证券代码：300003 证券简称：乐普医疗 公告编号：2025-002 乐普（北京）医疗器械股份有限公司 1、报告期内，公司核心业务心血管植介入营业收入实现双位数增长，药品 板块中制剂业务受零售渠道库存清理影响，产品发货同比下降，营业收入同比大 幅下降，导致公司整体营业收入和净利润同比下降。 2024年年度业绩预告 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。 一、本期业绩预计情况 （一）业绩预告期间 2024 年 1 月 1 日至 2024 年 12 月 31 日。 （二）业绩预告情况 扭亏为盈 同向上升 同向下降 | 目 项 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市 公司股东的 | 盈利：26,500 万元–39,500 万元 | 盈利：125,820.03 万元 | | 净利润 | 比上年同期下降：78.94% -68.61% | | | 扣除非经常 性损益后的 | 盈利：23,500 万元–35,000 万元 | 盈利：112,311.63 万元 | | 净利润 | 比上年同期降：79.08% -68.8 ...

更多一手调研纪要录音和海外投行报告加V:shuinu9870 Global Research 2025 年 01 月 15 日 快评 乐普医疗 2025瑞银大中华研讨会:Q424收入企稳 但FY25整体前景尚不明朗 FY24收入预计超过60亿元;未提供FY25整体收入指引 管理层表示,Q424收入较Q324止跌企稳,FY24收入预计超过60亿元。但考 虑到裁员相关成本等因素,暂时无法提供FY24年利润的预估。展望FY25, 公司预计器械板块在结构心和PCI业务等推动下,有望实现不错的增速。同 时,预计药品和医疗服务及健康管理板块增长仍然乏力,前者主要受仿制药 市场增速放缓的制约,后者可能受到板块战略/团队调整的影响。关于分 红,公司将继续按照可分配利润的上限进行分配。 医疗器械:结构心及PCI业务仍为核心增长驱动因素 管理层表示:2024年前三季度板块收入25.63亿元,同比下滑10.48%,主 要受到IVD业务拖累。而PCI/ 结构心/ 外科麻醉业务收入达到12.13亿元/ 3.85亿元/ 4.21亿元,同比增加9.48%/ 55%/ 5.38%。展望FY25,结构心 和PCl业务预计仍然是器械板块的核心增 ...

