产品的演进，从来不是一蹴而就。 在技术高度密集的医疗产业中，设备设计的成熟通常历经三个阶段：首先是"能用"——满足基本诊疗需求； 接着是"适用"——操作顺手，提升效率与精度；最后，是"好用"——贴合使用者的身体与感知，减轻操作负 担。 能用，是技术门槛；适用，是设计水平；而"好用"，才是判断产品真正成熟的标志。 这正是"人因工程"发挥作用的时刻。 人因工程 （ Human Factors Engineering ） 通过系统纳入使用者的生理、心理与行为特征，提升产品的安 全性、舒适性和效率。对医疗设备而言，它不仅关乎医生的身体健康，也影响诊疗质量与流程稳定性。 在调研人因工程在医疗器械领 域的落地案例时，一家本土企业—— 开立医疗 ，引起了关注。他们在开发新一 代内镜操作部时，做了一件特别的事： 研究医生的手——如何握、怎么转、何时开始疲劳…… 开立团队深入一线医院，花大量时间观察医生的操作过程，关注的不只是功能实现是否顺畅，而是长时间使用 后的状态。这些看似琐碎的动作和感受，最终转化为设计语言，推动他们在新产品中实现一系列人因工程改 进。 然而，医疗器械设计中"医生体验"却常被视为次要。在内镜设备的采购与评 ...

R&D Investment and Strategy - The company maintains a high level of R&D investment, with R&D expenses accounting for approximately 20% of revenue each year [4] - As of the end of 2024, the R&D team consists of 841 members, with over 50% holding master's degrees or higher [4] - Future R&D efforts will focus on expanding product lines in ultrasound diagnostic equipment, endoscopy, minimally invasive surgery, and cardiovascular intervention products [2][3] Financial Performance and Shareholder Returns - In 2024, the company achieved revenue of 2.014 billion yuan, a decrease of 5.02% year-on-year, and a net profit of 142 million yuan, down 68.67% from the previous year [6] - The company distributed cash dividends amounting to 138 million yuan, representing 30% of the net profit for 2023 [3] - The average cash dividend payout ratio over recent years has been maintained at over 20% [3] Market Trends and Business Outlook - The current procurement ratio between county and urban hospitals is approximately 30:70, with expectations for an increase in county-level procurement in the next 2-3 years [5] - The company anticipates continued growth in high-end endoscopy products, supported by a long-term strategy focused on high-end, specialized, and diversified product lines [5][7] - The overseas market revenue for 2024 is projected at 970 million yuan, reflecting a year-on-year growth of 3.27% [11] Industry Challenges and Competitive Position - The medical device industry has faced significant pressure due to domestic policy changes, leading to a reduction in hospital procurement [8] - Despite these challenges, the company has shown resilience through ongoing R&D and market investments, positioning itself for better growth relative to the industry [8] - The overall market demand for medical devices is expected to remain stable, driven by an aging population and increasing healthcare needs [9] Social Responsibility Initiatives - The company has engaged in various social responsibility activities, including partnerships with hospitals to provide medical services for diseases like echinococcosis [12] - In 2024, the company donated advanced medical equipment to hospitals in remote areas, enhancing local healthcare capabilities [13][14] - The company actively participates in international medical cooperation initiatives to improve global healthcare standards [12][13]

证券研究报告 | 2025年04月21日 核心观点 公司研究·财报点评 开立医疗（300633.SZ） 优于大市 业绩短期承压，高端新品放量可期 2024 年收入端略有下滑，利润端受费用投入影响有所承压。2024 年公司实 现营收 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%）。24Q4 单季营收 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%）。 2024 年公司收入端个位数下滑，利润表现承压，主要系行业整顿影响下， 终端医院采购减少，同时公司仍保持较高的费用投入强度所致。 毛利率略有下滑，费用率有所提升。2024 年公司毛利率 63.78%，表观下 滑 5.63pp，由于会计准则调整，调整后毛利率下滑 3.93pp，一方面受 到毛利率较低的海外业务占比提升的影响，另一方面受到县域医疗设备 集采对产品价格的影响。销售费用率 28.45%（+5.42pp），管理费用率 6.81%（+0.76pp），研发费用率 23.48%（+5.36pp），财务费 ...

