Investment Rating - The report maintains a "Buy-A" investment rating with a 6-month target price of 42.54 CNY, compared to the current stock price of 30.60 CNY as of August 30, 2024 [1][5]. Core Views - The company's revenue for the first half of 2024 was 1.013 billion CNY, a decrease of 2.94% year-on-year, while net profit dropped by 37.53% to 170 million CNY [1][2]. - The decline in performance is attributed to a high base from the previous year and reduced procurement from hospitals, particularly affecting ultrasound and endoscopy segments [2]. - Despite short-term pressures, the company is increasing investments in market expansion and R&D, which are expected to support long-term growth [2]. Financial Performance - For the first half of 2024, the gross margin was 67.43%, down 1.55 percentage points year-on-year, and the net profit margin was 16.84%, down 9.33 percentage points [1][2]. - The company reported a sales expense ratio of 28.37%, up 6.18 percentage points year-on-year, and a R&D expense ratio of 20.95%, up 4.68 percentage points [2]. - The ultrasound segment saw a revenue of 610 million CNY, a decline of 5.94%, while the endoscopy segment grew slightly by 2.84% to 387 million CNY [3]. Revenue and Profit Forecast - The report forecasts revenue growth rates of 16.3%, 23.2%, and 22.9% for 2024, 2025, and 2026, respectively, with net profit growth rates of 1.3%, 38.0%, and 27.8% for the same years [5][6]. - The projected earnings per share (EPS) for 2024 is 1.06 CNY, with a price-to-earnings (PE) ratio of 28.8 [6][7]. Market Position and Product Development - The company has developed a comprehensive product line in the ultrasound market, including high-end and portable devices, with plans to launch new high-end portable products in 2024 [3]. - In the endoscopy market, the company has introduced several innovative products, including domestically produced high-end endoscopes, which have received positive feedback from top-tier hospitals [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company's performance is under short-term pressure due to procurement disruptions, but a recovery in business is expected in the second half of the year [1] - The company reported a revenue of 1.013 billion yuan for the first half of 2024, a year-on-year decrease of 2.94%, with a net profit attributable to shareholders of 171 million yuan, down 37.53% year-on-year [1] - The company is increasing strategic investments during the industry downturn, with a significant increase in employee numbers and R&D expenditures, which is expected to support long-term growth [1][2] Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 1.013 billion yuan, with ultrasound business revenue of 610 million yuan (down 5.94% year-on-year) and endoscope business revenue of 387 million yuan (up 2.84% year-on-year) [1] - The company plans to achieve revenues of 2.414 billion yuan, 2.927 billion yuan, and 3.503 billion yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of 13.8%, 21.2%, and 19.7% [2] - The net profit attributable to shareholders is expected to reach 511 million yuan, 656 million yuan, and 819 million yuan for 2024, 2025, and 2026 respectively, with growth rates of 12.5%, 28.4%, and 24.8% [2] R&D and Product Development - The company emphasizes the development of proprietary technology and products, with R&D expenses of 329 million yuan, 384 million yuan, and 212 million yuan for 2022, 2023, and the first half of 2024, representing 18.66%, 18.12%, and 20.95% of revenue respectively [1] - The company has developed a comprehensive range of ultrasound products and has launched a new generation of high-end ultrasound platforms [1] - The endoscope product series has been expanded to meet various clinical needs, including the introduction of the first bronchoscopic ultrasound probe in China [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing temporary pressure on performance but is expected to recover high growth in the second half of the year [1][2] - The company has launched high-end ultrasound products, accelerating domestic substitution, with a revenue of 1.013 billion yuan in the first half of 2024, a year-on-year decrease of 2.94% [2][3] - The company is a leader in ultrasound technology in China, holding over 300 invention and design patents, and ranks among the top ten globally in the ultrasound industry [3] Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 1.013 billion yuan, a year-on-year decrease of 2.94%, and a net profit attributable to shareholders of 171 million yuan, down 37.53% year-on-year [2] - The company’s core ultrasound revenue was 610 million yuan, down 5.94% year-on-year, while endoscopy revenue was 387 million yuan, up 2.84% year-on-year [2] Product Development - The company continues to introduce high-end ultrasound products and has a comprehensive range of ultrasound probe types, all developed in-house, covering all organs of the human body [3] - In the endoscopy sector, the company has launched a series of products that meet the needs of high-end, mid-range, and low-end users, filling domestic gaps in technology [3] Market Position - The company ranks fourth in market share in China and is continuously consolidating its industry position [3] - The company’s products have received recognition from top-tier hospitals, indicating competitive performance compared to imported products [3] Future Outlook - The company maintains its profit forecast, expecting operating revenues of 2.585 billion, 3.115 billion, and 3.773 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 575 million, 690 million, and 834 million yuan [4][5] - The company is expected to benefit from scale effects, leading to an increase in net profit margins [4]

证券代码：300633 证券简称：开立医疗 公告编号：2024-062 深圳开立生物医疗科技股份有限公司 关于股东股份完成继承过户的公告 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。 深圳开立生物医疗科技股份有限公司（以下简称"公司"）于近日接到公 司股东周文平先生家属的通知，周文平先生生前持有的 14,956,900 股公司股份 经夫妻共同财产分割和继承后，现已办理完成过户手续，并取得中国证券登记 结算有限责任公司出具的《证券过户登记确认书》，过户日期为 2024 年 8 月 29 日。现将具体情况公告如下： 一、证券非交易过户明细 | 股东名称 | 股份性质 | 过户前 | | 过户后 | | | --- | --- | --- | --- | --- | --- | | | | 持股数量（股） | 占公司总股 本的比例 | 持股数量（股） | 占公司总股 本的比例 | | 周文平 陈少芬 | 无限售流 通股 | 14,956,900 0 | 3.46% 0 | 0 7,478,450 | 0 1.73% | | 周忻贝 | | 0 | 0 | 7,47 ...

