Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [12]. Core Views - The company's performance in Q3 2024 met expectations, with a revenue of 1.524 billion yuan, a year-on-year increase of 25.63%, and a net profit of 528 million yuan, up 30.97% year-on-year. The growth is attributed to increased sales scale, enhanced product profitability, and cost control measures [3][8]. - The report highlights the positive impact of centralized procurement on product volume, particularly in the electrophysiology and coronary intervention segments, which are expected to accelerate product adoption in hospitals [4][5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a gross margin of 72.69%, an increase of 1.31 percentage points year-on-year. The overall net profit margin improved to 34.24%, up 1.57 percentage points year-on-year [6][8]. - The Q3 2024 gross margin was reported at 72.58%, with a net profit margin of 35.12%, reflecting improvements in cost management and operational efficiency [8]. Product Development and Market Position - The company is progressing well in the PFA (Pulsed Field Ablation) product line, with its pulse ablation catheter entering the registration review stage, expected to launch in Q1 2025. This product integrates advanced technologies aimed at improving safety and success rates in procedures [5]. - The report notes that the company has successfully secured bids for its electrophysiology products in various procurement rounds, which is anticipated to enhance market penetration and sales volume [4]. Revenue and Profit Forecast - The revenue projections for 2024-2026 are 2.143 billion yuan, 2.799 billion yuan, and 3.682 billion yuan, with expected growth rates of 30%, 31%, and 32% respectively. The net profit forecasts are 734 million yuan, 956 million yuan, and 1.253 billion yuan, with growth rates of 38%, 30%, and 31% respectively [8][9].

Inventory Management - The company's inventory level is maintained at a reasonable range of approximately 2 to 2.5 months, with no need for active destocking [2] - There is no significant fluctuation in inventory levels despite recent procurement announcements from various regions [5] International Expansion Strategy - The company aims for high growth in overseas markets, with expectations for overseas business to maintain strong growth by 2025 [2] - The international marketing strategy focuses on self-branded sales, enhancing brand competitiveness and market coverage [2] - The company plans to establish subsidiaries or offices in key countries such as Thailand, Brazil, and Russia to better understand local markets [3] Electrophysiology Business Performance - Domestic growth in electrophysiology procedures was 5% in Q3, while international growth was 118%, although the international market size is relatively small [3] - The company completed approximately 3,900 procedures in Q3, a 25% year-on-year increase, but still below expectations [3] - The total expected procedures for the year have been adjusted to over 15,000 from an initial 18,000 [3] PFA Technology Outlook - The company anticipates that PFA technology will exceed expectations in the atrial fibrillation market, with significant price pressure expected by 2027 [4] - PFA's market share is expected to grow, with the company highlighting its advantages in the PFA field, including a unique pressure-sensing catheter [5] Integration with Mindray - The company completed the review and approval of related transactions with Mindray in Q3, which is crucial for integration and collaboration [6] - The core work for Q4 includes the certification and market launch of PFA and RFA solutions, along with the development of the 2025 budget and operational plans [7] R&D and Market Strategy - The company plans to maintain high R&D investment in electrophysiology to enhance product quality to industry-leading levels [7] - Despite uncertainties in the domestic and international market environments, the company will adhere to its strategic goals and increase R&D investments [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) as of October 31, 2024 [1] Core Views - The company continues to demonstrate high growth in Q3 2024, with significant cost reduction and efficiency improvements [1] - In the first three quarters of 2024, the company achieved operating revenue of 1.525 billion yuan, representing a year-over-year increase of 25.63%, and a net profit attributable to shareholders of 528 million yuan, up 30.97% year-over-year [1] - The company’s Q3 2024 single-quarter revenue reached 524 million yuan, a year-over-year increase of 23.05%, with a net profit of 186 million yuan, reflecting a year-over-year growth of 27.24% [1] - The gross margin and net margin for Q3 2024 improved to 72.58% and 35.12%, respectively, with year-over-year changes of +1.86 percentage points and +1.31 percentage points [1] - The company is expected to maintain strong growth in its coronary and peripheral business segments, with stable growth in the electrophysiology sector [1] Financial Performance Summary - The company’s projected revenues for 2024, 2025, and 2026 are 2.174 billion yuan, 2.882 billion yuan, and 3.829 billion yuan, respectively, with revenue growth rates of 31.7%, 32.6%, and 32.8% [2][5] - The net profit attributable to shareholders is expected to reach 728 million yuan, 973 million yuan, and 1.307 billion yuan for the years 2024, 2025, and 2026, with growth rates of 36.4%, 33.6%, and 34.4% [2][5] - The company’s gross margin is projected to be 71.5% in 2024, gradually increasing to 71.9% by 2026 [2][5] - The earnings per share (EPS) are forecasted to be 7.48 yuan, 10.00 yuan, and 13.43 yuan for 2024, 2025, and 2026, respectively [2][5] Cash Flow and Balance Sheet Summary - The operating cash flow for 2024 is estimated at 581 million yuan, increasing to 1.247 billion yuan by 2026 [3] - The total assets are projected to grow from 3.416 billion yuan in 2024 to 6.191 billion yuan in 2026 [4] - The company’s total liabilities are expected to rise from 740 million yuan in 2024 to 1.280 billion yuan in 2026 [4] Key Financial Ratios - The company’s return on equity (ROE) is projected to be 27.6% in 2024, decreasing slightly to 26.6% by 2026 [5] - The price-to-earnings (P/E) ratio is expected to decline from 49.65 in 2024 to 27.66 in 2026 [5] - The price-to-book (P/B) ratio is forecasted to decrease from 13.72 in 2024 to 7.36 in 2026 [5]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The company has shown steady growth in its business, with revenue and profit growth in line with expectations [2] - The company has effectively controlled costs, leading to an increase in profit margins [3] - The three-dimensional electrophysiology surgeries have seen rapid growth, while the interventional business remains stable [4] - The company continues to invest in R&D, with significant progress in various projects [5] - The overall growth potential of the company is strong, with projected revenue and profit increases in the coming years [7] Financial Performance Summary - In the first three quarters of 2024, the company achieved total revenue of 1.525 billion, a year-on-year increase of 25.63%; net profit attributable to the parent company was 528 million, up 30.97% [2] - The gross profit margin for the first three quarters of 2024 was 72.69%, an increase of 1.31 percentage points from the same period in 2023 [3] - The net profit margin for the first three quarters was 34.24%, up 1.56 percentage points year-on-year [3] - The company is expected to achieve revenues of 2.093 billion, 2.665 billion, and 3.355 billion in 2024, 2025, and 2026 respectively, with corresponding net profits of 694 million, 876 million, and 1.090 billion [7]

