2025 年 04 月 29 日 公司点评 买入/维持 惠泰医疗(688617) 昨收盘:427.10 惠泰医疗点评报告：业绩持续高增长，PFA 有望贡献新增量 ◼ 走势比较 (20%) (8%) 4% 16% 28% 40% 24/4/29 24/7/10 24/9/20 24/12/1 25/2/11 25/4/24 ◼ 股票数据 总股本/流通(亿股) 0.97/0.97 总市值/流通(亿元) 414.64/414.64 12 个月内最高/最低价 (元) 569/303.52 相关研究报告 <<惠泰医疗点评报告：业绩基本符合 预期，看好集采下产品放量>>-- 2024-11-01 <<惠泰医疗点评报告：电生理手术量 保持强劲增长，业绩持续向好>>-- 2024-08-27 <<惠泰医疗点评报告：电生理手术量 增速强劲，血管介入新品迭出>>-- 2024-04-26 证券分析师：谭紫媚 电话：0755-83688830 E-MAIL：tanzm@tpyzq.com 分析师登记编号：S1190520090001 研究助理：李啸岩 电话：0755-83683312 E-MAIL：lixiaoyan@tpyzq. ...

2025 年 5 月 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年年度股东大会 会议资料 | 深圳惠泰医疗器械股份有限公司 2024 年度财务决算报告 | 21 | | --- | --- | | 附件二 27 | | | 深圳惠泰医疗器械股份有限公司 2024 年度董事会工作报告 | 27 | | 附件三 31 | | 深圳惠泰医疗器械股份有限公司 2024 年年度股东大会会议资料 2024 年年度股东大会会议须知 为了维护全体股东的合法权益，确保公司股东大会的正常秩序和议事效率， 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》（以下简称"《证券法》"）《上市公司股东会规则》以及《深圳惠泰 医疗器械股份有限公司章程》（以下简称"《公司章程》"）等相关规定，深圳 惠泰医疗器械股份有限公司（以下简称"公司"）特制订以下会议须知，请出席 股东大会的全体人员遵照执行。 | 年年度股东大会会议须知 2024 | 3 | | --- | --- | | 2024 年年度股东大会会议议程 | 4 | | 年年度股东大会议案 2024 | 6 | | ...

董监高持股的基本情况 本次减持计划实施前，深圳惠泰医疗器械股份有限公司（以下简称"公司"） 副总经理韩永贵先生（以下简称"减持主体"）持有公司股份 124,364 股，占公 司目前总股本 0.1281%。 减持计划的实施结果情况 公司于 2025 年 4 月 4 日在上海证券交易所官网（www.sse.com.cn）披露了《深 圳惠泰医疗器械股份有限公司部分高级管理人员减持股份计划公告》（公告编号： 2025-010）。公司副总经理韩永贵先生拟通过集中竞价、大宗交易方式减持，合 计不超过 30,000 股，即不超过公司总股本的 0.0309%。通过集中竞价交易的方式 减持的，在任意连续 90 个自然日内减持的股份总数不超过公司总股本的 1%，减 持期间为自本公告披露之日起 15 个交易日后的三个月内；通过大宗交易的方式 减持的，在任意连续 90 个自然日内减持的股份总数不超过公司总股本的 2%，减 持期间为自本公告披露之日起 15 个交易日后的三个月内。 近日，公司收到副总经理韩永贵先生出具的《减持股份结果告知函》，截至 2025 年 4 月 29 日，韩永贵先生已通过集中竞价交易方式减持公司股份 29,94 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1]. Core Views - The company continues to experience rapid growth, with a significant increase in electrophysiology procedures and potential growth in peripheral products due to centralized procurement [1][5]. - The target price has been adjusted to 504.27, reflecting a 40% upside from the current price of 433.06 [1][5]. Financial Summary - For 2024, the company is projected to achieve revenue of 2,066 million, representing a growth of 25.2%, and a net profit of 673 million, reflecting a growth of 26.1% [3][5]. - The first quarter of 2025 is expected to show revenue of 5.64 billion, a year-on-year increase of 23.93%, and a net profit of 1.83 billion, up 30.69% [5]. - The earnings per share (EPS) estimates have been adjusted to 9.34 for 2025 and 15.89 for 2027 [5]. Operational Highlights - The company has seen a 50% increase in three-dimensional electrophysiology procedures, with over 15,000 procedures completed in 2024 [5]. - The company’s electrophysiology revenue is expected to reach 4.4 billion, a growth of 19.73% [5]. - The company has successfully launched key products in the electrophysiology market, including AForcePlus catheters and a cardiac pulsed field ablation device [5]. Market Position - The company has expanded its market presence, with over 1,360 hospitals now using its electrophysiology products, and a significant increase in the number of hospitals adopting its coronary and peripheral products [5]. - International revenue is projected to grow by 19.75%, with a notable 45.88% increase in self-branded products in key markets [5].

