乐[Ta普ble医_Sto疗ckN（am3eR0p0tT0yp0e3] ） 公司研究/公司点评 24Q1 经营趋势向好，看好全年增长恢复 投资评级：买入（维持） 主要观点： [Table_Rank] 报告日期： 2024-04-28 [✓T ab事le件_S：um mary] 公司发布2023年年报和2024年一季报。2023年实现营业收入 [收Ta盘bl价e_（Ba元se）D ata] 14.36 近12个月最高/最低（元） 25.26/11.60 79.80亿元（yoy-24.78%），归母净利润12.58亿元（yoy-42.91%），扣 非净利润11.23亿元（yoy-47.58%），经营性现金流9.90亿元 总股本（百万股） 1,881 流通股本（百万股） 1,616 （yoy-64.51%）。 流通股比例（%） 85.93 2024Q1实现营业收入19.22亿元（yoy-21.14%），归母净利润4.82 总市值（亿元） 270 亿元（yoy-19.27%），扣非净利润4.56亿元（yoy-18.85%），经营性现 流通市值（亿元） 232 金流1.42亿元（yoy+205.45%）。 [公Ta司b ...

证券研究报告 | 年报点评报告 2024年04月24日 乐普医疗（300003.SZ） 24Q1 经营趋势向好，创新产品增长稳健 乐普医疗公布 2023年度报告。2023年公司实现营业收入79.80亿元（同 买入（维持） 比下滑 24.78%）；实现归母净利润 12.58 亿元（同比下滑 42.91%）；实 股票信息 现扣非后归母净利润11.23亿元（同比下滑47.60%）。 乐普医疗公布2024年度一季报。2024Q1公司实现营业收入19.22亿元（同 行业 医疗器械 比下滑21.14%）；实现归母净利润4.82亿元（同比下滑19.27%）；实现 前次评级 买入 扣非后归母净利润4.56亿元（同比下滑18.85%）。 4月23日收盘价(元) 14.00 总市值(百万元) 26,328.55 观点：收入波动系同期应急产品销售导致基数较高，多因素影响利润端降幅 总股本(百万股) 1,880.61 大于收入端。2024Q1 心血管植介入恢复稳定增长，结构性心脏病业务持 其中自由流通股(%) 85.93 续高速增长。在研管线顺利推进，回归创新驱动成长新常态。 30日日均成交量(百万股) 13.98 股价走势 202 ...

多重扰动下经营性业绩相对稳健，创新产品组合加速落地 乐普医疗（300003.SZ）/医疗 证券研究报告/公司点评 2024年4月23日 器械 评级：买入 (维持) 公司盈利预测及 估值 市场价格：14.00元 指标 2022A 2023A 2024E 2025E 2026E 分析师：祝嘉琦 营业收入（百万元） 10,609 7,980 8,763 10,017 11,524 增长率yoy% 0% -25% 10% 14% 15% 执业证书编号：S0740519040001 净利润（百万元） 2,203 1,258 2,102 2,453 2,889 电话：021-20315150 增长率yoy% 28% -43% 67% 17% 18% 每股收益（元） 1.17 0.67 1.12 1.30 1.54 Email：zhujq@zts.com.cn 每股现金流量 1.48 0.53 1.12 1.37 1.53 分析师：谢木青 净资产收益率 13% 7% 11% 11% 12% 执业证书编号：S0740518010004 P/E 12.0 20.9 11.9 10.2 8.7 P/B 1.7 1.6 1.4 1 ...

拟中标的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 证券代码：300003 证券简称：乐普医疗 公告编号：2024-047 乐普（北京）医疗器械股份有限公司 关于子公司参与全国药品集中采购（胰岛素专项接续） 目前上述产品的拟中标信息已公示，后续公司将进一步签订采购协议，采购 协议签订和市场销售执行情况等后续事项对公司未来业绩影响尚存在不确定性。敬 请广大投资者注意投资风险。 特此公告。 乐普（北京）医疗器械股份有限公司 乐普（北京）医疗器械股份有限公司（以下简称"公司"）于今日获悉，子 公司辽宁博鳌生物制药有限公司参与联合采购办公室组织的全国药品集中采购 （胰岛素专项接续）的申报工作。公司产品甘精胰岛素注射液拟中标本次集中采 购。现将相关拟中标情况公告如下： 董事会 注：上述品种的拟中选价格、中选类别及获得的采购数量以联合采购办公室发布的 最终数据为准。 二、对公司影响 本次全国药品集中采购中，公司甘精胰岛素注射液参与集采申报工作，实现 了产品拟中标。根据集采续约规则，A 类中选产品获得基础量占相应产品首年采 购需求量的 80%-100%，其中，确定的 A ...