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].

Financial Performance - The company's operating revenue for Q3 2024 reached ¥523,869,294.35, representing a year-on-year increase of 23.05%[2] - Net profit attributable to shareholders was ¥185,586,095.90, reflecting a growth of 27.24% compared to the same period last year[2] - The basic earnings per share (EPS) for the period was ¥1.91, an increase of 27.33% year-on-year[4] - The net profit excluding non-recurring gains and losses for the year-to-date was ¥180,393,121.65, up 53.15% from the previous year[8] - The net profit attributable to shareholders for the year-to-date increased by 30.97% compared to the previous year[7] - In the first three quarters of 2024, the net profit reached CNY 522,050,612.64, an increase of 31.6% compared to CNY 396,563,367.77 in the same period of 2023[18] - The operating profit for the first three quarters of 2024 was CNY 589,309,852.67, up from CNY 455,012,658.28 in 2023, reflecting a growth of 29.5%[18] - The total comprehensive income for the first three quarters of 2024 was CNY 532,643,770.84, compared to CNY 410,753,518.73 in 2023, an increase of 29.7%[19] Assets and Liabilities - Total assets as of the end of the reporting period were ¥2,803,921,171.32, an increase of 8.98% from the end of the previous year[4] - The company's total assets as of September 30, 2024, amounted to CNY 2,803,921,171.32, up from CNY 2,572,982,295.44 at the end of 2023, reflecting a growth of approximately 8.9%[16] - The company's total liabilities decreased to CNY 367,807,271.76 from CNY 610,981,432.09, a reduction of approximately 39.9%[16] - The equity attributable to shareholders reached CNY 2,388,153,365.00 as of September 30, 2024, compared to CNY 1,907,142,308.67 at the end of 2023, representing an increase of about 25.2%[16] Cash Flow - The company's cash and cash equivalents as of September 30, 2024, were approximately ¥599.61 million, down from ¥1.28 billion at the end of 2023[13] - The net cash flow from operating activities for the first three quarters of 2024 was ¥523,837,422.35, an increase from ¥484,558,878.95 in the same period of 2023, representing a growth of approximately 8.5%[21] - Total cash inflow from investment activities was ¥362,194,716.19, significantly lower than ¥1,198,081,615.15 in the previous year, indicating a decline of about 69.7%[21] - The net cash flow from investment activities was -¥877,740,822.75, compared to -¥47,913,952.10 in the same period of 2023, reflecting a substantial increase in cash outflow[21] - Cash flow from financing activities resulted in a net outflow of -¥320,399,560.82, worsening from -¥238,959,527.67 in the previous year[22] - The total cash and cash equivalents at the end of the period stood at ¥599,613,654.94, down from ¥451,530,046.17 in the same period last year, indicating a decrease of approximately 32.8%[22] Shareholder Information - The total number of common shareholders at the end of the reporting period was 3,995[9] - The largest shareholder, Shenzhen Mindray Technology Co., Ltd., holds 20,474,450 shares, accounting for 21.04% of the total shares[10] - The second-largest shareholder, Cheng Zhenghui, holds 18,153,056 shares, representing 18.65% of the total shares[10] - The top ten shareholders include various investment funds, with the largest fund holding 4,064,287 shares, or 4.18%[10] - There are no significant changes in the shareholding structure due to margin trading activities during the reporting period[12] Research and Development - Research and development (R&D) expenses totaled ¥68,962,644.09, accounting for 13.16% of operating revenue, a decrease of 0.79 percentage points from the previous year[4] - Research and development expenses increased to CNY 202,856,157.35 in 2024 from CNY 168,316,723.06 in 2023, marking a rise of 20.5%[18] Operational Updates - The company has not reported any new strategies or significant operational changes in the current quarter[13] - The report does not indicate any ongoing or planned mergers or acquisitions[13] - There are no new product launches or technological developments mentioned in the current report[13] - The company has not provided specific future guidance or performance outlook in the current report[13] Revenue and Costs - Total operating revenue for the first three quarters of 2024 reached CNY 1,524,828,925.89, an increase from CNY 1,213,709,560.43 in the same period of 2023, representing a growth of approximately 25.6%[17] - Total operating costs for the first three quarters of 2024 were CNY 970,562,004.58, compared to CNY 822,000,174.52 in 2023, indicating an increase of about 18.1%[17] - Total revenue for the first three quarters of 2024 was CNY 1,664,312,497.91, compared to CNY 1,338,983,063.61 in 2023, indicating a growth of 24.3%[20] Employee Compensation - The company paid cash for employee compensation amounting to ¥424,613,716.97, which is an increase from ¥328,541,327.58 in the same period of 2023, reflecting a growth of about 29.2%[21]

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 ...