毛利率略有下滑，费用率有所提升。2024 年公司毛利率 63.78%，表观下 滑 5.63pp，由于会计准则调整，调整后毛利率下滑 3.93pp，一方面受 到毛利率较低的海外业务占比提升的影响，另一方面受到县域医疗设备 集采对产品价格的影响。销售费用率 28.45%（+5.42pp），管理费用率 6.81%（+0.76pp），研发费用率 23.48%（+5.36pp），财务费用率-1.86% （+0.25pp），四费率 56.89%（+11.79pp），各项费用率均有所提升， 销售、研发费用率提升明显，主要系公司持续保持高强度投入，引进各 类研发、销售人才，进一步加强公司市场竞争力建设。 证券研究报告 | 2025年04月21日 开立医疗（300633.SZ） 优于大市 业绩短期承压，高端新品放量可期 2024 年收入端略有下滑，利润端受费用投入影响有所承压。2024 年公司实 现营收 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%）。24Q4 单季营收 6.16 亿元（-5.63%）， 归母净利润 0.33 亿元（-75.03 ...

上 市 公 司 医药生物 2025 年 04 月 21 日 开立医疗 (300633) ——2024 年宏观环境影响较大，看好 2025 年复苏 | 投资要点： | | --- | 财务数据及盈利预测 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,120 | 2,014 | 2,412 | 2,842 | 3,318 | | 同比增长率（%） | 20.3 | -5.0 | 19.8 | 17.8 | 16.7 | | 归母净利润（百万元） | 454 | 142 | 381 | 503 | 628 | | 同比增长率（%） | 22.9 | -68.7 | 167.6 | 32.0 | 24.8 | | 每股收益（元/股） | 1.06 | 0.33 | 0.88 | 1.16 | 1.45 | | 毛利率（%） | 69.4 | 63.8 | 63.8 | 63.8 | 63.8 | | ROE（%） | 14.4 | 4.6 | 10.7 | 12.7 | ...

Investment Rating - The report maintains a "Buy" rating for the company [1][9] Core Views - The company's performance is under short-term pressure, but there is optimism regarding the release of high-end new products [1][12] - In 2024, the company achieved revenue of 2.014 billion yuan, a year-on-year decrease of 5.02%, and a net profit of 142 million yuan, down 68.67% year-on-year, primarily due to increased strategic investments [3][4] - The company is expected to see revenue growth driven by the gradual implementation of equipment upgrades and an increase in sales of mid-to-high-end products [5][9] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 616 million yuan, a year-on-year decline of 5.63%, and a net profit of 33 million yuan, down 75.03% year-on-year [4] - The overall gross margin decreased by 5.58 percentage points to 63.80% in 2024, influenced by accounting adjustments and increased overseas business [7] Product Development - The company has increased its R&D efforts, launching several high-end products, including the S80 and P80 ultrasound machines, and the HD-650 endoscope platform [6] - The company’s market position in the domestic market is now second only to Olympus and Fujifilm in the endoscope sector [6] Future Projections - Revenue projections for 2025-2027 are 2.325 billion, 2.801 billion, and 3.282 billion yuan, with year-on-year growth rates of 15%, 20%, and 17% respectively [9][10] - The expected net profit for the same period is 357 million, 498 million, and 684 million yuan, with significant growth anticipated in 2025 [9][10]

Core Insights - The company reported a revenue of 2.014 billion yuan for 2024, a year-on-year decline of 5%, with a net profit attributable to shareholders of 140 million yuan, down 68.7% year-on-year [1] - In Q4 2024, the company achieved a revenue of 620 million yuan, a year-on-year decrease of 5.6% but a quarter-on-quarter increase of 60%, with a net profit of 33.41 million yuan, reflecting a significant recovery from previous losses [1] Group 1: Company Performance - In 2024, the company's ultrasound segment generated 1.18 billion yuan in revenue, down 3% year-on-year, while the endoscope segment brought in 795 million yuan, down 6% year-on-year [2] - The overall bidding amount in the ultrasound industry decreased by approximately 26% year-on-year, and the endoscope industry saw a decline of about 27% due to high base effects from 2023 [2] - Despite industry challenges, the company outperformed the market, indicating strong operational capabilities and strategic investments during a tough period [2] Group 2: Future Outlook - Since 2025, the company has experienced rapid growth in bidding amounts, with Q1 2025 showing an overall increase of approximately 130% year-on-year, driven by low base effects, recovery in regular procurement, and ongoing equipment updates [3] - The company's bidding growth in Q1 significantly exceeded industry averages, suggesting a stable increase in market share and the effectiveness of prior investments [3] - Future revenue is expected to be positively impacted by sustained high growth in orders, indicating a potential upward trend for the company [3] Group 3: Investment Recommendation - The investment rating is maintained at Buy-A, with a target price of 41.08 yuan over the next six months, reflecting anticipated revenue growth rates of 22.7%, 21.4%, and 20.5% from 2025 to 2027 [4] - Projected net profit growth rates for the same period are 256.6%, 20.8%, and 21.2%, highlighting the company's strong growth potential [4]