Investment Rating - The report maintains an "Outperform" rating for the company [1]. Core Views - The company continues to experience rapid growth, with a significant increase in electrophysiology surgeries and potential growth in peripheral products due to centralized procurement [1][5]. - The target price has been adjusted to 504.27 CNY, reflecting a 40% upside from the current price of 433.06 CNY [1][5]. Financial Summary - For 2024, the company is projected to achieve revenue of 2,066 million CNY, representing a 25.2% increase, and a net profit of 673 million CNY, up 26.1% [3][5]. - The first quarter of 2025 is expected to show revenue of 564 million CNY, a 23.93% increase, and a net profit of 183 million CNY, up 30.69% [5]. - The earnings per share (EPS) estimates have been adjusted to 9.34 CNY for 2025 and 15.89 CNY for 2027 [5]. Business Performance - The company has seen a 50% increase in three-dimensional electrophysiology surgeries, with over 15,000 procedures completed in 2024 [5]. - The revenue from electrophysiology products is expected to reach 440 million CNY, a 19.73% increase [5]. - The coronary intervention revenue is projected at 1,054 million CNY, reflecting a 33.30% growth [5]. Market Position - The company has become the first globally to offer a comprehensive solution for three-dimensional pulsed ablation, including various approved products [5]. - International business has shown strong growth, with overseas revenue reaching 280 million CNY, a 19.75% increase, and a 45.88% growth in self-owned brands [5].

4月28日，惠泰医疗今日收盘427.1元，下跌1.38%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到57.90倍，总市值414.64亿元。 从行业市盈率排名来看，公司所处的医疗器械行业市盈率平均46.40倍，行业中值34.81倍，惠泰医疗排 名第95位。 截至2025年一季报，共有109家机构持仓惠泰医疗，其中基金106家、其他3家，合计持股数4715.68万 股，持股市值182.64亿元。 深圳惠泰医疗器械股份有限公司的主营业务是电生理和介入类医疗器械的研发、生产和销售。公司的主 要产品是电生理、冠脉通路、外周血管介入、非血管介入医疗器械。 最新一期业绩显示，2025年一季报，公司实现营业收入5.64亿元，同比23.93%；净利润1.83亿元，同比 30.69%，销售毛利率73.09%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)95惠泰医疗57.9061.6015.35414.64亿行业平均 46.4044.004.49100.23亿行业中值34.8134.782.2645.22亿1硕世生物-1850.69-1850.691.1437.05亿2天益医 疗-1581.08-27 ...

Core Insights - The company reported a revenue of 2.066 billion yuan for 2024, representing a year-over-year increase of 25.18%, with a net profit of 673 million yuan, up 26.08% [1] - The company’s Q4 2024 revenue was 541 million yuan, a 23.93% increase year-over-year, while Q1 2025 revenue reached 564 million yuan, also reflecting a 23.93% growth [1] Group 1: Business Performance - The electrophysiology business showed steady growth with revenue of 440 million yuan in 2024, a 19.73% increase, and a gross margin of 73.76% [2] - The coronary pathway revenue was 1.054 billion yuan, up 33.3%, with a gross margin of 73.21%, while peripheral intervention revenue reached 351 million yuan, a 37.09% increase [2] - The overall gross margin for the company improved to 72.31%, an increase of 1.04 percentage points, driven by enhanced production efficiency and scale effects [2] Group 2: Market Expansion - Domestic market revenue reached 1.769 billion yuan, a 25.68% increase, with over 200 new hospital admissions in electrophysiology and more than 15,000 three-dimensional surgeries completed [3] - International market revenue was 280 million yuan, a 19.62% increase, with the company’s own brand growing over 45%, particularly in the Middle East, Africa, and Europe [3] - The company made significant progress in product registration and channel development in the CIS region, enhancing its product matrix in PCI and achieving breakthroughs in high-end hospitals in Spain, France, Italy, and Germany [3] Group 3: Research and Development - The company invested 290 million yuan in R&D in 2024, accounting for 14% of its revenue, to strengthen its capabilities in interventional devices [3] - New product launches included pulse ablation catheters and various vascular intervention products, contributing to a robust pipeline for long-term growth [3] Group 4: Profit Forecast - Revenue projections for 2025-2027 are 2.695 billion, 3.398 billion, and 4.279 billion yuan, with year-over-year growth rates of 30.47%, 26.08%, and 25.93% respectively [4] - Expected net profits for the same period are 907 million, 1.156 billion, and 1.453 billion yuan, with growth rates of 34.74%, 27.49%, and 25.68% respectively [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 2.066 billion yuan in 2024, representing a year-on-year increase of 25.18%, and a net profit attributable to shareholders of 673 million yuan, up 26.08% year-on-year [5] - In Q1 2025, the company achieved a revenue of 564 million yuan, a year-on-year growth of 23.93%, and a net profit of 183 million yuan, increasing by 30.69% year-on-year [5] - The company has successfully expanded its electrophysiology business, with over 1,360 hospitals covered and a 50% increase in the number of three-dimensional electrophysiology surgeries performed in 2024 [5] - The company has launched several new products in the atrial fibrillation treatment field, marking its entry into this market [5] Financial Performance - The company’s revenue from coronary access reached 1.054 billion yuan in 2024, a year-on-year increase of 33.30%, while electrophysiology revenue was 440 million yuan, up 19.73% [6] - The company’s overseas revenue was 280 million yuan, reflecting a year-on-year growth of 19.75%, with a notable 45.88% increase in international brand sales [6] - The projected revenues for 2025, 2026, and 2027 are 2.741 billion yuan, 3.580 billion yuan, and 4.664 billion yuan, respectively, with growth rates of 32.7%, 30.6%, and 30.3% [7][8] Earnings Forecast - The expected net profits for 2025, 2026, and 2027 are 907 million yuan, 1.197 billion yuan, and 1.572 billion yuan, with growth rates of 34.8%, 32.0%, and 31.3% respectively [8] - The projected earnings per share (EPS) for the same years are 9.34 yuan, 12.33 yuan, and 16.19 yuan, with corresponding price-to-earnings (P/E) ratios of 46x, 35x, and 27x [8]

