报名：首届全球骨科大会 | 参会须知 报名：首届全球心血管大会 | 重磅亮点 合作伙伴征集：2025全球手术机器人大会 2025年4月22日， 惠泰医疗 发布了2024年年报。 # 财务与市场表现 # 关于 惠泰医疗 深圳惠泰医疗器械股份有限公司是一家成立于2002年的高新技术企业，专注于 电生理和介入类医疗器械的研 发、生产和销售。 公司总部位于深圳，经过多年发展，已形成以 冠脉通路和心脏电生理医疗器械 为主导，外 周血管和非血管介入医疗器械为重点的发展方向。其产品涵盖电生理耗材及设备、冠脉通路产品、外周血管介 入产品、非血管介入产品等，并开展OEM业务，承接国内外代加工及定制服务。公司注重研发创新，掌握多 项核心技术和生产工艺，拥有众多国内外医疗器械注册证和认证，产品销往全球多个国家和地区。 24年实现营收 20.66亿 元（+25.2%）；归母净利润 6.73亿 元（+26.1%） ；扣非归母净利润6.43亿元 （+37.3%）。经计算，24年Q4实现营收5.41亿元（+23.9%）；归母净利润1.45亿元（+11.0%）；扣非归 母净利润1.35亿元（+24.69%）。25年Q1公司实现营收5.64亿 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 is in line with expectations, with total revenue of 2.066 billion yuan (+25.18% year-on-year) and net profit attributable to shareholders of 673.15 million yuan (+26.08%) [8] - The company is expected to see significant growth in its electrophysiology products within the year, supported by increased R&D investment [8] - The company has successfully expanded its market presence both domestically and internationally, with a notable increase in hospital coverage for electrophysiology products [8] Financial Summary - Total revenue projections are as follows: 2023A: 1.65 billion yuan, 2024A: 2.066 billion yuan, 2025E: 2.684 billion yuan, 2026E: 3.455 billion yuan, 2027E: 4.474 billion yuan [1] - Net profit attributable to shareholders is projected to grow from 533.92 million yuan in 2023A to 1.607 billion yuan in 2027E, reflecting a compound annual growth rate [1] - The latest diluted EPS is expected to increase from 5.50 yuan in 2023A to 16.56 yuan in 2027E [1] Business Performance - The coronary artery intervention and peripheral intervention businesses showed strong growth in 2024, with revenues of 1.054 billion yuan (+33.30% year-on-year) and 351 million yuan (+37.09% year-on-year), respectively [8] - The company has achieved a gross margin of 73.09% and a net margin of 31.99% in Q1 2025, indicating improved profitability [8] - The company has made significant strides in expanding its international market presence, particularly in high-end markets such as Spain, France, and Germany, with a 45.88% increase in international brand revenue [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 is in line with expectations, with total revenue of 2.066 billion yuan (+25.18% year-on-year) and net profit attributable to shareholders of 673.15 million yuan (+26.08%) [8] - The company is expected to see significant growth in its electrophysiology products within the year, supported by increased R&D investment [8] - The company has successfully expanded its market presence both domestically and internationally, with a notable increase in hospital coverage and product penetration [8] Financial Performance Summary - Total revenue projections for the company are as follows: 1.65 billion yuan in 2023, 2.066 billion yuan in 2024, 2.684 billion yuan in 2025, 3.455 billion yuan in 2026, and 4.474 billion yuan in 2027 [1] - Net profit attributable to shareholders is projected to grow from 533.92 million yuan in 2023 to 1.607 billion yuan in 2027, reflecting a compound annual growth rate [1] - The earnings per share (EPS) is expected to increase from 5.50 yuan in 2023 to 16.56 yuan in 2027 [1] Business Segment Performance - The coronary artery intervention business and peripheral intervention business showed strong growth in 2024, with coronary artery revenue reaching 1.054 billion yuan (+33.30% year-on-year) and electrophysiology revenue at 440 million yuan (+19.73%) [8] - The company has expanded its international market presence, achieving 280 million yuan in overseas revenue (+19.75%) and a 45.88% increase in international brand sales [8] R&D and Product Development - The company has increased its R&D expenditure to 291 million yuan in 2024 (+22.12%), focusing on new product development in electrophysiology and vascular intervention [8] - Several core products have received registration certificates, enhancing the company's product line in electrophysiology and vascular intervention [8] Valuation Metrics - The projected price-to-earnings (P/E) ratios for the company are 82.37 for 2023, 65.33 for 2024, 48.47 for 2025, 36.18 for 2026, and 27.36 for 2027 [1]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Views - The company is expected to achieve a revenue of 2.066 billion yuan in 2024, representing a year-on-year growth of 25.18%, and a net profit of 673 million yuan, up 26.08% year-on-year [4] - The company is positioned as a leading enterprise in the cardiovascular intervention field, benefiting from rapid growth trends in electrophysiology and vascular intervention sectors [10] Revenue and Profitability - The company reported a revenue of 5.64 billion yuan in Q1 2025, reflecting a year-on-year increase of 23.93%, and a net profit of 1.83 billion yuan, up 30.69% year-on-year [4] - The revenue from electrophysiology products is projected to reach 440 million yuan in 2024, with a year-on-year growth of 19.73% [5] - The vascular intervention segment is expected to generate 1.054 billion yuan in revenue in 2024, showing a year-on-year increase of 33.30% [6] Product Development and Market Expansion - The company has made significant advancements in its product lines, with new products in electrophysiology and vascular intervention receiving regulatory approval [9] - The company has expanded its market presence, with over 1,360 hospitals adopting its electrophysiology products, and a notable increase in the number of hospitals using its coronary products [8] - International business has shown strong growth, with a 45.88% increase in revenue from self-branded products, particularly in the Middle East, Africa, and Europe [8] Financial Projections - The company is projected to achieve a net profit of 886 million yuan in 2025 and 1.139 billion yuan in 2026, with a consistent growth trajectory [10] - The gross margin is expected to remain stable, with projections of 72.3% in 2024 and gradually increasing to 73.0% by 2027 [13] Research and Development - The company invested 290 million yuan in R&D in 2024, accounting for 14.06% of its revenue, indicating a strong commitment to innovation [9] - Key products in the coronary product line have successfully obtained registration certificates, enhancing the company's competitive edge in the market [9]