Investment Rating - The report initiates coverage on Lepu Medical with a "Buy" rating, setting a target price of CNY 15.0 based on a 20x P/E multiple for 2025 [2] Core Views - Lepu Medical has evolved from a single stent manufacturer to a comprehensive "medical device + pharmaceutical + services" platform, with its core businesses being medical devices (53.6% of revenue) and pharmaceuticals (30.9% of revenue) [1] - The company has successfully navigated the impact of centralized procurement (集采) on its core products, including coronary stents and key drugs like Clopidogrel and Atorvastatin Calcium Tablets, with the effects of procurement policies gradually diminishing [1] - Lepu Medical is heavily investing in R&D, with innovative products in both medical devices (e.g., bioabsorbable stents, drug-coated balloons) and pharmaceuticals (e.g., GLP-1RAs for diabetes and weight loss) becoming new growth drivers [1] Financial Performance - For the first three quarters of 2024, Lepu Medical reported revenue of CNY 4.79 billion (-23.6% YoY) and net profit attributable to shareholders of CNY 800 million (-40.7% YoY) [1] - The company's revenue is expected to grow from CNY 6.67 billion in 2024E to CNY 8.68 billion in 2026E, with net profit increasing from CNY 1.09 billion to CNY 1.69 billion over the same period [4] - Gross margin is projected to remain stable at around 64-65%, while net margin is expected to improve from 16.3% in 2024E to 19.5% in 2026E [4] Medical Devices Segment - Lepu Medical is a leading player in cardiovascular medical devices, with a strong presence in coronary intervention, structural heart disease, and peripheral vascular intervention [24] - The company has a diversified product portfolio, including drug-eluting stents, bioabsorbable stents, drug-coated balloons, and intravascular lithotripsy (IVL) devices [49] - Despite the impact of centralized procurement on coronary stents, Lepu Medical has maintained its market position, with its stent products accounting for 23% of the market in 2019 [70] - The company is focusing on innovative products such as drug-coated balloons, bioabsorbable stents, and IVL devices to drive future growth [87][107] Pharmaceuticals Segment - Lepu Medical's pharmaceutical business is centered around cardiovascular drugs, with key products like Clopidogrel and Atorvastatin Calcium Tablets [1] - The company is also investing in the development of GLP-1RAs for diabetes and weight loss, with its triple-target GLP-1RA being the second globally, only behind Eli Lilly's Retatrutide [1] Services and Health Management - Lepu Medical is expanding into services and health management, including cardiovascular specialty hospitals, medical diagnostic laboratories, and AI-based health monitoring products [26] - The company has launched products like the "Jingmou VENTURA" orthokeratology lens and is diversifying into ophthalmology and dermatology [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [10]. Core Insights - The company reported a revenue of 4.785 billion yuan for the first three quarters of 2024, a year-on-year decrease of 23.55%, with a net profit attributable to shareholders of 803 million yuan, down 40.70% year-on-year [1][2]. - The medical device segment achieved a revenue of 2.563 billion yuan, a decline of 10.48% year-on-year, while the cardiovascular intervention business saw a revenue increase of 16.10% [2]. - The company is expected to see a turnaround as the impact of channel adjustments in the pharmaceutical segment is nearing its end, with new formulations set to launch [3][4]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 1.402 billion yuan, down 28.41% year-on-year, and a net profit of 105 million yuan, down 73.12% year-on-year [1]. - The medical services and health management segment generated a revenue of 746 million yuan, a decrease of 23.87% year-on-year, with the Hefei Cardiovascular Hospital contributing 120 million yuan, up 15.25% year-on-year [2]. - The company anticipates a revenue CAGR of 3.1% from 2023 to 2026, with a net profit CAGR of 13.3% during the same period [3][4]. Product Development and Pipeline - The company has received approvals for key products, including the ThorCrack® peripheral vascular shockwave balloon and the NeoGlu®01 non-invasive blood glucose meter, which are expected to enhance its product line and market reach [3]. - The TAVR device is anticipated to receive approval in Q4 2024, which could further drive revenue growth in innovative devices [3]. - The company is progressing well with its drug pipeline, with candidates MWN 101, MWN 105, and MWN 109 expected to advance in clinical trials [3].

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company's Q3 performance was under pressure due to business restructuring and inventory clearance in the formulation segment, but innovative products continue to show strong growth [1]. - The cardiovascular interventional business is experiencing steady growth, with structural heart disease products performing exceptionally well [1]. - The report anticipates a recovery in performance in Q4 as inventory clearance nears completion and insulin products are expected to ramp up in hospitals [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 4.785 billion yuan, a year-on-year decline of 23.55%, and a net profit of 803 million yuan, down 40.70% [1]. - In Q3 2024, revenue was 1.402 billion yuan, a decrease of 28.41%, with a net profit of 105 million yuan, down 73.12% [1]. - The gross margin for Q3 2024 was 59.16%, a decrease of 6.40 percentage points year-on-year, while the sales expense ratio increased to 23.13% [1]. Revenue and Profit Forecast - The company is projected to generate revenues of 6.33 billion yuan, 7.11 billion yuan, and 8.08 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of -20.7%, 12.4%, and 13.5% [2][10]. - The net profit forecast for the same years is 1.068 billion yuan, 1.205 billion yuan, and 1.413 billion yuan, with year-on-year growth rates of -15.1%, 12.8%, and 17.3% [2][10]. Business Segment Performance - The cardiovascular interventional business generated revenue of 517 million yuan in Q3 2024, up 14.33% year-on-year, with structural heart disease products seeing a revenue increase of 57.26% [1]. - The formulation segment's revenue for the first three quarters was 1.476 billion yuan, down 38.90%, primarily due to inventory clearance [1]. - The medical services and health management segment reported revenue of 746 million yuan, a decline of 23.87%, with the Hefei Cardiovascular Hospital contributing 120 million yuan, an increase of 15.25% [1].

