Core Viewpoint - The medical equipment procurement amount in terminal hospitals has significantly increased in the first four months of this year, indicating a rapid recovery in the industry, with companies like Kaili Medical expressing confidence in returning to a growth trend [1][2]. Industry Summary - The total budget for medical equipment in Guizhou Province exceeds 578 million, and Hebei Province has made a one-time procurement of 79 ultrasound devices, indicating a reshaping of the domestic medical equipment market [1]. - The shift from "following" to "leading" in various segments by Chinese medical equipment manufacturers is becoming more pronounced [1]. - The procurement policies are expected to lead to a significant increase in the volume of equipment purchased, with a three-year cycle for equipment updates anticipated to boost sales [2]. Company Summary - Kaili Medical, which started with ultrasound equipment and expanded into endoscopy, is now a leading domestic player in soft endoscopes, with market share second only to Olympus and Fujifilm [2]. - In Q1 2024, Kaili Medical reported revenue of 430 million and a net profit of 8.07 million, both showing a decline, but there are signs of recovery with procurement activities picking up [2][3]. - The company has seen a significant increase in successful bids, with expectations for a "low first half, high second half" performance in 2024 [3]. - The recent collective procurement results in Hainan Province showed a budget of 190 million for 200 ultrasound devices, with a savings rate exceeding 37%, indicating a trend towards cost-effective procurement [3]. - Kaili Medical's dual business model of "ultrasound + endoscopy" is now stable, with optimistic growth projections for new business areas like minimally invasive surgery and cardiovascular intervention [5]. - The company has invested heavily in R&D, with 473 million allocated in 2024, representing 23.48% of revenue, and a 23.7% increase in R&D expenses in Q1 2025 [7].

Group 1: Company Performance and Market Outlook - The company anticipates a recovery in the medical equipment sector starting from Q4 2024, with significant growth in procurement amounts for medical devices in hospitals [3] - The company has launched several key products in the past year, including the ultrasound 80/90 platform and HD-580/HD-650 endoscope series, which are expected to enhance market competitiveness in 2025 [3] - The new product lines in minimally invasive surgery and cardiovascular intervention are projected to drive revenue growth in 2025, alleviating profit pressure [3] Group 2: Industry Trends and Challenges - The medical equipment industry is expected to see a 25% increase in fixed asset investment by 2027, with substantial procurement plans announced for 2024 [5] - Despite low winning bid prices in some procurement projects, the overall market share of domestic brands is expected to rise as industry concentration increases [5] - The company maintains a high R&D investment ratio to support its multi-product line strategy, which is crucial for navigating the current market environment [5] Group 3: Product Line Development - The minimally invasive surgery product line achieved a 30% revenue growth in 2024, with expectations for significant growth in 2025 [6] - The cardiovascular intervention product line is still in the strategic investment phase, with plans for a diversified product portfolio to improve profitability [6] - The company has established a comprehensive product line matrix, integrating internal and external medicine, equipment and consumables, and diagnosis and treatment [3] Group 4: Competitive Landscape and AI Integration - The company is strategically positioned in the competitive hard mirror market, leveraging its unique product combinations and solutions [7] - AI technology is being integrated into the company's products to enhance diagnostic efficiency and reduce the workload on physicians [8] - The company has a dedicated team of over 30 personnel focused on AI development, with several AI solutions already in place for ultrasound and endoscopy [9]

Core Viewpoint - The company anticipates a recovery in the domestic medical equipment market starting from Q4 2024, with significant growth in procurement amounts in the first four months of the year, leading to a positive revenue trend for the year [1] Group 1: Market Environment and Performance - The company held its annual shareholder meeting and investor communication session, discussing market conditions, product layout, and technological innovation [1] - The procurement amount for medical equipment in hospitals has significantly increased, indicating a potential rapid recovery in the industry [1] - The company expects its revenue to return to a growth trend, with hospital procurement for the year projected to outperform last year [1] Group 2: Product Development and Innovation - The company plans to launch several new products in 2025, including the ultrasound 80 platform, HD-580 series endoscopes, and IVUS for cardiovascular intervention, which will form the basis for revenue growth [2] - The HD-650 endoscope, featuring super-resolution imaging and 4K resolution, is set to be launched in the second half of 2025, marking a significant advancement in the company's endoscope product line [2] - The minimally invasive surgical product line is expected to see over 100% growth in Q1 2025, with substantial year-on-year revenue increases anticipated for the full year [2] Group 3: AI Technology Integration - The company is focusing on AI technology as a key development direction for future medical devices, implementing a "device + AI" strategy [2] - Significant AI achievements have been made in the ultrasound and endoscope sectors, including the first domestic AI medical device certification for prenatal ultrasound screening [3] - The company has developed independent AI software for endoscopy, enhancing real-time quality control capabilities [3]

