证券代码：002223 证券简称：鱼跃医疗 公告编号：2024-031 江苏鱼跃医疗设备股份有限公司 2024 年半年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、根据《中华人民共和国公司法》《深圳证券交易所上市公司自律监管指引第 9 号 ——回购股份》等相关法律法规的规定，江苏鱼跃医疗设备股份有限公司（以下简称"公 司"）通过回购专用证券账户持有的公司股份 472,942 股不享有参与利润分配的权利。公 司 2024 年半年度权益分派方案为：按公司总股本 1,002,476,929 股，扣除公司回购专户 上剩余股份 472,942 股，以 1,002,003,987 股为基数，向全体股东每 10 股派 4.00 元人民 币现金（含税），不转增不送股，共计派发 400,801,594.80 元。 1、公司于 2024 年 9 月 9 日召开 2024 年第一次临时股东大会审议通过了关于《公 司 2024 年半年度利润分配预案》的议案。股东大会决议公告刊登于 2024 年 9 月 10 日 的《证券时报》和巨潮资讯网（www ...

证券代码：002223 证券简称：鱼跃医疗 公告编号：2024-030 江苏鱼跃医疗设备股份有限公司 2024年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示 1、本次股东大会未出现否决议案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、召集人：公司董事会 2、召开方式：现场投票方式、网络投票方式 3、会议召开时间： 现场会议时间：2024年9月9日下午13:30 网络投票时间：2024年9月9日 通过深圳证券交易所交易系统进行网络投票的时间为2024年9月9日9:15~9:25， 9:30~11:30，13:00~15:00； 通过深圳证券交易所互联网投票系统投票的时间为2024年9月9日上午9:15至下午 3:00期间的任意时间。 5、主持人：公司董事长、总经理吴群先生。 6、本次会议的召开符合《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司股东大会规则》《深圳证券交易所股票上市规则》以及《江苏鱼跃医疗设备股份 有限公司章程》等相关规定。 7、出席情况 本次股东大 ...

上海市通力律师事务所 关于江苏鱼跃医疗设备股份有限公司 2024 年第一次临时股东大会的法律意见书 致: 江苏鱼跃医疗设备股份有限公司 上海市通力律师事务所(以下简称"本所")接受江苏鱼跃医疗设备股份有限公司(以下 简称"公司")的委托, 指派本所梁茜颖律师、卓海萍律师(以下简称"本所律师")根据《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司股东大会规则》等法律法规和 规范性文件(以下统称"法律法规")及《江苏鱼跃医疗设备股份有限公司章程》(以下简称 "公司章程")的规定就公司 2024 年第一次临时股东大会(以下简称"本次股东大会")相 关事宜出具法律意见。 本所律师已经对公司提供的与本次股东大会有关的法律文件及其他文件、资料予以了核 查、验证。在进行核查验证过程中, 公司已向本所保证, 公司提供予本所之文件中的所有签 署、盖章及印章都是真实的, 所有作为正本提交给本所的文件都是真实、准确、完整和有效 的, 且文件材料为副本或复印件的, 其与原件一致和相符。 在本法律意见书中, 本所仅对本次股东大会召集和召开的程序、出席本次股东大会人员 资格和召集人资格及表决程序、表决结果是否符合法律法规和公 ...

买入（维持） 所属行业：医药生物/医疗器械 当前价格(元)：32.65 | --- | |----------------------------| | 证券分析师 | | 周新明 | | 资格编号：S0120524060001 | | 邮箱：zhouxm＠tebon.com.cn | 市场表现 鱼跃医疗 沪深300 -26% -17% -9% 0% 9% 17% 26% 34% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |-------------|--------|--------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -13.19 | -13.16 | -16.17 | | 相对涨幅(%) | -9.59 | -8.10 | -7.23 | 资料来源：德邦研究所，聚源数据 相关研究 1.《——鱼跃医疗 2023 年三季报点评 -鱼跃医疗(002223.SZ)：盈利能力持续 优化，CGM 新品上市带动糖尿病护理 高速增长》，2023.11.10 2.《——鱼跃医疗 23 年半年报点评-鱼 ...

[Table_Main] 证券研究报告 | 公司点评 鱼跃医疗(002223.SZ) 2024 年 08 月 29 日 | --- | --- | --- | --- | --- | |--------------------------------------------------------|-------|----------|----------------------|------------------| | 买入（维持） | | 鱼跃医疗 | | 中报点评：高基数 | | 所属行业：医药生物 / 医疗器械 当前价格 ( 元 ) ： 32.65 | | | 下业绩承压，海外提速 | | 证券分析师 周新明 资格编号：S0120524060001 邮箱：zhouxm＠tebon.com.cn 市场表现 -17% -9% 0% 9% 17% 26% 34% 鱼跃医疗 沪深300 | --- | --- | --- | --- | |--------------------------------|----------------|--------------|--------| | -26% 202 ...

