metrics - The gross margin for GI and EMR/ESD products reached 74.01% and 66.25% respectively, with both categories showing significant year-on-year improvements [4][15]. - The report indicates that the company’s sales expense ratio was 9.77%, while the management expense ratio was 8.98%, reflecting increased costs associated with market expansion efforts [4][15].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of over 20% relative to the market benchmark index within the next six months [5][9]. Core Insights - The company achieved a revenue of 509 million yuan in 2023, representing a growth of 37% year-on-year, with a net profit of 217 million yuan, up 49.9% [22]. - The first quarter of 2024 showed continued strong growth, with revenue reaching 112 million yuan, a 23.4% increase, and a net profit of 52.78 million yuan, up 54.2% [22]. - The company has successfully automated multiple production processes, leading to an increase in gross margin to 71.8% and net margin to 47.3% in Q1 2024 [7]. - The company is expected to maintain a compound annual growth rate (CAGR) of 28% for net profit from 2024 to 2026, with projected net profits of 269 million, 352 million, and 455 million yuan for the respective years [8][18]. Financial Performance - The company reported a gross margin of 70.9% in 2023, an increase of 2.75 percentage points, and a net margin of 42.7%, up 3.64 percentage points [7]. - Revenue breakdown by product shows GI category revenue at 336 million yuan (+34%), EMR/ESD category at 105 million yuan (+51.4%), and ERCP category at 37.9 million yuan (+29.2%) [12]. - The company’s total assets are projected to grow from 2.33 billion yuan in 2023 to 4.37 billion yuan in 2024, with a significant increase in cash and cash equivalents [23]. Valuation - The target price for the company's stock is set at 125.50 yuan, based on a 27 times price-to-earnings (P/E) ratio for 2024 [8][19]. - The company’s earnings per share (EPS) is projected to increase from 3.75 yuan in 2023 to 4.65 yuan in 2024, and further to 6.08 yuan in 2025 [21].

业绩简评 市价 (人民币): 70.36元 1,000 800 600 400 200 投请参阅最后一页特别声明 公司点评 公司点评 证券研究报告 2024年4月22日,公司发布 2023年年度报告和 2024年一季度报 告。2023年公司实现收入 5.09 亿元,同比+37%;归母净利润 2.17 亿元，同比+50%;实现扣非归母净利润 2.12 亿元,同比+48%; 2024Q1 公司实现收入 1. 12 亿元，同比+23%；归母净利润 5278 万 元，同比+54%；实现扣非归母净利润 4827 万元，同比+41%。 经营分析 核心业务全年高速增长,国内外销售同步拓展。2023年分产品收 医药组 1.《安杰思公司点评：全年业绩预告发布，国内外产品覆 盖快速提升》，2024.1.15 2.《安杰思公司点评：三季度国内销售增长亮眼，净利率 持续提升》，2023.10.20 3.《安杰思公司点评：上半年业绩快速增长，发布股票激 励计划》，2023.8.16 1 2024年04月22日 入结构来看,公司 GI 类(止血+活检)实现收入 3.36 亿元,同比 +34%;EMR/ESD 类实现收入 1.05 亿元, ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expected stock performance that will outperform the market by 10% to 20% within the next six months [5][24][28]. Core Viewpoints - The company has demonstrated rapid growth in operating performance, with a 37.09% year-on-year increase in revenue for 2023, reaching 509 million yuan, and a 49.86% increase in net profit, totaling 217 million yuan [8][9]. - The company continues to expand its domestic and international market presence, achieving significant revenue growth in both sectors, with domestic revenue reaching 261 million yuan and overseas revenue at 245 million yuan in 2023 [9][10]. - The company is focused on product innovation and R&D, with a 31.13% increase in R&D investment in 2023, amounting to 41.25 million yuan, and a further 64.47% increase in Q1 2024 [12][22]. - The company has established a strong product portfolio in the digestive consumables sector, with a stable product structure and significant growth in various product categories [22][24]. Financial Summary - The company reported a gross margin of 70.87% in 2023, with a further increase to 71.78% in Q1 2024, indicating strong profitability [22]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 4.61 yuan, 5.92 yuan, and 7.72 yuan respectively, reflecting a positive growth outlook [10][24]. - The company's total assets are projected to grow from 2.33 billion yuan in 2023 to 3.43 billion yuan by 2026, demonstrating robust asset growth [14].

