Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 2.12 billion yuan in 2023, representing a year-on-year growth of 20.29%, and a net profit of 454 million yuan, up 22.88% year-on-year [4][5] - The ultrasound business has shown steady growth, while both soft and hard endoscope businesses continue to experience high growth rates [14][15] - The company is positioned as a leader in the domestic digestive endoscope market, with a market share second only to Olympus and Fujifilm, and is the top domestic brand [15] Financial Performance Summary - Revenue (in million yuan): - 2022: 1,763 - 2023: 2,120 (20.29% growth) - 2024E: 2,675 (26% growth) - 2025E: 3,381 (26% growth) - 2026E: 4,276 (26% growth) [1] - Net Profit (in million yuan): - 2022: 370 - 2023: 454 (22.88% growth) - 2024E: 569 (25% growth) - 2025E: 725 (27% growth) - 2026E: 922 (27% growth) [1] - Gross Margin: - 2023: 69.41%, up 2.55 percentage points year-on-year [9] - Net Margin: - 2023: 21.43%, up 0.45 percentage points year-on-year [9] Business Segment Performance - Ultrasound business revenue in 2023 reached approximately 1.22 billion yuan, with a year-on-year growth of 13.28% [14] - Endoscope business revenue in 2023 was 850 million yuan, with a year-on-year growth of 39.02% [15] - The company has launched several high-end products, enhancing its market position and driving revenue growth [14][15]

开[Ta立ble医_Sto疗ckN（am3eR0p0tT6yp3e3] ） 公司研究/公司点评 2023Q4 业绩超预期，全年内镜板块高速增长 投资评级：买入（维持） 主要观点： [Table_Rank] 报告日期： 2024-04-12 [✓T ab事le件_S：um mary] 公司发布2023年年报，2023年公司实现收入21.20亿元 [收Ta盘bl价e_（Ba元se）D ata] 36.60 近12个月最高/最低（元） 62.62/31.61 （yoy+20.3%），归母净利润4.54亿元（yoy+22.9%）。 其中，第四季度，公司收入为6.52亿元（yoy+27.58%），归母净 总股本（百万股） 431 流通股本（百万股） 431 利润为1.34亿元（yoy+7.56%），扣非净利润为1.21亿元（yoy+3.43%）。 流通股比例（%） 100.00 ✓ 事件点评： 总市值（亿元） 158 ⚫ 内镜板块全年仍实现较快增长，同比增长约39% 流通市值（亿元） 158 从产品线看，2023年公司超声业务实现收入12.23亿元 [公Ta司ble价_C格ha与rt]沪 深300走势比较 （yoy+1 ...

[Table_Header] 公司点评●医疗器械 2024 年 04 月 12 日 [Table_Title] [Table_StockCode] 全年业绩符合预期，新品导入促进盈利改善 开立医疗(300633) [Table_InvestRank] --2023 年年报业绩点评 推荐 (维持) 核心观点： 分析师 ⚫[T able事_S件um：公m司ary发] 布2023年年度报告，公司2023年实现营收21.20亿元（+20.29%）， [程Ta培b le_Authors] 归母净利润 4.54亿元（+22.88%），扣非净利润 4.42亿元（+29.52%），经营性 ：021-20257805 现金流 4.89亿元（+3.43%）；2023Q4实现营业收入 6.52亿元（+27.58%），归 ：chengpei_yj@chinastock.com.cn 母净利润 1.34亿元（+7.57%），扣非净利润 1.21亿元（+3.43%）。 分析师登记编码：S0130522100001 ⚫ 全年业绩保持稳健增长，技术创新夯实产品竞争力。尽管面临医疗行业经 营环境变化等系列挑战，公司各业务条线仍实现了较好的 ...

Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching approximately CNY 1.2 billion in 2023[25]. - The company's operating revenue for 2023 reached CNY 2,120,251,604, representing a 20.29% increase compared to CNY 1,762,648,981.9 in 2022[30]. - The net profit attributable to shareholders for 2023 was CNY 454,437,474.6, up 22.88% from CNY 369,811,713.74 in 2022[30]. - The net profit after deducting non-recurring gains and losses was CNY 442,470,555.58, an increase of 29.52% from CNY 341,625,201.15 in 2022[30]. - The company achieved a revenue of 2.12 billion yuan in 2023, representing a year-on-year growth of 20.29%[81]. - The company reported a significant increase in revenue, with a year-over-year growth of 25% in the medical device segment[122]. - User data showed a growth in the active user base by 20%, totaling 1.5 million users by the end of 2023[25]. - The company provided a revenue guidance for 2024, projecting a growth rate of 10% to 15%[25]. - The company plans to enhance its online sales platform, aiming for a 40% increase in direct-to-consumer sales by 2025[122]. Research and Development - The company's R&D expenses accounted for nearly 20% of its revenue in recent years, indicating a strong commitment to innovation despite inherent risks in product development[3]. - Research and development expenses increased by 30%, totaling CNY 150 million, focusing on innovative medical technologies[25]. - R&D investment for 2023 amounted to 384.26 million yuan, accounting for 18.12% of total revenue[81]. - The company has a total of 722 R&D personnel, with over 40% holding master's degrees or higher, and has established multiple R&D centers globally, including in the US and Japan[67]. - The company has launched high-end product series such as P80/S80 and S60/P60, covering various clinical departments with advanced technology and ergonomic design[69]. - The company is committed to independent research and development, contributing to the rise of domestic medical devices with globally leading technology levels[49]. - The company has developed advanced endoscopic technologies, including SFI imaging and high-performance electronic endoscope designs, achieving domestic leadership in the field[72]. - The company is focusing on developing a new generation of high-definition endoscope systems to meet clinical needs[104]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[25]. - The company is actively pursuing market expansion through the introduction of innovative medical devices and technologies, enhancing its competitive position in the healthcare sector[1]. - The company aims to enhance its competitiveness in the high-end ultrasound market through the development of new ultra-high-end ultrasound products[103]. - The company is exploring potential mergers and acquisitions to bolster its market position and expand its product offerings in the medical technology sector[114]. - The company is focused on expanding its product line in ultrasound diagnostics, with devices like the portable color Doppler ultrasound diagnostic instrument expected to enhance diagnostic capabilities[59]. - The company is actively pursuing research and development in new technologies, particularly in the field of diabetes management with the glycosylated hemoglobin test kit[68]. - The company plans to maintain steady growth in ultrasound business, rapid growth in endoscopy business, and accelerate development in minimally invasive surgery and cardiovascular intervention in 2024[164]. Product Development and Innovation - New product launches included two advanced ultrasound devices, expected to contribute an additional CNY 200 million in revenue[25]. - The company has developed the first ultra-wideband single crystal transducer IVUS in the industry, showcasing its technological advancement and competitive edge over imported products[48]. - The company has introduced the world's first AI-based dynamic image technology for prenatal ultrasound screening, enhancing its competitive edge in the high-end ultrasound market[57]. - The company has launched a series of minimally invasive surgical products, including the SV-M2K30, SV-M4K30, SV-M4K40, and SV-M4K120 endoscopic systems, enhancing its competitive advantage in the field[52]. - The company has developed a complete range of ultrasound products, including high-end and portable devices, with the S80/P80 series launched in 2023 receiving high clinical evaluations[56]. - The company has introduced a blood cell analysis instrument calibration product, which establishes metrological traceability for parameters such as WBC, RBC, HGB, HCT, MCV, and PLT, registered on November 16, 2021, and valid until May 15, 2027[20]. - The company has developed multiple new medical devices, including HbA1c calibration and quality control products, which are expected to enhance diagnostic accuracy[69][70]. Financial Management and Investments - The company plans to distribute a cash dividend of 3.2 RMB per 10 shares to all shareholders, based on a total of 430,636,005 shares[10]. - The company has maintained a strong cash position, with cash reserves reported at $100 million[197]. - The company reported a decrease in inventory levels, with a total of 5,372 units in 2023 compared to 6,017 units in 2022, reflecting a year-on-year decline of 10.72%[97]. - The company has allocated 37,613 million CNY for the development of medical devices, with an expected completion date in 2024[151]. - The company has a planned investment of 15,081 million CNY for headquarters construction, with a progress rate of 46.07% as of December 31, 2022[151]. - The company has not reported any changes in the use of raised funds or any major asset or equity sales during the reporting period[152][153]. Competitive Landscape - The medical device market is highly competitive, and the company must maintain its advantages to avoid being outpaced by competitors[6]. - The company has established a strong competitive advantage in the medical device market, particularly in ultrasound and digestive endoscopy, ranking among the top ten globally in the ultrasound industry and fourth in the domestic market[50]. - The company ranks third in the domestic market for digestive endoscopes, following Olympus and Fujifilm, and is rapidly increasing its market share[51]. - The company has a strong market recognition as a professional supplier of ultrasound and endoscopy products globally[170]. - The company is committed to enhancing its core competitiveness and profitability through the "Quality Return Dual Improvement" action plan[167]. Regulatory Compliance and Governance - The company has successfully passed various quality management system certifications, ensuring product safety and effectiveness[78]. - The company is the only participant in drafting the national medical device standard for intravascular ultrasound diagnostic equipment, promoting industry technical specifications[75]. - The company has established a governance structure with independent directors to ensure compliance and strategic oversight[192]. - The company emphasizes transparent communication with investors through various channels, including performance briefings and online investor interactions[172].

[Table_Title] 证券研究报告 内镜延续高增长趋势，盈利能力逐步提升 公司研究 [Table_ReportDate] 2024年04月12日 [Table_ReportType] 公司点评报告 [T事ab件le：_公Su司mm发ar布y] 2 023年年报，2023年实现营业收入21.20亿元（yoy+20%）， [开Ta立bl医e_疗Sto(c3k0A0n6d3R3an)k ] 实现归母净利润 4.54 亿元（yoy+23%），扣非归母净利润 4.42 亿元 （yoy+30%），经营活动产生的现金流量净额 4.89 亿元（yoy+3%）。其中 投资评级 2023Q4 实现营业收入 6.52 亿元（yoy+28%），归母净利润 1.34 亿元 上次评级 （yoy+8%），扣非归母净利润1.21亿元（yoy+3%）。 点评： [唐Ta爱b金le _ A u t h o医r]药 行业首席分析师 执业编号：S1500523080002 ➢ 超声平稳增长，内镜表现亮眼，增长达39%。2023年公司加强销售团 邮 箱：tangaijin@cindasc.com 队建设，完善渠道体系，产品性能及品牌影响力不断提 ...

