Investment Rating - The report assigns an "Increase" rating for the company, indicating a positive outlook for its stock performance [6][24]. Core Insights - The company, Dabo Medical, reported a revenue of 1.533 billion yuan in 2023, representing a year-on-year growth of 6.9%. However, the net profit attributable to shareholders decreased by 36.05% to 59 million yuan [5][26]. - The impact of centralized procurement is gradually diminishing, and multiple business lines are expected to improve performance. The company is focusing on innovation and expanding its product lines to enhance competitiveness [9][24]. - The company has maintained high R&D investment, amounting to 285 million yuan in 2023, a year-on-year increase of 11.12%. This investment supports the development of new clinical techniques and products [9][10]. Financial Summary - In 2023, the company achieved a gross margin of 67.89%, down 8.82 percentage points year-on-year, and a net profit margin of 3.85%, down 2.58 percentage points [5][26]. - For Q1 2024, the company reported a revenue of 427 million yuan, a year-on-year increase of 9.17%, with a net profit of 62 million yuan, up 6.05% [5][26]. - The forecast for 2024-2026 anticipates revenues of 2.019 billion, 2.559 billion, and 3.023 billion yuan, with corresponding net profits of 326 million, 521 million, and 689 million yuan, reflecting significant growth rates [24][26]. Market Data - As of May 21, 2024, the closing price of the stock was 30.99 yuan, with a total share capital of 414.02 million shares [14]. - The company's price-to-earnings (PE) ratios for 2024, 2025, and 2026 are projected to be 39.3, 24.6, and 18.6, respectively [24][26].

Investment Rating - The report maintains a rating of "Accumulate" for the company [2][4][16]. Core Views - The impact of centralized procurement is gradually clearing, and the performance trend is expected to improve [2][4]. - The target price is set at 43.05, consistent with the previous forecast [2][4]. - The company achieved a revenue of 15.33 billion in 2023, representing a year-on-year increase of 6.9%, while the net profit attributable to the parent company was 0.59 billion, down 36.3% [2][4]. Financial Summary - **2023 Performance**: Revenue was 15.33 billion (+6.9%), net profit was 0.59 billion (-36.3%), and non-recurring net profit was 0.11 billion (-88.5%) [2][4]. - **2024 Q1 Performance**: Revenue reached 4.27 billion (+9.2%), with a net profit of 0.62 billion (+6.1%) [2][4]. - **2024 Forecast**: Expected revenue of 20.31 billion, with net profit projected at 1.24 billion [5][2]. Business Segments - The trauma and spine segments remain under pressure, while the joint segment shows good growth [2][4]. - Non-orthopedic business is developing rapidly, with significant overseas performance, achieving revenues of 2.87 billion, 0.81 billion, and 0.52 billion in micro-invasive surgery, neurosurgery, and dental segments respectively, with growth rates of 50%, 73%, and 111% [2][4]. Valuation Metrics - The company is projected to have an EPS of 0.73 for 2024, with a target PE of 35X, maintaining the target price of 43.05 [2][4]. - The current market capitalization is 13.298 billion, with a circulating share ratio of 85% [2][4].

证券代码：002901 证券简称：大博医疗 公告编号：2024-021 大博医疗科技股份有限公司 关于参加厦门辖区上市公司 2023 年年报业绩说明会暨 投资者网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，大博医疗科技股份有限公司（以下简称 “公司”）将参加由厦门证监局、厦门上市公司协会与深圳市全景网络有限公司 联合举办的“厦门辖区上市公司 2023 年年报业绩说明会暨投资者网上集体接待 日活动”，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录“全景路演”网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参与 本次互动交流，活动时间为 2024年5月16日（周四）14:00-17:00。届时公司高 管将在线就公司 2023 年度业绩、公司治理、发展战略、经营状况、融资计划、 股权激励和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广 ...

