医药生物/医疗器械 开立医疗（300633.SZ） 2024 年利润承压，招采恢复有望助力业绩快速回升 ——公司信息更新报告 | 投资评级：买入（维持） | | --- | | 日期 | 2025/4/11 | | --- | --- | | 当前股价(元) | 30.71 | | 一年最高最低(元) | 44.07/25.04 | | 总市值(亿元) | 132.89 | | 流通市值(亿元) | 132.89 | | 总股本(亿股) | 4.33 | | 流通股本(亿股) | 4.33 | | 近 3 个月换手率(%) | 86.46 | 股价走势图 -40% -20% 0% 20% 40% 2024-04 2024-08 2024-12 开立医疗 沪深300 数据来源：聚源 相关研究报告 《2023 全年业绩符合预期，超声平稳 内镜高增—公司信息更新报告》- 2024.4.18 | 余汝意（分析师） | 司乐致（分析师） | 石启正（联系人） | | --- | --- | --- | | yuruyi@kysec.cn | silezhi@kysec.cn | shiqizheng@kysec.cn ...

医药生物/医疗器械 开立医疗（300633.SZ） 2024 年利润承压，招采恢复有望助力业绩快速回升 ——公司信息更新报告 | 投资评级：买入（维持） | | --- | | 日期 | 2025/4/11 | | --- | --- | | 当前股价(元) | 30.71 | | 一年最高最低(元) | 44.07/25.04 | | 总市值(亿元) | 132.89 | | 流通市值(亿元) | 132.89 | | 总股本(亿股) | 4.33 | | 流通股本(亿股) | 4.33 | | 近 3 个月换手率(%) | 86.46 | 国内收入 10.44 亿（yoy-11.62%），彩超系统产品销售结构逐渐优化，加快渗透 到三级医院等高端市场；软镜业务正积极开展学术活动并不断开拓国内外市 场，有望保持超速增长；4K/4K 荧光硬镜和微创外科配套产品、血管内超声和 兽用超声等重磅产品有望未来成为公司新的业绩增长动能。海外收入 9.7 亿 （yoy+3.27%），通过本地化深耕和学术赋能，实现多维度的业务突破与市场拓 展，2024 年 V-readerTM 血管内超声诊断设备和 SonoSoundTM ...

Core Viewpoint - The medical device industry is experiencing a transformation driven by AI, evolving from an efficiency tool to an "intelligent collaborator" [1][9][11] Group 1: AI Integration in Medical Devices - AI functionalities have become standard in medical devices showcased at the recent CMEF, indicating widespread adoption [2][8] - Major companies like GE Healthcare and Siemens have been intensively integrating AI into their products over the past few years [4][6] - The demand for AI in China's medical market is significant, with hospitals facing high patient volumes and a need for efficiency [5][6] Group 2: Efficiency and Workflow Improvements - AI applications have visibly improved efficiency in medical processes, such as reducing radiation therapy time from days to 24 minutes [6][9] - AI is helping to alleviate the workload of doctors, particularly in high-demand environments like China, where patient scans can exceed hundreds per day [6][9] - The integration of AI allows for enhanced image quality and diagnostic capabilities without the need for advanced hardware [7][9] Group 3: Challenges and Future Directions - Despite advancements, AI still faces challenges in data acquisition, learning capabilities, and the complexity of medical problems [1][11] - The industry is moving towards multi-modal diagnostics, integrating various data types for comprehensive health assessments [11][12] - Collaboration among device manufacturers and software companies is accelerating to address the challenges of diverse AI applications in healthcare [11][13] Group 4: Ecosystem Development - Companies are focusing on building digital ecosystems to enhance innovation and clinical application of AI technologies [14] - The emergence of platforms that integrate AI across various medical scenarios is being prioritized to streamline patient care and clinical workflows [12][13] - The competitive landscape is shifting from parameter-based competition to ecosystem collaboration and practical application of AI in healthcare [10][11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term operational pressure due to domestic industry policy factors and has increased strategic investments, leading to a 5.02% year-on-year decline in revenue for 2024, totaling 2.014 billion yuan [5][4] - Despite the short-term challenges, the company has made significant advancements in high-end ultrasound and endoscopy products, indicating a potential for future growth [5][6] - The company is expected to recover with projected revenue growth rates of 23%, 22%, and 22% for 2025, 2026, and 2027 respectively, alongside a significant rebound in net profit [8][9] Summary by Sections Recent Performance - In 2024, the company reported total revenue of 2.014 billion yuan, a decrease of 5.02% year-on-year, with net profit dropping by 68.67% to 142 million yuan [4][5] - The ultrasound business generated 1.183 billion yuan, down 3.26%, while the endoscopy business brought in 795 million yuan, down 6.44% [5] Product Development - The company launched high-end ultrasound machines S80 and P80, marking a breakthrough in the high-end ultrasound field [5] - The endoscopy sector has seen the release of several products, including the HD-580 series, which significantly improves image quality and clinical detail [5] - The company is actively developing AI applications for endoscopy quality control and has achieved regulatory certifications for several products [5] Market Strategy - The company is enhancing its domestic marketing efforts, focusing on high-end products and increasing its presence in large medical institutions [6] - Internationally, the company has improved its brand influence through new product launches and participation in academic conferences [6] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 2.468 billion yuan, 2.998 billion yuan, and 3.654 billion yuan respectively, with corresponding net profits of 418 million yuan, 545 million yuan, and 732 million yuan [8][9] - The expected P/E ratios for the same years are 31.77, 24.36, and 18.14, indicating a favorable valuation trend [9]

