[Table_TargetPrice] 执业证书编号 S0020522080001 可借此进一步扩大市场份额，夯实头部企业优势地位。 研发不及预期，市场竞争加剧，行业政策风险。 分析师声明 A 股总股本（百万股）： 519.60 [Table_Invest]买入|维持 0 2 4 6 8 10 12 14 16 2019 2020 2021 2022 2023 血液净化 输注 心胸外科 其他业务 资料来源：公司公告，国元证券研究所 [Table_Base 基本数据 ] 52 周最高/最低价（元）：10.56 / 5.08 流通市值（百万元）： 2788.95 电话 021-51097188 [Table_Title] 集采落地加速国产化，聚焦全期肾病产业 ——三鑫医疗（300453.SZ）2023 年报点评 疫苗注射产品拖累营收，整体经营效率显著提升 血液透析业务稳健增长，集采落地加速行业集中 投资建议与盈利预测 请务必阅读正文之后的免责条款部分 1 / 5 总市值（百万元）： 3990.50 [Table_ 过去一年股价走势 PicQuote] -32% -22% -12% -2% 8% 4/3 7/3 1 ...

证券代码：300453 证券简称：三鑫医疗 公告编号：2024-028 江西三鑫医疗科技股份有限公司 关于回购公司股份的进展公告 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。 江西三鑫医疗科技股份有限公司（以下简称"公司"）于 2024 年 2 月 2 日 召开第五届董事会第七次会议和第五届监事会第七次会议,审议通过了《关于股 份回购方案的议案》，公司拟使用自有资金以集中竞价交易方式回购部分公司股 份，用于后续实施员工持股计划或股权激励，本次拟用于回购的资金总额不低于 人民币 3,000 万元（含）且不超过人民币 6,000 万元（含），回购价格不超过人 民币 10.77 元/股（含）。本次回购股份的实施期限为自董事会审议通过回购股 份方案之日起六个月内。具体内容详见公司分别于 2024 年 2 月 2 日晚间、2024 年 2 月 6 日在中国证监会指定的创业板信息披露网站刊登的《关于股份回购方案 的公告》（公告编号：2024-002）、《回购报告书》（公告编号：2024-005）。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号—— ...

Investment Rating - The report maintains a "Buy" rating for Sanxin Medical (300453) [1] Core Views - The company has exceeded its equity incentive targets and is expected to achieve breakthroughs in new business areas [1] - The blood purification and thoracic surgery businesses are experiencing stable growth, while the infusion products have seen a significant decline due to the base effect of vaccine injector products [2][4] - The company has entered the vascular intervention market, with over 30 projects under research, which are expected to contribute to revenue growth in 2024 [2] Financial Summary - In 2023, the company achieved operating revenue of 1.3 billion yuan, a decrease of 2.7% year-on-year, and a net profit attributable to shareholders of 210 million yuan, an increase of 11.9% [3] - The quarterly revenue for 2023 was 270 million yuan in Q1, 310 million yuan in Q2, 350 million yuan in Q3, and 370 million yuan in Q4, with year-on-year growth rates of -15%, -9%, +7%, and +5% respectively [3] - The gross profit margin for 2023 was 34.9%, an increase of 1.28 percentage points, while the net profit margin improved to 17.2%, up by 2.3 percentage points [3] Business Segmentation - Blood purification products generated revenue of 950 million yuan in 2023, with a year-on-year growth of 7.6% [2][15] - Infusion products had revenue of approximately 230 million yuan, down 33.5% year-on-year, but excluding the impact of vaccine injectors, the revenue was 220 million yuan, a decline of 1.2% [2] - Thoracic surgery revenue reached 70 million yuan, reflecting a growth of 7.8% [2] Future Projections - The company expects net profits for 2024, 2025, and 2026 to be 230 million yuan, 260 million yuan, and 300 million yuan respectively [4] - Revenue growth rates are projected at 15.3% for 2024, 14.5% for 2025, and 13.1% for 2026 [6] - The blood purification segment is expected to grow at rates of 15% in 2024, 13% in 2025, and 12% in 2026 [14][15]

