Core Viewpoint - The China Securities Index for Healthcare Equipment and Services has shown a recent increase, reflecting a mixed performance over different time frames [1][2]. Group 1: Index Performance - The China Securities Index for Healthcare Equipment and Services rose by 0.39% to 13,367.74 points, with a trading volume of 14.635 billion yuan [1]. - Over the past month, the index has increased by 5.82%, while it has decreased by 2.05% over the last three months and by 2.72% year-to-date [1]. Group 2: Index Composition - The index is composed of listed companies in the healthcare sector, selected from the broader China Securities Index to reflect the overall performance of healthcare-related securities [1]. - The top ten weighted companies in the index include: Mindray Medical (9.57%), Aier Eye Hospital (8.34%), United Imaging (7.63%), Aimeike (3.55%), Huatai Medical (3.28%), Yuyue Medical (2.88%), New Industry (2.81%), Meinian Onehealth (2.35%), Lepu Medical (2.07%), and Jiuan Medical (2.03%) [1]. Group 3: Market Segmentation - The index's holdings are primarily listed on the Shenzhen Stock Exchange (60.66%) and the Shanghai Stock Exchange (39.34%) [1]. - In terms of industry composition, medical devices account for 34.34%, medical consumables for 27.26%, in vitro diagnostics for 21.50%, and medical services for 16.90% [2]. Group 4: Fund Tracking - Several public funds track the China Securities Index for Healthcare Equipment and Services, including Southern China Securities Index Healthcare Equipment and Services Link A, C, and I, Tianhong China Securities Index Healthcare Equipment and Services ETF, and others [2].

Investment Rating - The report rates the pharmaceutical industry as "Outperform" [1] - Sub-industry ratings include "Add" for pharmaceutical manufacturing and pharmaceutical services [1] Core Insights - The report is optimistic about innovative drugs, CXO, and strong consumer performance in Q1 2025 [5][27] - In April 2025, the pharmaceutical sector performed similarly to the market, with the SHCOMP index down 1.7% and SW Pharma Bio down 2.1%, ranking 11th among Shenwan primary industries [9][28] - The premium of the pharmaceutical sector over all A-Shares is currently at a normal level of 81.01% [18][28] Summary by Sections 1. Focus on Innovative Drugs and CXO - Key A-share stocks recommended include Jiangsu Heng Rui Medicine, Betta Pharmaceuticals, Shenzhen Salubris Pharmaceuticals, Sichuan Kelun Pharmaceutical, Remegen, Huadong Medicine, WuXi AppTec, APT Medical, and AIER EYE HOSPITAL GROUP [5][27] - H-share top picks include Wuxi Biologics Cayman, PATEO, Innovent Biologics, and Zai Lab, with beneficiaries being CSPC Pharmaceutical Group, Gushengtang, and Angelalign [27] 2. April 2025 Pharmaceutical Sector Performance - The pharmaceutical sector's performance was on par with the market, with notable sub-sectors being chemical preparations (+2.8%), pharmaceutical commerce (+1.5%), and chemical raw materials (+0.7%) [12][28] - Top gainers included Apichope Pharmaceutical (+56.2%), Qianjiang Yongan Pharmaceutical (+55.9%), and Kexing Biopharm Co., Ltd. (+55.2%), while top losers were Hainan Poly Pharm (-71.9%), Landfar Bio-Medicine Co., Ltd (-40.0%), and Jiangsu Wuzhong Industrial (-39.5%) [17][28] 3. Performance Disparities in 2024 and Q1 2025 - In 2024, the pharmaceutical sector's overall revenue fell by 1.5% YoY, and net profit decreased by 12.5% YoY, with medical consumables, chemical preparations, and blood products showing positive growth [22][28] - In Q1 2025, the sector's revenue fell by 6.1% YoY, and net profit fell by 9.7% YoY, with medical R&D outsourcing, consumables, and hospitals performing well [22][28] 4. Profitability Metrics - The gross profit margin (GPM) for the pharmaceutical sector fell by 0.5pp YoY in 2024, while the net profit margin (NPM) fell by 0.8pp YoY [24][28] - In Q1 2025, GPM decreased by 1.6pp YoY, and NPM decreased by 0.4pp YoY, with medical R&D outsourcing showing improvements in both GPM and NPM [24][28]

