Core Viewpoint - The recent announcement by the U.S. government to impose "reciprocal tariffs" on Chinese goods has prompted a swift response from several medical device companies, which have indicated they have comprehensive plans and measures in place to address the situation. Despite the complex impacts on the supply chain, the long-term trend towards self-sufficiency and international expansion in the medical device sector remains optimistic [1][2][7]. Company Responses - Multiple medical device companies have reported minimal impact from the U.S. tariff policy, citing pre-existing contingency plans. For instance, Mindray Medical has proactively stocked products in the U.S. ahead of previous tariff increases, ensuring that current sales are unaffected by the new tariffs [2][8]. - Kaili Medical stated that the U.S. market contributes only 1%-2% to its revenue, and prior inventory preparations have mitigated the tariff impact. The company has a well-established overseas market presence [3][8]. - Dirui Medical anticipates that its direct exports to the U.S. will be around $150,000 in 2024, representing a negligible portion of its overall revenue. The company has also identified measures to minimize the tariff's effects [3]. - Leshi Medical indicated that the tariff impact is manageable, as its U.S. operations focus on digital chronic disease management solutions, which have established long-term customer relationships [3][8]. - Weili Medical reported that its exports to the U.S. account for about 15% of total revenue, with a stable business model due to long-term partnerships and necessary certifications [4]. Industry Trends - The Chinese medical device industry is experiencing a push towards domestic production and innovation, particularly in high-end medical imaging and core components, where reliance on imports has been significant. Recent advancements in domestic R&D are enabling some companies to gain competitive advantages [4][6]. - The Ministry of Commerce has initiated anti-dumping investigations into imported medical CT tubes, which may benefit domestic suppliers and manufacturers [5]. - The Chinese government continues to support the medical device sector, promoting high-quality development and encouraging companies to expand internationally. This includes backing for high-end medical devices and innovative technologies [6][7]. - Analysts suggest that despite the tariff challenges, there is a strong potential for domestic companies to increase market share and reduce reliance on imports, particularly in high-value consumables and in vitro diagnostics (IVD) sectors [7]. Long-term Outlook - The long-term export potential for Chinese medical device companies remains positive, with a focus on expanding into developing markets outside the U.S. Companies like Mindray Medical are looking to enhance their brand presence in these regions [8]. - Companies are diversifying their international strategies, with plans for local production and sales in emerging markets such as Mexico, which is expected to commence operations by early 2026 [8].

迪瑞医疗科技股份有限公司的主营业务是医疗检验仪器及配套试纸试剂的研发、生产、营销与服务。公 司的主要产品是尿液分析、生化分析、化学发光免疫分析、妇科分泌物分析、血细胞分析、凝血分析、 整体化实验室。公司获得的专利213项，其中发明专利136项；已获得软件著作权96项。 4月10日，迪瑞医疗今日收盘13.62元，上涨1.95%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到26.17倍，总市值37.14亿元。 从行业市盈率排名来看，公司所处的医疗器械行业市盈率平均46.15倍，行业中值29.13倍，迪瑞医疗排 名第64位。 资金流向方面，4月10日，迪瑞医疗主力资金净流入270.71万元，近5日总体呈流出状态，5日共流出 130.31万元。 最新一期业绩显示，2024年年报，公司实现营业收入12.18亿元，同比-11.63%；净利润1.42亿元，同 比-48.50%，销售毛利率43.84%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)64迪瑞医疗26.1726.171.8137.14亿行业平均 46.1548.384.77102.50亿行业中值29.1329.012.3143.45亿1 ...

