Group 1 - The core viewpoint of the article indicates that the domestic medical equipment market is beginning to recover, with significant growth in procurement amounts observed in the first four months of the year, and an expected increase in equipment updates starting from Q4 2024 [2][3] - In the first quarter report, the company reported a revenue of 430 million yuan, a year-on-year decrease of 10.29%, and a net profit attributable to shareholders of 8.07 million yuan, down 91.94% year-on-year [2] - The company anticipates rapid revenue growth from its new product lines in minimally invasive surgery and cardiovascular intervention by 2025, which is expected to alleviate profit pressure [2] Group 2 - The company noted that while large-scale procurement plans for medical equipment updates have been announced across provinces for 2024, the actual implementation and final bidding rates are low, with remaining projects expected to be executed in 2025 [3] - The company is responding to the trend of lower winning bid prices in some procurement projects, which may signal a decline in overall industry gross margins, by focusing on high-end products and investing heavily in R&D [3] - The increase in centralized procurement projects is expected to accelerate industry consolidation, with leading brands gaining more market share and domestic brands also increasing their market presence [3]

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].

证券代码：300633 证券简称：开立医疗 编号：2025-003 前四个月终端医院的医疗设备招标采购金额大幅增长，预示行业开 始复苏； 深圳开立生物医疗科技股份有限公司 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 系活动类 | □ 媒体采访 □ 业绩说明会 | | 别 | 新闻发布会 路演活动 □ □ | | | □ 现场参观 □ 一对一沟通 | | | 电话会议 其他 □ □ | | | 汇丰前海证券、山西证券、中邮证券、华创证券、深圳市康曼德 资本管理有限公司、深圳北斗星资本、太朴持信私募基金管理 | | | （珠海）有限公司、财通基金、国盛证券、重阳投资、华夏未来 | | | 资本管理有限公司、GIC、安信基金、中邮创业基金管理股份有限 | | | 公司、格林基金管理有限公司、西部证券、中信建投证券、中国 | | 参与单位 | 国际金融股份有限公司、复胜资产、国信证券股份有限公司、奇 | | 名称 | 盛基金管理有限公司、野村证券、西南证券、平安证券股份有限 | | | 公司、华泰证券、博时基金、源乐晟资产、涌津投资、创金合信 | | ...

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].

Core Viewpoint - The company reported a significant decline in both revenue and net profit for Q1 2025, primarily due to delayed revenue recovery and increased expenses from prior personnel expansion [1][3]. Financial Performance - Revenue for Q1 2025 was 430 million yuan, down 10.29% year-over-year [1]. - Net profit attributable to shareholders was 8.07 million yuan, a decrease of 91.94% year-over-year [1]. - Gross margin for Q1 2025 was 63.2%, down 6.2 percentage points year-over-year [2]. Industry Trends - The ultrasound imaging diagnostic equipment market in China grew nearly 90% year-over-year in Q1 2025, indicating ongoing industry recovery [2]. - The company faced challenges in revenue due to industry-wide adjustments and high channel inventory levels, but expects gradual recovery as inventory is digested [2]. Cost and Profitability - The company expanded its workforce by 425 employees (approximately 16% year-over-year) in 2024, leading to increased employee costs [3]. - The company anticipates that as revenue recovers and product offerings shift towards higher-end solutions, the expense ratio will improve throughout the year [3]. Earnings Forecast and Valuation - The company maintains its EPS forecast for 2025 and 2026 at 0.84 yuan and 1.13 yuan, respectively [4]. - The target price remains at 41.6 yuan, reflecting a potential upside of 37.2% based on a DCF valuation model [4].