[Table_Header] 公司点评●医疗器械 2024 年 05 月 04 日 [Table_Title] [Table_StockCode] 短期因素致业绩承压，关注中高端新品放量 开立医疗（300633） [Table_InvestRank] --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 2024年一季度报告，2024年一季度实现营业收入 4.79亿元 [程Ta培b le_Authors] （+1.33%），归母净利润 1.00 亿元（-27.65%），扣非净利润 0.92 亿元（- ：021-20257805 26.55%），经营性现金流-0.29亿元（-159.07%）。 ：chengpei_yj@chinastock.com.cn ⚫ 短期因素影响表观业绩，一季度收入及利润端承压。2024Q1 公司收入端 分析师登记编码：S0130522100001 微增，利润端明显下滑。一方面主要受到同期较高基数影响（2023Q1院端诊 疗量复苏等因素驱动公司实现较好销售表现），另一方面，预计 2024Q1部分 研究助理：孟熙 招投 ...

证券研究报告 医药生物 首次覆盖报告 2024年04月29日 开立医疗 (300633.SZ) 买入 —— 国产软镜龙头，产品线持续丰富打开成长天花板 （首次覆盖） 投资要点： 证券分析师 ➢ 器械平台布局初步成形，产品高端化+出口持续打开公司成长天花板。2002 年公司成立，以 刘闯 医学超声设备起家，横向跨赛道布局内窥镜业务，打造第二增长曲线，目前形成超声稳健+软 S1350524030002 镜快速增长+微创外科和心血管介入初具规模的发展态势，积极打造医疗器械平台。近些年， liuchuang@huayuanstock.com 公司在高端产品和高技术壁垒领域持续实现突破，国内竞争力快速提升，同时产品进入全球近 市场表现： 170个国家和地区，尤其海外中高端市场逐步打开，长期有望在全球市场进一步提高营收天花 板。 40% 20% ➢ 超声产品持续高端化，收入稳健增长可期。2023年公司超声业务收入达到12.23亿元，同比 0% 增13.28%，主营业务稳健。国内外高端超声市场国产品牌渗透率仍处于较低水平，潜在替代 -20% 空间大，公司是国内少有覆盖探头、台式彩超、便携彩超、AI算法全超声品类的厂家，持续 ...

公司研 究 证 券研究 报 告 医疗器械 2024年04月28日 开 立医疗（300633）2024年一季报点评 推 荐 （维持） 目标价：52元 受高基数影响，24Q1 业绩增速承压 当前价：41.19元 事项： 华创证券研究所  公司发布24年一季报，营业收入4.79亿元（+1.33%），归母净利润1.00亿元 证券分析师：郑辰 （-27.65%），扣非净利润0.92亿元（-26.55%）。 评论： 邮箱：zhengchen@hcyjs.com 执业编号：S0360520110002  Q1收入微增，利润增速承压，预计受到23Q1高基数影响。23Q1业绩预计由 证券分析师：李婵娟 于疫情放开后医院装机加快，导致基数较高，并且利润相较营收有更高基数， 对24Q1的业绩同比表现造成了影响。 邮箱：lichanjuan@hcyjs.com 执业编 号：S0360520110004  费用率提高，导致净利率下降。24Q1公司毛利率为69.40%，同比提高0.80pct， 销售费用率为25.64%（+3.30pct），管理费用率为7.21%（+1.89pct），研发费用 公司基本数据 率为21.20%（+4. ...