Group 1 - The company held its 2024 annual shareholder meeting and investor communication session, discussing market environment, product layout, and technological innovation [1] - The chairman indicated that domestic medical equipment procurement is expected to recover rapidly starting from Q4 2024, with significant growth in procurement amounts in the first four months of the year [1] - The company has completed its product line layout across ultrasound, digestive and respiratory endoscopy, minimally invasive surgery, and cardiovascular intervention, establishing a long-term product matrix [1] Group 2 - The company reported a noticeable recovery in hospital procurement since Q1 2025, with a significant increase in successful bids, outperforming the industry average [2] - The company anticipates a return to revenue growth in 2025, driven by the recovery of terminal procurement and the implementation of medical equipment update policies [2] - The company maintains a high R&D investment ratio to ensure the introduction of advanced products, which supports high gross margins [2] Group 3 - 2025 is expected to be a significant year for new product launches, including ultrasound 80 platform, HD-580 series endoscopes, and IVUS for cardiovascular intervention [3] - The HD-650 endoscope, featuring super-resolution imaging and 4K resolution, is set to launch in the second half of the year, marking a technological advancement in the industry [3] - The company is focused on controlling team expansion and managing expenses to ensure profit output [3] Group 4 - The company has been advancing its multi-product line strategy, leveraging its technological advantages in ultrasound and endoscopy [4] - The minimally invasive surgery product line achieved a 30% year-on-year revenue growth in 2024, with Q1 2025 growth exceeding 100% [4] - The cardiovascular intervention product line saw a threefold increase in revenue in 2024, with ongoing product launches enhancing competitive strength [4] Group 5 - The company emphasizes the importance of AI technology in the future of medical devices and is investing heavily in AI applications [5] - The company has achieved significant AI technology milestones in ultrasound and endoscopy, including the first domestic AI medical device certification for prenatal ultrasound screening [5] - AI software has been developed for endoscopy, enhancing quality control and detection rates [5] Group 6 - Market expectations indicate strong demand for medical equipment procurement in 2025, potentially exceeding 100 billion yuan, with an accelerating pace of equipment updates [6] - The company, as a leading player in high-end products and technology, is well-positioned to capitalize on new product launches and strengthen its core competitiveness [6] - The company is expected to experience a robust recovery in performance and expand its market share globally [6]

证券代码：300633 证券简称：开立医疗 公告编号：2025-026 1、召开时间： （1）现场会议：2025 年 5 月 14 日（星期三）下午 14:00 （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 2025 年 5 月 14 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 2025 年 5 月 14 日 9:15-15:00 期间的任意时间。 深圳开立生物医疗科技股份有限公司 2024 年年度股东大会决议公告 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： 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 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 5、主持人：董事长陈志强先生 6、会议的召开符合相关法律、行政法规、部门 ...

2024年年度股东大会的 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 关于深圳开立生物医疗科技股份有限公司 法律意见书 二〇二五年五月 北京市中伦（深圳）律师事务所 2024 年年度股东大会的 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》"）、《上市公司股东会 规则》（以下简称"《股东会规则》"）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 年年度股东大会（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）本次股东大会的召集人 - 1 - ...

公司研究 证 券 研 究 报 告 开立医疗（300633）2024 年报及 2025 年一季报点评 推荐（维持） 24 年国内招投标承压，25 年有望明显好转 目标价：38 元 事项： ❖ 公司发布 24 年年报，全年营收 20.14 亿元（-5.02%），归母净利润 1.42 亿元（- 68.67%），扣非归母净利润 1.10 亿元（-75.07%）。单 Q4，营收 6.16 亿元（- 5.63%），归母净利润0.33亿元（-75.03%），扣非归母净利润0.24亿元（-80.00%）。 25Q1 营收 4.30 亿元（-10.29%），归母净利润 0.08 亿元（-91.94%），扣非归母 净利润 0.06 亿元（-93.49%）。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,014 | 2,387 | 2,855 | 3,431 | | 同比增速(%) | -5.0% | 18.5% | 19.6% | 20.2% ...