Core Viewpoint - The company reported a revenue decline of 5.02% to 2.014 billion yuan and a net profit decrease of 68.67% to 142 million yuan for the year 2024, attributing the downturn to industry policy factors and increased strategic investments [1][2]. Financial Performance - Total revenue for 2024 was 2,013,856,558.55 yuan, down from 2,120,251,604.73 yuan in 2023, reflecting a 5.02% year-on-year decrease [2]. - The medical device sector accounted for the entirety of the revenue, with a similar decline of 5.02% [2]. - Revenue breakdown by product showed: - Color Doppler ultrasound: 1,183,098,908.17 yuan, down 3.26% from 1,222,938,442.34 yuan - Endoscopes and related treatment instruments: 795,485,068.21 yuan, down 6.44% from 850,233,507.60 yuan - Accessories and others: 21,076,240.35 yuan, down 38.79% from 34,429,996.62 yuan - Other business income: 14,196,341.82 yuan, up 12.23% from 12,649,658.17 yuan [2]. - Domestic revenue decreased by 11.62%, while international revenue increased by 3.27% [2]. Research and Development - The company invested 47,293.27 million yuan in R&D, representing 23.48% of total revenue [4]. - The number of authorized patents increased by 11.89% to 1,035, and the company has received 304 software copyrights [4]. Product Development and Market Expansion - The company launched high-end ultrasound machines S80 and P80, marking a breakthrough in high-end ultrasound technology [4]. - In the veterinary ultrasound market, the ProPet X11 and ProPet E11 series were globally launched, leading to significant sales growth [5]. - The company’s cardiovascular products received EU MDR certification and were showcased at the EuroPCR 2024 conference, facilitating market entry into regions like Hong Kong and the Middle East [5].

Core Viewpoint - The company reported a decline in revenue and net profit for the year 2024, with expectations for recovery driven by high-end product launches and improved procurement processes in the future [1][2][3] Financial Performance - In 2024, the company achieved revenue of 2.014 billion yuan, a year-over-year decrease of 5.02%, and a net profit of 142 million yuan, down 68.67% year-over-year [1] - For Q4 2024, revenue was 616 million yuan, a decline of 5.63% year-over-year, with net profit at 33 million yuan, down 75.03% year-over-year [1] Business Segments - The overseas market generated revenue of 970 million yuan, an increase of 3.27% year-over-year, while domestic revenue was 1.044 billion yuan, a decrease of 11.62% year-over-year due to delays in procurement [2] - The ultrasound segment reported revenue of 1.183 billion yuan, down 3.26% year-over-year, while the endoscope segment generated 795 million yuan, a decline of 6.44% year-over-year [2] - The components and other business segment saw revenue drop to 21 million yuan, down 38.79% year-over-year [2] R&D and Sales Strategy - The company maintained high strategic investments in R&D and sales, with a sales expense ratio of 28.45%, an increase of 3.72 percentage points, and R&D expense ratio rising to 23.48%, up 5.36 percentage points [3] - New high-end products were launched, including the S80 and P80 ultrasound systems, and the HD-580 endoscope, which are expected to enhance market presence [3] Profitability Outlook - The gross margin decreased to 63.78%, down 5.63 percentage points, and the net profit margin fell to 7.07%, down 14.36 percentage points due to price declines and increased costs [3] - Revenue projections for 2025-2027 are 2.417 billion, 2.899 billion, and 3.476 billion yuan, with expected growth rates of 20.00%, 19.95%, and 19.91% respectively [4] - Forecasted net profits for the same period are 394 million, 515 million, and 641 million yuan, with growth rates of 176.61%, 30.72%, and 24.55% respectively [4]