股 票 研 究 [Table_industryInfo] 医药/必需消费 [ Table_Main[开ITnaf 立bol]e 医_Ti疗tle]( 300633) [评Tab级le_：Inv est] 增持 上次评级： 增持 高基数下增速承压，全年有望逐季好转 目标价格： 49.21 上次预测： 49.21 公 ——开立医疗2024Q1 业绩点评 当前价格： 41.19 司 丁丹(分析师) 张拓(分析师) 2024.04.27 更 0755-23976735 0755-23976170 [交Ta易bl数e_M据a rket] 新 dingdan@gtjas.com zhangtuo024925@gtjas.com 证书编号 S0880514030001 S0880523090003 52周内股价区间（元） 33.37-61.16 报 总市值（百万元） 17,739 告 本报告导读： 总股本/流通A股（百万股） 431/431 流通 B股/H股（百万股） 0/0 2024Q1业绩符合预期，高基数下增速承压，随基数逐季降低、设备更新支持、招投 流通股比例 100% 标逐步缓解，公司业绩有望逐季好转。 日均成交量 ...

证券代码：300633 证券简称：开立医疗 公告编号：2024-043 一、监事会会议召开情况 经审核，监事会认为：公司《2024 年一季度报告》的编制和审议程序符合 法律、法规、公司章程和公司内部管理制度的规定，公司《2024 年一季度报告》 的内容和格式符合中国证监会和深圳证券交易所的各项规定，所披露的信息真实、 准确、完整地反映了公司的实际经营情况，不存在虚假记载、误导性陈述或者重 大遗漏。 表决结果：3 票同意，0 票反对，0 票弃权。同意票数占总票数的 100%。 深圳开立生物医疗科技股份有限公司 第四届监事会第三次会议决议公告 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。 2024 年 4 月 25 日，深圳开立生物医疗科技股份限公司（以下简称"公司"） 第四届监事会第三次会议在深圳市光明区光电北路 368 号开立医疗大厦一楼会 议室召开。本次会议由监事会主席陈欣主持。应出席监事 3 名，实际出席监事 3 名。符合《公司章程》规定的法定人数，本次监事会会议决议合法有效。 二、监事会会议审议情况 经与会监事审议表决，一致通过了如下决议： 1、审议通 ...

一、董事会会议召开情况 2024 年 4 月 25 日，深圳开立生物医疗科技股份有限公司（以下简称"公司"） 第四届董事会第三次会议以现场和通讯表决相结合的方式在深圳市光明区光电 北路 368 号开立医疗大厦一楼会议室召开。本次会议已于 2024 年 4 月 22 日以 电话、电子邮件等方式通知全体董事。 本次会议应出席董事 7 人，实际出席董事 7 人，会议由董事长陈志强先生主 持，符合《公司章程》规定的法定人数，会议的召集、召开符合《公司法》和《公 司章程》的有关规定。 二、董事会会议审议情况 经与会董事投票表决，审议通过了如下决议： 证券代码：300633 证券简称：开立医疗 公告编号：2024-042 深圳开立生物医疗科技股份有限公司 第四届董事会第三次会议决议公告 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。 董事会认为：公司《2024 年一季度报告》的内容真实、准确、完整地反映了 公司 2024 年一季度经营的实际情况，不存在任何虚假记载、误导性陈述或者重 大遗漏；报告编制和审核的程序符合法律、行政法规的要求，符合中国证监会和 深交所的相关规定， ...