2024 年 08 月 28 日 鱼跃医疗(002223.SZ) 步伐加快打开长期空间 事件：公司发布 2024 年中报。 各业务条线中新产业板块增长亮眼，产品端与客户端持续突破。 （1）呼吸治疗解决方案：上半年实现收入 16.42 亿元，同比降低 28.88%，下降原因主要系上年同期高基数。其中，制氧机产品营收较 上年同期虽有一定下滑，但相较 2022 年同期实现双位数的复合增长 率；雾化产品销售业绩继续保持了良好增速，较上年同期实现了双位 数的增幅；家用呼吸机产品亦在优秀的产品品质及品牌力的加持下， 业务规模获得了较好增长。 （2）糖尿病护理解决方案：上半年实现收入 5.62 亿元，同比增长 54.94%。公司 BGM 相关产品市场占有率持续攀升，客群规模进一步扩 大，CGM 产品的研发工作稳步推进，新品销售实现快速拓展。糖尿病 护理板块产品的市场地位不断提高，公司正全力推进该板块产品在院 内外市场的深度渗透，同时，强化研发、制造、销售团队的人才体系 建设，为关键业务领域筑造更坚实的战略后盾。 （3）感控解决方案：上半年实现收入 3.1 亿元，同比降低 26.79%， 业务规模相比过往需求波动年份有所缩减 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 38 RMB [1]. Core Views - The report highlights that the company is experiencing a high growth rate in the diabetes care segment despite a high base effect impacting overall growth [1]. - The company achieved a revenue of 4.31 billion RMB in H1 2024, a year-over-year decrease of 13.5%, with a net profit of 1.12 billion RMB, down 25.0% year-over-year [1]. - The report anticipates a recovery in performance starting from Q4 2024 as the high base effect from the previous year diminishes [1]. Financial Summary - For H1 2024, the company recorded a revenue of 4.31 billion RMB, with a net profit of 1.12 billion RMB, and a net profit attributable to the parent company of 960 million RMB, down 23.2% year-over-year [1]. - The Q2 2024 revenue was 2.08 billion RMB, a decrease of 8.8% year-over-year, with a net profit of 460 million RMB, down 41% year-over-year [1]. - The report projects net profits of 2.21 billion RMB, 2.48 billion RMB, and 2.81 billion RMB for 2024, 2025, and 2026 respectively, with year-over-year growth rates of -7.7%, +12.5%, and +13.0% [2][4]. Segment Performance - The diabetes care segment achieved a revenue of 560 million RMB, growing 55.0% year-over-year, driven by product innovation and market expansion [1]. - The respiratory treatment solutions segment saw a revenue of 1.1 billion RMB, up 34.7% year-over-year, while the rehabilitation and clinical equipment segment generated 730 million RMB, a 3.1% increase year-over-year [1]. - The report notes that the company’s overseas sales are growing rapidly, with a year-over-year increase of 30.2% in H1 2024 [1]. Valuation Metrics - The current price-to-earnings (P/E) ratios for the projected years are 14 times for 2024, 12.85 times for 2025, and 11 times for 2026, indicating a reasonable valuation [2][4]. - The report suggests that the company maintains a strong brand value and is expected to benefit from new product launches and market expansion in the long term [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company reported a revenue of 4.308 billion yuan for H1 2024, a year-on-year decrease of 13.50%, and a net profit attributable to shareholders of 1.120 billion yuan, down 25.02% year-on-year. The core business segments, particularly blood glucose management and overseas expansion, showed strong performance [9][10] - The diabetes care solutions revenue reached 562 million yuan, marking a year-on-year growth of 54.94%, while overseas sales revenue was 479 million yuan, up 30.19% year-on-year [9][10] Financial Performance Summary - For H1 2024, the company achieved a gross margin of 50.06%, which is a slight decrease of 1.62 percentage points year-on-year. The sales, management, and R&D expense ratios increased compared to the previous year [9][10] - The company forecasts revenues of 8.564 billion yuan, 10.005 billion yuan, and 11.595 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 7.44%, 16.82%, and 15.90% [10][12] - The projected net profits for the same years are 2.091 billion yuan, 2.405 billion yuan, and 2.825 billion yuan, with growth rates of -12.72%, 15.01%, and 17.49% respectively [10][12] Business Segment Performance - The respiratory therapy solutions segment generated 1.642 billion yuan in revenue, a year-on-year decline of 28.88%. However, the sales of nebulizers and home ventilators showed good growth [9][10] - The emergency rescue segment reported revenue of 108 million yuan, reflecting a year-on-year increase of 34.66% [9][10] Market Position and Outlook - The company is positioned as a leading player in the home medical device sector, benefiting from an aging population and the expansion of new products like Continuous Glucose Monitoring (CGM) systems and overseas business [9][10]

