Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [6]. Core Views - The report highlights an improvement in industry bidding data and anticipates that the implementation of equipment upgrades will support the company's performance recovery [1][2]. - The company reported a revenue of 1.398 billion yuan for the first three quarters of 2024, a year-on-year decrease of 4.74%, and a net profit attributable to shareholders of 109 million yuan, down 66.01% year-on-year [1]. - The third quarter of 2024 saw a revenue of 386 million yuan, a decline of 9.18% year-on-year, with a net profit of -62 million yuan, reflecting a significant drop of 229.50% year-on-year [1][2]. Financial Summary - Revenue projections for 2024-2026 are 2.13 billion, 2.604 billion, and 3.125 billion yuan, with year-on-year growth rates of 0.5%, 22%, and 20% respectively [2][3]. - The net profit forecasts for the same period are 246 million, 490 million, and 666 million yuan, with growth rates of -46%, 99%, and 36% respectively [2][3]. - The report indicates a decrease in gross margin to 64.37% in Q3 2024, down 3.72 percentage points year-on-year, while the overall net profit margin dropped to -15.98% [2][4]. Strategic Initiatives - The company is increasing strategic investments and actively promoting new product iterations across various product lines, including minimally invasive surgery and cardiovascular intervention [1][2]. - The report notes that the company has added over 300 employees in the first half of 2024, bringing the total workforce to over 3,000, enhancing its talent pool for future growth [1][2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8]. Core Views - The demand for medical devices in China is poised for growth, supported by government policies encouraging equipment upgrades [3]. - The company has experienced short-term revenue pressure, with a projected revenue decline of 4.74% year-on-year for the first three quarters of 2024 [2]. - Despite the short-term challenges, the company is expected to benefit from the implementation of equipment upgrade policies, which could drive future revenue growth [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 1.398 billion yuan, a decrease of 4.74% year-on-year, and a net profit attributable to shareholders of 109 million yuan, down 66.01% year-on-year [2]. - In Q3 2024 alone, the company achieved revenue of 386 million yuan, representing a year-on-year decline of 9.18%, with a net loss of 62 million yuan [2]. Market Outlook - The State Council released a plan to promote large-scale equipment upgrades, which is expected to benefit the medical device market [3]. - The company has launched the "Start New" equipment upgrade program, covering a full range of innovative devices, which is anticipated to enhance its market position [3]. Research and Development - The company has increased its R&D expenditure to 338 million yuan in the first three quarters of 2024, a rise of 28.33% year-on-year, accounting for 24.20% of its revenue [3]. - The company has established seven R&D centers globally, maintaining its core technological advantages [3]. Earnings Forecast - The revenue projections for 2024-2026 are 2.126 billion yuan, 2.597 billion yuan, and 3.193 billion yuan, respectively, with net profits expected to be 253 million yuan, 466 million yuan, and 627 million yuan [6][8]. - The company’s P/E ratios are projected to be 61x, 33x, and 25x for the years 2024, 2025, and 2026, respectively [3][6].

Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 41 CNY [1]. Core Views - The company's revenue is under pressure, with a significant decline in profits due to increased expenses. The net profit attributable to the parent company for Q3 2024 was -0.62 billion CNY, a decrease of 242.34% [1]. - The company is expected to benefit from the gradual recovery of procurement demand in hospitals as equipment update policies are implemented [1]. - Despite the revenue decline, the company continues to invest heavily in sales and R&D, leading to a significant increase in expense ratios [1]. Financial Performance Summary - For Q3 2024, the company reported a revenue of 1.39 billion CNY, down 66.01% year-on-year, and a net profit of -0.62 billion CNY, reflecting a substantial decline [1]. - The gross profit margin for Q3 2024 was 64.37%, slightly down due to a decrease in domestic revenue contribution [1]. - The sales expense ratio was 44.49%, and the R&D expense ratio was 32.72%, indicating a focus on maintaining high levels of investment in these areas despite declining revenues [1]. Future Outlook - The company is positioned to benefit from the acceleration of equipment updates, which is expected to release delayed procurement demand from hospitals [1]. - The company ranks among the top ten in the global ultrasound industry and holds a significant market share in the domestic endoscope market, indicating a strong competitive position [1]. - The introduction of innovative equipment under the "New Start" program is anticipated to enhance performance by the end of this year and into next year [1].