Revenue and Profit - The total revenue for the first quarter was 12,368,610.28 CNY, with a significant government subsidy of 13,849,369.86 CNY impacting the financial results positively [5]. - The total net profit for the first quarter was 67,201,457.82 yuan, an increase of 7.00% compared to 62,745,150.49 yuan in the same period last year [23]. - Revenue from sales of goods and services received cash of 465,773,219.88 yuan, representing a 30.32% increase from 357,397,127.42 yuan year-on-year [23]. - The total operating revenue for the current period is ¥427,279,900.69, representing a 9.17% increase compared to ¥391,374,553.00 in the same period last year [44]. - The net profit attributable to shareholders of the listed company is ¥61,728,900.60, up 6.05% from ¥58,209,336.93 year-on-year [44]. - The company's operating profit for the quarter was 76,555,082.59 yuan, up from 65,971,925.55 yuan in the previous year, marking a growth of 8.00% [23]. Cash Flow and Investments - Cash received from investment income increased by 30.06% to 4,199,276.19 CNY, attributed to higher financial product returns [7]. - The net cash flow from investment activities was -152,951,560.73 CNY, indicating a decrease compared to the previous period [15]. - The cash flow from financing activities resulted in a net outflow of -52,825,949.18 CNY, contrasting with a net inflow in the previous period [15]. - The net cash flow from operating activities is ¥52,671,456.22, a significant improvement of 151.94% compared to a negative cash flow of ¥101,409,485.52 in the previous year [44]. - Cash inflow from operating activities rose to ¥491,372,082.02, up from ¥422,674,353.52, marking an increase of approximately 16.2% [54]. Assets and Liabilities - The total current assets amounted to 3,091,003,678.66 CNY, with inventory valued at 1,198,071,796.20 CNY [11]. - The company’s total assets increased by 40.29% to 607,730,396.75 yuan, primarily due to increased bank wealth management purchases [23]. - The total assets at the end of the reporting period amount to ¥4,618,933,142.40, a slight decrease of 0.45% from ¥4,639,740,860.70 at the end of the previous year [44]. - The total liabilities decreased from ¥1,479,079,740.59 to ¥1,391,402,855.50, representing a reduction of approximately 5.9% [52]. - The total current liabilities decreased to ¥1,075,049,947.75 from ¥1,153,674,553.92 in the previous year [38]. Shareholder Returns and Equity - The company reported a 3430.65% increase in cash paid for dividends, totaling 21,142,636.08 CNY, reflecting a significant distribution to shareholders [7]. - The equity attributable to shareholders of the listed company increased to ¥3,118,320,794.12, reflecting a 1.96% growth from ¥3,058,491,836.78 [44]. - The total equity increased from ¥3,160,661,120.11 to ¥3,227,530,286.90, reflecting a growth of about 2.1% [52]. - The company's retained earnings increased from ¥1,275,854,472.69 to ¥1,337,583,373.29, showing a growth of about 4.8% [52]. Expenses and Impairments - The company reported a significant increase in financial expenses, with a rise of 127.02% to 4,718,941.98 yuan due to increased interest expenses and foreign exchange losses [23]. - The accounts receivable impairment loss decreased by 394.58%, amounting to 2,966,999.15 yuan, indicating improved collection of long-aged accounts [23]. - The company’s tax expenses rose by 175.49% to 8,794,923.09 yuan, reflecting an increase in total profit [23]. - The company’s R&D expenses for the current period are ¥59,950,671.27, down from ¥63,032,915.87 in the previous year [39]. Other Financial Metrics - The cash and cash equivalents at the end of the period stood at 129,711,280.37 CNY, down from 277,164,148.92 CNY at the beginning of the period [15]. - The company has not undergone an audit for the first quarter report, indicating that the figures are unaudited [16]. - The basic earnings per share for the current period is ¥0.15, which is a 7.14% increase from ¥0.14 in the same period last year [44]. - The weighted average return on net assets is 2.00%, an increase of 0.08 percentage points from 1.92% in the previous year [44]. - The total comprehensive income for the period was ¥66,869,167.79, compared to ¥63,262,234.71, indicating an increase of about 4.1% [62].

证券代码：002901 证券简称：大博医疗 公告编号：2024-018 大博医疗科技股份有限公司 关于召开 2023 年年度股东大会的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 大博医疗科技股份有限公司（以下简称"公司"）2023 年年度股东大会将于 2024 年 4 月 29 日（星期一）下午 13:30 召开，公司于 2024 年 3 月 30 日 在《证券时报》及巨潮资讯网（http://www.cninfo.com.cn）上发布了《关于召开 2023 年年度股东大会的通知》（公告编号：2024-012）；并于 2024 年 4 月 19 日在 《证券时报》及巨潮资讯网（http://www.cninfo.com.cn）上发布了《关于 2023 年 年度股东大会取消部分议案及增加临时提案的公告》（公告编号：2024-017）。本 次股东大会采取现场表决与网络投票相结合的方式。现将召开公司 2023 年年度 股东大会的相关事项安排提示如下： 一、召开会议的基本情况 1、股东大会届次：大博医疗科技股份有限公司 2023 年年度股东大会 2、股 ...

证券代码：002901 证券简称：大博医疗 公告编号：2024-016 大博医疗科技股份有限公司 第三届监事会第八次会议决议公告 分配预案的议案》作为新增临时提案提交 2023 年年度股东大会审议。 具体内容详见公司同日披露的《关于调整2023年度利润分配预案的公告》。 本次调整后的利润分配预案尚需提交公司 2023 年年度股东大会审议。 二、会议以 3 票赞成、0 票反对、0 票弃权的表决结果审议通过了《关于使 用部分暂时闲置募集资金进行现金管理的议案》。 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 大博医疗科技股份有限公司（以下简称"公司"）第三届监事会第八次会议于 2024 年 4 月 17 日在公司会议室以现场方式召开，会议通知以专人送达、传真、 电子邮件、电话相结合的方式已于 2024 年 4 月 16 日向各位监事发出，本次会议 为紧急会议，经全体监事一致同意豁免会议通知期限要求，与会的各位监事已知 悉与所议事项相关的必要信息。本次会议应参加监事 3 名，实际参加监事 3 名， 本次会议的召开符合《公司法》《公司章程》等法律法规的规定，合法有效 ...