证券代码：300453 证券简称：三鑫医疗 公告编号：2024-027 江西三鑫医疗科技股份有限公司 关于控股子公司取得医疗器械生产许可证的公告 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。 近日，江西三鑫医疗科技股份有限公司（以下简称"公司"）控股子公司江西 钶维肽生物科技有限公司（以下简称"钶维肽"）取得江西省药品监督管理局颁发 的《医疗器械生产许可证》，现将相关情况公告如下： 许可证编号：赣药监械生产许 20240657 号 统一社会信用代码：91360121MA7AFW1P93 一、《医疗器械生产许可证》的主要内容 企业名称：江西钶维肽生物科技有限公司 法定代表人：刘炳荣 住所：江西省南昌市南昌县小蓝经济技术开发区富山大道 999 号 企业负责人：刘炳荣 生产地址：江西省南昌市南昌县小蓝经济技术开发区富山大道 999 号 生产范围：新版分类-Ⅱ类：03 神经和心血管手术器械 许可期限：自 2024 年 03 月 19 日至 2029 年 03 月 18 日 发证部门：江西省药品监督管理局 江西三鑫医疗科技股份有限公司董事会 2024年3月25日 发证日期： ...

敬请参阅末页重要声明及评级说明 证券研究报告 生的血液透析机、透析滤过机、血液透析制水系统 2022 年入选由国家 卫健委委托、中国医学装备协会组织专家遴选的"第八批优秀国产医疗设 备产品目录"。在透析耗材方面，牢牢掌握了透析器、透析膜、透析液、 透析管等产品的核心技术与关键工艺；迅速完成了江西、云南、黑龙江、 四川等全国多制造基地产能布局。 近年来，血液净化领域头部企业持续加大对血液净化产业链的布 局，全产业链趋势明显。同时，二十三省（区、兵团）血液透析类医用 耗材省际联盟带量采购落地，供应能力强的头部企业中选比例大。随着 集采政策的落地，头部企业在全产业链优势和规模经济优势的加持下， 市场竞争力进一步强化，部分规模小、品种单一的企业处于竞争劣势， 将被淘汰出局，血液净化行业整体集中度有望逐步提高。而且血液透析 设备及透析器仍有广阔国产替代空间，2021 年国内透析机和透析器的 国产占比分别为 19.2%和 44.7%，头部国产企业在相关技术领域已经具 备替代进口的基础，此次血透耗材联盟集采落地预计会加速国产替代进 程。 公司立足医疗器械领域，依托深耕终末期肾病（尿毒症）血液净化 治疗领域形成的深厚技术积累 ...