证券代码：300633 证券简称：开立医疗 编号：2024-006 深圳开立生物医疗科技股份有限公司 2024 年 10 月 28 日投资者关系活动记录表 | --- | --- | --- | |-------------------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | 特定对象调研 □ 分析师会议 | | 投资者关 | □ | □ 业绩说明会 | | 系活动类 别 | □ | 新闻发布会 □ 路演活动 | | | □ | □ 一对一沟通 | | | □ | □ 其他 | | | | 中信建投证券、华安证券、国信证券、广发基金、创金合信基金、 华创证券、中金公司、国盛证券、华夏基金、前海开源证券、中信 证券、景 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 1.398 billion yuan for the first three quarters of 2024, a year-on-year decrease of 4.74%, with a net profit attributable to shareholders of 109 million yuan, down 66.01% year-on-year [2] - The core business is under pressure, but the implementation of equipment updates is expected to catalyze growth. The domestic medical equipment procurement demand is showing signs of recovery, particularly benefiting imaging products, which are anticipated to gradually materialize in 2025 [2][3] - The gross margin for the first three quarters of 2024 was 66.59%, an increase from 69.41% in 2023 and 67.43% in the first half of 2024, attributed to the impact of domestic policies on high-end products [2] Financial Performance Summary - Revenue projections for 2024-2026 are 2.068 billion yuan, 2.526 billion yuan, and 3.031 billion yuan, with year-on-year growth rates of -2.46%, 22.13%, and 19.99% respectively [3][4] - Net profit attributable to shareholders is projected to be 202.51 million yuan, 542 million yuan, and 667.06 million yuan for 2024-2026, with year-on-year growth rates of -55.44%, 167.63%, and 23.07% respectively [3][4] - The current price-to-earnings (P/E) ratios are 75.81 for 2024, 28.33 for 2025, and 23.02 for 2026 [4] Expense and Margin Analysis - Sales expenses for the first three quarters of 2024 were 459 million yuan, an increase of 30.06% year-on-year, while R&D expenses were 338 million yuan, up 28.33% year-on-year [2] - The company is expanding against the trend, increasing personnel in sales and R&D departments, which is the main reason for the rise in expenses [2] - The operating risk is being reduced, with accounts receivable significantly lowered to 161 million yuan compared to the first half of 2024 [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [9]. Core Views - The company reported a revenue of 1.398 billion yuan for the first three quarters of 2024, a year-on-year decrease of 4.74%, and a net profit attributable to shareholders of 109 million yuan, down 66.01% year-on-year [1]. - The decline in revenue and profit is attributed to factors such as medical device procurement delays due to domestic anti-corruption policies and increased R&D expenditures impacting short-term performance [1]. - The company is expected to recover from the current low point in domestic business as the old-for-new policy gradually takes effect, potentially improving procurement demand [1]. - The company is focusing on enhancing its product pipeline, particularly in endoscope and ultrasound technologies, which is anticipated to strengthen its competitive position in the market [1]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 386 million yuan, a decrease of 9.18% year-on-year, and a net profit of -62 million yuan, reflecting a significant decline of 229.50% year-on-year [1]. - The gross margin for the first three quarters of 2024 was 66.59%, down 2.14 percentage points year-on-year, influenced by policy impacts [1]. - The net profit margin for the same period was 7.79%, a decrease of 14.05 percentage points year-on-year [1]. Revenue and Profit Forecast - The company’s revenue is projected to reach 2.337 billion yuan in 2024, with a growth rate of 10%, followed by 2.976 billion yuan in 2025 and 3.771 billion yuan in 2026, both with a growth rate of 27% [3]. - The net profit attributable to shareholders is expected to be 248 million yuan in 2024, a decline of 45%, but is forecasted to rebound to 525 million yuan in 2025 and 621 million yuan in 2026 [3]. Market Outlook - The report highlights the ongoing efforts in overseas localization and the establishment of subsidiaries and service centers globally, which are expected to drive growth in international markets [1]. - The company is increasing its investment in R&D for new endoscope products, which is anticipated to enhance its market influence and competitiveness in the ultrasound and endoscope sectors [1].