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company's performance in the first half of 2024 showed a significant decline in revenue and net profit due to fluctuations in demand, with total revenue of 4.308 billion yuan (-13.50%) and net profit of 1.120 billion yuan (-25.02%) [1][2]. - The company is a leader in home medical devices, focusing on three core areas: respiratory and oxygen therapy, diabetes care, and infection control, with a continuous improvement in product structure and brand advantages [3][4]. Summary by Sections Financial Performance - For the first half of 2024, the company reported a revenue of 4.308 billion yuan, a decrease of 13.50%, and a net profit of 1.120 billion yuan, down 25.02%. The operating cash flow also decreased by 32.42% to 1.013 billion yuan [1][2]. - In Q2 2024, revenue was 2.076 billion yuan (-8.82%), with a net profit of 461 million yuan (-40.96%) [1]. Business Segments - Respiratory treatment revenue was 1.642 billion yuan (-28.88%), accounting for 38.11% of total revenue, with a gross margin of 52.11% [2]. - Diabetes care revenue increased by 54.94% to 562 million yuan, representing 13.05% of total revenue, with a gross margin of 60.19% [2]. - Infection control revenue decreased by 26.79% to 311 million yuan, accounting for 7.21% of total revenue [2]. - Home electronic testing and in vitro diagnostics generated 935 million yuan (-12.49%) in revenue, while emergency revenue increased by 34.66% to 108 million yuan [2]. Profitability and Shareholder Returns - The overall gross margin for H1 2024 was 50.06%, a decrease of 1.43 percentage points, but Q2 saw a slight improvement to 50.19% [3]. - The company announced its first interim dividend, proposing a cash dividend of 4 yuan per 10 shares, reflecting a commitment to shareholder returns [3]. Future Outlook - The company expects to see continued growth in overseas markets as product registrations and local team developments progress [2]. - The forecast for net profit for 2024-2026 is adjusted to 2.210 billion yuan, 2.542 billion yuan, and 2.921 billion yuan, reflecting a year-on-year decrease of 7.75% in 2024, followed by growth in subsequent years [3][6].

Investment Rating - The report maintains a "Buy" rating for Yuyue Medical (002223.SZ) [2][3][4] Core Views - Yuyue Medical's performance in the first half of 2024 showed steady revenue growth driven by new products and channel expansion, despite a year-on-year decline in net profit [2][3] - The company is expected to recover its traditional business and continue to grow in emerging sectors, with a projected revenue increase of 16% from 2024 to 2026 [2][4] Financial Summary - **Revenue**: - 2022: 7,102 million CNY - 2023: 7,972 million CNY (12% growth) - 2024E: 8,759 million CNY (10% growth) - 2025E: 10,111 million CNY (15% growth) - 2026E: 11,662 million CNY (15% growth) [2][3] - **Net Profit**: - 2022: 1,595 million CNY - 2023: 2,396 million CNY (50% growth) - 2024E: 2,069 million CNY (-14% decline) - 2025E: 2,405 million CNY (16% growth) - 2026E: 2,799 million CNY (16% growth) [2][3] - **Earnings Per Share (EPS)**: - 2023: 2.39 CNY - 2024E: 2.06 CNY - 2025E: 2.40 CNY - 2026E: 2.79 CNY [2][3] - **Return on Equity (ROE)**: - 2022: 16% - 2023: 20% - 2024E: 15% - 2025E: 15% - 2026E: 15% [2][3] Business Performance - The respiratory treatment segment remains stable despite a high base effect, with a notable performance in nebulizer products and home ventilators [2][3] - The diabetes care segment, particularly Continuous Glucose Monitoring (CGM) products, is experiencing rapid growth, with market share increasing significantly [2][3] - The company is focusing on optimizing product performance to meet core user needs, which is expected to drive future growth in the respiratory treatment business [2][3] Market Position - Yuyue Medical's market capitalization is approximately 32.69 billion CNY, with a circulating market value of 30.61 billion CNY [2][3] - The company is leveraging its brand strength as a domestic leader to expand its market presence both domestically and internationally [2][3]