Financial Performance - The company's revenue for Q1 2024 was CNY 479,333,865.45, representing a 1.33% increase compared to CNY 473,030,518.35 in the same period last year[5]. - Net profit attributable to shareholders decreased by 27.65% to CNY 100,190,827.63 from CNY 138,474,386.29 year-on-year[5]. - Basic earnings per share fell by 28.12% to CNY 0.2326 from CNY 0.3236 in the same period last year[5]. - Total revenue for Q1 2024 reached ¥479,333,865.45, a slight increase from ¥473,030,518.35 in Q1 2023, representing a growth of approximately 0.6%[16]. - Net profit for Q1 2024 was ¥100,190,827.63, down from ¥138,474,386.29 in Q1 2023, reflecting a decrease of approximately 27.6%[17]. - Total comprehensive income for the first quarter was CNY 101,853,099.67, a decrease from CNY 137,850,777.52 in the previous year, representing a decline of approximately 26%[18]. - Basic earnings per share for the quarter were CNY 0.2326, down from CNY 0.3236 in the same period last year, reflecting a decrease of about 28%[18]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -28,513,064.73, a decline of 159.07% compared to CNY 48,269,069.80 in the previous year[5]. - Cash inflow from financing activities totaled CNY 25,933,220.00, an increase of 178.70% year-on-year[8]. - The company's cash flow from investing activities was negative at CNY -72,622,300.00, a decrease of 257.7% compared to the previous year[8]. - Cash and cash equivalents at the end of the period increased to CNY 1,851,932,314.08, up from CNY 1,485,916,653.31 at the end of the previous year, marking an increase of approximately 24.6%[21]. - Cash inflow from financing activities totaled CNY 259,332,185.06, significantly higher than CNY 93,051,792.00 in the previous year, indicating an increase of about 178%[21]. - The company reported a net increase in cash and cash equivalents of CNY 126,702,284.38 for the quarter, compared to CNY 163,767,322.18 in the previous year, a decrease of approximately 22.6%[21]. Assets and Liabilities - Total assets increased by 7.22% to CNY 4,043,654,290.12 from CNY 3,771,417,094.83 at the end of the previous year[5]. - Current liabilities rose to ¥731,634,034.53, compared to ¥568,624,898.28 in the previous year, an increase of about 28.6%[16]. - Total liabilities increased to ¥787,305,897.40 from ¥625,463,443.55, indicating a rise of approximately 25.8%[16]. - Non-current assets totaled ¥1,169,845,867.79, up from ¥1,146,021,099.31 in the previous year, marking an increase of about 2.6%[16]. - Total current assets increased to ¥2,873,808,422.33 from ¥2,625,395,995.52, representing a growth of approximately 9.5%[13]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 13,272, with the top two shareholders, Chen Zhiqiang and Wu Kunxiang, each holding 22.23% of shares[9]. - The total number of shares held by the top ten shareholders accounts for a significant portion of the company's equity, with the largest shareholders being natural persons[10]. - The company is actively managing its shareholder structure, with significant stakes held by institutional investors[10]. - The company has pledged shares amounting to 6,530,000 and 8,100,000 for Chen Zhiqiang and Wu Kunxiang respectively[9]. Expenses - The company’s management expenses rose by 37.34% to CNY 34,545,500.00 compared to the same period last year[7]. - Research and development expenses for Q1 2024 were ¥101,637,595.01, up from ¥80,009,904.74 in Q1 2023, indicating a growth of approximately 27%[17]. Other Financial Metrics - The company reported a government subsidy of CNY 10,209,304.60 included in non-recurring gains and losses[6]. - The company received CNY 35,937,349.84 in tax refunds, down from CNY 45,780,542.28 in the previous year, a decrease of about 21.5%[20]. - The company’s investment income received was CNY 17,769.69, a significant drop from CNY 4,065,963.94 in the previous year, indicating a decline of about 99.6%[20]. - Total operating costs for Q1 2024 were ¥394,005,611.99, compared to ¥358,549,235.76 in Q1 2023, indicating an increase of about 9.9%[17].