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 ——开立医疗 2024Q3 业绩点评 [table_Authors] 丁丹(分析师) 张拓(分析师) 0755-23976735 dingdan@gtjas.com 登记编号S0880514030001 | --- | --- | |--------------------------|-------| | | | | | | | | | | 0755-23976170 | | | zhangtuo024925@gtjas.com | | | S0880523090003 | | 本报告导读： 国内招标放缓导致收入承压，低谷期加大人员投入导致出现亏损，预计随招标恢复， 业绩有望逐季改善，维持增持评级。 投资要点： [Table_Summary] 维持增持评级。2024Q3 公司实现收入 3.86 亿元（-9.2%），归母净利 润-0.62 亿元，扣非归母净利润-0.69 亿元，业绩略低于预期。考虑招 标放缓及费用投入增加，下调2024-2026 ...

10月26日，开立医疗(300633)发布三季报，公司前三季度实现营收13.98亿元，归属于上市公司股东的净 利润为1.09亿元。 报告期内公司持续加大研发投入，前三季度研发费用投入达3.38亿元，同比增长28.33%，研发投入占营 收比达24.18%。 虽然今年面临行业整顿带来的不确定性和医疗设备更新政策执行的滞后性，当前行业仍处于需求"蛰伏 期"。 但开立医疗坚定执行"高端化"战略，逆市加码研发投入，聚焦核心技术攻关，使其主营业务产品线持续 丰富，尤其是高端产品不断实现突破。 在超声医学影像业务方面，随着多款AI智能产品入市，开立医疗快速打开高端超声市场，公司超声业 务的行业领先地位得到进一步巩固。 在内镜业务方面，开立医疗在消化内镜领域的头部领先地位也在持续增强，其中HD-580系列高端内镜 系统获得良好的市场反馈，已进入持续放量阶段，目前公司有多款产品处于研发管线中，预计未来半年 会有新品上市。 在微创外科领域，公司自主研发的10 mm胸腹腔镜、气腹机等产品已获批上市并实现量产销售。 在心血管介入领域，开立医疗是国内唯一参与制定血管内超声国家技术标准的企业单位，公司的超宽频 血管内超声成像系统V10， ...

证券代码：300633 证券简称：开立医疗 公告编号：2024-066 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 2024 年 10 月 24 日，深圳开立生物医疗科技股份有限公司（以下简称"公 司"）第四届董事会第六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 10 月 14 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 深圳开立生物医疗科技股份有限公司 第四届董事会第六次会议决议公告 经与会董事投票表决，审议通过了如下决议： 1、审议通过《关于公司<2024 年三季度报告>的议案》 经审议，董事会一致认为：公司 2024 年三季度报告真实反映了公司 2024 年 前三季度的财务状况和经营成果，符合法律、行政法规、中国证监会和深圳证券 交易所的相关规定，报告内容真 ...

证券代码：300633 证券简称：开立医疗 公告编号：2024-068 深圳开立生物医疗科技股份有限公司 关于部分募集资金投资项目延期的公告 经中国证券监督管理委员会出具的《关于同意深圳开立生物医疗科技股份 有限公司向特定对象发行股票注册的批复》（证监许可[2021]668 号）核准，公 司向特定对象发行人民币普通股（A 股）27,851,745 股，发行价格为 27.79 元/ 股，募集资金总额为人民币 773,999,993.55 元，扣除发行费用（不含税）合计 人民币 4,944,026.20 元后，募集资金净额为人民币 769,055,967.35 元，其中计入 股本 27,851,745.00 元，计入资本公积（股本溢价）741,204,222.35 元。天健会 计师事务所（特殊普通合伙）对以上募集资金到账情况出具了《深圳开立生物 医疗科技股份有限公司验资报告》（天健验[2021]3-78 号）。 截至 2024 年 9 月 30 日，上述募集资金的投入情况如下： 注 1：以上截至 2024 年 9 月 30 日的数据未经审计。 注 2：彩超、内窥镜产品研发项目投入比例超过 100%，系使用募集资金 ...