证券代码：688617 证券简称： 惠泰医疗 公告编号：2024-051 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。 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。 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产品对公司未来营业收入 的影响，敬请广大投资者理性投资、注意投资风险。 特此公告。 深圳惠泰医疗器械股份有限公司董事会 2024 年 11 月 23 日 2024 年 11 月 21 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 | 外周可解脱弹簧圈 | | --- | --- | | 注册分类 | 第三类无源医疗器械 | | 注册证编号 | 国械注准 2 ...

深圳惠泰医疗器械股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 证券代码：688617 证券简称：惠泰医疗 公告编号：2024-050 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： （一）会议召开时间：2024 年 11 月 27 日（星期三）上午 11:00-12:00 （二）会议召开地点：上海证券交易所上证路演中心（网址：http://roadsh ow.sseinfo.com/） 深圳惠泰医疗器械股份有限公司（以下简称"公司"）已于 2024 年 10 月 26 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划于 2024 年 11 月 27 日（星期三） 上午 11:00-12:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交 流。 （三）会议召开方式：网络文字互动 一、 说明会类型 三、 参加人员 本次投资者说明会以网络文字互动形式召开，公司将针对 2024 年第三季度 的经营成果及财务 ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The Q3 performance met expectations, with fluctuations in sequential growth attributed to seasonal impacts in surgical procedures. The improvement in gross margin is driven by scale effects and changes in product structure, leading to profit growth outpacing revenue growth. The company is positioned well for future growth in the electrophysiology sector, particularly in overseas markets [1][2] - The company achieved a revenue of 1.524 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 25.63%. The net profit attributable to shareholders was 528 million yuan, up 30.97% year-on-year [1] - In Q3 2024, the company reported a revenue of 524 million yuan, a year-on-year increase of 23.05%, while the net profit was 186 million yuan, reflecting a year-on-year growth of 27.24% [1] Financial Performance Summary - For 2024-2026, the company is projected to achieve revenues of 2.083 billion, 2.727 billion, and 3.578 billion yuan, with year-on-year growth rates of 26.2%, 30.9%, and 31.2% respectively. The net profit attributable to shareholders is expected to be 708 million, 945 million, and 1.253 billion yuan, with growth rates of 32.6%, 33.5%, and 32.6% respectively [1][2] - The gross margin for Q3 2024 was reported at 72.58%, an increase of 1.86 percentage points year-on-year. The sales expense ratio decreased by 1.53 percentage points to 17.79%, while the management expense ratio fell by 2.19 percentage points to 4.07% [1] Electrophysiology Business Insights - The company completed approximately 3,900 electrophysiology procedures in Q3 2024, a year-on-year increase of 25%. The total procedures for the first three quarters reached 11,356, indicating steady growth [1] - The overseas electrophysiology revenue grew by 118% in Q3 2024, highlighting significant growth potential in international markets [1] Market Expansion and Localization - The company has obtained 15 EU CE certifications and completed registrations in over 90 countries and regions as of H1 2024. This has facilitated rapid growth in overseas revenues, which reached 116 million yuan in H1 2024, a year-on-year increase of 19.73% [1] - The company is focusing on both domestic and international markets, with notable growth in its self-branded electrophysiology products, which saw a year-on-year increase of 63.04% [1]

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 ——惠泰医疗 2024 年三季报点评 股票研究 /[Table_Date] 2024.11.03 高增长延续，彰显业绩韧性 惠泰医疗(688617) [Table_Industry] 医药/必需消费 | --- | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------|-----------------------|-------|-------|-------|-------| | | | | | | | | | | [table_Authors] 丁丹 ( 分析师 ) | 谈嘉程 ( 分析师 ) | | | | | | | 0755-23976735 | 021-38038429 | | | | | | | dingdan@gtjas.com | tanjiacheng@gtjas.com | | | | | | 登记编号 | ...

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 ...