Investment Rating - The report suggests actively monitoring the company due to its stable growth prospects [2][34]. Core Views - The company achieved a revenue of 2.12 billion yuan in 2023, representing a year-on-year growth of 20.3%, and a net profit attributable to shareholders of 450 million yuan, up 22.9% [2][13]. - The dual-driven logic of ultrasound and endoscopy remains unchanged, with steady growth in both business lines [2][10]. - The company has made significant advancements in R&D, enhancing its product offerings and competitive edge in the high-end ultrasound market [17][22]. Summary by Sections 1. Business Overview - The company focuses on high-end medical equipment manufacturing, with a product line that includes ultrasound diagnostic devices, digestive and respiratory endoscopes, minimally invasive surgical products, and cardiovascular intervention products [10][12]. - The company has established a diversified development pattern, expanding from internal medicine to include surgical applications and consumables [10][12]. 2. Financial Performance - In 2023, the company reported quarterly revenues of 470 million, 570 million, 420 million, and 650 million yuan, with respective growth rates of 27.6%, 22.7%, 2.1%, and 27.6% [2]. - The overall gross margin improved to 69.4%, primarily due to an increase in the proportion of high-end models and installations in tertiary hospitals [17][19]. - The company’s net profit margin remained stable at around 21.5% [17]. 3. Business Segments - Ultrasound revenue reached approximately 1.22 billion yuan, growing by 13.3%, while medical endoscopy revenue was about 850 million yuan, increasing by 39% [2][32]. - The company launched new products in the ultrasound field, including the S80/P80 series, enhancing its competitive position [17][22]. - The endoscopy segment has seen significant growth, with the introduction of the HD-580 series, which has received positive recognition in clinical settings [27][28]. 4. R&D and Innovation - The company emphasizes R&D, with over 722 personnel dedicated to innovation, and has established multiple research centers globally [17][22]. - The center laboratory received CNAS accreditation, marking a significant milestone in its research capabilities [17]. - New product launches, such as the SV-M4K100 series in minimally invasive surgery, reflect the company’s commitment to advancing its product lineup [29][30]. 5. Future Outlook - The company forecasts net profits of 590 million, 770 million, and 970 million yuan for 2024, 2025, and 2026, respectively, indicating a robust growth trajectory [2][31]. - The ultrasound and endoscopy segments are expected to continue their growth, with projected sales increases of 16% and 39% for the respective segments in 2024 [31][32].

[Table_MainInfo] 公司研究/医药与健康护理/医疗保健设备与用品 证券研究报告 开立医疗（300633）公司年报点评 2024年04月21日 [Table_InvestInfo] 多线并起、聚变腾飞，经营质效再上新台 投资评级 优于大市 维持 阶 股票数据 0[4Ta月b1le9_日S收to盘ck价（In元fo）] 36.97 [Table_Summary] 52周股价波动（元） 31.61-62.62 投资要点： 总股本/流通A股（百万股） 431/431 总市值/流通市值（百万元） 15921/15921 相关研究  公司2023年营收21.20亿元（同比增长20.29%），归母净利润4.54亿元（同 [《Ta短b期le外_R部e环p境or因tI素nf影o]响 ，看好公司长期经营 比增长22.28%），2023年 Q4营收6.52亿元（同比增长27.58%），归母净 利润1.34亿元（同比增长7.57%）。 发展》2023.12.25 市场表现 [Table_QuoteInfo]  公司2023年彩超营收12.23亿元（同比增长13.28%），毛利率65.88%（同 开立医疗 海通综指 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 13 日 开 立医疗(300633.SZ) 证券研究报告 23Q4 环比改善，内镜板块持续驱动增 医疗器械 投资评级 买入-A 长，新产品放量值得期待 维持评级 6 个月目标价 47.61元 事件：公司发布 2023 年年报，业绩稳定较快增长。 股价 (2024-04-12) 36.60元 2023 年公司实现营业收入21.2 亿元，同比增长20.29%；归母净利润 4.54 亿元，同比增长 22.88%；扣非归母净利润4.42 亿元，同比增长 交易数据 29.52%。单季度来看，23Q4 公司实现营业收入6.52 亿元，同比增长 总市值(百万元) 15,912.62 27.58%，环比增长53.7%；归母净利润1.34 亿元，同比增长 7.57%， 流通市值(百万元) 15,912.62 环比增长181.37%；扣非归母净利润1.21 亿元，同比增长 3.43%，环 总股本(百万股) 430.65 比增长 150.32%；毛利率 70.96%，同比降低 1.16 pct；净利率 20.51%， 流通股本(百万股) 430 ...