Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company achieved a revenue growth of 35.71% in 2023, reaching 1.65 billion yuan, with a net profit growth of 49.13%, amounting to 534 million yuan [4] - The three-dimensional electrophysiology surgeries increased by over 200% year-on-year, indicating a rapid upgrade from traditional two-dimensional surgeries [4] - The company’s international revenue grew by 72.62%, driven by its own brand products, with international business accounting for 14.26% of total revenue [4] Financial Performance Summary - In Q4 2023, the company reported a revenue of 437 million yuan, a year-on-year increase of 32.80%, and a net profit of 131 million yuan, up 34.11% [4] - The company’s coronary access product revenue reached 791 million yuan, growing by 38.98%, while peripheral intervention products generated 256 million yuan, up 40.36% [4] - The company’s gross profit margin for 2023 was 71.3%, with a net asset return rate of 28.0% [6][9] Earnings Forecast and Investment Recommendations - The forecasted net profits for 2024, 2025, and 2026 are 697 million yuan, 910 million yuan, and 1.199 billion yuan respectively, with corresponding EPS of 10.43, 13.61, and 17.93 yuan per share [5][9] - The company is classified as a typical innovative R&D platform, with a projected PE ratio of 45-50 for 2024, leading to a reasonable value range of 469.40 to 521.56 yuan per share [5] Market Comparison - The company’s stock price as of April 3 was 432.02 yuan, with a 52-week price fluctuation between 293.60 and 479.96 yuan [1] - The company’s performance relative to the CSI 300 index showed an absolute increase of 13.0% over three months [2]

公 司 研 证券研究报告 究 ＃industryId＃ 医药生物 ＃investSuggestion＃ ＃ ＃d惠yCo泰mpa医ny＃疗 （688617.SH ） investSug 增持 ( 维ges持tionC）h 000009 ＃title＃ 各板块齐头并进，海外收入表现亮眼 ange＃ ＃createTime1＃ 2024年4 月 3日 投资要点 公 ＃市场ma数rk据etData＃ ＃summary＃  近日，惠泰医疗发布了2023年年报。2023年，公司实现营业收入16.5 司 日期 2024-04-02 亿元(yoy+35.71%)；实现归母净利润5.34亿元(yoy+49.13%)；实现扣非归 点 收盘价（元） 432.54 母净利润 4.68 亿元(yoy+45.54%)；实现经营现金流净额 6.89 亿元 评 总股本（百万股） 66.86 (yoy+87.52%)。2023年Q4单季度实现营业收入4.37亿元(yoy+32.80%)； 报 流通股本（百万股） 66.86 实现归母净利润1.31亿元(yoy+34.11%)；实现扣非归母净利润1.08亿元 净资产（百万元） 告 1907. ...

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 投资者关系活动记录表 （2024年3月） □特定对象调研 □分析师会议 □媒体采访 R业绩说明会 投资者关系活 □新闻发布会 □路演活动 动类别 □现场参观 □一对一沟通 R其他（电话会议） 参与单位 详见附件清单 及人员 时间、地点 2024年3月27日 电话会议 接待人员 董事、副总经理、财务负责人兼董事会秘书：戴振华先生 ...

[Table_StockInfo] 持有 2024年 03月 29日 （维持） 证券研究报告•2023年年报点评 当前价： 428.09元 惠泰医疗（688617） 医药生物 目标价： ——元（6个月） 23 年业绩符合预期，净利率提升明显 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a发ry布] 2023年年报，23年实现营收16.5亿元（+35.7%），实现归母 [分Ta析bl师e_：Au杜th向or阳] 净利润5.3亿元（+49.1%），实现扣非归母4.7亿元（+45.5%）。其中23Q4实 执业证号：S1250520030002 现营业收入 4.4亿元（+32.8%）、归母净利润 1.3亿元（+34.1%）。23年公司 电话：021-68416017 积极拓展国内外市场，产品覆盖率进一步提升。 邮箱：duxy@swsc.com.cn  23 年业绩符合预期，净利率提升明显。分季度看，2023Q1/Q2/Q3/Q4 单季度 联系人：陈辰 收入分别为3.5/4.4/4.3/4.4亿元（+31.7%/+51.1%/+28.4%/+32.8%），单季度归 电话：021-6841601 ...

2024年03月25日 公 司点评 公 买入 / 维持 司 惠泰医疗(688617) 研 究 目标价:567.83 昨收盘:432.37 各业务高速增长，海外增长趋势良好 事件：3月 24 日，公司发布 2023 年年度报告：全年实现营业收 ◼ 走势比较 入 16.50 亿元，同比增长 35.71%；归母净利润 5.34 亿元，同比增长 49.13%，扣非净利润 4.68 亿元，同比增长 45.54%，主要系公司销售 60% 太 42% 规模增长、降本控费带来的利润增长；经营活动产生的现金流量净额 平 6.89亿元，同比增长87.52%，主要系公司销售规模增长，经营利润增 24% 洋 长。 6% 证 (12%)72/3/32 7/6/32 81/8/32 92/01/32 9/1/42 12/3/42 母净其 利中 润， 1.第 31四 亿季 元度 ，实 同现 比营 增业 长收 3入 4.14 1. %3 ；7 扣亿 非元 净， 利同 润比增 1.长 083 亿2. 元80 ，% 同； 比归 券 (30%) 增长 21.78%；经营活动产生的现金流量净额 2.04 亿元，同比增长 股 惠泰医疗 沪深300 1 ...