Investment Rating - The report assigns a "Buy-A" investment rating with a target price of 41.08 CNY for the next six months [4][5]. Core Views - The company has shown significant quarter-on-quarter improvement in Q4 2024, with a notable recovery in its bidding activities expected to enhance future performance [1][3]. - Despite a decline in overall revenue and net profit for 2024, the company’s core business lines outperformed the industry, indicating strong operational capabilities and strategic investments during a challenging market period [2][3]. - The company is anticipated to experience substantial revenue growth in the coming years, with projected growth rates of 22.7%, 21.4%, and 20.5% for 2025 to 2027, respectively [4][10]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 2.014 billion CNY, a decrease of 5% year-on-year, and a net profit of 140 million CNY, down 68.7% year-on-year [1][10]. - Q4 2024 saw revenue of 620 million CNY, a 60% increase quarter-on-quarter, although it was still down 5.6% year-on-year [1]. Market Position - The company’s ultrasound and endoscope segments generated revenues of 1.18 billion CNY and 795 million CNY in 2024, respectively, both showing declines but outperforming the industry average [2]. - The bidding amounts for the company in Q1 2025 increased by approximately 130% year-on-year, significantly surpassing industry growth rates [3]. Future Projections - The report forecasts a robust recovery in the company's financials, with net profit growth expected to reach 256.6% in 2025, followed by 20.8% and 21.2% in the subsequent years [4][10]. - The projected earnings per share (EPS) for 2025 is estimated at 1.17 CNY, with a dynamic price-to-earnings ratio of 35 times [4][10].

Investment Rating - The investment rating for the company is "Buy" [19] Core Views - The company's overall performance in 2024 is under pressure due to reduced hospital procurement activities and increased strategic investments, leading to a 5% year-on-year decline in revenue. The net profit attributable to the parent company is expected to drop by 68.7% year-on-year [2][3] - The company is focusing on increasing R&D and marketing investments, with a significant rise in management and sales expense ratios, indicating a commitment to high-end product promotion and innovation [3] - The introduction of high-end ultrasound and endoscope products is anticipated to drive growth in 2025, with expectations of a recovery in procurement activities [4][3] Financial Performance Summary - In 2024, the company achieved revenue of 2.01 billion, a decrease of 5% year-on-year, and a net profit of 142 million, down 68.7% year-on-year. The fourth quarter of 2024 saw revenue of 615 million, a decline of 5.6% year-on-year, with a net profit of 33.41 million, down 75% year-on-year [2][3] - The company expects net profits for 2025-2026 to be 401 million, 485 million, and 612 million respectively, indicating a recovery trend [4][6] - The revenue growth rate is projected to rebound to 21% in 2025 and maintain a growth rate of 20% in the following years [6] Product and Market Development - The company has launched several high-end products in 2024, including the S80 and P80 ultrasound machines, and the HD-580 series endoscope platform, which are expected to contribute to revenue growth in 2025 [4][3] - The domestic revenue from tier-three hospitals has reached a peak, while international revenue has shown a 3% increase, indicating successful market penetration and brand influence [4][3] Strategic Outlook - The company maintains a unique competitive advantage in minimally invasive procedures and is well-positioned for performance improvement once procurement policies are implemented and market conditions stabilize [4][3]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, attributed to reduced hospital procurement activities and increased strategic investments, while continuing to focus on R&D and market expansion [1][2]. Group 1: Financial Performance - In 2024, the company achieved revenue of 2.01 billion (down 5.0% YoY) and a net profit of 142 million (down 68.7% YoY), with a non-recurring net profit of 110 million (down 75.1% YoY) [1]. - For Q4 2024, revenue was 615 million (down 5.6% YoY), net profit was 33.41 million (down 75.0% YoY), and non-recurring net profit was 24.20 million (down 80.0% YoY) [1]. Group 2: Strategic Investments and R&D - The company increased its R&D and marketing investments, with management expense ratio at 6.81% (up 0.8 percentage points) and sales expense ratio at 28.4% (up 3.7 percentage points) [1]. - R&D expense ratio reached 23.5% (up 5.4 percentage points), focusing on innovation in gastrointestinal and respiratory diagnostic products, as well as minimally invasive surgical business [1]. Group 3: Product Development and Market Position - The company launched several high-end products in 2024, including the S80 and P80 ultrasound machines, and the HD-580 high-end endoscope platform, with expectations for increased sales in 2025 [2]. - Domestic revenue was 1.04 billion (down 12% YoY), while international revenue was 970 million (up 3% YoY), indicating a strong performance in overseas markets [2]. Group 4: Profit Forecast and Investment Recommendations - The company adjusted its profit forecasts for 2025-2026, expecting net profits of 400 million, 490 million, and 610 million respectively, with a potential for improvement as procurement policies are implemented [3]. - The company maintains a "buy" rating based on its unique competitive advantages in the micro-invasive sector [3].