Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company's revenue for the first three quarters of 2024 reached 1.525 billion yuan, representing a year-on-year increase of 25.63%, while the net profit attributable to the parent company was 528 million yuan, up 30.97% year-on-year, aligning with expectations [2] - In Q3 alone, the company generated revenue of 524 million yuan (+23.05% year-on-year), with a net profit of 186 million yuan (+27.24% year-on-year) [2] - The company has demonstrated effective cost control, with Q3 gross margin and net margin improving year-on-year [3] - The company is expected to benefit from the approval of key electrophysiology products and increased market share through collective procurement [3] - The earnings forecast for 2024-2026 is maintained at 725 million, 997 million, and 1.339 billion yuan respectively, with corresponding P/E ratios of 52, 38, and 28 times [3] Financial Performance Summary - Total revenue for 2022 was 1.216 billion yuan, increasing to 1.650 billion yuan in 2023, and projected to reach 2.221 billion yuan in 2024, reflecting a growth rate of 34.58% [1][10] - Net profit attributable to the parent company was 358.02 million yuan in 2022, expected to grow to 725.22 million yuan in 2024, with a year-on-year growth rate of 35.83% [1][10] - The latest diluted EPS is projected to be 7.45 yuan per share in 2024, with a P/E ratio of 51.83 based on the current price [1][10]

证券代码：688617 证券简称：惠泰医疗 公告编号：2024-049 深圳惠泰医疗器械股份有限公司 关于公司 2021 年限制性股票激励计划首次授予及预留 部分授予 A 类限制性股票第一个归属期、B 类限制性股 票第二个归属期第二次归属结果暨股份上市的公告 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： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 65,049 股。 本次股票上市流通总数为 65,049 股。 本次股票上市流通日期为 2024 年 11 月 1 日。 （七）2022 年 4 月 12 日，公司召开第一届董事会第十七次会议与第一届监事 会第十五次会议，审议通过了《关于调整 2021 年限制性股票激励计划首次授予价 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责 任公司上海分公司有关业务规则的规定，深圳惠泰医疗器械股份有限公司（以下 简称"公司"）近日收到中国证券登记结算有限责任公司上海分公司出具的《证 券变更登记证明》，公司已完成 2021 年限制性股 ...

证券时报e公司讯，10月24日，由惠泰医疗全资子公司上海宏桐实业有限公司自主研发的HIERS 多道生 理记录仪（国械注准20243072121）获得国家药品监督管理局（NMPA）批准上市。 HIERS是一款集成多道电生理记录仪、刺激仪为一体，同时具备血氧饱和度、有创血压及无创血压测量 功能的高度集成化产品，可用于电生理射频消融术、起搏器植入术、冠脉介入，结构性心脏病等多种介 入手术的诊断及生理体征监测。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Views - The company is a leading player in the cardiovascular intervention field, demonstrating significant product advantages and rapid growth. It has established a strong market presence in cardiac electrophysiology and vascular intervention devices, with a notable increase in surgical volumes and product safety and efficacy recognized in the market [6][8]. Summary by Sections Company Overview - The company, established in 2002, focuses on the research, production, and sales of cardiac electrophysiology and interventional medical devices. It has achieved significant milestones, including being the first domestic manufacturer to obtain market access for electrophysiology electrode catheters and radiofrequency ablation catheters [13][14]. Financial Performance - The company has shown robust revenue growth, with projected revenues of CNY 1.65 billion in 2023, increasing to CNY 3.61 billion by 2026. The net profit is expected to grow from CNY 534 million in 2023 to CNY 1.24 billion in 2026, reflecting a strong compound annual growth rate [4][6][23]. Product Development - The company has a comprehensive product lineup, including electrophysiology, coronary access, and peripheral intervention devices. It has obtained numerous medical device registrations and certifications, positioning itself competitively against foreign products [19][20]. Market Demand - The domestic market for cardiac electrophysiology is rapidly developing, with a significant unmet demand for treatment of tachyarrhythmias. The company is well-positioned to capture market share due to its first-mover advantage and ongoing product development [27][29]. Competitive Landscape - The company has established itself as a leading domestic manufacturer in the electrophysiology sector, with a market share that continues to grow. The competitive landscape shows a low domestic replacement rate, indicating substantial growth potential [7][20]. Strategic Initiatives - The acquisition by Mindray in 2024 is expected to enhance the company's competitive edge through improved resource integration and product performance [13][14]. The company is also focusing on expanding its product offerings in peripheral intervention and non-vascular intervention areas [8][18].