关于举行 2023 年度网上业绩说明会的公告 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。 证券代码：300633 证券简称：开立医疗 公告编号：2024-027 深圳开立生物医疗科技股份有限公司 公司高度重视与广大投资者的交流机会，为提升交流效率，现就公司 2023 年度网上业绩说明会提前向投资者征集相关问题，投资者可于 2024 年 4 月 22 日（星期一）17:00 前将有关问题通过电子邮件的形式发送至公司投资者关系互 动邮箱：ir@sonoscape.net。公司将在 2023 年度网上业绩说明会上对投资者普 遍关注的问题进行交流，欢迎广大投资者积极参与。 特此公告。 深圳开立生物医疗科技股份有限公司董事会 2024 年 4 月 11 日 深圳开立生物医疗科技股份有限公司（以下简称"公司"）于 2024 年 4 月 12 日在中国证监会指定信息披露网站巨潮资讯网披露了《2023 年年度报告》及 其摘要。为方便广大投资者进一步了解公司的经营情况，加强与中小投资者的 沟通交流，公司将于 2024 年 4 月 23 日（星期二）下午 15:00-17:0 ...

证券代码：300633 证券简称：开立医疗 公告编号：2024-022 深圳开立生物医疗科技股份有限公司 第四届董事会第二次会议决议公告 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 2024 年 4 月 10 日，深圳开立生物医疗科技股份有限公司（以下简称"公司"） 第四届董事会第二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 3 月 29 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： 1、审议通过《关于公司 2023 年年度报告及其摘要的议案》 公司《2023 年年度报告》及《2023 年年度报告摘要》详见巨潮资讯网。 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%。 本议案尚需提交公司股东大会 ...

| | NETHERLANDS B.V. | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | SonoScape Medical Germany GmbH | 全资子公司 | 应收账款 | 29.81 | 513.92 | 142.33 | 401.40 购销款 | 经营性往来 | | | SonoScape US Inc. | 全资子公司 | 应收账款 | 4.84 | 221.66 | | 226.50 购销款 | 经营性往来 | | 其他关联方及其附属 | | | | | | | | | | 企业 | | | | | | | | | | 总计 | - | - | - | 73,346.60 | 46,344.54 | 23,618.42 | 96,072.72 | | 深圳开立生物医疗科技股份有限公司公司 2023 年度非经营性资金占用及其他关联资金往来情况汇总表 单位：万元 非经营性资金占用 资金占用方名称 占用方与上 市公司的关 联关系 上市公司核 算的会计科 目 2023 年期 初占用资 金余额 2 ...

长城证券股份有限公司 关于深圳开立生物医疗科技股份有限公司 2023 年度内部控制自我评价报告的核查意见 长城证券股份有限公司（以下简称"长城证券"、"保荐机构"）作为深圳开 立生物医疗科技股份有限公司（以下简称"开立医疗"或"公司"）向特定对象 发行的保荐机构，根据《证券发行上市保荐业务管理办法》、《深圳证券交易所创 业板股票上市规则（2023 年 8 月修订）》、《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》等相关规定，对《深圳开立生物医疗科 技股份有限公司 2023 年度内部控制自我评价报告》（以下简称"《2023 年度内 部控制自我评价报告》"）进行核查，并发表如下核查意见： 一、开立医疗内部控制基本情况 （一）内部控制评价范围 公司按照风险导向原则确定纳入评价范围的主要单位、业务和事项以及高风 险领域。 1、纳入评价范围的主要单位 深圳开立生物医疗科技股份有限公司包括下属全资子公司上海爱声生物医 疗科技有限公司、上海威尔逊光电仪器有限公司、开立荟臻生物医疗科技（上海 ）有限公司、上海和一医疗仪器有限公司、开立生物医疗科技(武汉)有限公司、 广东开立生物医疗科技股份有限公 ...

深圳开立生物医疗科技股份有限公司 监事会关于 2022 年限制性股票激励计划第二个归属期归属名单的核 查意见 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。 公司监事会依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办 法》（以下简称"《管理办法》"）、《深圳证券交易所创业板股票上市规则》（以下 简称"《上市规则》"）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》"）等有关规定，对公司 2022 年限制性股票激励计划（以下简 称"本次激励计划"）第二个归属期归属名单进行审核，发表核查意见如下： 除 2 名激励对象因离职失去激励对象资格、不符合归属条件外，公司 2022 年限制性股票激励计划第二个归属期 157 名激励对象符合《公司法》《证 券法》等法律、法规和规范性文件以及《公司章程》规定的任职资格，符合 《管理办法》《上市规则》等法律、法规和规范性文件规定的激励对象条件，符 合本次激励计划规定的激励对象范围，其作为公司本次限制性股票激励计划激 励对象的主 ...