Fundraising Overview - The company raised a total of RMB 1,241,248,200.00 through the issuance of 16.67 million shares at a price of RMB 74.46 per share, with a net amount of RMB 1,150,717,825.25 after deducting expenses [2][3] - As of December 31, 2024, the cumulative usage of the raised funds amounted to RMB 1,055,352,821.42, leaving a balance of RMB 153,789,382.03 [3] Fund Management - The company has established a fundraising management system in compliance with relevant laws and regulations to ensure effective use and management of the raised funds [3] - A tripartite supervision agreement has been signed with the underwriter and the bank holding the funds to clarify responsibilities and obligations [3] Fund Usage - The company has not used idle funds for temporary working capital or made any early investments or replacements in fundraising projects during the reporting period [7][10] - The company approved the use of up to RMB 6 billion of temporarily idle funds for cash management, investing in safe and liquid financial products [7] - As of December 31, 2024, the company achieved a net income of RMB 3,149,200 from cash management of idle funds [9] Project Investment - The company plans to invest RMB 827,451,300 in a regional headquarters project, using RMB 337,320,200 from over-raised funds [11][13] - The company has permanently supplemented working capital with surplus funds from the "Vascular Interventional Medical Device Industrial Upgrade Project," amounting to RMB 14,556,000 [14] Fund Changes and Compliance - The company has not experienced any significant changes in project feasibility or failed to meet planned progress during the reporting period [18] - The company has complied with all disclosure obligations regarding the storage and actual use of raised funds, with no violations reported [22] Auditor's Opinion - The accounting firm, Lixin, has issued a report confirming that the company's fundraising storage and usage comply with regulatory requirements [22][23]

深圳惠泰医疗器械股份有限公司 关于 2025 年度"提质增效重回报"行动方案 为贯彻中央经济工作会议和中央金融工作会议精神，落实以投资者为本的理 念，推动上市公司持续优化经营、规范治理并积极回报投资者，大力提升上市公 司质量，助力市场信心提振、资本市场稳定和经济高质量发展。深圳惠泰医疗器 械股份有限公司（以下简称"公司"）于 2024 年 3 月 25 日发布了《深圳惠泰医 疗器械股份有限公司关于 2024 年度"提质增效重回报"行动方案》，为 2024 年度提质增效重回报行动明确了工作方向。2025 年 4 月 21 日，公司召开第二届 董事会第二十一次会议审议通过了《深圳惠泰医疗器械股份有限公司关于 2025 年度"提质增效重回报"行动方案》，以进一步提升公司经营效率，强化市场竞 争力，保障投资者权益，树立良好的资本市场形象。公司 2024 年度"提质增效 重回报"行动方案执行情况及 2025 年度"提质增效重回报"行动方案主要举措 如下： 一、聚焦经营主业，稳固核心竞争力 公司以"成为守护血管健康的核心力量，用科技和责任感，让更多患者受益" 为使命，在保持并巩固电生理和血管通路产品领域竞争优势的同时，持 ...