Investment Rating - Industry investment rating: Outperform the market (expected to outperform the CSI 300 index by more than 5% in the next 6 months) [26] Core Insights - The medical device sector is experiencing a significant recovery in bidding activities, with a notable increase in procurement scale and project implementation since 2025. The demand that was previously suppressed is now being released, leading to a faster pace of project rollouts and bidding processes [3][4] - The procurement scale for new medical devices in December 2024 reached 27.7 billion yuan, a year-on-year increase of 60%. In January, February, and March 2025, the procurement scales were 17.36 billion yuan, 11.26 billion yuan, and 13.69 billion yuan, reflecting year-on-year increases of 41%, 77%, and 108% respectively [3][4][12] - Leading companies in the medical device sector are benefiting significantly from the recovery in bidding activities, with major players showing substantial year-on-year growth in procurement amounts [4][20] Summary by Sections Medical Device Update and Bidding Recovery - Medical device updates are intensively advancing, with significant bidding recovery observed. The projects are entering the implementation phase, and many provinces are starting to conduct centralized procurement [3][11] - The bidding scale for new medical devices has shown a marked improvement, with March 2025's bidding scale nearly returning to the levels seen in March 2023 [3][11] Procurement Scale and Growth Rates - In March 2025, the procurement scale for ultrasound reached 1.548 billion yuan (yoy +145%), CT at 2.037 billion yuan (yoy +140%), MRI at 3.520 billion yuan (yoy +138%), DR at 211 million yuan (yoy +124%), DSA at 650 million yuan (yoy +107%), and gastrointestinal endoscopes at 495 million yuan (yoy +142%) [4][12][16] Investment Recommendations - The report suggests focusing on leading companies that are enhancing their high-end and intelligent medical device layouts, such as Mindray Medical, United Imaging, KaiLi Medical, and Aohua Endoscopy. The 2025 government work report indicates increased funding support for key areas of equipment updates, which is expected to positively impact industry bidding growth [5][24]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024 but anticipates a significant improvement in 2025 due to reduced external policy pressures and controlled internal investment growth [1] Financial Performance - In 2024, the company achieved revenue of 2.014 billion yuan and a net profit of 142 million yuan, both showing a year-on-year decline [1] - The operating cash flow net amount was 307 million yuan [1] - Research and development expenses totaled 473 million yuan, representing a year-on-year increase of 23.08% and accounting for 23.48% of revenue [1] Product Development and Market Position - The company launched high-end ultrasound products, generating revenue of 1.183 billion yuan, and made breakthroughs in the high-end sector with the introduction of the S80 and P80 ultrasound systems [2] - The company’s iEndo intelligent endoscope platform received NMPA registration and is now in the market promotion phase [2] - The company is focusing on integrating artificial intelligence into its product lines, with the fifth-generation AI prenatal ultrasound screening technology completing clinical validation [2] Market Outlook - The medical device industry is expected to improve in 2025, with significant project funding for equipment updates already disclosed, exceeding 80.3 billion yuan [3] - The demand for ultrasound and endoscopic diagnostic services remains strong, and the company is positioned to benefit from the normalization of procurement processes [3] - The company aims to deepen its technological barriers with AI and enhance its global market share and gross margin through the launch of multiple high-end smart products [3]

每经记者 金喆 每经编辑 文多 由于医疗设备更新政策落地进度放缓，医疗影像设备厂商都感受到不小的"寒意"。开立医疗 （300633.SZ，股价30.71元，市值132.89亿元）2024年年报显示，全年营业收入约20.14亿元，同比减少 5.02%，归母净利润约1.42亿元，同比减少68.67%。 在4月11日的业绩交流会上，开立医疗董秘李浩表示，2024年医疗设备行业总共批复的采购项目是600多 亿元，最终完成招标采购的仅有10%。但从2025年第一季度看，国内医疗设备更新的招标采购节奏明显 加快，行业整体情况好于去年，预计公司2025年利润有望恢复增长。 去年医院招采放缓致业绩承压 开立医疗目前的业务主要包括超声医学影像、消化与呼吸内镜、微创外科产品和心血管介入产品四大 块。 2024年年报显示，受国内行业政策因素及公司逆势加大战略投入影响，公司经营数据面临阶段性承压。 分业务条线来看，"彩超""内窥镜及镜下治疗器具"分别收入11.83亿元、7.95亿元，同比下滑3.26%、 6.44%。 李浩在业绩会上表示，2024年公司业绩压力主要来自国内市场，设备更新政策在3月份提出以后，进展 没有预期顺利，医疗设 ...

内窥镜：短期行业外部因素冲击不改板块25 年向好趋势公司内窥镜及镜下治疗器具24 年实现收入7.95 亿元（yoy-6.4%），其中： 1）软镜：我们推测24 年板块收入同比略有下滑，其中海外业务收入增速快于国内。考虑国内软镜诊疗 渗透率持续提升叠加4K iEndo、HD-580 等高端新品陆续放量，我们看好软镜收入25 年重回较快增长； 2）威尔逊：24年实现收入5461 万元（yoy-7.6%），我们推测主因国内行业外部因素短期影响产品入院 及放量节奏，看好25 年板块收入伴随推广强化恢复向好发展；3）硬镜：我们推测24 年板块收入同比稳 健增长，考虑公司硬镜产品性能国产领先且市场认可度持续提升，我们看好板块25 年实现快速发展。 盈利预测与估值 公司24 年实现收入/归母净利20.14/1.42 亿元（yoy-5.0%/-68.7%），符合业绩预告预期。公司业绩下滑 主因24 年国内行业外部因素冲击下院端设备招标总额明显下降影响国内收入增长、国内行业竞争加剧 且设备集采增多致国内业务毛利率有所承压，叠加公司为满足长期发展积极强化销售及研发投入。公司 24 年海外收入9.70 亿元（yoy+3.3%），海 ...