Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady revenue growth, with a continued increase in the proportion of high-margin products [1] - In Q3 2024, the company achieved revenue of 690 million yuan, representing a year-over-year growth of 14.09%, with a further acceleration in revenue growth compared to Q2 2024 [1] - The gross margin for Q3 2024 was 52.97%, an increase from Q2 2024, primarily driven by improved margins in health monitoring products [1] - The company is actively exploring new high-demand products and leveraging its channel advantages, including a strategic partnership to launch a continuous glucose monitoring system [1] - The company has a strong online presence, utilizing various e-commerce platforms to cater to diverse consumer needs and preferences [1] Financial Summary - For the first three quarters of 2024, the company reported revenue of 2.249 billion yuan (up 5.87% year-over-year) and a net profit attributable to shareholders of 252 million yuan (up 4.12% year-over-year) [1] - The company forecasts revenues of 3.207 billion yuan, 3.686 billion yuan, and 4.349 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 12.4%, 15.0%, and 18.0% [1][6] - The projected net profit attributable to shareholders for the same years is 357 million yuan, 469 million yuan, and 579 million yuan, with growth rates of 40.6%, 31.2%, and 23.5% [1][6] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 1.71 yuan, 2.24 yuan, and 2.77 yuan, respectively [1][6] Key Financial Metrics - The company’s gross margin is expected to improve from 51.1% in 2024 to 52.2% in 2026 [6] - The return on equity (ROE) is projected to increase from 6.8% in 2024 to 9.2% in 2026 [6] - The price-to-earnings (P/E) ratio is forecasted to decrease from 30.56 in 2024 to 13.74 in 2026 [6]

Investment Rating - The investment rating for the company is "Buy" [1]. Core Insights - The company achieved a revenue of 2.249 billion yuan in the first three quarters of 2024, representing a year-over-year increase of 5.87%. The net profit attributable to the parent company was 252 million yuan, up 4.12% year-over-year, while the net profit excluding non-recurring items was 219 million yuan, reflecting a year-over-year growth of 12.59% [1]. - In Q3 2024, the company recorded a revenue of 690 million yuan, a year-over-year increase of 14.09%, and a net profit of 67 million yuan, which is a significant year-over-year increase of 55.51% [1]. - The sales gross margin has been improving quarterly, with Q3 2024 gross margin at 52.97%, up from 49.83% in Q1 2024 [1]. - The company is expected to see revenue growth of 15.0%, 26.3%, and 24.4% for the years 2024, 2025, and 2026, respectively, with net profits projected to grow by 35.5%, 29.2%, and 29.8% in the same years [1][2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total revenue of 2.249 billion yuan, with a quarterly revenue of 690 million yuan in Q3 2024 [1]. - The gross margin for the first three quarters of 2024 was 49.83%, 51.58%, and 52.97%, indicating a consistent upward trend [1]. - The net profit attributable to the parent company for 2024 is projected to be 345 million yuan, with an EPS of 1.65 yuan [2]. Revenue and Profit Forecast - The company is forecasted to achieve revenues of 3.281 billion yuan in 2024, 4.145 billion yuan in 2025, and 5.157 billion yuan in 2026 [2]. - The expected net profit for 2024 is 345 million yuan, increasing to 445 million yuan in 2025 and 578 million yuan in 2026 [2]. Market Position and Strategy - The company is focusing on enhancing its product mix, with a notable increase in the sales proportion of high-margin products such as hearing aids [1]. - The increase in sales expenses is viewed as a strategic investment for long-term growth, with expectations of improved profitability as operational efficiencies are realized [1].