Investment Rating - Investment Rating: Buy (Maintained) [1] Core Views - The company reported a revenue of 2.066 billion yuan in 2024, representing a year-on-year increase of 25.18%, and a net profit attributable to shareholders of 673 million yuan, up 26.08% year-on-year [4][5] - In Q1 2025, the company achieved a revenue of 564 million yuan, reflecting a year-on-year growth of 23.93%, and a net profit of 183 million yuan, which is a 30.69% increase year-on-year [4][5] - The company has successfully expanded its electrophysiology business, with over 1,360 hospitals covered and a 50% increase in the number of three-dimensional electrophysiology surgeries performed in 2024 [5][6] Financial Performance - The company’s revenue from coronary access reached 1.054 billion yuan in 2024, a year-on-year increase of 33.30%, while electrophysiology revenue was 440 million yuan, up 19.73% [6] - The company’s overseas revenue was 280 million yuan, showing a growth of 19.75%, with a notable 45.88% increase in international business under its own brand [6] - The projected revenues for 2025, 2026, and 2027 are 2.741 billion yuan, 3.580 billion yuan, and 4.664 billion yuan, respectively, with growth rates of 32.7%, 30.6%, and 30.3% [7][8] Earnings Forecast - The expected net profits for 2025, 2026, and 2027 are 907 million yuan, 1.197 billion yuan, and 1.572 billion yuan, with growth rates of 34.8%, 32.0%, and 31.3% [8][10] - The projected EPS for the same years are 9.34 yuan, 12.33 yuan, and 16.19 yuan, with corresponding P/E ratios of 46x, 35x, and 27x [8][10]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company achieved a rapid revenue growth of 25.18% year-on-year in 2024, with total revenue reaching 2.066 billion yuan and a net profit of 673 million yuan, reflecting a growth of 26.08% [1] - The electrophysiology segment saw a significant increase in surgical volume, with over 15,000 procedures completed, marking a 50% year-on-year growth [3] - The company is benefiting from scale effects and changes in product structure, leading to an improvement in gross margin and a reduction in expense ratios [2] Financial Performance - In 2024, the company reported a revenue of 2.066 billion yuan, a 25.18% increase from the previous year, and a net profit of 673 million yuan, up 26.08% [1] - The first quarter of 2025 showed continued growth, with revenue of 564 million yuan, a 23.93% increase year-on-year, and a net profit of 183 million yuan, up 30.69% [1] - The gross margin for 2024 was 72.31%, an increase of 1.04 percentage points year-on-year, while the sales expense ratio improved to 18.05% [2] Business Segments - The electrophysiology segment generated revenue of 440 million yuan in 2024, growing by 19.73%, with a gross margin of 73.76% [2] - The coronary intervention segment saw revenue of 1.054 billion yuan, a 33.30% increase, with a gross margin of 73.21% [2] - The peripheral intervention segment reported revenue of 351 million yuan, up 37.09%, with a gross margin of 75.86% [2] - Non-vascular intervention revenue surged by 135.05% to 39 million yuan, with a gross margin of 59.89% [2] International Performance - The company achieved overseas revenue of 280 million yuan in 2024, a 19.62% increase, with overseas self-owned brands growing by 45.88% [4] - The company has made significant inroads into high-end hospitals in Spain, France, Italy, Germany, the UK, Switzerland, Turkey, and Brazil, enhancing its market penetration [4] Future Projections - Revenue projections for 2025-2027 are 2.694 billion yuan, 3.479 billion yuan, and 4.478 billion yuan, with year-on-year growth rates of 30.4%, 29.2%, and 28.7% respectively [4] - Net profit forecasts for the same period are 902 million yuan, 1.181 billion yuan, and 1.537 billion yuan, with growth rates of 34.0%, 30.9%, and 30.2% respectively [4]