Investment Rating - The report maintains a "Strong Buy" rating for the company [5] Core Views - The company achieved 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 [1] - The company has entered the atrial fibrillation treatment market with the approval of new products such as AForcePlusTM catheter and PulstamperTM catheter [2] - The financial performance remains robust, with a comprehensive gross margin increase of 1.05 percentage points to 72.31% in 2024 [3] Financial Performance - In 2024, the company reported a comprehensive gross margin of 72.31%, with a net profit margin of 31.86% [3] - The first quarter of 2025 saw a revenue of 564 million yuan, a 23.93% increase year-on-year, and a net profit of 183 million yuan, up 30.69% year-on-year [1] - The company forecasts revenues of 2.691 billion yuan, 3.475 billion yuan, and 4.553 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 900 million yuan, 1.172 billion yuan, and 1.535 billion yuan [3][10] Business Segments - The electrophysiology segment generated 440 million yuan in revenue in 2024, a year-on-year increase of 19.73%, with over 15,000 three-dimensional electrophysiology surgeries performed [2] - The vascular intervention segment reported revenues of 1.054 billion yuan for coronary products and 351 million yuan for peripheral products, with significant increases in new admissions [2] Valuation Metrics - The company is projected to have a PE ratio of 45, 34, and 26 for the years 2025, 2026, and 2027, respectively [3][10] - The current stock price is 413.0 yuan, with a market capitalization of 40.1 billion yuan [5]

Group 1 - Major shareholders of *ST WanFang plan to reduce their holdings by up to 9,341,596 shares, accounting for 3% of the company's total share capital from May 27 to August 25, 2025 [1] - Shareholders of Airo Energy intend to reduce their holdings by up to 800,000 shares, 800,000 shares, and 1,600,000 shares, representing 0.50%, 0.50%, and 1% of the company's total share capital respectively during the same period [1] - Anner plans to reduce its holdings by up to 3,186,159 shares, which is 1.5% of the company's total share capital, from May 27 to August 26, 2025 [1] Group 2 - Shareholders of Chuhuan Technology plan to reduce their holdings by up to 2,395,605 shares, accounting for 3% of the total share capital excluding repurchased shares from May 27 to August 26, 2025 [1] - Major shareholder of Dalian Technology intends to reduce their holdings by up to 4,189,336 shares, which is 0.99% of the company's total share capital from May 27 to August 26, 2025 [2] - Dongwei Technology's board members plan to reduce their holdings by a total of 2,574,857 shares, representing 0.8629% of the company's total share capital during the same period [2] Group 3 - Gann Li Pharmaceutical's shareholder has completed a reduction of 6,010,622 shares, which is 1% of the company's total share capital from April 22 to April 30, 2025 [2] - Guanshi Technology's board members plan to reduce their holdings by up to 359,375 shares, accounting for 0.4891% of the company's total share capital from May 27 to August 26, 2025 [2] - Guoguang Electric's shareholder has completed a reduction of 1,625,751 shares, which is 1.5% of the company's total share capital from April 25 to April 30, 2025 [2] Group 4 - Haili Biological's major shareholder has completed a reduction of 13,113,244 shares, representing 2% of the company's total share capital from April 15 to April 22, 2025 [3] - Hengfeng Information's board member has completed a reduction of 198,717 shares, which is 0.1207% of the company's total share capital on April 28, 2025 [3] - Hongwei Technology's shareholder plans to reduce their holdings by up to 820,000 shares, accounting for 0.39% of the company's total share capital from May 12 to August 11, 2025 [3] Group 5 - Huatai Medical's vice president has completed a reduction of 29,943 shares, which is 0.0308% of the company's total share capital from April 28 to April 29, 2025 [4] - Jilin Carbon Valley's major shareholder has completed a reduction of 4,989,160 shares, representing 0.8490% of the company's total share capital from April 25 to April 29, 2025 [4] - Jiahua Technology's shareholder plans to reduce their holdings by up to 1,160,000 shares, accounting for 1.50% of the company's total share capital from May 28 to August 25, 2025 [4] Group 6 - Jiangbo Long's shareholder plans to reduce their holdings by up to 4,159,815 shares, which is 1% of the company's total share capital from May 27 to August 26, 2025 [5] - Jiangshan Co. plans to reduce its holdings in Jiangtian Chemical by 4,330,800 shares, accounting for 3% of its total share capital from May 27 to August 26, 2025 [5] - Kairun Co.'s major shareholder plans to reduce their holdings by up to 9,000,000 shares, representing 2.43% of the total share capital excluding repurchased shares from May 27 to August 26, 2025 [5] Group 7 - Lianqi Technology's shareholders plan to reduce their holdings by a total of 18,717,374 shares, which is 2.96% of the total share capital excluding repurchased shares from May 27 to August 26, 2025 [9] - Zhongke Information's board members have completed a reduction of 698,914 shares, representing 0.2358% of the company's total share capital [9] - Zhongshi Co.'s major shareholder plans to reduce their holdings by up to 1,800,000 shares, accounting for 1.1527% of the company's total share capital from May 27 to August 26, 2025 [10]