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 18 yuan [2][8]. Core Views - The company's performance is under temporary pressure, but there is potential for reagent volume growth [2][8]. - In 2024, the company reported total revenue of 1.218 billion yuan, a decrease of 11.63%, and a net profit attributable to shareholders of 142 million yuan, down 48.50% [2][4]. - The company aims to focus strategically on increasing reagent volume, leveraging industry trends towards domestic in vitro diagnostics to expand market share [8]. Financial Summary - **Revenue and Profit Forecasts**: - 2024A: Revenue of 1,218 million yuan, net profit of 142 million yuan - 2025E: Revenue of 1,429 million yuan, net profit of 201 million yuan (growth of 41.7%) - 2026E: Revenue of 1,692 million yuan, net profit of 256 million yuan (growth of 27.4%) - 2027E: Revenue of 2,018 million yuan, net profit of 329 million yuan (growth of 28.5%) [4][9]. - **Earnings Per Share (EPS)**: - 2024A: 0.52 yuan - 2025E: 0.74 yuan - 2026E: 0.94 yuan - 2027E: 1.21 yuan [4][9]. - **Valuation Ratios**: - Price-to-Earnings (P/E) ratios for 2025E, 2026E, and 2027E are projected at 18, 14, and 11 respectively [4][9]. - **Market Performance**: - The company's stock price as of April 8, 2025, is 13.08 yuan, with a market capitalization of approximately 35.67 billion yuan [4][5].

Core Viewpoint - Dier Medical reported a significant decline in revenue and net profit for 2024, attributed to macroeconomic factors, industry adjustments, and changes in procurement policies, while outlining strategies for sustainable development and cash flow management [1][2]. Group 1: Financial Performance - In 2024, Dier Medical achieved revenue of 1.218 billion yuan, a year-on-year decrease of 11.63% [1] - The net profit for 2024 was 142 million yuan, down 48.5% year-on-year [1] - The quarterly revenue breakdown for 2024 was 663 million yuan in Q1, 216 million yuan in Q2, 297 million yuan in Q3, and 42.36 million yuan in Q4 [1] Group 2: Business Strategy and Adjustments - The company adjusted its sales strategy in Q4 2024 in response to industry changes, impacting that quarter's revenue [2] - Dier Medical is focusing on improving profitability, enhancing market competitiveness, and optimizing resource allocation to ensure long-term stability [2] - Measures to address cash flow pressures include dynamic tracking of accounts receivable and optimizing supplier payment terms [2] Group 3: International Market and Product Development - Dier Medical's direct exports to the U.S. are minimal, with an estimated revenue of about 150,000 USD in 2024 [3] - The company has established a presence in markets such as Russia, Latin America, Southeast Asia, and the Middle East, with a diverse product range [3] - The integration of AI algorithms for diagnostic support aims to enhance the efficiency and accuracy of clinical decision-making [3]

Group 1: Financial Performance - The company's main revenue significantly declined in Q4 2024 due to macroeconomic factors, industry adjustments, and ongoing procurement policies [2] - The company has implemented measures to enhance profitability, market competitiveness, and sustainable development [2] Group 2: Research and Development - The company has launched several competitive products, including the CS-690 automatic urine biochemical analyzer and the CM-640 automatic chemiluminescence immunoassay analyzer [3] - Focus on AI-driven solutions in urine analysis to improve diagnostic accuracy and efficiency [3] Group 3: Cash Flow Management - A dynamic tracking mechanism has been established to accelerate accounts receivable collection and optimize supplier payment terms [6] - Multiple initiatives are in place to improve cash flow by optimizing production processes and controlling daily expenses [6] Group 4: Market Strategy and Management - The company has developed a market value management system linked to executive performance assessments [6] - Plans to fully integrate with China Resources for risk management and business control, leveraging the brand for growth opportunities [6] Group 5: Future Outlook - The company aims to focus on reagent volume growth as a core business direction for 2025 [6] - Plans to enhance management of accounts receivable, cash flow, and inventory, while ensuring stable and healthy development [6] Group 6: International Trade Impact - The expected impact of U.S. tariffs on the company's exports is minimal, with only about $150,000 projected in 2024, representing a small percentage of total revenue [7] - The company has established a diverse international market presence, exporting to approximately 125 countries and regions [7]