深圳惠泰医疗器械股份有限公司 2024 年第三季度报告 证券代码：688617 证券简称：惠泰医疗 深圳惠泰医疗器械股份有限公司 2024 年第三季度报告 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。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | --- | |--------------------|-------------------------------------------|----------|---------------------------------------|---------------------------- ...

公司董事会对褚晓佳女士在公司持续督导期间所做出的贡献表示衷心感谢！ 特此公告。 深圳惠泰医疗器械股份有限公司董事会 2024 年 10 月 10 日 附件：赵岩先生简历 赵岩，保荐代表人，现任中信证券投资银行管理委员会医疗健康行业组高级 副总裁。赵岩先生 2015 年开始从事投资银行业务，曾负责或参与了惠泰医疗、 金迪克、思睦瑞科、中和药业等 IPO 项目；利亚德再融资、三诺生物可转债、 益丰药房可转债、银星能源再融资等再融资类项目。 证券代码：688617 证券简称：惠泰医疗 公告编号：2024-047 深圳惠泰医疗器械股份有限公司 关于变更持续督导保荐代表人的公告 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。 深圳惠泰医疗器械股份有限公司（以下简称"公司"）于近日收到公司保荐 机构中信证券股份有限公司（以下简称"中信证券"）出具的《关于更换保荐代 表人的函》。 由于公司原保荐代表人褚晓佳女士已离职，中信证券现委派保荐代表人赵岩 先生（简历见附件）接替褚晓佳女士工作，继续履行持续督导职责。本次保荐代 表人变更后，公司首 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1] Core Views - The company is a leading domestic player in electrophysiology and vascular intervention, with a diversified product portfolio and strong channel expansion [1] - The acquisition by Mindray Medical is expected to enhance the company's R&D and global sales capabilities [1] - The electrophysiology market is highly promising, with significant potential for domestic substitution [1] - The company's vascular intervention platform is steadily improving, with rapid growth in peripheral and non-vascular intervention segments [1] Financial Performance - Revenue is projected to grow from RMB 2,083 million in 2024 to RMB 3,578 million in 2026, with a CAGR of 26.2%, 30.9%, and 31.2% respectively [1] - Net profit attributable to shareholders is expected to increase from RMB 707 million in 2024 to RMB 1,276 million in 2026, with a CAGR of 32.4%, 35.1%, and 33.7% respectively [1] - EPS is forecasted to rise from RMB 7.26 in 2024 to RMB 13.11 in 2026 [1] Electrophysiology Business - The company's electrophysiology business revenue grew from RMB 97 million in 2017 to RMB 368 million in 2023, with a CAGR of 24.86% [1] - The company completed approximately 7,500 3D electrophysiology surgeries in H1 2024, a year-on-year increase of over 100% [1] - The domestic electrophysiology market is expected to grow from RMB 6.58 billion in 2021 to RMB 15.73 billion in 2025, with a CAGR of 24.34% [1] Vascular Intervention Business - The company's vascular intervention business revenue surged from RMB 10 million in 2017 to RMB 791 million in 2023, with a CAGR of 105.77% [1] - The company's vascular intervention products are now used in nearly 4,000 hospitals, with peripheral product adoption increasing by over 30% and coronary product adoption by nearly 20% in H1 2024 [1] - The domestic PCI device market is projected to grow from USD 1.27 billion in 2021 to USD 3.75 billion in 2030, with a CAGR of 12.78% [1] Peripheral and Non-Vascular Intervention - The company's peripheral intervention business has grown rapidly since its launch in 2019, with a CAGR of 67.05% from 2019 to 2023 [1] - The domestic peripheral intervention market is expected to grow from RMB 3.5 billion in 2015 to RMB 18.6 billion in 2023, with a CAGR of 23.22% [1] - The company is actively developing non-vascular intervention products, aiming to create new growth drivers [1] R&D and Innovation - The company's R&D expenses increased from RMB 50 million in 2017 to RMB 238 million in 2023, with a CAGR of 29.70% [1] - The company has 479 R&D personnel, accounting for 19.78% of total employees, and has obtained 91 domestic medical device registration certificates [1] - Several key R&D projects, including pulse ablation products and high-density catheters, are in the registration review stage [1] Market and Industry Trends - The electrophysiology market is dominated by foreign players, with Johnson & Johnson, Abbott, and Medtronic holding 86.9% of the market share in 2020 [1] - The domestic electrophysiology market is expected to benefit from centralized procurement policies, accelerating the substitution of domestic products [1] - The company's products are competitive with imported brands in terms of performance, and the company is well-positioned to capitalize on the growing market [1]

