[Table_ReportType] 公司点评报告 [Table_StockAndRank] 迈普医学(301033) 投资评级 上次评级 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区闹市口大街9号院1号楼 邮编：100031 点评： ➢ 销售端国内海外双丰收，积极布局海外市场。公司已与境内外近 800 家 经销商建立良好的合作关系，产品进入国内超 1,600 家医院，自 2011 年开始进军海外医疗器械市场，开启了国际化发展之路。2023 年公司 产品先后出口至欧洲、南美、亚洲、非洲等近 90 个国家和地区。2023 年，国内外分别实现营业收入 1.81 亿元、5004.6 万元，比上年同期分 别增长 13.53%、39.11%。 ➢ 风险因素：创新技术与产品的研发风险；市场竞争风险。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------|----------|----------|--- ...

证券研究报告：医药生物 | 公司点评报告 2024 年 4 月 25 日 公司基本情况 最新收盘价（元） 33.99 总股本/流通股本（亿股）0.66 / 0.38 总市值/流通市值（亿元）22 / 13 资产负债率(%) 19.2% 市盈率 54.82 52 周内最高/最低价 48.58 / 22.65 股票投资评级 资料来源：聚源，中邮证券研究所 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 研究助理:陈峻 SAC 登记编号:S1340123110013 Email:chenjun@cnpsec.com 迈普医学(301033) 公司新产品放量在即，第二成长曲线渐成规模 ⚫ 业绩简评 公司发布 2023 年年报和 2024 年一季度报，2023 年公司实现营 业收入 2.31 亿元，同比增长 18.24%；实现归属于母公司所有者的净 利润 0.41 亿元，同比增长 13.89%；公司 2023 年度归属于母公司所有 者的扣除非经常性损益的净利润为 0.37 亿元，同比增长 55.54%。 2024 年 Q1 公司实现营业收入 ...

[Table_Main] 公司研究|医疗保健|制药、生物科技与生命科学 证券研究报告 [Table_TargetPrice] ——迈普医学(301033.SZ)2023 年及 2024 一季度报告点评 颅颌面产品群快速渗透，止血纱医用胶新品加速放量 当前价： 33.62 元 [Table_ 过去一年股价走势 PicQuote] -43% -27% -11% 5% 22% 4/25 7/25 10/24 1/23 4/23 迈普医学 沪深300 [Table_ 相关研究报告 DocReport] 迈普医学(301033)公司点评报告 2024 年 04 月 25 日 [Table_Title] 集采有望加速产品渗透，新产品大放异彩 投资建议与盈利预测 [Table_Invest]买入|维持 | --- | --- | |------------------------------|---------------| | | | | [Table_Base 基本数据 ] | | | 52 周最高 / 最低价（元）： | 48.58 / 22.65 | | A 股流通股（百万股）： | 38.20 | | A 股总股 ...