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2024 年 8 月 27 日，深圳开立生物医疗科技股份有限公司（以下简称"公司"） 第四届董事会第五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 8 月 19 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：2024-059 深圳开立生物医疗科技股份有限公司 第四届董事会第五次会议决议公告 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。 一、董事会会议召开情况 本议案中的财务报告部分已经公司董事会审计委员会审议通过。 表决结果：7 票同意，0 票反对，0 票弃权。同意票数占总票数的 100%。 2、审议通过《关于公司 2024 年半年度募集资金存放与使用情况专项报告的 议案》 具体内容详见公司在中国 ...

证券代码：300633 证券简称：开立医疗 公告编号：2024-056 深圳开立生物医疗科技股份有限公司 2024 年第二次临时股东大会决议公告 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 特别提示： 5、主持人：董事长陈志强先生 1、本次股东大会未出现否决议案的情形； 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议的召开和出席情况 （一）召开情况 1、召开时间： （1）现场会议：2024 年 8 月 13 日（星期二）下午 14:30 （2）网络投票：通过深圳证券交易所交易系统进行网络投票的时间为 2024 年 8 月 13 日上午 9:15-9:25，9:30-11:30，下午 13:00-15:00；通过深圳证券交易所 互联网系统投票的具体时间为 2024 年 8 月 13 日 9:15-15:00 期间的任意时间。 2、现场会议召开地点：深圳市光明区光电北路 368 号开立医疗大厦一楼 121 会议室 3、召开方式：现场表决与网络投票相结合的方式 4、召集人：深圳开立生物医疗科技股份有限公司董事会 6、会议的召开符合相关法律、行政法规 ...

北京市中伦（深圳）律师事务所 关于深圳开立生物医疗科技股份有限公司 2024年第二次临时股东大会的 法律意见书 二〇二四年八月 北京市中伦（深圳）律师事务所 关于深圳开立生物医疗科技股份有限公司 2024 年第二次临时股东大会的 法律意见书 致：深圳开立生物医疗科技股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司股东大 会规则》（以下简称"《股东大会规则》"）和《深圳开立生物医疗科技股份有限公 司章程》（以下简称"《公司章程》"）的规定，北京市中伦（深圳）律师事务所 （以下简称"本所"）接受深圳开立生物医疗科技股份有限公司（以下简称"公司"） 的委托，指派律师出席公司 2024 年第二次临时股东大会（以下简称"本次股东大 会"），并就本次股东大会的召集和召开程序、出席和列席会议人员资格、表决程 序及表决结果等事宜发表法律意见。 本所律师根据《股东大会规则》的要求，按照律师行业公认的业务标准、道 德规范和勤勉尽责的精神，参加了本次股东大会现场会议，并对公司提供的相关 文件和有关事实进行了核查和验证，现出具如下法律意见： 一、关于本次股东大会的召集、通知和召开程序 （一）本次股东大 ...

证券代码：300633 证券简称：开立医疗 公告编号：2024-055 深圳开立生物医疗科技股份有限公司 关于控股股东部分股份解除质押及再质押的公告 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。 深圳开立生物医疗科技股份有限公司（以下简称"公司"）近日收到公司 控股股东之一吴坤祥先生的通知，获悉其将所持有的公司部分股份办理了解除 质押及再质押手续，具体事项如下： 一、本次股东股份质押的基本情况 | 股东 名称 | 是否为控 股股东及 其一致行 | 本次解除 质押股份 | 占其所 持股份 | 占公司 总股本 | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 动人 | 数量 | 比例 | 比例 | | | | | | | | | | | | 中国银河 | | 吴坤 祥 | 是 | 1,400,000 | 1.46% | 0.32% | 2023-08- | 2024-08- 08 | 证券股份 中国国际 | | | | | | | 30 | | | | | | | ...

证券代码：300633 证券简称：开立医疗 编号：2024-054 （2）网络投票：通过深圳证券交易所交易系统进行网络投票的时间为 2024 年 8 月 13 日上午 9:15-9:25，9:30-11:30，下午 13:00-15:00；通过深圳证券交易所 互联网系统投票的具体时间为 2024 年 8 月 13 日 9:15-15:00 期间的任意时间。 5、会议的召开方式： 1、股东大会届次：2024 年第二次临时股东大会 2、股东大会的召集人：公司董事会；公司第四届董事会第四次会议审议通 过了《关于召开 2024 年第二次临时股东大会的议案》。 3、会议召开的合法、合规性：公司董事会认为，本次股东大会的召开已经 董事会审议通过，召集程序符合有关法律、行政法规、部门规章、规范性文 件、深圳证券交易所业务规则和公司章程的规定。 4、会议召开的日期、时间： （1）现场会议：2024 年 8 月 13 日（星期二）下午 14:30 深圳开立生物医疗科技股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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。 一 ...