证券代码：300633 证券简称：开立医疗 公告编号：2024-045 深圳开立生物医疗科技股份有限公司 关于公司 2022 年限制性股票激励计划第二个归属期归属结果暨股份 上市的公告 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。 重要内容提示： 1、本次归属限制性股票 2,059,620 股，占归属前公司总股本的 0.48%。 2、本次可归属限制性股票的人数为 157 人，其中 2 名激励对象因绩效考核 原因导致个人层面归属比例为 0%，因此本次实际归属人数为 155 人。 3、本次归属限制性股票上市流通日为 2024 年 5 月 10 日。 4、归属股票来源：公司向激励对象定向发行公司 A 股普通股。 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 10 日召开第四届董事会第二次会议、第四届监事会第二次会议，审议通过《关 于 2022 年限制性股票激励计划第二个归属期归属条件成就的议案》，现将相关 内容公告如下： 一、本次股权激励计划已履行的相关审批程序 （一）本激励计划简述 公司分别于 2022 年 1 月 16 日、20 ...

长城证券股份有限公司 | 项 目 | 工作内容 | | --- | --- | | 1．公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限 | | | 于防止关联方占用公司资源的制度、募集资金管理 | 是 | | 制度、内控制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3．募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月 1 次 | | （2）公司募集资金项目进展是否与信息披露文件 | 是 | | 一致 | | | 4．公司治理督导情况 | | | （1）列席公司股东大会次数 | 次 0 | | （2）列席公司董事会次数 | 次 0 | | （3）列席公司监事会次数 | 0 次 | | 5．现场检查情况 | | | 项 目 | 工作内容 | | --- | --- | | （1）现场检查次数 | 次 2 | | | （其中，2023 年 ...

（以下无正文） 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 年度持续督导现场检查报告 | 保荐人名称：长城证券股份有限公司 被保荐公司简称：开立医疗 | | --- | | 保荐代表人姓名：郭小元 联系电话：010-88366060 | | 保荐代表人姓名：杨虎 联系电话：0755-83516072 | | 现场检查人员姓名：杨虎、张云 | | 现场检查对应期间：2023 年度 | | 现场检查时间：2024 年 4 月 22 日-2024 年 4 月 24 日 | | 一、现场检查事项 现场检查意见 | | （一）公司治理 是 否 不适用 | | 现场检查手段：1.查阅公司章程和公司治理相关制度；2.查阅公司三会文件及相关信息披 | | 露文件，核查其执行情况；3.核查董监高人员变动及相关决策文件、公告文件；4.核查控 | | 股股东、实际控制人是否发生变动情况及其对外投资情况 | | 1.公司章程和公司治理制度是否完备、合规 √ | | 2.公司章程和三会规则是否得到有效执行 √ | | 3.三会会议记录是否完整，时间、地点、出席人员及会议内 √ | | 容等要件是否齐备，会议资 ...

公司报告 | 年报点评报告 开立医疗（300633） 证券研究报告 2024年05月 05日 投资评级 内镜领域持续高增，多产线高端化协同并进 行业 医药生物/医疗器械 6个月评级 买入（维持评级） 当前价格 41.3元 事件： 目标价格 元 2024年4月11日，公司发布2023年年报，2023年实现营业收入21.20亿 元，同比增长20.29%，归母净利润4.54 亿元，同比增长 22.88%，扣非归 基本数据 母净利润4.42亿元，同比增长29.52%。2024年Q1，公司实现营业收入4.79 A股总股本(百万股) 430.65 亿元，同比增长1.33%；实现归母净利润1.00亿元，同比下降27.65%；实 现扣非归母净利润0.92亿元，同比下降26.55%。 流通A股股本(百万股) 430.65 A股总市值(百万元) 17,785.96 点评： 流通A股市值(百万元) 17,785.96 超声板块稳健增长，软镜板块持续高增 每股净资产(元) 7.53 2023年公司超声业务实现销售收入12.23亿元，同比增长13.28%，公司新 资产负债率(%) 19.47 一代超高端彩超平台S80/P80 系列正式 ...