Financial Performance - The company's operating revenue for 2023 was ¥1,300,060,980.74, a decrease of 2.69% compared to ¥1,336,002,647.93 in 2022[26]. - Net profit attributable to shareholders increased by 11.92% to ¥206,633,857.16 in 2023 from ¥184,634,263.09 in 2022[26]. - The net cash flow from operating activities decreased by 15.51% to ¥339,811,880.66 in 2023 from ¥402,176,397.74 in 2022[26]. - Basic earnings per share rose by 11.21% to ¥0.3987 in 2023 compared to ¥0.3585 in 2022[26]. - Total assets increased by 13.64% to ¥2,030,807,833.80 at the end of 2023 from ¥1,787,057,635.39 at the end of 2022[26]. - The company reported a quarterly revenue of ¥370,099,968.33 in Q4 2023, showing a consistent growth trend throughout the year[28]. - The net profit attributable to shareholders in Q4 2023 was ¥65,223,529.79, marking a significant increase from previous quarters[28]. - The company received government subsidies amounting to ¥25,269,466.45 in 2023, up from ¥23,744,029.94 in 2022[32]. - The weighted average return on equity was 18.02% in 2023, a slight decrease from 18.96% in 2022[26]. - The company achieved operating revenue of CNY 1.3 billion, a decrease of 2.69% year-on-year, while net profit attributable to shareholders increased by 11.92% to CNY 206.63 million[118]. Market Environment - The domestic blood purification market is highly competitive, with significant price reductions due to centralized procurement policies, potentially impacting future profitability[8]. - The company acknowledges the risks associated with national policy changes that could affect the competitive landscape of the medical device industry[5]. - The company recognizes the potential impact of external competition from leading foreign enterprises in the medical device sector[8]. - The global medical device market is projected to reach approximately ¥354.79 billion in 2022, with a year-on-year growth of 4.12%[38]. - China's medical device market size is estimated at around ¥1300 billion in 2022, reflecting a year-on-year growth of 12%, which is about three times the global market growth rate[38]. - The implementation of the DRG payment system is expected to encourage the inclusion of eligible innovative medical devices in insurance coverage, enhancing their market penetration[40]. - The Chinese medical device industry is anticipated to remain in a "golden development period" during the 14th Five-Year Plan and beyond, driven by increasing healthcare demands[38]. - The government aims to establish a high-quality healthcare service system by 2025, which will further enhance the market environment for medical devices[44]. Product Development and Innovation - The company is focused on the research and development of blood purification, infusion, and cardiothoracic medical devices, with a need for timely technological updates to maintain market leadership[9]. - The company is committed to maintaining a robust product development pipeline to ensure innovation and competitiveness in the medical device market[9]. - The company has developed key technologies for blood dialysis membranes and has been recognized for its innovative capabilities, achieving international advanced levels[47]. - The company is actively expanding its product range to include early and mid-stage kidney disease interventions, enhancing its comprehensive treatment offerings[50]. - The company has developed a series of new products in the infusion field, including a medical needle-free injector and precision filter infusion devices, enhancing safety and user experience in clinical settings[72]. - The company’s blood dialysis devices utilize advanced materials and technologies, ensuring high biocompatibility and safety for patients undergoing treatment[69]. - The company’s blood purification products are designed with a focus on quality control throughout the production process, ensuring safety and efficacy for patients[69]. - The company has achieved significant progress in vascular intervention products, obtaining multiple registrations including the first domestic registration for disposable dialysis catheters, filling a domestic gap[92]. - The company is expanding its product pipeline, having obtained registrations for various new products including low-calcium dialysis concentrates and high-calcium dialysis concentrates[108]. Strategic Initiatives - The company is exploring opportunities for market expansion through potential procurement wins, which could significantly increase market share[8]. - The company has adopted flexible pricing strategies to secure its position in the latest round of centralized procurement, which will help expand its market share[43]. - The company aims to become a leading operator in the blood purification industry and a top manufacturer in the medical consumables sector, focusing on health and safety in medical care[47]. - The company is actively managing risks related to product quality and market competition to safeguard its operational integrity and growth prospects[7]. - The company is pursuing multiple R&D projects aimed at enhancing its blood purification product line, with several products expected to receive Class III registration[137]. - The company is currently applying for 7 medical device registration certificates, including 2 for blood dialysis concentrates and 2 for blood dialysis filters[139]. Governance and Compliance - The company is committed to improving its governance structure and internal controls to ensure compliance with relevant laws and regulations[166]. - The company is establishing a comprehensive governance framework, including a board of directors and specialized committees to enhance operational efficiency[166]. - The board of directors consists of 8 members, including 3 independent directors, complying with legal and regulatory requirements[168]. - The supervisory board has 3 members, with 2 representing shareholders and 1 representing employees, ensuring compliance with legal standards[169]. - The company maintains independence from its controlling shareholders in terms of assets, personnel, finance, and operations[170]. - The company has established a transparent performance evaluation and incentive mechanism for senior management[172]. - The company ensures timely and accurate information disclosure through designated channels, including the official website and a designated newspaper[171]. Shareholder Engagement - The company completed the 2022 profit distribution plan in April 2023, distributing 3 shares for every 10 shares held to all shareholders[177]. - As of the end of the reporting period, the total shares held by Chairman Peng Yixing increased to 128,341,044 shares, reflecting an increase of 30,067,164 shares due to the profit distribution[177]. - The company actively engages with shareholders, providing equal opportunities for information access and participation in decision-making[171]. - The company held its annual general meeting on April 13, 2023, with a participation rate of 30.99%[175]. - The first extraordinary general meeting of 2023 was held on December 19, 2023, with a participation rate of 34.19%[175]. Market Trends and Opportunities - The blood purification treatment rate in China is expected to rise, with the number of dialysis patients continuing to grow, indicating significant market potential[56]. - The blood dialysis market in China is projected to grow from RMB 2.8 billion in 2021 to RMB 6.5 billion by 2026, with a compound annual growth rate (CAGR) of 18.5%[61]. - The domestic market for dialysis consumables, particularly dialysis filters, is expected to reach RMB 9.8 billion by 2026, indicating significant potential for domestic substitution[61]. - The company highlighted the low penetration rate of dialysis patients as a significant market opportunity for growth[163].