2024 年 09 月 19 日，深圳惠泰医疗器械股份有限公司（以下简称"公司"） 全资子公司湖南埃普特医疗器械有限公司获得一项医疗器械注册证，具体情况如 下： 证券代码：688617 证券简称： 惠泰医疗 公告编号：2024-046 深圳惠泰医疗器械股份有限公司 关于自愿披露取得医疗器械注册证的公告 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。 上述医疗器械注册证的取得，有利于丰富公司的产品种类，扩充公司在外周 领域产品布局，不断满足多元化的临床需求，进一步增强公司的核心竞争能力。 三、风险提示 一、产品基本信息 | 产品名称 | 栓塞弹簧圈 | | --- | --- | | 注册分类 | 第三类无源医疗器械 | | 注册证编号 | 国械注准 20243131782 | | 预期用途 | 该产品用于外周动脉瘤、动静脉畸形和动静脉瘘的栓塞。 | 二、对公司的影响 上述产品后续需取得医疗器械生产许可证之后方可上市销售，实际销售情况 取决于未来市场的推广效果，公司目前尚无法预测上述产品对公司未来营业收入 的影响，敬请广大投 ...

% 1 个月 3 个月 12 个月 相对收益 -2.7 15.5 44.1 绝对收益 -7.9 5.1 28.7 注：相对收益与沪深 300 相比 证券研究报告 2024 年 09 月 13 日 湘财证券研究所 公司研究 惠泰医疗（688617.SH）首次覆盖 电生理业务高速增长，海内外业绩持续向好 核心要点： 公司评级：增持（首次覆盖） 近十二个月公司表现 -20% 0% 20% 40% 60% 惠泰医疗 沪深300 分析师：聂孟依 证书编号：S0500524040001 Tel：(8621) 50299667 Email：nmy06967@xcsc.com 地址：上海市浦东新区银城路 88 号 中国人寿金融中心 10 楼 ❑ 2024 年 H1 业绩稳健增长 2024 年上半年，公司实现营业收入 10.01 亿元，较上年同期增长 27.03%； 实现归属于上市公司股东的净利润 3.43 亿元，较上年同期增长 33.09%；归 属于上市公司股东的扣除非经常性损益的净利润 3.28 亿元，较上年同期增 长 35.20%。2024H1 销售毛利率约 72.75%，销售净利率约 33.77%。公司业 绩稳健，连续 ...

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 年半年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）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"或"上市公司"） 首次公开发行股票并在科创板上市的保荐人。根据《证券发行上市保荐业务管理 办法》、《上海证券交易所科创板股票上市规则》等相关规定，中信证券履行持 续督导职责，并出具本持续督导半年度跟踪报告。 （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； （2）查阅公司财务管理、会计核算和内部审计等内部控制制度； （3）核查公司与控股股东、实际控制人及其关联方之间是否存在资金往来 明细及相关内部审议文件、信息披露文件； （4）查阅公司募集资金管理相关制度、募集资金使用信息披露文件和决策 程序文件、募集资金专户银行对账单、募集资金使用明细账； 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公 ...