目 录 | 一、审计报告……………………………………………………… 第 | 1—6 | | 页 | | --- | --- | --- | --- | | 二、财务报表……………………………………………………… 第 7—14 | | | 页 | | （一）合并资产负债表…………………………………………… 第 | | 7 | 页 | | （二）母公司资产负债表………………………………………… 第 | | 8 | 页 | | （三）合并利润表………………………………………………… 第 | | 9 | 页 | | （四）母公司利润表………………………………………………第 | | 10 | 页 | | （五）合并现金流量表……………………………………………第 | | 11 | 页 | | （六）母公司现金流量表…………………………………………第 | | 12 | 页 | | （七）合并所有者权益变动表……………………………………第 | | 13 | 页 | | （八）母公司所有者权益变动表…………………………………第 | | 14 | 页 | | 三、财务报表附注……………………………………………… 第 15—82 ...

杭州安杰思医学科技股份有限公司 2023 年度董事会审计委员会履职情况报告 杭州安杰思医学科技股份有限公司(以下简称"公司")董事会审计委员会 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准则》、 《上海证券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律 监管指引第1 号 -- 规范运作》等法律法规、规范性文件以及《杭州安杰思医学 科技股份有限公司章程》(以下简称"《公司章程》")《杭州安杰思医学科技股份 有限公司董事会审计委员会工作细则》(以下简称"《审计委员会工作细则》")的 有关规定,充分发挥监督审查作用,恪尽职守、尽职尽责地履行了审计委员会的 相关职责,现将 2023年度董事会审计委员会履职情况报告如下: 一、审计委员会的基本情况 公司于 2022年 6月9日,召开第二届第一次董事会,审议通过《关于选举 公司董事会各专门委员会成员的议案》,选举产生了公司第二届董事会专门委员 会成员。公司第二届董事会审计委员会由独立董事吴建海先生、夏立安先生和非 独立董事盛跃渊先生组成。审计委员会各成员均具有能够胜任审计委员会工作职 责的专业知识和管理经验,其中主任委员(召集人)由具 ...

关于2023年度利润分配预案的公告 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： 每股分配比例：每 10 股派发现金红利 14.5 元（含税），且每 10 股派送 红股 4 股（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本（扣减回购专用证 券账户的股份）为基数，具体日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本（扣减回购专用证券账户的股 份）发生变动的，拟维持分配（送股）总额不变，相应调整分配（送股）比例， 并将另行公告具体调整情况。 一、利润分配预案内容 经天健会计师事务所（特殊普通合伙）审计，截至 2023 年 12 月 31 日， 归属于上市公司股东的净利润为人民币 217,238,584.26 元，母公司可供分配利润 412,335,342.45 元。经董事会决议，公司 2023 年度拟以实施权益分派股权登记 日登记的总股本（扣减回购专用证券账户的股份）为基数分配利润。具体方案如 下： 公司拟以实施 2023 年度权益分派股权登记日的总股本（扣减回购专用证 ...

重要内容提示： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2023 年年度股东大会 证券代码：688581 证券简称：安杰思 公告编号：2024-014 杭州安杰思医学科技股份有限公司 关于召开 2023 年年度股东大会的通知 本公司董事会及全体董事保证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。 召开日期时间：2024 年 5 月 14 日 14 点 00 分 召开地点：杭州市临平区康信路 597 号 6 幢二楼综合大会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 5 月 14 日 至 2024 年 5 月 14 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2024年5月14日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 ...

根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求》和《上海证券交易所科创板上市公司自律监管指引 第 1 号——规范运作》《上海证券交易所科创板股票上市规则》等有关规定，杭 州安杰思医学科技股份有限公司（以下简称"公司""安杰思"或"本公司"） 编制了《2023 年年度募集资金存放与使用情况的专项报告》。具体如下： 一、募集资金基本情况 证券代码：688581 证券简称：安杰思 公告编号：2024-017 杭州安杰思医学科技股份有限公司 2023 年度募集资金存放与实际使用情况的专项报告 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。 （一）实际募集资金金额和资金到账时间 根据中国证券监督管理委员会《关于同意杭州安杰思医学科技股份有限公司 首次公开发行股票注册的批复》（证监许可〔2023〕481号），同意公司首次公 开发行股票的注册申请。并经上海证券交易所同意，公司首次向社会公开发行人 民币普通股（A股）股票1,447.00万股，本次发行价格为每股人民币125.80元， 募集资 ...

