Financial Performance - The company reported a cash flow surplus in 2023, with accounts receivable totaling 41 million, including 4 million domestic and 37 million international [2][3] - The cash flow per share significantly exceeds earnings per share, indicating strong profitability [3] Strategic Partnerships - The integration with Mindray is ongoing, requiring antitrust reviews and compliance confirmations [3] - Collaboration with Mindray is expected to enhance domestic and international marketing and equipment R&D capabilities [4] Market Expansion - The company plans to expand sales in the Asia-Pacific, Latin America, and Middle East regions before targeting Europe and the US [4][5] - The target for electrophysiology surgeries in Q1 2024 is over 18,000, representing an 80% increase year-on-year [5] Product Development - The PFA product is anticipated to capture 40%-50% of the electrophysiology market, offering high safety and efficiency [5][6] - New products, including a thoracic aortic stent and a vena cava filter, are expected to receive approval in 2024 [6] Procurement and Pricing - The procurement schedule for peripheral products includes various timelines, with expected positive returns despite being in the early stages [6][7] - The company is cautious about entering competitive markets, focusing first on regions where it can establish a strong presence [7] Future Outlook - The company remains committed to long-term goals, prioritizing patient outcomes and clinical efficacy over short-term profits [7] - Confidence in stable growth is bolstered by new product launches and international market expansion [7]

[Table_StockInfo] 持有 2024年 03月 29日 （维持） 证券研究报告•2023年年报点评 当前价： 428.09元 惠泰医疗（688617） 医药生物 目标价： ——元（6个月） 23 年业绩符合预期，净利率提升明显 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a发ry布] 2023年年报，23年实现营收16.5亿元（+35.7%），实现归母 [分Ta析bl师e_：Au杜th向or阳] 净利润5.3亿元（+49.1%），实现扣非归母4.7亿元（+45.5%）。其中23Q4实 执业证号：S1250520030002 现营业收入 4.4亿元（+32.8%）、归母净利润 1.3亿元（+34.1%）。23年公司 电话：021-68416017 积极拓展国内外市场，产品覆盖率进一步提升。 邮箱：duxy@swsc.com.cn  23 年业绩符合预期，净利率提升明显。分季度看，2023Q1/Q2/Q3/Q4 单季度 联系人：陈辰 收入分别为3.5/4.4/4.3/4.4亿元（+31.7%/+51.1%/+28.4%/+32.8%），单季度归 电话：021-6841601 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 567.83, compared to the last closing price of 432.37 [1][6]. Core Insights - The company achieved a revenue of 1.65 billion yuan in 2023, representing a year-on-year growth of 35.71%. The net profit attributable to shareholders was 534 million yuan, up 49.13% year-on-year, driven by increased sales scale and cost control [3][4]. - The company reported a significant increase in cash flow from operating activities, reaching 689 million yuan, which is an 87.52% increase year-on-year [3][4]. - The company’s various business segments experienced rapid growth, with international revenue increasing by 72.62% year-on-year, contributing 14.26% to the main business [5][6]. Revenue and Profitability - The company’s revenue from the electrophysiology segment was 367 million yuan, a 25.51% increase year-on-year. The coronary segment generated 791 million yuan, up 38.98%, while the peripheral intervention segment saw a revenue of 256 million yuan, increasing by 40.36% [4][5]. - The overall gross margin improved slightly to 71.27%, with a net profit margin of 31.64%, reflecting a 3.67 percentage point increase year-on-year [6][7]. Future Projections - The company is projected to achieve revenues of 2.22 billion yuan, 3.00 billion yuan, and 3.97 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 35%, 35%, and 32% [6][7]. - The net profit attributable to shareholders is expected to reach 689 million yuan, 934 million yuan, and 1.24 billion yuan for the same years, with growth rates of 29%, 36%, and 32% [6][7].

Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but it suggests a positive outlook with a recommendation to "continue to pay attention" to the company [9]. Core Insights - The company reported a revenue of 1.65 billion yuan in 2023, representing a year-on-year growth of 35.71%, and a net profit of 534 million yuan, up 49.13% year-on-year [6]. - The core product lines showed strong growth, with electrophysiology products generating 368 million yuan (up 25.51%), coronary access products 791 million yuan (up 38.98%), and peripheral intervention products 256 million yuan (up 40.36%) [7]. - The company achieved a gross margin of 71.27% and a net margin of 31.64% in 2023, indicating improved profitability [8]. Financial Performance - In 2023, the company achieved a total revenue of 1.65 billion yuan, with a net profit of 534 million yuan, and a year-on-year growth rate of 35.71% and 49.13% respectively [6]. - The projected revenues for 2024, 2025, and 2026 are 2.21 billion yuan, 3.01 billion yuan, and 3.92 billion yuan, with corresponding growth rates of 33.76%, 36.17%, and 30.56% [9]. - The company's earnings per share (EPS) are expected to increase from 7.99 yuan in 2023 to 10.40 yuan in 2024, reflecting a growth rate of 30.24% [10]. Market Position and Growth Potential - The company is positioned as a leader in electrophysiology and coronary access markets, with significant expansion opportunities in vascular intervention [9]. - The entry of a major player, Mindray, is expected to enhance the company's sales channels and global competitiveness [9]. - The company has successfully expanded its product lines, including the introduction of new products in the urology segment, contributing to a diversified revenue stream [7].

2024 年 3月 24日，公司发布 2023 年年度报告。2023年公司实现 收入16.50 亿元，同比+36%；归母净利润5.34 亿元，同比+49%； 实现扣非归母净利润4.68 亿元，同比+46%； 分季度来看，2023Q4 实现收入4.37 亿元，同比+33%；归母净利润 1.31 亿元，同比+34%；实现扣非归母净利润1.08 亿元，同比+22%。 国内产品覆盖率持续提升，国际自主品牌出海表现突出。公司持 续加强市场开拓，电生理业务实现收入3.68 亿元，同比+26%，在 超过800 家医院完成三维电生理手术10000 余例，手术量较2022 年增长超过200%。冠脉通路类业务实现收入7.91 亿元，同比+39%； 人民币(元) 成交金额(百万元) 外周介入类业务实现收入2.56 亿元，同比+40%。此外公司境外业 497.00 800 务实现收入2.34 亿元，同比+73%，占总收入比例达到14%。中东 700 455.00 600 非洲、独联体区域同比增长超过100%，自主品牌出海表现优异。 413.00 500 全年净利率进一步提升，多类研发项目推进顺利。2023 年公司综 371.00 4 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 1.65 billion yuan in 2023, representing a year-on-year growth of 35.71%, with a net profit attributable to shareholders of 534 million yuan, up 49.13% year-on-year [1] - The company has formed a strong partnership with Mindray, which is expected to enhance its market position in the cardiovascular device sector [4] - The company is experiencing significant growth in its electrophysiology and vascular intervention segments, with revenues of 368 million yuan and 791 million yuan respectively in 2023 [1][2] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 1.65 billion yuan, with a net profit of 534 million yuan and a gross profit margin of 71.3% [1] - The fourth quarter of 2023 saw a revenue of 437 million yuan, with a net profit of 131 million yuan [1] - The company expects revenues of 2.17 billion yuan, 2.88 billion yuan, and 3.83 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 728 million yuan, 973 million yuan, and 1.31 billion yuan [5] Product Segments - The electrophysiology segment generated 368 million yuan in revenue, with a year-on-year growth of 25.51% [1] - The vascular intervention segment achieved a revenue of 791 million yuan for coronary access devices, growing by 38.98% year-on-year [2] - The company has launched new products in the electrophysiology space, including a cardiac radiofrequency ablation device and a radiofrequency perfusion pump [1] Market Position and Strategy - The company has successfully expanded its hospital coverage to over 3,600, with significant growth in both peripheral and coronary lines [2] - The partnership with Mindray is expected to leverage both companies' strengths, enhancing the company's capabilities in the cardiovascular device market [4] - The company is positioned to benefit from the ongoing trend of domestic brands gaining market share in the medical device sector, particularly in the context of centralized procurement [2]

