Investment Rating - The investment rating for the company is "Buy" [3]. Core Views - The company has shown steady growth in its core business segments, with a significant increase in sales and market penetration. In 2023, the company achieved revenue of 1.65 billion yuan, a year-on-year increase of 35.71%, and a net profit of 534 million yuan, up 49.13% year-on-year. For Q1 2024, revenue reached 455 million yuan, growing 30.20% year-on-year, with a net profit of 140 million yuan, up 36.48% year-on-year [2][4]. - The company has successfully upgraded its product offerings and expanded its market reach, particularly in electrophysiology and vascular intervention, leading to improved product coverage and hospital penetration rates. In 2023, the electrophysiology segment generated revenue of 368 million yuan, a 25.51% increase year-on-year, while the coronary pathway segment saw revenue of 791 million yuan, up 38.98% year-on-year [2][4]. - The company is expected to maintain a high growth trajectory, with projected revenues of 2.22 billion yuan, 2.94 billion yuan, and 3.88 billion yuan for 2024, 2025, and 2026, respectively. Net profits are forecasted to be 691 million yuan, 923 million yuan, and 1.21 billion yuan for the same years [4][5]. Summary by Sections Sales and Financial Performance - In 2023, the company reported total revenue of 1.65 billion yuan, with a growth rate of 35.71%. The net profit attributable to shareholders was 534 million yuan, reflecting a growth of 49.13%. For Q1 2024, revenue was 455 million yuan, a 30.20% increase year-on-year, and net profit was 140 million yuan, up 36.48% [2][5]. - The company’s gross margin and net margin for 2023 were 71.27% and 31.64%, respectively, showing slight improvements year-on-year [2][4]. Market Expansion and Product Development - The company has enhanced its market presence, with over 1,100 hospitals covered and more than 10,000 three-dimensional electrophysiology surgeries performed in 2023, marking a growth of over 200% year-on-year. The company also achieved significant growth in its vascular intervention segment, with over 600 new hospital admissions [2][4]. - R&D investments have increased, with several new products receiving certification and entering clinical trials. The company is expected to benefit from the launch of high-value products in the electrophysiology and peripheral intervention segments [2][4]. Future Projections - The company’s revenue forecasts for 2024, 2025, and 2026 are 2.22 billion yuan, 2.94 billion yuan, and 3.88 billion yuan, respectively, with corresponding net profits of 691 million yuan, 923 million yuan, and 1.21 billion yuan. The expected EPS for these years is 10.34 yuan, 13.81 yuan, and 18.11 yuan, respectively [4][5].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [8]. Core Insights - The company reported a revenue of 455 million yuan in Q1 2024, representing a year-on-year growth of 30.20%. The net profit attributable to the parent company was 140 million yuan, up 36.48% year-on-year, while the non-recurring net profit increased by 51.59% to 137 million yuan, driven by sales growth and cost control [2]. - The company's electrophysiology products are experiencing steady growth, with over 300 new hospitals adopting these products in 2023, reaching more than 1,100 hospitals in total. The transition from traditional two-dimensional to three-dimensional surgeries has been successfully implemented, with over 10,000 three-dimensional electrophysiology surgeries performed in more than 800 hospitals, marking a growth of over 200% compared to 2022 [2]. - The company's international business has shown significant growth, with an overall increase of 72.62% in 2023. The Middle East and Africa, as well as the CIS regions, saw growth exceeding 100%. The PCI and EP proprietary brands are the main drivers of this international growth [2]. Financial Summary - The total revenue for 2022 was 1,216 million yuan, which is expected to grow to 3,706 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 31.3% [3]. - The net profit attributable to the parent company is projected to increase from 358 million yuan in 2022 to 1,118 million yuan in 2026, with a CAGR of around 32.0% [3]. - The earnings per share (EPS) are forecasted to rise from 5.35 yuan in 2022 to 16.71 yuan in 2026, indicating a strong growth trajectory [3].