Financial Performance - The company's revenue for Q1 2024 reached ¥57,206,084.70, representing a 28.59% increase compared to ¥44,485,769.60 in the same period last year[5] - Net profit attributable to shareholders was ¥14,944,754.94, a significant increase of 91.19% from ¥7,816,548.85 year-on-year[5] - The net profit excluding non-recurring gains and losses was ¥12,072,555.57, up 87.05% from ¥6,454,127.50 in the previous year[5] - Basic and diluted earnings per share both increased to ¥0.23, reflecting a growth of 91.67% compared to ¥0.12 in the same period last year[5] - The operating profit for the first quarter of 2024 was CNY 18,725,790.88, which is a significant increase from CNY 8,937,084.49 in the previous year[30] - The total operating revenue for the first quarter of 2024 was CNY 57,206,084.70, an increase of 28.6% compared to CNY 44,485,769.60 in the same period last year[28] - The total operating costs for the first quarter of 2024 were CNY 43,035,696.85, up 15.8% from CNY 37,145,242.79 in the previous year[28] - The net profit for the first quarter of 2024 reached CNY 14,944,754.94, representing an increase of 91.5% from CNY 7,816,548.85 in the same period last year[30] - The research and development expenses for the first quarter of 2024 were CNY 5,277,861.55, slightly down from CNY 5,661,139.07 in the previous year[28] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥778,037,172.67, a decrease of 1.13% from ¥786,969,032.68 at the end of the previous year[5] - The total current assets decreased slightly to CNY 265,898,793.41 from CNY 269,712,417.33, a decline of about 1.4%[25] - The company's inventory rose to CNY 30,344,255.45 from CNY 26,198,103.20, representing an increase of approximately 15.0%[25] - Non-current assets totaled CNY 512,138,379.26, down from CNY 517,256,615.35, indicating a decrease of about 1.0%[25] - The total liabilities as of the end of the reporting period were CNY 133,480,070.13, a decrease from CNY 151,110,819.27 in the previous year[28] - The total equity attributable to the parent company was CNY 644,557,102.54, an increase from CNY 635,858,213.41 in the previous year[28] Cash Flow - The net cash flow from operating activities was ¥15,888,191.38, down 18.25% from ¥19,434,599.35 in the same period last year[5] - Cash inflow from operating activities totaled $73,627,500.46, an increase from $66,508,610.90 in the previous period, representing an increase of approximately 3.34%[34] - Cash outflow from operating activities was $57,739,309.08, compared to $47,074,011.55 previously, indicating an increase of about 22.5%[34] - Net cash flow from operating activities decreased to $15,888,191.38 from $19,434,599.35, a decline of approximately 18.5%[34] - Cash inflow from investing activities was $116,272,060.74, down from $139,453,152.16, a decrease of about 16.6%[34] - Cash outflow from investing activities decreased to $99,454,056.35 from $164,086,920.91, a reduction of approximately 39.4%[34] - Net cash flow from investing activities improved to $16,818,004.39 from a negative $24,633,768.75, indicating a significant turnaround[34] - Cash flow from financing activities resulted in a net outflow of $9,983,352.37, compared to a larger outflow of $26,516,942.65 previously, showing a decrease of about 62.4%[36] - The net increase in cash and cash equivalents was $22,709,731.27, contrasting with a decrease of $31,925,042.71 in the prior period[36] - The ending balance of cash and cash equivalents rose to $49,380,615.16 from $12,837,726.43, reflecting a substantial increase[36] Shareholder Information - Major shareholders include Yuan Yuyu with 16.63% and Xu Tao with 16.53% of shares[14] - The top 10 shareholders hold a total of 50.61% of the company's shares, indicating significant ownership concentration[14] - Yuan Yuyu has pledged 4,910,000 shares, which is approximately 44.7% of his holdings[14] - As of March 31, 2024, the company reported that Yuan Meifu and his associates hold a total of 4,508,796 shares, representing 4.40% of the total shares[16] - Tang Ying and Ye Tao together hold 5.37% of the company after a transfer of 1,320,000 shares[16] - The company has a total of 10,987,847 shares held by Yuan Yuyu, with 10,922,547 shares subject to limited sale conditions[14] - The top 10 unrestricted shareholders include Shenzhen Kaiying Technology Co., Ltd. with 4,246,049 shares, representing 6.43%[14] - The report indicates that the company is actively managing its shareholder relationships and agreements to ensure compliance and transparency[16] - The company has not reported any additional related party relationships beyond those disclosed in the shareholder agreements[16] Other Information - The company implemented a second category of restricted stock for equity incentives starting in 2023, which positively impacted net profit growth[5] - The company reported a net profit of ¥1,769.73 million after excluding share-based payment expenses, marking a year-on-year increase of 126.41%[5] - The first quarter report was not audited, indicating that the financial figures are subject to further verification[37] - The company is focusing on expanding its market presence and enhancing its product offerings, although specific new products or technologies were not detailed in the provided data[28]

证券代码：301033 证券简称：迈普医学 公告编号：2024-026 广州迈普再生医学科技股份有限公司 关于举办 2023 年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 广州迈普再生医学科技股份有限公司（以下简称"公司"）已于 2024 年 4 月 19 日在巨潮资讯网上披露了《2023 年年度报告》及《2023 年年度报告摘要》。为便于广大投资者更加全面深入地了解公司经营 业绩、发展战略等情况，公司定于 2024 年 4 月 29 日（星期一） 15:00-16:00 在"价值在线"（www.ir-online.cn）举办 2023 年度 网上业绩说明会，与投资者进行沟通和交流，广泛听取投资者的意见 和建议。 一、说明会召开的时间、地点和方式 会议召开时间：2024 年 4 月 29 日（星期一）15:00-16:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 关于举办 2023 年度网上业绩说明会的公告 二、参加人员 董事长 袁玉宇先生 关于举办 2023 年度网上业绩说明会的公告 ...