中信证券股份有限公司 关于深圳惠泰医疗器械股份有限公司 2024 年度募集资金存放与使用情况的专项核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为深圳惠 泰医疗器械股份有限公司（以下简称"惠泰医疗"或"公司"）首次公开发行股 票并在科创板上市及后续持续督导保荐机构，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》《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》等有关法律法规和规范性文件的要求，就惠泰医疗 2024 年度募集资金 存放与使用情况进行了审慎核查，发表意见如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 根据中国证券监督管理委员会 2020 年 12 月 7 日出具的《关于同意深圳惠泰 医疗器械股份有限公司首次公开发行股票注册的批复》（证监许可[2020]3359 号）， 惠泰医疗向社会公众公开发行人民币普通股（A 股）1,667 万股（每股面值人民 币 1 元），并于 2021 年 1 月 7 日在上海证券交易所科创板上市（以下简称"本次 发行"）。本次发行的 ...

第二章 会议的召集与通知 深圳惠泰医疗器械股份有限公司 董事会议事规则 第一章 总则 第五条 公司副董事长协助董事长工作，董事长不能履行职务或不履行职务 时，由副董事长主持；副董事长不能履行职务或不履行职务时，由 过半数的董事共同推举的一名董事主持。 第六条 代表十分之一以上表决权的股东、三分之一以上董事或者审计委员 会，可以提议召开董事会临时会议。董事长应当自接到提议后十日 内，召集和主持董事会会议。 第七条 董事会召开临时董事会会议的通知方式为：书面通知、传真、电子 邮件送达方式；通知时限为会议召开五日前。 情况紧急，需要尽快召开董事会临时会议的，可以随时通过电话或 者其他口头方式发出会议通知，但召集人应当在会议上作出说明， 并在会议记录中予以载明。经全体董事一致同意，董事会会议的提 前通知期限可以被豁免。 口头会议通知至少应包括上述第（一）、（二）、（三）项内容， 以及情况紧急需要尽快召开董事会临时会议的说明。 第四条 董事会会议分为定期会议和临时会议。 第九条 董事会定期会议的书面会议通知发出后，如果需要变更会议的时间、 地点等事项或者增加、变更、取消会议提案的，应当在原定会议召 开日之前三日发出书面 ...

深圳惠泰医疗器械股份有限公司 2024 年度独立董事述职报告 作为深圳惠泰医疗器械股份有限公司（以下简称"公司"或"本公司"）的 独立董事，2024 年任职期间，本人严格遵守《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》《上市公司独立董事管理办 法》等法律法规及《深圳惠泰医疗器械股份有限公司章程》（以下简称"《公司 章程》"）、《深圳惠泰医疗器械股份有限公司独立董事工作制度》等有关规定 和要求，始终坚持诚信、勤勉、尽职的原则，充分履行独立董事的职责，切实维 护公司和股东的利益，积极推动董事会规范运作和公司治理水平的提升。现将本 人 2024 年度履职的情况报告如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景以及兼职情况 肖岳峰，1963 年 2 月出生，中国国籍，无境外永久居留权，工学学士、法 学学士，于 1989 年取得中华人民共和国律师资格证书，法学教授。曾任桂林电 子工业学院财经与法律系系主任、学院副院长、桂林电子科技大学副校长；2009 年 8 月至 2017 年 1 月任桂林理工大学副校长；2011 年 12 月至 2023 年 3 月任桂 林理工大学教授 ...

深圳惠泰医疗器械股份有限公司 对外投资管理制度 第一章 总则 短期投资主要指公司仅为获取短期投资收益为目的而购入的能随时 变现且预计持有时间不超过一年的投资，包括各种股票、债券、基 金、分红型保险、委托理财及其他资产管理产品； 长期投资主要指投资期限超过一年，不能随时变现或不准备变现的 各种投资，包括股票、债券、股权和其他投资等。包括但不限于下 列情形： 1 第一条 为规范深圳惠泰医疗器械股份有限公司（以下简称"公司"）对外 投资行为，加强对外投资管理，控制对外投资风险，保护投资者合 法权益，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》《上海证券交易所科创板股票上市规则》 等法律、行政法规以及规范性文件和《深圳惠泰医疗器械股份有限 公司章程》（以下简称"《公司章程》"）的有关规定，结合公司 的实际情况，特制定本制度。 第二条 本制度所称的对外投资是指公司为获取未来收益而将一定数量的货 币资金、股权以及经评估后的实物或无形资产或其他法律法规及规 范性文件规定可以用作出资的资产，对外进行各种形式的投资活动， 包括但不限于投资新设全资或控股子公司（以下简称"子公司"）、 向子公 ...