证券代码：002901 证券简称：大博医疗 公告编号：2024-014 大博医疗科技股份有限公司 关于使用部分暂时闲置募集资金进行现金管理的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 大博医疗科技股份有限公司（以下简称"公司"）于 2024 年 4 月 17 日召开 的第三届董事会第九次会议和第三届监事会第八次会议，分别审议通过《关于使 用部分暂时闲置募集资金进行现金管理的议案》，同意公司在确保不影响募集资 金投资项目建设的情况下，使用不超过人民币 2,400.00 万元的暂时闲置募集资金 进行现金管理，用于购买发行主体是商业银行的安全性高、流动性好的低风险保 本型理财产品，期限为自公司董事会审议通过之日起 12 个月内。在上述额度及 决议有效期内,可循环滚动使用，授权公司董事长或董事长授权人员在有效期内 和上述额度内行使投资决策权并由财务部具体办理相关事宜。现将具体情况公告 如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准大博医疗科技股份有限公司非公开发 行股票的批复》（证监许可[2021]750 号）核准，并经深圳证券交易所同意， ...

中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为大博医 疗科技股份公司（以下简称"大博医疗"或"公司"）2020 年度非公开发行 A 股 股票的保荐人，根据《证券发行上市保荐业务管理办法（2023 年修订）》《深圳 证券交易所股票上市规则（2023 年修订）》《深圳证券交易所上市公司自律监管 指引第 1 号——主板上市公司规范运作》和《上市公司监管指引第 2 号——上市 公司募集资金管理和使用的监管要求（2022 年修订）》等相关规定，就大博医疗 使用部分暂时闲置募集资金进行现金管理事项进行了审慎核查，情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准大博医疗科技股份有限公司非公开发 行股票的批复》（证监许可[2021]750 号）核准，并经深圳证券交易所同意，公司 本次非公开发行人民币普通股（A 股）12,000,000 股，发行价格为 41.36 元/股。 募集资金总额为人民币 496,320,000.00 元，扣除发行费用人民币 9,102,966.77 元 （不含税金额）后，实际募集资金净额为人民币 487,217,033.23 元。上述募集资 金到位情况已经天健会计师事 ...

证券代码：002901 证券简称：大博医疗 公告编号：2024-015 大博医疗科技股份有限公司 第三届董事会第九次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 大博医疗科技股份有限公司（以下简称"公司"）第三届董事会第九次会议于 2024 年 4 月 17 日在公司会议室以现场及通讯表决方式召开，会议通知以专人送 达、传真、电子邮件、电话相结合的方式已于 2024 年 4 月 16 日向各位董事发 出，本次会议为紧急会议，经全体董事一致同意豁免会议通知期限要求，与会的 各位董事已知悉与所议事项相关的必要信息。本次会议应参加董事 7 名，实际参 加董事 7 名，本次会议的召开符合《公司法》《公司章程》等法律法规的规定， 合法有效。 本次会议由董事长林志雄先生主持，与会董事就会议议案进行了审议、表 决，形成了如下决议： 一、会议以 7 票赞成、0 票反对、0 票弃权的表决结果审议通过了《关于调 整 2023 年度利润分配预案的议案》。 公司持股5%以上股东大博医疗国际投资有限公司于2024年4月16日向公司 董事会提交了《大博医疗国际投资有限公司 ...

（一）审议通过《关于调整2023年度利润分配预案的议案》 表决结果：3 票同意，0 票反对，0 票弃权。 证券代码：002901 证券简称：大博医疗 大博医疗科技股份有限公司 2024年第二次独立董事专门会议决议 一、独立董事专门会议召开情况 大博医疗科技股份有限公司（以下简称"公司"）2024年第二次独立董事专门 会议于2024年4月17日以现场结合通讯的方式召开。会议通知以专人送达、传真、电 子邮件、电话相结合的方式已于2024年4月16日向各位独立董事发出，本次会议为紧 急会议，经全体独立董事一致同意豁免会议通知期限要求，与会的各位独立董事已 知悉与所议事项相关的必要信息。本次会议由过半数独立董事共同推举王艳艳女士 召集并主持。本次会议应参会独立董事3人，实际参会独立董事3人，会议的召开和 表决程序符合《上市公司独立董事管理办法》《中华人民共和国公司法》《中华人 民共和国证券法》《深圳证券交易所股票上市规则》等有关法律、行政法规、部门 规章、规范性文件的规定。 二、独立董事专门会议审议情况 全体独立董事本着认真、负责的态度，在认真阅读公司提供的资料，听取有关 人员的汇报并详细了解有关情况后，经出席会议的 ...