Group 1: ESG and Corporate Governance - The company emphasizes the importance of ESG initiatives and plans to enhance its governance structure and environmental protection efforts for sustainable development [3] - The company has made progress in domestic raw material substitution to control costs [4] Group 2: Product Promotion and Market Strategy - Key products promoted in the domestic market include a comprehensive three-dimensional solution in electrophysiology and accelerated product iterations in coronary and peripheral markets [3] - The company expects overseas brand growth to exceed domestic brand growth, leveraging Mindray's extensive international marketing experience [4] Group 3: Production Capacity and Financial Performance - Electrophysiology equipment production capacity has increased by 100% year-on-year, with a utilization rate of approximately 70%; consumables capacity has grown by 40%-50% with a utilization rate of 65%-75% [4] - The gross margin is influenced by product pricing, mix, and costs, with efforts to maintain a competitive margin without sacrificing long-term core competitiveness [5] Group 4: Future Developments and Innovations - The company anticipates entering the atrial fibrillation market early next year, with hardware and software nearing completion [5] - High-value products in electrophysiology and peripheral sectors are expected to achieve significant growth due to product updates and procurement policies [6] Group 5: Incentives and Talent Retention - A new equity incentive plan is expected to be introduced to attract and retain talent, following the completion of the existing plan in early 2026 [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 455 million yuan in Q1 2024, representing a year-on-year growth of 30.20%, and a net profit attributable to shareholders of 140 million yuan, up 36.48% [3] - The company has demonstrated good cost control, with gross margin and net margin improving sequentially to 72.01% and 30.28%, respectively, compared to Q4 2023 [3] - The completion of share transfer to a subsidiary of Mindray Medical is expected to generate synergies in Q2 2024 [3] - The domestic launch of a new peripheral product, the aortic stent graft, is anticipated to enhance competitive positioning in the peripheral market [3] - The profit forecast for 2024-2026 has been adjusted upwards, with net profit attributable to shareholders projected at 722.78 million yuan, 975.99 million yuan, and 1,305.61 million yuan, respectively [3] Financial Performance Summary - Total revenue (in million yuan) is forecasted to grow from 1,650 in 2023 to 2,221 in 2024, with a year-on-year growth rate of 34.58% [2] - Net profit attributable to shareholders (in million yuan) is expected to increase from 533.92 in 2023 to 722.78 in 2024, reflecting a growth rate of 35.37% [2] - The latest diluted EPS is projected to rise from 7.99 in 2023 to 10.81 in 2024 [2] - The P/E ratio is expected to decrease from 59.35 in 2023 to 43.84 in 2024 [2] Market Data - The closing price of the stock is 473.94 yuan, with a market capitalization of approximately 31.69 billion yuan [6] - The stock has a price-to-book ratio of 15.45 [6] Basic Data - The company has a total share capital of 66.86 million shares, with a net asset value per share of 30.67 yuan [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index in the next six months [12]. Core Insights - The company reported a revenue of 455 million yuan for Q1 2024, representing a year-on-year growth of 30.20%, driven by the expansion of domestic and international markets and increased product coverage [4]. - The net profit attributable to shareholders reached 140 million yuan, up 36.48% year-on-year, with a non-recurring net profit of 137 million yuan, reflecting a 51.59% increase, primarily due to sales growth and cost control [4]. - The company has seen a strong increase in electrophysiology surgeries, with over 10,000 procedures completed in 2023, marking a growth of over 200% compared to 2022 [5]. - New vascular intervention products are being introduced, including a chest aortic stent approved in April 2024 for treating Stanford type B aortic dissection [5]. Financial Performance - The company's comprehensive gross margin for Q1 2024 was 72.01%, with a net profit margin of 30.28%, reflecting a 2.03 percentage point increase [6]. - Revenue projections for 2024-2026 are 2.223 billion, 3.008 billion, and 3.968 billion yuan, with expected growth rates of 35%, 35%, and 32% respectively [8]. - The forecasted net profit for the same period is 689 million, 934 million, and 1.237 billion yuan, with growth rates of 29%, 36%, and 32% respectively [8]. Business Development - The company is actively expanding its product line through investments in other medical firms, enhancing its growth potential [5]. - Ongoing research projects in electrophysiology and vascular intervention are expected to yield new products by 2025, contributing to future revenue growth [5].