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 38 yuan, corresponding to a PE of 42 times for 2025 [2][8]. Core Insights - The company experienced a revenue decline of 5.02% in 2024, with total revenue of 2.014 billion yuan and a significant drop in net profit by 68.67% to 142 million yuan. The first quarter of 2025 also showed a decline in revenue by 10.29% [2][4]. - The domestic market faced pressure in 2024, with domestic revenue falling by 11.62% due to policy impacts on procurement activities in hospitals. However, international revenue grew by 3.27% [2][8]. - The company is developing a multi-product line strategy, launching high-end machines and achieving breakthroughs in AI technology for prenatal ultrasound screening [2][8]. - Despite the challenging environment, the company increased strategic investments, leading to a decrease in profit margins. The gross margin for 2024 was 63.78%, down 3.93 percentage points [2][8]. - The report adjusts profit forecasts for 2025-2027, expecting net profits of 390 million, 490 million, and 620 million yuan, with growth rates of 175.1%, 24.9%, and 26.4% respectively [2][8]. Financial Summary - Total revenue for 2024 is projected at 2.014 billion yuan, with an expected increase to 2.387 billion yuan in 2025, reflecting an 18.5% growth [4][9]. - The net profit for 2024 is 142 million yuan, with projections of 392 million yuan for 2025, indicating a significant recovery [4][9]. - The company’s earnings per share (EPS) are expected to rise from 0.33 yuan in 2024 to 0.91 yuan in 2025 [4][9].

序号股票简称PE(TTM)PE(静)市净率总市值(元)118开立医疗271.9496.034.38136.74亿行业平均 48.9047.004.53103.78亿行业中值36.4137.242.4046.92亿1天益医疗-1685.63-2887.291.8021.48亿2澳华内 镜-613.48307.694.9164.65亿3诺唯赞-417.99-494.372.2989.45亿4博晖创新-329.61523.043.5248.36亿5爱朋 医疗-325.82247.533.9226.73亿6硕世生物-125.93-1840.221.1336.84亿7奥精医疗-117.01-171.501.5421.72亿 8睿昂基因-98.61-80.961.4012.76亿9康泰医学-84.98-71.803.0355.93亿10中红医疗-67.51-53.850.8546.92亿 11华大智造-63.30-56.174.36337.46亿 股东方面，截至2025年3月31日，开立医疗股东户数14519户，较上次增加736户，户均持股市值35.28万 元，户均持股数量2.76万股。 来源：金融界 5月6日，开立医疗 ...

Core Viewpoint - The digestive endoscopy industry is expected to enter a new growth cycle with the launch of Olympus's X1 endoscope system, which will significantly impact the soft endoscope market in various regions [3][20]. Group 1: Olympus X1 Product Launch and Market Impact - The launch of Olympus's new generation X1 system has led to fluctuations in the soft endoscope market across different regions, as hospitals may delay procurement until the new product is available [3][11]. - The X1 system, which integrates advanced imaging technologies and ergonomic design, is anticipated to drive a significant increase in demand for soft endoscopes once fully launched in China [7][10]. - The X1 system's revenue contribution to Olympus's gastrointestinal business has increased from approximately 10% in Q3 2021 to around 30% by Q1 2024, indicating strong market acceptance [10][11]. Group 2: Domestic Market Challenges and Future Outlook - The domestic soft endoscope market is under pressure in 2024 due to factors such as anti-corruption measures affecting procurement and delays in equipment updates, leading to a projected 21.1% decline in the medical equipment bidding market [13][17]. - The X1 endoscope's main unit has been approved in China, but the accompanying endoscope is still pending approval, causing hospitals to postpone purchases [13][17]. - It is expected that the X1 endoscope will be fully launched by the end of this year or early next year, which could lead to a concentrated release of demand in the domestic market [17][18]. Group 3: Growth of Domestic Manufacturers - Domestic manufacturers like Aohua and Kaili Medical are expected to benefit from the industry growth driven by the X1 system, as their product quality continues to improve and gain recognition in high-tier hospitals [24][27]. - The domestic soft endoscope market's localization rate has increased from less than 15% in 2021 to over 35% by Q3 2024, indicating a growing acceptance of domestic products [25][27]. - Aohua's AQ-300 and Kaili's HD-580 have been recognized in major hospitals, and their sales are expected to increase as the market recovers [24][32].