Financial Performance - Total revenue for Q3 2024 reached ¥690,041,603.94, an increase of 14.09% compared to the same period last year[2] - Net profit attributable to shareholders was ¥66,939,689.71, reflecting a significant increase of 55.51% year-over-year[2] - The net profit excluding non-recurring gains and losses was ¥52,743,061.05, up 123.78% from the previous year[2] - Basic earnings per share for the quarter were ¥0.33, representing a 57.14% increase compared to the same quarter last year[2] - The net profit for Q3 2024 was CNY 251,937,817.59, an increase from CNY 242,376,937.02 in Q3 2023, representing a growth of approximately 2.5%[21] - The total profit for Q3 2024 reached CNY 294,957,750.19, compared to CNY 276,301,297.27 in the same period last year, marking an increase of about 6.2%[21] - Basic earnings per share for Q3 2024 were CNY 1.24, up from CNY 1.16 in Q3 2023, reflecting a growth of approximately 6.9%[22] - Operating income for Q3 2024 was CNY 294,753,492.12, slightly higher than CNY 280,938,487.73 in Q3 2023, reflecting a growth of about 4.0%[21] Assets and Liabilities - Total assets as of September 30, 2024, amounted to ¥6,474,130,966.28, a growth of 3.68% from the end of the previous year[2] - The company's total liabilities increased to ¥1.73 billion from ¥1.34 billion, reflecting a growth of approximately 29.3%[19] - As of September 30, 2024, total assets amounted to ¥6.47 billion, an increase from ¥6.24 billion at the beginning of the year[19] Cash Flow - The company’s cash flow from operating activities for the year-to-date was ¥435,875,379.93, an increase of 17.84%[2] - Cash flow from operating activities for Q3 2024 was CNY 435,875,379.93, compared to CNY 369,874,076.42 in Q3 2023, indicating an increase of around 17.8%[23] - The cash and cash equivalents at the end of Q3 2024 amounted to CNY 1,682,965,410.24, up from CNY 1,054,257,326.80 at the end of Q3 2023, representing a significant increase of approximately 59.5%[24] - The net cash flow from investing activities for the current period was -157,365,720.23 RMB, a decrease of 52.51% compared to the previous period's -331,391,837.61 RMB, mainly due to reduced payments for fixed asset purchases[7] - The net cash flow from financing activities was -36,851,886.09 RMB, showing an improvement of 89.61% from -354,777,965.82 RMB in the previous period, primarily due to decreased payments for stock repurchases[7] - The net cash flow from investing activities for Q3 2024 was -CNY 157,365,720.23, an improvement from -CNY 331,391,837.61 in Q3 2023[24] - The net cash flow from financing activities for Q3 2024 was -CNY 36,851,886.09, compared to -CNY 354,777,965.82 in Q3 2023, showing a significant reduction in outflows[24] Shareholder Information - The total number of common shareholders at the end of the reporting period was 18,353, with the largest shareholder, Changsha Medical Investment Co., Ltd., holding 40.69% of shares[8] - The top ten shareholders collectively hold significant stakes, with the largest shareholder owning 85,079,923 shares, while the second and third largest shareholders each hold 12,114,881 shares[8] - The company plans to distribute a cash dividend of 12 RMB per 10 shares, totaling an estimated 244,437,262.80 RMB (including tax) for the 2023 fiscal year[13] - For the 2024 semi-annual profit distribution, the company intends to distribute a cash dividend of 6 RMB per 10 shares, amounting to an estimated 122,037,041.40 RMB (including tax)[14] - The company repurchased and canceled 146,250 restricted shares as part of its stock incentive plan, reducing the total restricted shares to 255,937[12] - The company has a repurchase account holding 5,696,931 shares, representing 2.72% of the total share capital, ranking fifth among all shareholders[10] - The company has not reported any changes in the top ten shareholders due to securities lending activities during the reporting period[11] - The company repurchased 1,494,562 shares, accounting for 0.71% of the total share capital, with a total transaction amount of approximately ¥49.99 million[16] Expenses and Costs - The company reported a 35.49% increase in sales expenses, totaling ¥711,660,470.44, due to increased marketing and promotional activities[6] - Total operating costs increased to ¥1.97 billion from ¥1.87 billion, reflecting a rise of about 5.06%[20] - Research and development expenses for the current period were ¥69.41 million, down from ¥79.24 million, indicating a decrease of about 12.3%[20] Goodwill and Investments - The company’s goodwill increased by 50.05% to ¥363,720,043.92, primarily due to acquisitions made during the period[5] - The company reported a significant increase in goodwill, rising to ¥363.72 million from ¥242.41 million, an increase of approximately 50%[18] - Investment income surged to ¥15,042,833.01, marking a 1,485.88% increase compared to the previous period[6] - The company's long-term equity investments increased slightly to ¥65.39 million from ¥64.93 million, showing a growth of about 0.71%[17]