证券研究报告 公 2024年03月25日 司 报 告 惠泰医疗(688617) 行 业： 医药生物/医疗器械 │ 公 投资评级： 司 当前价格： 425.38元 业绩符合预期，核心业务增长强劲 年 目标价格： 报 点 事件： 评 基本数据 公司发布2023年年报。2023年公司实现营业收入16.50亿元，同比增长 总股本/流通股本(百万股) 66.86/66.86 35.71%；归母净利润5.34亿元，同比增长49.13%；扣非归母净利润4.68 流通A股市值(百万元) 28,441.48 亿元，同比增长45.54%。其中Q4实现营收4.37亿元，同比增长32.80%； 每股净资产(元) 28.52 归母净利润1.31亿元，同比增长34.11%；扣非归母净利润1.08亿元，同 资产负债率(%) 23.75 比增长21.78%。业绩符合市场预期。 一年内最高/最低(元) 479.96/293.60  核心产品实现国内国外快速增长 分产品线看，2023年电生理产品收入3.68亿元，同比增长25.51%；冠脉 股价相对走势 通路类产品收入7.91亿元，同比增长38.98%；外周介入类产品收入2.56 惠泰医疗 沪 ...

Financial Performance - The company's operating revenue for 2023 was approximately CNY 1.65 billion, representing a year-on-year increase of 35.71%[19]. - Net profit attributable to shareholders of the listed company reached approximately CNY 533.92 million, up 49.13% compared to the previous year[19]. - The net cash flow from operating activities increased by 87.52% year-on-year, amounting to approximately CNY 689.06 million[19]. - Basic earnings per share rose to CNY 8.04, reflecting a growth of 49.44% from the previous year[20]. - The weighted average return on net assets increased to 30.19%, up 10.13 percentage points from the previous year[20]. - The net profit after deducting non-recurring gains and losses increased by 45.54% year-on-year, indicating effective cost control measures[19]. - Total assets at the end of 2023 were approximately CNY 2.57 billion, a 15.59% increase from the previous year[19]. - The company's net assets attributable to shareholders reached approximately CNY 1.91 billion, reflecting an 8.16% increase year-on-year[19]. Dividend and Capital Structure - The company plans to distribute a cash dividend of RMB 20.00 per 10 shares, totaling approximately RMB 133,099,098.00, which represents 24.93% of the net profit attributable to shareholders for 2023[5]. - The company intends to increase its total share capital by 29,947,297 shares through a capital reserve conversion, resulting in a new total of 96,808,654 shares[5]. - The company has a total share capital of 66,861,357 shares as of March 22, 2024, after accounting for share buybacks[5]. Governance and Compliance - The company has received a standard unqualified audit report from its accounting firm, indicating the financial statements' accuracy and completeness[4]. - The company has confirmed that all board members attended the board meeting, ensuring governance compliance[4]. - The company has not violated any decision-making procedures regarding external guarantees[7]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[7]. - The company has no dissenting opinions from the supervisory board regarding risk supervision during the reporting period[172]. - The company has established a remuneration and assessment committee to review the remuneration matters of directors and senior management[157]. Research and Development - Research and development expenses accounted for 14.42% of operating revenue, a slight increase of 0.04 percentage points compared to the previous year[20]. - The company is focusing on expanding its market presence in the electrophysiology and vascular intervention sectors, driven by increasing healthcare spending and aging population trends[27]. - The company plans to enhance its R&D efforts for new products and technologies to strengthen its competitive position in the market[27]. - The company is committed to increasing R&D investment to accelerate technological innovation and new product development[30]. - The company reported a total R&D investment of approximately ¥237.92 million, representing a 36.05% increase compared to the previous year, with R&D expenses accounting for 14.42% of total revenue[65]. - The company applied for 19 new invention patents and 21 new utility model patents during the reporting period, with a total of 370 patents filed and 200 granted to date[64]. Market Expansion and Product Development - The company achieved growth across all product lines, driven by market expansion and technological innovation[21]. - The international business grew by 72.62% year-on-year, with the Middle East and Africa, as well as the CIS region, experiencing over 100% growth[29]. - The company is positioned to benefit from the ongoing trend of domestic innovation and replacement in the medical device industry, supported by government policies[47]. - The company aims to deepen market penetration, particularly in the domestic electrophysiology product market, to further increase its market coverage[27]. - The company has established a comprehensive coronary access product line to meet clinical needs for PCI procedures[35]. - The company has launched a pre-shaped guidewire, the first of its kind in China, which reduces clinical operation time and enhances surgical convenience[36]. Operational Risks and Challenges - The company has outlined various operational risks and corresponding mitigation strategies in the report[3]. - The company faces significant competition from foreign brands such as Johnson & Johnson and Abbott, which dominate the domestic market due to their established product systems and channel advantages[82]. - The company is at risk of product price declines due to national policies promoting centralized procurement of high-value medical consumables, which could impact profitability[83]. - The company must continuously innovate and develop new products to maintain its competitive edge in the interventional medical device market, which has high R&D challenges[81]. - The company is exposed to risks related to the loss of high-quality research and management talent, which is critical for its long-term development[81]. Employee and Management - The total number of employees at the parent company and major subsidiaries is 2,155, with 1,066 in production, 473 in sales, and 446 in technical roles[173]. - The company has implemented a competitive salary system and provides various employee benefits, including commercial insurance and performance-based incentives[175]. - The company has established a comprehensive training program for employees, focusing on various levels of management and skill enhancement[176]. - The company’s total remuneration for all directors, supervisors, and senior management personnel at the end of the reporting period amounted to CNY 16.84 million[157]. - The company has implemented a strategy for equity incentives to retain key personnel and enhance performance[147]. Social Responsibility and Environmental Initiatives - The company actively engages in social responsibility initiatives and maintains good investor relations[189]. - The company invested 252,900 yuan in environmental protection measures during the reporting period[190]. - The company has implemented measures to manage waste and pollution, including the collection and treatment of industrial waste gases and wastewater, ensuring compliance with environmental standards[194]. - The company has not taken any carbon reduction measures during the reporting period, resulting in zero reduction in carbon dioxide equivalent emissions[196][197]. - The company donated 2.454212 million RMB to various foundations and industry summits, contributing to social responsibility efforts[200].