Investment Rating - The report maintains a "Buy" rating for the company [1][7] Core Views - The company has demonstrated continuous high growth in performance, with a significant contribution expected from PFA [1][9] - The domestic electrophysiology business has seen an upgrade in procedures, with a further increase in penetration rates for interventional products [4] - The international business has shown rapid growth in self-owned brands, with a year-on-year increase of 45.88% [5] - The overall gross margin has slightly improved, while the net profit margin remains stable [6] Financial Performance Summary - In 2024, the company achieved operating revenue of 2.066 billion, a year-on-year increase of 25.18%, and a net profit of 673 million, up 26.08% [3][8] - For Q1 2025, the company reported operating revenue of 564 million, a year-on-year increase of 23.93%, and a net profit of 183 million, up 30.69% [3] - The company forecasts operating revenues of 2.689 billion, 3.468 billion, and 4.469 billion for 2025, 2026, and 2027 respectively, with growth rates of 30%, 29%, and 29% [8] Profitability Metrics - The comprehensive gross margin for 2024 increased by 1.04 percentage points to 72.31% [6] - The net profit margin for 2024 was stable at 31.86%, with a slight increase of 0.22 percentage points [6] - The report projects diluted earnings per share (EPS) of 9.27, 12.25, and 15.99 for 2025, 2026, and 2027 respectively [8]

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].

Company Overview - Shenzhen Huatai Medical Devices Co., Ltd. specializes in the research, production, and sales of electrophysiological and interventional medical devices [1] - The main products include electrophysiological devices, coronary access devices, peripheral vascular interventional devices, and non-vascular interventional medical devices [1] Financial Performance - For Q1 2025, the company reported revenue of 564 million yuan, representing a year-on-year increase of 23.93% [1] - The net profit for the same period was 183 million yuan, showing a year-on-year growth of 30.69% [1] - The gross profit margin stood at 73.09% [1] Market Position - As of the latest data, Huatai Medical's stock closed at 427.1 yuan, down 1.38%, with a rolling price-to-earnings (PE) ratio of 57.90 times [1] - The company's total market capitalization is 41.464 billion yuan [1] - In comparison, the average PE ratio for the medical device industry is 46.40 times, with a median of 34.81 times, placing Huatai Medical at the 95th position in the industry ranking [1][2] Institutional Holdings - As of Q1 2025, a total of 109 institutions hold shares in Huatai Medical, including 106 funds and 3 other entities, with a total shareholding of 47.1568 million shares valued at 18.264 billion yuan [1]