Financial Performance - The company's operating revenue for Q1 2024 reached ¥455,327,284.53, representing a year-on-year increase of 30.20%[4] - The net profit attributable to shareholders of the listed company was ¥140,143,827.76, up 36.48% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥136,530,234.33, reflecting a 51.59% increase year-on-year[4] - Basic earnings per share for the period were ¥2.10, an increase of 36.36%[5] - In Q1 2024, the company reported a net profit of ¥137,859,486.16, an increase of 39.5% compared to ¥98,783,915.48 in Q1 2023[22] - The total profit for Q1 2024 was ¥157,681,803.90, up from ¥115,659,270.08 in Q1 2023, reflecting a growth of 36.3%[22] - Operating profit for Q1 2024 reached ¥157,984,438.08, compared to ¥115,829,331.64 in the same period last year, marking an increase of 36.3%[22] - The company's basic earnings per share for Q1 2024 were ¥2.10, up from ¥1.54 in Q1 2023, reflecting a growth of 36.4%[22] - The diluted earnings per share for Q1 2024 were ¥2.07, compared to ¥1.52 in Q1 2023, an increase of 36.2%[22] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥2,608,084,529.11, a 1.36% increase from the end of the previous year[5] - Total assets as of March 31, 2024, amounted to RMB 2,608,084,529.11, a slight increase from RMB 2,572,982,295.44 at the end of 2023[20] - Total liabilities decreased to ¥504,895,145.28 in Q1 2024 from ¥610,981,432.09 in Q4 2023, indicating a reduction of approximately 17.3%[19] - The company's total equity increased to ¥2,103,189,383.83 as of March 31, 2024, compared to ¥1,962,000,863.35 at the end of 2023[20] Cash Flow - The cash flow from operating activities was ¥114,587,998.06, showing a slight decrease of 1.51% compared to the previous year[4] - The company generated cash inflows from operating activities totaling ¥516,004,846.47 in Q1 2024, compared to ¥424,986,539.90 in Q1 2023, representing a growth of 21.4%[24] - Cash outflows from operating activities were ¥401,416,848.41 in Q1 2024, up from ¥308,639,487.72 in Q1 2023, indicating an increase of 30.0%[24] - The net cash flow from operating activities was ¥114,587,998.06, slightly down from ¥116,347,052.18 in Q1 2023, a decrease of 1.5%[24] - The company reported cash outflows from investing activities of ¥743,834,976.44 in Q1 2024, compared to ¥815,102,562.26 in Q1 2023, a decrease of 8.8%[25] - The net cash flow from investing activities was -¥663,726,415.81 in Q1 2024, compared to ¥74,169,935.15 in Q1 2023, indicating a significant decline[25] Research and Development - The company's R&D investment totaled ¥65,615,307.81, which is 14.41% of operating revenue, a decrease of 0.63 percentage points year-on-year[5] - Research and development expenses increased to ¥65,615,307.81 in Q1 2024, compared to ¥52,606,928.37 in Q1 2023, reflecting a 24.7% rise[21] Market Expansion - The company actively expanded both domestic and international markets, leading to increased product coverage and sales growth[9] Shareholding Structure - The total shares transferred to Shenzhen Mindray Biomedical Electronics Co., Ltd. amounted to 13,185,240 shares, representing 19.72% of the company's total equity[15] - Shenzhen Mindray directly holds 14,120,310 shares, accounting for 21.12% of the total shares, while its action in concert, Zhuhai Tongsheng, holds 2,335,296 shares, or 3.49%[16] - The total shareholding of Shenzhen Mindray and Zhuhai Tongsheng combined is 16,455,606 shares, which is 24.61% of the total equity[16] - The company reported a total of 74,900 shares in the securities lending program at the end of the reporting period[14] - The proportion of shares held by China Bank - Huabao CSI Medical ETF increased from 1.93% to 1.95% during the reporting period[14] - The company has not reported any changes in the top 10 shareholders due to securities lending or repayment reasons[14] - The company’s major shareholders include entities with a combined holding of over 5%, indicating a concentrated ownership structure[15]

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年第二次临时股东大会 会议资料 2024 年 4 月 二、为保证股东大会的严肃性和正常秩序，切实维护与会股东的合法权益， 请出席股东大会的股东或其代理人或其他出席者至少提前 30 分钟到达会场签到 确认参会资格。在会议主持人宣布现场出席会议的股东和代理人人数及所持有表 决权的股份总数之前，会议登记应当终止。 三、股东不得无故中断会议议程要求发言。在议案过程中，股东临时要求发 言或就有关问题提出质询的，须经会议主持人许可后，方可发言或提出问题。非 股东或股东代理人在会议期间未经会议主持人许可，无权发言。 四、发言或提问应围绕本次会议议题进行，简明扼要，时间原则上不超过 5 分钟。股东的发言、质询内容与本次股东大会议题无关或涉及公司未公开重大信 息，股东大会主持人或相关负责人有权制止其发言或拒绝回答。 五、为保证股东大会的严肃性和正常秩序，切实维护与会股东的合法权益， 除出席会议的股东或股东代理人、公司董事、监事、高级管理人员、公司聘任律 师及董事会邀请的人员外，公司有权依法拒绝其他人员进入会场。 | 2024 年第二次临时股东大会 ...

证券代码：688617 证券简称： 惠泰医疗 公告编号：2024-023 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。 2024 年 4 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： 一、产品基本信息 | 产品名称 | 胸主动脉覆膜支架系统 | | --- | --- | | 注册分类 | 第三类无源医疗器械 | | 注册证编号 | 国械注准 20243130726 | | 预期用途 | 适用于 Stanford B 型主动脉夹层的腔内介入治疗。 | 二、对公司的影响 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、特别是主动脉领域的产品布局，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。 1 三、风险提示 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 ...

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 2023 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，于 2020 年 12 月 23 日与公司签订 保荐协议。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 2023 年度跟踪报告。 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，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2024 年 4 月 12 日对公司进行了现场检查。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （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 ...

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 2023 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在对深圳惠泰医疗器械股份有限公司（以下简称"惠泰医疗""公司" "上市公司"）进行持续督导工作的保荐人，对 2023 年度（以下简称"本持续督 导期间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐人 中信证券股份有限公司 （二）保荐代表人 孙炎林，褚晓佳 （三）现场检查人员 孙炎林 （四）现场检查时间 2024 年 4 月 12 日 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披露 情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况、 募集资金使用情况、关联交易、对外担保、重大对外投资情况、经营状况等方面 进行了现场检查，具体检查内容详见本报告"二、本次现场检查主要事项及意见"。 （六）现场检查手段 1 本次现场检查的手段主要包括资料查阅、访谈、现 ...