Group 1 - The core viewpoint of the news highlights that Dirui Medical's stock price has dropped significantly, with a closing price of 12.55 yuan, down 14.45%, and a rolling PE ratio of 24.11 times, indicating a lower valuation compared to the industry average [1] - Dirui Medical's total market capitalization is reported at 3.422 billion yuan, ranking 62nd in the medical device industry, which has an average PE ratio of 43.33 times and a median of 27.80 times [1][2] - The company experienced a net inflow of main funds amounting to 2.1455 million yuan on April 7, but overall, there has been a net outflow of 23.374 million yuan over the past five days [1] Group 2 - Dirui Medical specializes in the research, production, marketing, and service of medical testing instruments and related reagents, with key products including urine analysis, biochemical analysis, chemiluminescent immunoassay, gynecological secretion analysis, blood cell analysis, coagulation analysis, and integrated laboratory series [1] - The company holds a total of 213 patents, including 136 invention patents and 96 software copyrights [1] - For the latest fiscal year 2024, Dirui Medical reported an operating income of 1.218 billion yuan, a year-on-year decrease of 11.63%, and a net profit of 142 million yuan, down 48.50%, with a gross profit margin of 43.84% [1]

Group 1 - The core viewpoint of the article highlights the decline in the stock price of Dirui Medical, which closed at 14.6 yuan, down 7.42%, with a rolling PE ratio of 28.05 times and a total market value of 3.981 billion yuan [1] - The average PE ratio for the medical device industry is 44.72 times, with a median of 32.59 times, placing Dirui Medical at the 66th position in the industry ranking [1] - As of February 28, 2025, the number of shareholders in Dirui Medical decreased by 1,477 to 18,086, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Group 2 - Dirui Medical specializes in the research, development, production, marketing, and service of medical testing instruments and related reagents, with major products including urine analysis, biochemical analysis, chemiluminescence immunoassay, gynecological secretion analysis, blood cell analysis, coagulation analysis, and integrated laboratory series [1] - The company holds 213 patents, including 136 invention patents and 96 software copyrights [1] - In the latest financial report for 2024, Dirui Medical reported operating revenue of 1.218 billion yuan, a year-on-year decrease of 11.63%, and a net profit of 142 million yuan, down 48.50%, with a gross profit margin of 43.84% [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：300396 证券简称：迪瑞医疗 公告编号：2025-006 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 大信会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意见。 本报告期会计师事务所变更情况：公司本年度会计师事务所由变更为大信会计师事务所（特殊普通合 伙）。 非标准审计意见提示 □适用 √不适用 公司上市时未盈利且目前未实现盈利 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 ■ 2、报告期主要业务或产品简介 （一）公司主营业务是医疗检验仪器及配套试纸试剂的研发、生产、营销与服务。公司产品用于日常体 检及病情辅助诊断，通过对人体尿液、血液等体液的检验，为预防、治疗疾病提供身体指标参考信息。 公司产品主要包括尿液分析、生化分析、化学发光免疫分析、妇科分泌物分析、血细胞分析、凝血分 析、整体化实验室七大系列，具体测试项及临床应用如下： ■ ...

迪瑞医疗科技股份有限公司 内控审计报告 大信专审字[2025]第 1-02407 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 邮编 100083 WUYIGE Certified Public Accountants.LLP Room 2206 22/F, Xueyuan International Tower No.1 Zhichun Road, Haidian Dist. Beijing,China,100083 电话 Telephone：+86（10）82330558 传真 Fax： +86（10）82327668 网址 Internet： www.daxincpa.com.cn 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了迪瑞 医疗科技股份有限公司（以下简称迪瑞医疗）2024 年 12 月 31 日的财务报告内部控制的有效 性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内 ...

迪瑞医疗科技股份有限公司 审 计 报 告 大信审字[2025]第 1-02860 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 电话 Telephone：+86（10）82330558 传真 Fax： +86（10）82327668 网址 Internet： www.daxincpa.com.cn 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 邮编 100083 WUYIGE Certified Public Accountants.LLP Room 2206 22/F,Xueyuan International Tower No.1 Zhichun Road,Haidian Dist. Beijing,China,100083 大信审字[2025]第 1-02860 号 迪瑞医疗科技股份有限公司全体股东： 审计报告 我们审计了迪瑞医疗科技股份有限公司（以下简称"贵公司"）的财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母公司 现金流 ...