证券代码：300453 证券简称：三鑫医疗 公告编号：2024-015 江西三鑫医疗科技股份有限公司 第五届监事会第八次会议决议公告 本公司及监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。 江西三鑫医疗科技股份有限公司（以下简称"公司"）第五届监事会第八次 会议通知于 2024 年 3 月 11 日以口头、电话方式发出，并于 2024 年 3 月 21 日下 午 13:30 在公司会议室召开。本次会议应出席监事 3 名，实到 3 名。会议由监事 长余珍珠女士召集，由其担任会议主持。会议应参加表决监事 3 名，实际参加表 决监事 3 名，其中，监事张琳女士以通讯方式参加了本次会议并进行表决。本次 会议符合《中华人民共和国公司法》（以下简称"《公司法》"）及《公司章程》 等相关规定，会议合法有效。经充分讨论，审议了以下议案： 一、审议通过《关于公司<2023 年度监事会工作报告>的议案》 2023 年，公司监事会在《公司法》《公司章程》赋予的职权范围内，对公 司依法运作情况和公司董事、高级管理人员履行职责情况进行监督，较好地保障 了公司股东权益、公司利益和员工的合法权益，促进了 ...

江西三鑫医疗科技股份有限公司 审 计 报 告 大信审字[2024]第 6-00003 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 15 层 邮编 100083 WUYIGE Certified Public Accountants.LLP 15/F,Xueyuan International Tower No.1Zhichun 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 审计报告 大信审字[2024]第 6-00003 号 江西三鑫医疗科技股份有限公司全体股东： 三、关键审计事项 关键审计事项是我们根据职业判断，认为对本期财务报表审计最为重要的事项。这些事项 的应对以对财务报表整体进行审计并形成审计意见为背景，我们不对这些事项单独发表意见。 （一）收入的确认 一、审计意 ...

证券代码：300453 证券简称：三鑫医疗 公告编号：2024-014 江西三鑫医疗科技股份有限公司 第五届董事会第八次会议决议公告 将在 2023 年度股东大会上进行述职。董事会依据独立董事出具的《独立董事关 于独立性自查情况的报告》，编写了《董事会对于独立董事独立性自查情况的专 项意见》。 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。 江西三鑫医疗科技股份有限公司（以下简称"公司"）第五届董事会第八次 会议通知于 2024 年 3 月 11 日以电子邮件方式发出，并于 2024 年 3 月 21 日上午 9:00 在公司会议室召开。本次会议采用现场及通讯表决的方式进行，会议应参 加表决董事 8 名，实际参加表决董事 8 名，其中：独立董事陈国锋先生、夏晓华 先生、蒋海洪先生以通讯方式参加了本次会议并进行表决。会议由董事长彭义兴 先生召集并主持，公司监事和高级管理人员列席了本次会议。本次会议的内容以 及召集、召开的方式、程序均符合《中华人民共和国公司法》《公司章程》的有 关规定，合法有效。经充分讨论，审议通过了以下议案： 一、审议通过《关于公司<2023 年度总 ...

江西三鑫医疗科技股份有限公司 2023 年度董事会工作报告 2023 年，公司董事会严格按照《中华人民共和国公司法》《中华人民共和 国证券法》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司 自律监管指引第 2 号——创业板上市公司规范运作》等法律法规、规范性文件以 及《公司章程》《董事会议事规则》等内部控制制度，规范运作，科学决策，认 真贯彻落实股东大会的各项决议，积极推动公司各项业务的发展。现将 2023 年 度董事会主要工作情况报告如下： 一、2023 年经营情况 2023 年，公司聚焦主业，紧紧围绕公司发展战略和董事会制定的年度工作 计划积极开展各项工作，实现营业收入 130,006.09 万元，较上年同期下降 2.69%； 实现归属于上市公司股东的净利润为 20,663.38 万元，较上年同期增长 11.92%。 公司业务主要体现在以下几大领域： 血液净化类：2023 年，血液净化类产品实现营业收入 94,934.14 万元，比 上年同期增长 7.62%，该类产品营业收入占公司总收入的比重为 73.02%。 输注类：2023 年，输注类产品实现营业收入 23,395.62 万元，比上年同 ...