公司报告 | 年报点评报告 开立医疗（300633） 证券研究报告 2024年05月 05日 投资评级 内镜领域持续高增，多产线高端化协同并进 行业 医药生物/医疗器械 6个月评级 买入（维持评级） 当前价格 41.3元 事件： 目标价格 元 2024年4月11日，公司发布2023年年报，2023年实现营业收入21.20亿 元，同比增长20.29%，归母净利润4.54 亿元，同比增长 22.88%，扣非归 基本数据 母净利润4.42亿元，同比增长29.52%。2024年Q1，公司实现营业收入4.79 A股总股本(百万股) 430.65 亿元，同比增长1.33%；实现归母净利润1.00亿元，同比下降27.65%；实 现扣非归母净利润0.92亿元，同比下降26.55%。 流通A股股本(百万股) 430.65 A股总市值(百万元) 17,785.96 点评： 流通A股市值(百万元) 17,785.96 超声板块稳健增长，软镜板块持续高增 每股净资产(元) 7.53 2023年公司超声业务实现销售收入12.23亿元，同比增长13.28%，公司新 资产负债率(%) 19.47 一代超高端彩超平台S80/P80 系列正式 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company's Q1 2024 performance was impacted by short-term factors, with revenue slightly increasing by 1.33% to 479 million yuan, while net profit decreased by 27.65% to 100 million yuan [1] - The gross margin improved to 69.40%, driven by revenue structure optimization, despite an increase in operating expenses [1] - The company is expected to stabilize and recover growth due to the gradual release of medical equipment bidding demand and the strengthening of marketing management [1] Financial Performance Summary - Q1 2024 revenue was 479 million yuan, with a net profit of 100 million yuan, and a non-recurring net profit of 92 million yuan, reflecting a significant decline in profitability [1] - The company anticipates a net profit forecast of 546.23 million yuan for 2024, with a year-on-year growth of 20.20% [2] - The projected earnings per share (EPS) for 2024-2026 are 1.27, 1.62, and 2.05 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 33, 26, and 20 [1][2] Product Development and Market Position - The company is establishing a multi-product line development pattern, focusing on ultrasound and endoscopy, with significant market share in these areas [1] - The company ranks among the top ten global suppliers of ultrasound products and third in the domestic endoscopy market, indicating strong competitive positioning [1] - The expansion into minimally invasive surgery and cardiovascular intervention markets is expected to provide substantial growth opportunities [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][7][38]. Core Insights - The company is positioned as a leading player in the domestic and international medical imaging equipment market, with a strong focus on ultrasound and endoscopy products, which are expected to drive significant growth [4][9]. - The ultrasound business is experiencing steady revenue growth, with a projected income of 13.45 billion, 15.47 billion, and 17.33 billion RMB for 2024-2026, reflecting growth rates of 10%, 15%, and 12% respectively [8][38]. - The endoscopy segment is anticipated to grow rapidly, with expected revenues of 11.90 billion, 16.78 billion, and 23.50 billion RMB for the same period, showing growth rates of 40%, 41%, and 40% [8][38]. Summary by Sections Company Overview - Established in 2002, the company has evolved from a single ultrasound product focus to a diversified medical device platform, including ultrasound, endoscopy, minimally invasive surgery, and cardiovascular intervention [12]. - In 2023, the company reported total revenue of 21.21 billion RMB, a year-on-year increase of 20.29%, with endoscopy revenue at 8.50 billion RMB (up 39%) and ultrasound revenue at 12.23 billion RMB (up 13.28%) [12][15]. Revenue and Profitability Forecast - The company forecasts net profits of 5.81 billion, 7.56 billion, and 9.84 billion RMB for 2024-2026, with growth rates of 27.84%, 30.07%, and 30.19% respectively [4][38]. - The projected price-to-earnings (PE) ratios for the upcoming years are 31, 23, and 18 [4][38]. Market Position and Competitive Landscape - The domestic soft endoscope market is expected to grow from 73.3 billion RMB in 2023 to 81.2 billion RMB by 2025, with a compound annual growth rate (CAGR) of 10.96% [20]. - The company holds a market share of approximately 6.65% in the domestic soft endoscope market, ranking just behind major competitors [20][22]. Product Development and Innovation - The company has made significant advancements in high-end ultrasound products, launching the P80/S80 ultra-high-end series and S60/P60 high-end products, which are expected to enhance its competitive edge in both domestic and global markets [4][37]. - The endoscopy product line has been expanded with the introduction of the HD-580 series, which is anticipated to further penetrate the high-end market [4][20]. International Expansion - The company has established a presence in nearly 170 countries, with overseas revenue reaching 9.39 billion RMB in 2023, accounting for 44.31% of total revenue [15][17].

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 52 yuan [2]. Core Views - The company's Q1 2024 performance shows a slight revenue increase of 1.33% year-on-year, with total revenue reaching 479 million yuan. However, the net profit attributable to shareholders decreased by 27.65% to 100 million yuan, primarily due to a high base effect from Q1 2023 [2]. - The increase in expense ratios has led to a decline in net profit margin, with the gross margin at 69.40%, up 0.80 percentage points year-on-year. The net profit margin decreased to 20.90%, down 8.37 percentage points [2]. - The company is expected to benefit from the recently announced equipment upgrade policy by the State Council, which encourages medical institutions to upgrade their medical equipment [2]. - The company is expanding its product lines from internal medicine to include surgical products, and from diagnostics to treatment, establishing a multi-product line development pattern [2]. - The forecasted net profits for 2024-2026 are 590 million, 751 million, and 955 million yuan, representing year-on-year growth rates of 29.8%, 27.4%, and 27.1%, respectively [2][3]. Financial Summary - Total revenue for 2023 is projected at 2,120 million yuan, with expected growth rates of 20.3% in 2023, 23.6% in 2024, 25.8% in 2025, and 24.3% in 2026 [3]. - The earnings per share (EPS) are forecasted to be 1.06 yuan in 2023, increasing to 1.37 yuan in 2024, 1.74 yuan in 2025, and 2.22 yuan in 2026 [3]. - The price-to-earnings (P/E) ratios are expected to be 39 in 2023, decreasing to 30 in 2024, 24 in 2025, and 19 in 2026 [3].