证券研究报告·公司点评报告·医疗器械 惠泰医疗（688617） 2023年年报点评：业绩超我们预期，经营持 2024年 03月 24日 续向好 证券分析师 朱国广 买入（维持） 执业证书：S0600520070004 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E zhugg@dwzq.com.cn 营业总收入（百万元） 1,216 1,650 2,176 2,962 3,873 股价走势 同比 46.74% 35.71% 31.88% 36.09% 30.75% 归母净利润（百万元） 358.02 533.92 704.14 909.59 1,162.70 惠泰医疗 沪深300 同比 72.19% 49.13% 31.88% 29.18% 27.83% 49% EPS-最 新 摊 薄 （ 元/ 42% 5.35 7.99 10.53 13.60 17.39 35% 股） 28% 21% P/E（ 现 价&最 新 摊 14% 80.75 54.14 41.06 31.78 24.86 7% 薄） -0 7%% [ [TT aab bl le e_ ...

2024 年 3月 24日，公司发布 2023 年年度报告。2023年公司实现 收入16.50 亿元，同比+36%；归母净利润5.34 亿元，同比+49%； 实现扣非归母净利润4.68 亿元，同比+46%； 分季度来看，2023Q4 实现收入4.37 亿元，同比+33%；归母净利润 1.31 亿元，同比+34%；实现扣非归母净利润1.08 亿元，同比+22%。 国内产品覆盖率持续提升，国际自主品牌出海表现突出。公司持 续加强市场开拓，电生理业务实现收入3.68 亿元，同比+26%，在 超过800 家医院完成三维电生理手术10000 余例，手术量较2022 年增长超过200%。冠脉通路类业务实现收入7.91 亿元，同比+39%； 人民币(元) 成交金额(百万元) 外周介入类业务实现收入2.56 亿元，同比+40%。此外公司境外业 497.00 800 务实现收入2.34 亿元，同比+73%，占总收入比例达到14%。中东 700 455.00 600 非洲、独联体区域同比增长超过100%，自主品牌出海表现优异。 413.00 500 全年净利率进一步提升，多类研发项目推进顺利。2023 年公司综 371.00 4 ...

股 票 研 究 [Table_industryInfo] 医药/必需消费 [ Table_Main[惠ITnaf 泰bol]e 医_Ti疗tle]( 688617) [评Tab级le_：Inv est] 增持 上次评级： 增持 电生理推广顺利，血管介入增长强劲 目标价格： 498.24 上次预测： 424.67 公 ——惠泰医疗2023 年报点评 当前价格： 432.37 司 丁丹(分析师) 谈嘉程(分析师) 2024.03.25 更 0755-23976735 021-38038429 [交Ta易bl数e_M据a rket] 新 dingdan@gtjas.com tanjiacheng@gtjas.com 证书编号 S0880514030001 S0880523070004 52周内股价区间（元） 296.30-463.60 报 总市值（百万元） 28,909 告 本报告导读： 总股本/流通A股（百万股） 67/67 公司电生理业务推广顺利，血管介入业务增长强劲，非血管介入业务提供新增长点， 流通 B股/H股（百万股） 0/0 流通股比例 100% 业绩符合预期，维持增持评级。 日均成交量（百万股） 0. ...