乐普医疗（ [Table_StockNameRptType] 300003） 公司点评 | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's short-term performance is impacted by business adjustments and channel inventory, but multiple new drug and medical device products are expected to drive growth [1] - The company reported a revenue of 4.785 billion yuan for the first three quarters of 2024, a year-on-year decline of 40.70%, with net profit attributable to the parent company decreasing by 73.12% [1] - The company is undergoing structural adjustments, leading to increased expenses in the short term, while inventory clearance in the pharmaceutical sector is nearing completion, which may improve performance in the fourth quarter [1][2] Financial Performance Summary - **Revenue (Million Yuan)**: - 2022A: 10,609 - 2023A: 7,980 - 2024E: 6,407 - 2025E: 7,175 - 2026E: 8,059 [1] - **Net Profit (Million Yuan)**: - 2022A: 2,203 - 2023A: 1,258 - 2024E: 915 - 2025E: 1,026 - 2026E: 1,154 [1] - **Earnings Per Share (EPS)**: - 2022A: 0.67 - 2023A: 0.53 - 2024E: 0.49 - 2025E: 0.55 - 2026E: 0.61 [1] - **Return on Equity (ROE)**: - 2022A: 13% - 2023A: 7% - 2024E: 5% - 2025E: 5% - 2026E: 6% [1] - **Price-to-Earnings (P/E) Ratio**: - 2022A: 10.7 - 2023A: 18.8 - 2024E: 25.9 - 2025E: 23.1 - 2026E: 20.5 [1] - **Price-to-Book (P/B) Ratio**: - 2022A: 1.6 - 2023A: 1.5 - 2024E: 1.4 - 2025E: 1.4 - 2026E: 1.3 [1] Business Outlook - The cardiovascular intervention business maintains good growth momentum, with new products expected to become new growth points for performance [1] - The company has several innovative products in the pipeline, including a drug-eluting balloon and various absorbable devices, which are anticipated to contribute to revenue growth [1][2] - The company is expected to see improved performance in the pharmaceutical sector as inventory clearance nears completion and new products are introduced [1][2]

乐普（北京）医疗器械股份有限公司 2024 年第三季度报告 □是 否 证券代码：300003 证券简称：乐普医疗 公告编号：2024-117 乐普（北京）医疗器械股份有限公司 2024 年第三季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大 遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第三季度报告是否经过审计 □是 否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |------------------------------------------------------|-------------------|-------------------------|----------------------- ...

2024Q2 创新器械放量，药品板块受政策影响短期承压 | --- | --- | |------------------------------|------------| | [Table_Rank] | | | 报告日期： | | | [Table_BaseData]收盘价（元） | 9.52 | | 近 12 个月最高/ | 19.76/9.43 | | 总股本（百万股） | 1,881 | | 流通股本（百万股） | 1,616 | | 流通股比例（%） | 85.93 | | 总市值（亿元） | 179 | | 流通市值（亿元） | 154 | [公司价格与沪深 Table_Chart] 300 走势比较 -50% -31% -12% 8% 27% 8/23 11/23 2/24 5/24 乐普医疗 沪深300 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com 分析师：李婵 执业证书号：S0010523120002 邮箱：lichan@hazq.com [Table_CompanyReport] 相关报告 | --- | | ...

[Table_Title] 评级：买入(维持) 市场价格：9.60 元 分析师：祝嘉琦 执业证书编号：S0740519040001 电话：021-20315150 Email：zhujq@zts.com.cn 分析师：谢木青 执业证书编号：S0740518010004 电话：021-20315895 Email：xiemq@zts.com.cn 分析师：于佳喜 执业证书编号：S0740523080002 Email：yujx03@zts.com.cn [Table_Profit] 基本状况 | --- | --- | |------------------|--------| | 总股本(百万股) | 1,881 | | 流通股本(百万股) | 1,616 | | 市价(元) | 9.60 | | 市值(百万元) | 18,054 | | 流通市值(百万元) | 15,515 | [Table_QuotePic] 股价与行业-市场走势对比 2023-042023-052023-062023-062023-072023-082023-082023-092023-102023-102023-112023-1220 ...