股 票 研 究 [Table_industryInfo] 医药/必需消费 [ Table_Main[开ITnaf 立bol]e 医_Ti疗tle]( 300633) [评Tab级le_：Inv est] 增持 上次评级： 增持 高基数下增速承压，全年有望逐季好转 目标价格： 49.21 上次预测： 49.21 公 ——开立医疗2024Q1 业绩点评 当前价格： 41.19 司 丁丹(分析师) 张拓(分析师) 2024.04.27 更 0755-23976735 0755-23976170 [交Ta易bl数e_M据a rket] 新 dingdan@gtjas.com zhangtuo024925@gtjas.com 证书编号 S0880514030001 S0880523090003 52周内股价区间（元） 33.37-61.16 报 总市值（百万元） 17,739 告 本报告导读： 总股本/流通A股（百万股） 431/431 流通 B股/H股（百万股） 0/0 2024Q1业绩符合预期，高基数下增速承压，随基数逐季降低、设备更新支持、招投 流通股比例 100% 标逐步缓解，公司业绩有望逐季好转。 日均成交量 ...

Financial Performance - The company's revenue for Q1 2024 was CNY 479,333,865.45, representing a 1.33% increase compared to CNY 473,030,518.35 in the same period last year[5]. - Net profit attributable to shareholders decreased by 27.65% to CNY 100,190,827.63 from CNY 138,474,386.29 year-on-year[5]. - Basic earnings per share fell by 28.12% to CNY 0.2326 from CNY 0.3236 in the same period last year[5]. - Total revenue for Q1 2024 reached ¥479,333,865.45, a slight increase from ¥473,030,518.35 in Q1 2023, representing a growth of approximately 0.6%[16]. - Net profit for Q1 2024 was ¥100,190,827.63, down from ¥138,474,386.29 in Q1 2023, reflecting a decrease of approximately 27.6%[17]. - Total comprehensive income for the first quarter was CNY 101,853,099.67, a decrease from CNY 137,850,777.52 in the previous year, representing a decline of approximately 26%[18]. - Basic earnings per share for the quarter were CNY 0.2326, down from CNY 0.3236 in the same period last year, reflecting a decrease of about 28%[18]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -28,513,064.73, a decline of 159.07% compared to CNY 48,269,069.80 in the previous year[5]. - Cash inflow from financing activities totaled CNY 25,933,220.00, an increase of 178.70% year-on-year[8]. - The company's cash flow from investing activities was negative at CNY -72,622,300.00, a decrease of 257.7% compared to the previous year[8]. - Cash and cash equivalents at the end of the period increased to CNY 1,851,932,314.08, up from CNY 1,485,916,653.31 at the end of the previous year, marking an increase of approximately 24.6%[21]. - Cash inflow from financing activities totaled CNY 259,332,185.06, significantly higher than CNY 93,051,792.00 in the previous year, indicating an increase of about 178%[21]. - The company reported a net increase in cash and cash equivalents of CNY 126,702,284.38 for the quarter, compared to CNY 163,767,322.18 in the previous year, a decrease of approximately 22.6%[21]. Assets and Liabilities - Total assets increased by 7.22% to CNY 4,043,654,290.12 from CNY 3,771,417,094.83 at the end of the previous year[5]. - Current liabilities rose to ¥731,634,034.53, compared to ¥568,624,898.28 in the previous year, an increase of about 28.6%[16]. - Total liabilities increased to ¥787,305,897.40 from ¥625,463,443.55, indicating a rise of approximately 25.8%[16]. - Non-current assets totaled ¥1,169,845,867.79, up from ¥1,146,021,099.31 in the previous year, marking an increase of about 2.6%[16]. - Total current assets increased to ¥2,873,808,422.33 from ¥2,625,395,995.52, representing a growth of approximately 9.5%[13]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 13,272, with the top two shareholders, Chen Zhiqiang and Wu Kunxiang, each holding 22.23% of shares[9]. - The total number of shares held by the top ten shareholders accounts for a significant portion of the company's equity, with the largest shareholders being natural persons[10]. - The company is actively managing its shareholder structure, with significant stakes held by institutional investors[10]. - The company has pledged shares amounting to 6,530,000 and 8,100,000 for Chen Zhiqiang and Wu Kunxiang respectively[9]. Expenses - The company’s management expenses rose by 37.34% to CNY 34,545,500.00 compared to the same period last year[7]. - Research and development expenses for Q1 2024 were ¥101,637,595.01, up from ¥80,009,904.74 in Q1 2023, indicating a growth of approximately 27%[17]. Other Financial Metrics - The company reported a government subsidy of CNY 10,209,304.60 included in non-recurring gains and losses[6]. - The company received CNY 35,937,349.84 in tax refunds, down from CNY 45,780,542.28 in the previous year, a decrease of about 21.5%[20]. - The company’s investment income received was CNY 17,769.69, a significant drop from CNY 4,065,963.94 in the previous year, indicating a decline of about 99.6%[20]. - Total operating costs for Q1 2024 were ¥394,005,611.99, compared to ¥358,549,235.76 in Q1 2023, indicating an increase of about 9.9%[17].