Financial Performance - The company's operating revenue for 2023 was approximately CNY 1.65 billion, representing a year-on-year increase of 35.71%[19]. - Net profit attributable to shareholders of the listed company reached approximately CNY 533.92 million, up 49.13% compared to the previous year[19]. - The net cash flow from operating activities increased by 87.52% year-on-year, amounting to approximately CNY 689.06 million[19]. - Basic earnings per share rose to CNY 8.04, reflecting a growth of 49.44% from the previous year[20]. - The weighted average return on net assets increased to 30.19%, up 10.13 percentage points from the previous year[20]. - The net profit after deducting non-recurring gains and losses increased by 45.54% year-on-year, indicating effective cost control measures[19]. - Total assets at the end of 2023 were approximately CNY 2.57 billion, a 15.59% increase from the previous year[19]. - The company's net assets attributable to shareholders reached approximately CNY 1.91 billion, reflecting an 8.16% increase year-on-year[19]. Dividend and Capital Structure - The company plans to distribute a cash dividend of RMB 20.00 per 10 shares, totaling approximately RMB 133,099,098.00, which represents 24.93% of the net profit attributable to shareholders for 2023[5]. - The company intends to increase its total share capital by 29,947,297 shares through a capital reserve conversion, resulting in a new total of 96,808,654 shares[5]. - The company has a total share capital of 66,861,357 shares as of March 22, 2024, after accounting for share buybacks[5]. Governance and Compliance - The company has received a standard unqualified audit report from its accounting firm, indicating the financial statements' accuracy and completeness[4]. - The company has confirmed that all board members attended the board meeting, ensuring governance compliance[4]. - The company has not violated any decision-making procedures regarding external guarantees[7]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[7]. - The company has no dissenting opinions from the supervisory board regarding risk supervision during the reporting period[172]. - The company has established a remuneration and assessment committee to review the remuneration matters of directors and senior management[157]. Research and Development - Research and development expenses accounted for 14.42% of operating revenue, a slight increase of 0.04 percentage points compared to the previous year[20]. - The company is focusing on expanding its market presence in the electrophysiology and vascular intervention sectors, driven by increasing healthcare spending and aging population trends[27]. - The company plans to enhance its R&D efforts for new products and technologies to strengthen its competitive position in the market[27]. - The company is committed to increasing R&D investment to accelerate technological innovation and new product development[30]. - The company reported a total R&D investment of approximately ¥237.92 million, representing a 36.05% increase compared to the previous year, with R&D expenses accounting for 14.42% of total revenue[65]. - The company applied for 19 new invention patents and 21 new utility model patents during the reporting period, with a total of 370 patents filed and 200 granted to date[64]. Market Expansion and Product Development - The company achieved growth across all product lines, driven by market expansion and technological innovation[21]. - The international business grew by 72.62% year-on-year, with the Middle East and Africa, as well as the CIS region, experiencing over 100% growth[29]. - The company is positioned to benefit from the ongoing trend of domestic innovation and replacement in the medical device industry, supported by government policies[47]. - The company aims to deepen market penetration, particularly in the domestic electrophysiology product market, to further increase its market coverage[27]. - The company has established a comprehensive coronary access product line to meet clinical needs for PCI procedures[35]. - The company has launched a pre-shaped guidewire, the first of its kind in China, which reduces clinical operation time and enhances surgical convenience[36]. Operational Risks and Challenges - The company has outlined various operational risks and corresponding mitigation strategies in the report[3]. - The company faces significant competition from foreign brands such as Johnson & Johnson and Abbott, which dominate the domestic market due to their established product systems and channel advantages[82]. - The company is at risk of product price declines due to national policies promoting centralized procurement of high-value medical consumables, which could impact profitability[83]. - The company must continuously innovate and develop new products to maintain its competitive edge in the interventional medical device market, which has high R&D challenges[81]. - The company is exposed to risks related to the loss of high-quality research and management talent, which is critical for its long-term development[81]. Employee and Management - The total number of employees at the parent company and major subsidiaries is 2,155, with 1,066 in production, 473 in sales, and 446 in technical roles[173]. - The company has implemented a competitive salary system and provides various employee benefits, including commercial insurance and performance-based incentives[175]. - The company has established a comprehensive training program for employees, focusing on various levels of management and skill enhancement[176]. - The company’s total remuneration for all directors, supervisors, and senior management personnel at the end of the reporting period amounted to CNY 16.84 million[157]. - The company has implemented a strategy for equity incentives to retain key personnel and enhance performance[147]. Social Responsibility and Environmental Initiatives - The company actively engages in social responsibility initiatives and maintains good investor relations[189]. - The company invested 252,900 yuan in environmental protection measures during the reporting period[190]. - The company has implemented measures to manage waste and pollution, including the collection and treatment of industrial waste gases and wastewater, ensuring compliance with environmental standards[194]. - The company has not taken any carbon reduction measures during the reporting period, resulting in zero reduction in carbon dioxide equivalent emissions[196][197]. - The company donated 2.454212 million RMB to various foundations and industry summits, contributing to social responsibility efforts[200].