Procurement and Supplier Relationships - The total procurement amount from the top five suppliers reached ¥12,444,032.23, accounting for 68.44% of the annual procurement total[25]. - The largest supplier contributed ¥7,921,616.30, representing 43.57% of the total procurement[25]. - The company reported no significant related party transactions during the reporting period[1]. - There were no major guarantees or financial transactions with related parties during the reporting period[6]. - The company did not experience any significant changes in its controlling shareholder during the reporting period[16]. - The actual controller, Yuan Yuyu, holds 16.53% of the company's shares[17]. - There were no significant changes in the top ten shareholders compared to the previous period[15]. Financial Performance - Total revenue for 2023 reached ¥230,869,676.55, representing an 18.24% increase compared to ¥195,252,385.91 in 2022[50]. - The company achieved operating revenue of 230.87 million yuan in 2023, an increase of 18.24% compared to the previous year[136]. - Net profit attributable to shareholders for 2023 was ¥40,877,390.16, a 13.89% increase from ¥35,891,785.18 in 2022[110]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 37.23 million yuan, up 55.54% from the previous year[136]. - The company’s net profit attributable to shareholders after deducting non-recurring gains and losses reached 41.53 million yuan, representing a significant growth of 73.51% year-on-year[136]. - The company reported a significant increase in cash flow from operating activities, totaling ¥107,686,556.80, which is a 122.91% increase compared to ¥48,309,238.18 in 2022[110]. - The net cash flow from investing activities was -¥81,899,672.40, a decrease of 541.44% from ¥18,552,748.74 in the previous period, primarily due to reduced purchases of financial products[49]. - The net increase in cash and cash equivalents was -¥18,086,158.96, reflecting a 152.26% decline from an increase of ¥34,605,263.28 in the prior period[49]. Research and Development - The company’s R&D investment amounted to ¥41.72 million, representing 18.07% of total revenue, a decrease from 20.78% in the previous year[46]. - Research and development expenses were ¥41,721,209.59, reflecting a slight increase of 2.83% from the previous year[66]. - The company reduced its R&D personnel by 30% to 49 individuals, impacting the overall R&D capacity[46]. - The company has made progress in its major R&D project, the hard meningeal medical glue, which was first obtained for market sales in February 2023, aimed at enhancing competitive advantage[94]. - The company has established advanced manufacturing technology platforms to support the development of innovative products in the neurosurgery field[155]. - The company has a strong R&D capability and has been recognized as a national-level postdoctoral research workstation and a "little giant" enterprise[175]. Product Performance and Market Position - The company reported a total revenue of approximately ¥224.59 million in the implantable medical device sector, with a year-on-year growth of 82.29%[40]. - Revenue from implantable medical devices accounted for ¥224,588,279.30, which is 97.28% of total revenue, showing an 18.55% increase from ¥189,452,993.26 in the previous year[50]. - The sales volume of implantable medical devices increased by 44.55% to 441,636 units in 2023, compared to 305,526 units in 2022[41]. - The production volume of implantable medical devices reached 558,986 units, a 37.73% increase from 405,854 units in 2022[41]. - The company achieved sales revenue of ¥139.6 million from its artificial dura mater products, showing a slight decline compared to the previous year[161]. - The craniofacial repair and fixation systems achieved sales revenue of 60.97 million yuan, a year-on-year increase of 61.13%[189]. - The company has developed a series of innovative products based on its core technology platforms, including the hard dura mater medical glue and various craniofacial repair systems[173]. International Expansion and Market Strategy - The overseas revenue accounted for approximately 22.29% of total sales, with a growth rate of 39.11% compared to the previous year[40]. - The company exports its products to nearly 90 countries and regions, indicating a strong international market expansion[132]. - The company has established good cooperation with nearly 800 distributors, with products entering over 1,600 hospitals domestically[187]. - The company has successfully entered the procurement lists for high-value medical consumables in multiple provinces, including Anhui and Henan, enhancing its market presence[126][128]. - The company is actively expanding the application of its absorbable regenerated cellulose hemostatic products into other surgical fields, with ongoing clinical trials for new product lines[197]. Operational Efficiency and Cost Management - Operating costs amounted to ¥41,542,832.36, which is a 33.03% increase, primarily due to changes in revenue structure[66]. - Sales expenses decreased by 12.13% to ¥61,748,547.80, indicating improved cost management[66]. - Management expenses rose by 54.18% to ¥54,424,085.54, attributed to increased depreciation, stock incentives, and intermediary service fees[66]. - Financial expenses surged by 630.85% to ¥531,588.32, mainly due to increased interest expenses and foreign exchange losses[66]. Future Outlook and Strategic Initiatives - The company plans to continue expanding its product lines, particularly in the fields of absorbable medical materials and neurosurgery[66]. - Future outlook includes ongoing investment in R&D to enhance product offerings and market competitiveness[66]. - The company aims to become a global leader in the field of implantable medical devices, providing excellent products and services to patients worldwide[184]. - The company has implemented stock incentive plans to motivate key personnel, enhancing team cohesion and core competitiveness[194]. - The company is focusing on innovation in neurosurgery, having developed a new generation of dura mater products that enhance flexibility and ease of use in clinical settings[161].