[Table_Header] 公司点评●医疗器械 2024年 04 月22 日 [Table_Title] [Table_StockCode] 表观业绩承压，看好创新驱动盈利改善 乐普医疗(300003) [Table_InvestRank] --2023 年年报及 2024 年一季报业绩点评 推荐 (维持) 核心观点： 分析师 [T able事_S件um：m公a司ry发] 布 2023年年报及 2024年一季报。2023年实现营业收入 79.80亿 [程Ta培b le_Authors] 元（-24.78%），归母净利润 12.58亿元（-42.91%），扣非净利润 11.23亿元（- ：021-20257805 47.58%），经营性现金流 9.90 亿元（-64.51%）。2024Q4实现营业收入 17.21亿 ：chengpei_yj@chinastock.com.cn 元（-39.58%），归母净利润-0.95亿元，扣非净利润-1.63 亿元。2024Q1实现 分析师登记编码：S0130522100001 营业收入 19.22 亿元（-21.14%），归母净利润 4.82 亿元（-19.27%） ...

SACC and the speakerNo organization or individual is allowed to punish, forward, reprint, disseminate, copy, edit or modify the meeting contents and relevant information in any form.SACC reserves the right to investigate the relevant legal liability. 大家好,我是中新的张静,欢迎参加乐部医疗2023年和2024年一季度的业绩变化会。在线的还有我们团队的同事于波和高远,本次召会有中新、海冲、华泰、天业、国盛、国金、光正。 从一季度的经营情况来看,我们看到收入和利润也出现了明显的缓比修复和改善的迹象 今天我们也非常高兴邀请到公司的合景管理团队和大家做一次交流出席的公司高管包括公司的董事长谷中杰谷总还有总监王勇总然后董事长姜文娜姜总接下来我们话不多说把时间交给公司领导谢中金团队各位老师早上好非常不好意思这次我们台报发的时间正好是周五 那考虑到三交所这里他排队比较繁忙结果 ...

CICC和评论员,无许组织或人员允许处罚、推进、重新印刷、分析、複述、改编或更改会议内容和相关资讯。CICC保留权利调查相关法律责任。 最后只要大家上场 我是中天的张进 欢迎参加乐富医疗2023年和2024年一季度的业绩变化会在线的还有我们的团队的同事于波和高远 本次将会有中兴 海冲 华泰 天业 国盛 国金 光盛 和天峰共同主持,大家可以看到昨天晚上公司的年报会议就已经关了,那2023年的二季度以来,公司在这个药品制裁、医疗行业整顿以及新冠相关的这个业务收入增幅有一定的下降的种类,大概就会停止下停,压力依旧做到不错的这样一个成绩。从一季度的经营情况来看,我们看到收入和利润也出现了。 今天我们也非常高兴邀请到公司的合景管理团队和大家做一次交流出席的公司高管包括公司的董事长谷中杰谷总萧总监王永总然后董事长姜文达姜总接下来我们话不多说把时间交给公司领导各位老师早上好非常不好意思这次我们台报发的时间正好是周五那考虑到 本期节目由互联网提供 这个之后呢大家可以自由提问因为时间相对比较有限毕竟是周六的上午那我们这一次的提问暂时就限制在我们邀请的这8家券商的这个老师来进行提问由朴总来一一回答那线上如果有其他投资者想要提问的 ...

乐普（北京）医疗器械股份有限公司 关于股东部分股权解除质押的公告 公司控股股东蒲忠杰先生保证向本公司提供的信息内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证信息披露内容与信息披露义务人提供的信息 一致。 证券代码：300003 证券简称：乐普医疗 公告编号：2024-046 1 | | 持股数量 | 持股 | 累计质押股 | 占其所 | 占公司 | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 已质押股份 | 占已质 | 未质押股份 | 占未质 | | 股东名称 | （股） | 比例 | 份数量 | 持股份 | 总股本 | | | | | | | | | （股） | 比例 | 比例 | 限售和冻结 | 押股份 | 限售和冻结 | 押股份 | | | | | | | | 数量（股） | 比例 | 数量（股） | 比例 | | 蒲忠杰 | 228,074,749 | 12.13% | 131,799,999 | 57.7 ...

股市调研 乐普医疗23年报&24一季报交流240420中金原文 2024年04月20日11:16 发言人100:02 S, C, C, and the speaker, no organization or individual is allowed to punch forward, reprint, disseminate. copy, I did or modify the major contents and relevant information in any form. Scientia reserves the right to investigate the relevant to legal liability. 没有新的。 发言人200:24 各位投资者大家上午好。我是中心的张静，欢迎参加乐普医疗2023年和2024年一季度的业绩电话 会，在线的还有我们的团队的同事于波和高远，本次调会议由东京、海通、华泰、天业、国盛国金刚、 正和天峰共同主持。大家也可以看到昨天晚上公司的年报会议季报已经关了。那2023年的二季度以 来，公司在药品器材，医疗行业整顿以及新增你相关的业务收入同比有一定的下降 ...