证券研究报告·公司点评报告·医疗器械 惠泰医疗（688617） 2023年年报点评：业绩超我们预期，经营持 2024年 03月 24日 续向好 证券分析师 朱国广 买入（维持） 执业证书：S0600520070004 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E zhugg@dwzq.com.cn 营业总收入（百万元） 1,216 1,650 2,176 2,962 3,873 股价走势 同比 46.74% 35.71% 31.88% 36.09% 30.75% 归母净利润（百万元） 358.02 533.92 704.14 909.59 1,162.70 惠泰医疗 沪深300 同比 72.19% 49.13% 31.88% 29.18% 27.83% 49% EPS-最 新 摊 薄 （ 元/ 42% 5.35 7.99 10.53 13.60 17.39 35% 股） 28% 21% P/E（ 现 价&最 新 摊 14% 80.75 54.14 41.06 31.78 24.86 7% 薄） -0 7%% [ [TT aab bl le e_ ...

股 票 研 究 [Table_industryInfo] 医药/必需消费 [ Table_Main[惠ITnaf 泰bol]e 医_Ti疗tle]( 688617) [评Tab级le_：Inv est] 增持 上次评级： 增持 电生理推广顺利，血管介入增长强劲 目标价格： 498.24 上次预测： 424.67 公 ——惠泰医疗2023 年报点评 当前价格： 432.37 司 丁丹(分析师) 谈嘉程(分析师) 2024.03.25 更 0755-23976735 021-38038429 [交Ta易bl数e_M据a rket] 新 dingdan@gtjas.com tanjiacheng@gtjas.com 证书编号 S0880514030001 S0880523070004 52周内股价区间（元） 296.30-463.60 报 总市值（百万元） 28,909 告 本报告导读： 总股本/流通A股（百万股） 67/67 公司电生理业务推广顺利，血管介入业务增长强劲，非血管介入业务提供新增长点， 流通 B股/H股（百万股） 0/0 流通股比例 100% 业绩符合预期，维持增持评级。 日均成交量（百万股） 0. ...

2024年03月25日 公司研究●证券研究报告 惠泰医疗（ ） 公司快报 688617.SH 医药 | 医疗器械Ⅲ 业绩实现较快增长，产品覆盖率快速提升 增持-B(维持) 投资评级 股价(2024-03-25) 425.38元 投资要点 事件：公司发布2023年年度报告，2023年实现营收16.50亿元（+36%，同比增 交易数据 速，下同）；归母净利润5.34亿元（+49%）；扣非归母净利润4.68亿元（+46%）； 总市值（百万元） 28,441.48 2023Q4单季度公司实现营收4.37亿元（+33%），实现归母净利润1.31亿元 流通市值（百万元） 28,441.48 （+34%），实现扣非归母净利润1.08亿元（+22%）。2023年公司业绩实现快速 总股本（百万股） 66.86 增长，主要系公司积极拓展国内外市场，产品覆盖率进一步提高，公司坚持技术创 流通股本（百万股） 66.86 新，产品布局不断完善，带动公司销售收入实现较快增长。 12个月价格区间 456.32/302.95 产品覆盖率快速提升，渠道影响力持续增强。电生理业务方面，受益于集中采购政 一年股价表现 策推进，电生理产品终端医 ...