募集资金管理制度 MP-CG-021,V2.0 广州迈普再生医学科技股份有限公司 募集资金管理制度 二〇二四年四月 募集资金管理制度 MP-CG-021,V2.0 广州迈普再生医学科技股份有限公司 募集资金管理制度 第一章 总 则 第一条 为了规范广州迈普再生医学科技股份有限公司（下称"公司"）募集资 金的使用与管理，提高募集资金使用效益，保护投资者的合法权益，根据《中华人 民共和国公司法》（下称"《公司法》"）、《中华人民共和国证券法》（下称"《证券法》"）、 《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》、《深圳 证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号— —创业板上市公司规范运作》等法律、法规及规范性文件以及《广州迈普再生医学 科技股份有限公司章程》（下称"公司章程"）的有关规定，并结合公司的实际情况， 特制定本制度。 第二条 本制度所称募集资金系指公司通过公开发行证券（包括首次公开发行股 票、配股、增发、发行可转换公司债券、发行分离交易的可转换公司债券等）以及 非公开发行证券向投资者募集并用于特定用途的资金，但不包括公司实施股权激励 计划募集 ...

关于修订公司章程的公告 证券代码：301033 证券简称：迈普医学 公告编号：2024-022 广州迈普再生医学科技股份有限公司 关于变更经营范围并修订《公司章程》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。 广州迈普再生医学科技股份有限公司（以下简称"公司"）于 2024 年 4 月 17 日召开第二届董事会第二十二次会议，审议通过了《关 于变更经营范围并修订<公司章程>及其附件的议案》。 一、经营范围变更情况 因公司经营发展需要，公司拟变更经营范围，变更后的经营范围 为："一般经营项目：工程和技术研究和试验发展;医学研究和试验发 展;3D 打印服务;3D 打印基础材料销售;增材制造;增材制造装备制造; 增材制造装备销售;技术服务、技术开发、技术咨询、技术交流、技 术转让、技术推广;教学用模型及教具制造;工业设计服务;软件销售; 软件开发;合成材料制造（不含危险化学品）;通用设备制造（不含特 种设备制造）;第二类医疗器械销售;非居住房地产租赁;物业管理; 创业空间服务;科技中介服务;园区管理服务;会议及展览服务;企业 管理咨询;信息咨询服务（不含许 ...

回购股份管理制度 MP-CG-031,V1.0 广州迈普再生医学科技股份有限公司 回购股份管理制度 二〇二四年四月 回购股份管理制度 MP-CG-031,V1.0 广州迈普再生医学科技股份有限公司 第二条 因下列情形回购本公司股份（以下简称"回购股份"）的，适用本 管理制度： （一）减少公司注册资本； 前款第（四）项所指情形，应当符合以下条件之一： （一）公司股票收盘价低于其最近一期每股净资产； （二）连续二十个交易日内公司股票收盘价跌幅累计达到百分之二十； 1 （二）将股份用于员工持股计划或者股权激励； （三）将股份用于转换上市公司发行的可转换为股票的公司债券； （四）为维护公司价值及股东权益所必需； 回购股份管理制度 第一章 总则 第一条 为规范公司回购股份行为，维护证券市场秩序，保护投资者和公司 合法权益，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华 人民共和国证券法》（以下简称"《证券法》"）、《关于支持上市公司回购股份 的意见》（以下简称"《意见》"）、《上市公司股份回购规则》（以下简称"《回 购规则》"）、《深圳证券交易所创业板股票上市规则》（以下简称"《上市规则》"）、 《深圳 ...

提名人广州迈普再生医学科技股份有限公司董事会现就提名 袁庆 为广州迈普再生医学科技股份有限公司第三届董事会独立 董事候选人发表公开声明。被提名人已书面同意作为广州迈普再 生医学科技股份有限公司第三届董事会独立董事候选人(参见该 独立董事候选人声明)。本次提名是在充分了解被提名人职业、 学历、职称、详细的工作经历、全部兼职、有无重大失信等不 良记录等情况后作出的，本提名人认为被提名人符合相关法律、 行政法规、部门规章、规范性文件和深圳证券交易所业务规则 对独立董事候选人任职资格及独立性的要求，具体声明并承诺如 下事项： 一、被提名人已经通过广州迈普再生医学科技股份有限公司 第二届董事会提名委员会或者独立董事专门会议资格审查，提 名人与被提名人不存在利害关系或者其他可能影响独立履职情 形的密切关系。 √ 是 □ 否 如否，请详细说明：______________________________ 二、被提名人不存在《中华人民共和国公司法》第一百四 十六条等规定不得担任公司董事的情形。 如否，请详细说明：______________________________ 三、被提名人符合中国证监会《上市公司独立董事管 理办 ...