Investment Rating - The report gives a "Buy" rating for the company, Kefu Medical, marking its first coverage [2][6]. Core Views - Kefu Medical is positioned as a rising star in the home medical device sector, actively pursuing a platform-based layout. The company has reached a new revenue scale, focusing on core products, with a significant increase in self-manufactured products. The product pipeline is rich, and profitability is expected to continue improving. Additionally, the company is expanding its hearing chain service terminals to create a second growth curve [2][3][6]. Summary by Sections Company Overview - Kefu Medical operates in the home medical device industry, providing a comprehensive health management platform. The company covers five major areas: health monitoring, rehabilitation aids, respiratory support, medical care, and traditional Chinese medicine therapy, with nearly ten thousand product models [16]. Revenue and Profitability - From 2019 to 2023, Kefu Medical achieved a compound annual growth rate (CAGR) of 18.2% in revenue and 19.6% in net profit attributable to shareholders. The company’s revenue for the first half of 2024 reached 1.56 billion yuan, a year-on-year increase of 2.6% [3][16]. Product Strategy - The company has shifted from a scale-oriented approach to focusing on core products, with self-manufactured products' revenue share increasing from 18.3% in 2017 to 56.7% in 2023. The revenue from self-manufactured products reached 1.53 billion yuan in 2023 [2][3][24]. Hearing Chain Service - Kefu Medical has established a hearing service network, with the number of stores increasing from 432 in 2022 to 765 in 2023. The hearing service segment generated 198 million yuan in revenue in 2023, a 64% year-on-year increase [3][6]. Financial Forecast - The company is projected to achieve net profits of 380 million yuan, 470 million yuan, and 570 million yuan for 2024, 2025, and 2026, respectively, with growth rates of 50.3%, 22.4%, and 22.3%. The current price-to-earnings (PE) ratios are estimated at 20X, 17X, and 14X for the same years [3][6]. Market Position - Kefu Medical is positioned favorably within the home medical device sector, benefiting from the aging population. The company’s product offerings span health monitoring, rehabilitation aids, respiratory support, medical care, and traditional Chinese medicine therapy, providing a one-stop health management solution [2][3][6].

编号：2024-009 证券代码：301087 证券简称：可孚医疗 可孚医疗科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-------------------------|-------------------------------------|-----------------------------------------------------------------------------------------------| | 投资者关系活动类 | 特定对象调研 | □分析师会议 | | 别 | □媒体采访 | 业绩说明会 | | | □新闻发布会 | □路演活动 | | | 现场参观 | | | | 其他 湖南辖区 | 2024 年度上市公司投资者网上集体接待日活动 | | 参与单位名称及人 员姓名 | 线上参与湖南辖区 | 2024 年上市公司投资者网上集体接待日活动的投资者 | | 时间 | 2024-10-10 | | | 地点 | 程方式进行 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采用网络远 | | 上市公 ...

证券代码：301087 证券简称：可孚医疗 公告编号：2024-076 可孚医疗科技股份有限公司 关于为子公司提供担保的进展公告 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。 一、担保情况概述 可孚医疗科技股份有限公司（以下简称"公司"或"可孚医疗"）于 2024 年 4 月 25 日召开第二届董事会第九次会议、第二届监事会第九次会议，审议通 过了《关于公司及子公司 2024 年度向银行申请综合授信及公司为子公司提供担 保的议案》，根据公司发展计划，为满足公司日常经营及业务结算的需要，提高 资金使用效率，公司及子公司 2024 年度拟向银行申请不超过人民币 13 亿元的综 合授信额度，综合授信品种包括但不限于：流动资金贷款、中长期借款、银行承 兑汇票、保函、信用证、抵押贷款等。在授信有效期限内，授信额度可循环使用。 公司为全资子公司申请的银行授信额度内的融资提供担保，担保总额不高于人民 币 8 亿元。该事项自董事会通过之日起十二个月内有效，董事会授权公司法定代 表人或法定代表人指定的授权代理人根据实际经营情况需要，在总额度内办理公 司及子公司的融资和担保事宜 ...