Financial Performance - The company reported a significant increase in revenue, with a year-on-year growth of 15% in the medical device segment[7]. - The company's operating revenue for 2023 was ¥7,979,899,319.74, a decrease of 24.78% compared to ¥10,609,442,080.61 in 2022[13]. - The net profit attributable to shareholders for 2023 was ¥1,258,200,337.67, down 42.91% from ¥2,202,809,390.54 in 2022[13]. - The net profit after deducting non-recurring gains and losses was ¥1,123,116,336.93, a decline of 47.60% from ¥2,142,486,458.55 in 2022[13]. - The net cash flow from operating activities for 2023 was ¥990,359,814.31, a significant drop of 64.51% compared to ¥2,790,709,307.02 in 2022[13]. - The company reported a total revenue of CNY 797,989.93 million, a year-on-year decrease of 24.78%[79]. - Net profit attributable to shareholders was CNY 125,820.03 million, down 42.91% year-on-year, while the net profit after deducting non-recurring gains and losses was CNY 112,311.63 million, a decrease of 47.60%[79]. Market Expansion and Strategy - The company is focusing on expanding its market presence, particularly in the Asia-Pacific region, aiming for a 20% increase in market share by 2025[7]. - The company is exploring strategic acquisitions to enhance its product portfolio and market reach, with a target of completing at least two acquisitions by the end of 2024[7]. - The company is actively exploring international markets, enhancing its competitiveness and aiming for high-quality development in the global arena[28]. - The company is currently constructing production capacity in Malaysia to strengthen its market presence in Malaysia and surrounding Southeast Asian regions[35]. - The company plans to expand its product offerings in the diabetes treatment sector with the launch of a continuous glucose monitoring system[96]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 500 million RMB allocated for potential mergers[152]. Research and Development - The company is investing 200 million CNY in R&D for innovative medical technologies over the next two years[7]. - The company has a rich R&D pipeline, continuously innovating in areas such as coronary intervention and structural heart disease[28]. - The total R&D investment for 2023 was approximately ¥1.24 billion, representing 15.56% of the operating revenue, an increase from 12.10% in 2022[97]. - The company has established an AI research institute to enhance the application of artificial intelligence in the medical field, with several products in various stages of clinical trials and registration[53]. - The company is enhancing its R&D capabilities to improve product development efficiency and increase the success rate of clinical trials and registrations[127]. Product Development and Innovation - New product launches are expected to contribute an additional 10% to the overall revenue in the next fiscal year[7]. - The company has several products in the pipeline, including drug-eluting balloons and biodegradable drug-eluting stents, expected to be commercialized between 2024 and 2026[31]. - The company is focusing on innovation in structural heart disease, with the RF-Lance® radiofrequency septal puncture system submitted for registration, enhancing the safety and success rate of cardiac interventions[41]. - The company has received regulatory approval for several innovative products, including the MemoSorb® biodegradable occluder and various catheter devices, which are expected to drive revenue growth[61][62]. - The company is developing innovative minimally invasive techniques for mitral valve interventions, addressing a significant market need with an estimated 7.5 million patients requiring intervention in China[94]. Sustainability and Environmental Initiatives - The company is committed to sustainability initiatives, with plans to reduce carbon emissions by 25% by 2025[7]. - The company has established compliance with various environmental discharge standards, including wastewater and air emissions[200]. - The company has implemented a self-monitoring plan for various pollutants, with specific monitoring frequencies for wastewater and air emissions[196]. - The company has made efforts to reduce carbon emissions, although specific measures and their effects were not detailed in the report[198]. - The company has invested CNY 3,600,000 in environmental governance and protection, and paid CNY 11,000 in environmental protection tax[198]. Governance and Shareholder Relations - The company aims to enhance governance and operational standards, ensuring the protection of shareholders' legal rights[132]. - The company emphasizes the importance of investor returns and aims to increase the proportion of cash dividends in the future[132]. - The company has established a performance evaluation and incentive system linking executive compensation to business performance[138]. - The company has maintained independence from its controlling shareholders in terms of operations, assets, and management[135]. - The company held three investor communication sessions in 2023, with a total of 379 participants from 261 institutions in April, 316 from 206 institutions in August, and 255 from 192 institutions in October[130]. Operational Efficiency and Challenges - The company is focused on improving operational efficiency and product quality to maintain a competitive edge in the healthcare market[71]. - The company faces risks from volume-based procurement policies affecting high-value medical consumables and drugs, which may lead to price reductions and impact revenue and profit[125]. - The company is facing increased competition in the medical device and pharmaceutical sectors, necessitating dynamic adjustments to R&D processes and cost control measures[127]. - The company has implemented a structured management system to address the challenges of group management and ensure healthy and safe overall operations[129]. - The company has successfully obtained certification for rapid thrombectomy devices in the peripheral intervention field as of the reporting date[37].