Financial Performance - The company's operating revenue for 2023 reached ¥508.75 million, representing a year-on-year increase of 37.09% compared to ¥371.11 million in 2022[22]. - The net profit attributable to shareholders for 2023 was ¥217.24 million, a 49.86% increase from ¥144.96 million in the previous year[22]. - The net profit after deducting non-recurring gains and losses was ¥212.02 million, reflecting a 48.35% growth compared to ¥142.92 million in 2022[22]. - The company's operating cash flow increased by 41.61% year-on-year, reaching ¥221,447,224.50, driven by rapid revenue growth and increased cash receipts from sales[24]. - Basic earnings per share rose by 25.46% to ¥4.1904, while diluted earnings per share increased by 25.41% to ¥4.1887, reflecting the overall growth in net profit[25]. - The company's revenue grew by 37.09% year-on-year, driven by strong market expansion in China and the United States, with rapid sales growth in GI, ERCP, and ESD/EMR product categories[25]. - The company achieved operating revenue of CNY 508.75 million, a year-on-year increase of 37.09%[103]. - Net profit attributable to shareholders reached CNY 217.24 million, up 49.86% compared to the previous year[103]. Dividend and Share Distribution - The company plans to distribute a cash dividend of 14.5 RMB per 10 shares and issue 4 bonus shares per 10 shares, with a total cash dividend amounting to approximately 83.33 million RMB, representing 38.36% of the net profit attributable to shareholders[5]. - The total share capital after the distribution will increase to approximately 80.86 million shares[5]. - The annual profit distribution plan has been approved by the board and will be submitted for shareholder approval[6]. - The total number of shares after the proposed stock distribution will increase to 80,858,800 shares[188]. Research and Development - The company invested a total of 41.25 million yuan in R&D, accounting for 8.11% of the operating revenue, and completed 25 design improvements and 15 new product developments during the reporting period[39]. - The total R&D investment for the year reached ¥41,251,410.55, an increase of 31.13% compared to the previous year[78]. - The company has applied for 12 patents related to fiber imaging technology, which aims to achieve large-area high-definition imaging and early diagnosis of lesions[81]. - The company has made significant progress in developing a robotic assistant for flexible endoscopy, with 4 patents applied and the prototype testing completed[81]. - The company has authorized 38 patents and has 45 patents pending, with significant advancements in GI products, including FDA and CE certifications for various devices[82]. Market Expansion and Sales - Domestic sales revenue reached 261.47 million yuan, a year-on-year increase of 37.57%, while overseas sales revenue was 244.63 million yuan, up 36.78%[38]. - The company plans to continue expanding its global market presence, particularly in high-growth regions, to sustain revenue growth[26]. - The international marketing department added 35 new overseas customers, with a 35% increase in the number of new clients[43]. - The company maintained a strong market presence, with a 62.55% share of revenue from distribution sales, reflecting a year-on-year increase of CNY 9.64 million[109]. Governance and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm[5]. - The company has confirmed that all board members attended the board meeting[4]. - The company has implemented a stock incentive plan to enhance employee motivation and align it with operational goals[46]. - The company adhered to information disclosure regulations, providing timely and accurate updates on its operational status and significant events[154]. - The company held 8 board meetings during the year, with 4 conducted in person and 4 via a combination of in-person and communication methods[176]. Operational Risks and Mitigation - The company has detailed various operational risks and corresponding mitigation measures in the report[4]. - The report includes a forward-looking statement risk declaration, indicating that future plans do not constitute a commitment to investors[8]. - The company faces potential product quality risks that could harm its competitive edge and brand reputation, with strict adherence to quality systems to mitigate these risks[92]. - International trade tensions and exchange rate fluctuations, particularly with the Euro and USD, could adversely affect the company's export business and financial performance[93]. Employee and Talent Development - The total number of employees in the parent company and major subsidiaries is 592, with 312 in production, 55 in sales, 106 in technology, 12 in finance, and 107 in administration[185]. - The company emphasizes talent development and aims to attract external technical talent while enhancing the skills of existing employees through professional training[145]. - The number of R&D personnel increased from 95 to 105, with total R&D compensation rising from ¥18,575,783.53 to ¥24,938,511.47, reflecting a focus on innovation[85]. Product Development and Innovation - The company is actively involved in the development of minimally invasive diagnostic and therapeutic technologies, including endoscopic systems and robotic-assisted surgery[16]. - The company launched innovative products, including a new hemostatic clip and a coating guide wire, aimed at reducing clinical costs and improving procedural success rates[41]. - The company is focusing on enhancing its product capabilities and specifications to provide comprehensive diagnostic solutions for early cancer treatment[81]. Financial Management - The company reported a significant increase in financial expenses, with a rise of 105.43% due to increased interest income[121]. - Cash and cash equivalents reached CNY 1,954,739,150.26, accounting for 83.86% of total assets, with a 45.10% increase compared to the previous period[122]. - The company’s financing activities generated a net cash flow of CNY 1.60 billion, primarily from the proceeds of its initial public offering[104]. Strategic Initiatives - The company is exploring potential mergers and acquisitions to bolster its competitive position in the industry[162]. - The company plans to enhance its digital marketing efforts, allocating 25% more budget towards online advertising campaigns[162]. - The company aims to improve operational efficiency by 10% through strategic initiatives in the next fiscal year[162].