证券代码：301087 证券简称：可孚医疗 公告编号：2024-075 可孚医疗科技股份有限公司 关于回购公司股份的进展公告 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。 可孚医疗科技股份有限公司（以下简称"公司"）于 2024 年 1 月 25 日召开 第二届董事会第六次会议及第二届监事会第六次会议，审议并通过《关于回购公 司股份方案的议案》。公司计划使用自有资金以集中竞价交易方式回购公司人民 币普通股 A 股股份，用于实施员工持股计划或者股权激励。本次拟用于回购的 资金总额为不低于人民币 5,000 万元（含）且不超过人民币 10,000 万元（含）， 回购股份价格不超过人民币 53.00 元/股（含），回购股份期限自公司董事会审议 通过本次回购股份方案之日起十二个月内。具体内容详见公司在巨潮资讯网 （http://www.cninfo.com.cn）披露的相关公告。 截至 2024 年 9 月 30 日，公司通过回购专用证券账户以集中竞价交易方式回 购公司股份 1,494,562 股，占公司总股本的 0.71%，最高成交价为 36.034 元/股， 最 ...

可孚医疗科技股份有限公司 近日，公司已完成相关工商变更登记手续，并取得长沙市市场监督管理局换 发的《营业执照》，变更后的企业登记信息如下： 关于完成工商变更登记的公告 统一社会信用代码：91430111696240992G 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。 名称：可孚医疗科技股份有限公司 类型：其他股份有限公司（上市） 法定代表人：张敏 证券代码：301087 证券简称：可孚医疗 公告编号：2024-074 可孚医疗科技股份有限公司（以下简称"公司"）于 2024 年 8 月 28 日召开 的第二届董事会第十一次会议及于 2024 年 9 月 18 日召开的 2024 年第二次临时 股东大会审议通过了《关于变更注册资本及修订<公司章程>的议案》，具体内 容详见公司在中国证券监督管理委员会指定创业板信息披露网站巨潮资讯网 （www.cninfo.com.cn）上披露的相关公告。 注册资本：贰亿零玖佰零玖万贰仟元整 住所：湖南省长沙市雨花区振华路 816 号 成立日期：2009 年 11 月 19 日 经营范围：许可项目：第二类医疗器械生产；第三类医 ...

证券代码：301087 证券简称：可孚医疗 公告编号：2024-072 可孚医疗科技股份有限公司 关于参加湖南辖区2024年度投资者网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，可孚医疗科技股份有限公司（以下简称 "公司"）将参加由中国证券监督管理委员会湖南监管局、湖南省上市公司协会 与深圳市全景网络有限公司联合举办的"湖南辖区 2024 年度投资者网上集体接 待日"活动，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参 与本次互动交流，2024 年 10 月 10 日（星期四）15:30-17:00。届时公司董事、 副总裁、董事会秘书薛小桥先生等相关人员将在线就公司治理、发展战略、经营 状况等投资者关心的问题，与投资者进行沟通与交流。欢迎广大投资者积极参与。 特此公告。 可孚医疗科技股份有限公司董事会 2024 年 9 月 27 日 ...

证券代码：301087 证券简称：可孚医疗 公告编号：2024-071 可孚医疗科技股份有限公司 关于2024年半年度权益分派实施后调整回购股份价格上限 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。 一、回购股份方案概述 可孚医疗科技股份有限公司（以下简称"公司"）于 2024 年 1 月 25 日召开 第二届董事会第六次会议及第二届监事会第六次会议，审议并通过《关于回购公 司股份方案的议案》。公司计划使用自有资金以集中竞价交易方式回购公司人民 币普通股 A 股股份，用于实施员工持股计划或者股权激励。本次拟用于回购的 资金总额为不低于人民币 5,000 万元（含）且不超过人民币 10,000 万元（含）， 回购股份价格不超过人民币 53.00 元/股（含），回购股份期限自公司董事会审议 通过本次回购股份方案之日起十二个月内。2023 年年度权益分派实施后，本次 回购股份价格上限调整为不超过人民币 51.83 元/股（含）。具体内容详见公司在 巨潮资讯网（http://www.cninfo.com.cn）披露的相关公告。 二、2024 年半年度权益分派 ...