Group 1: Financial Performance - The company achieved double-digit growth in both revenue and net profit in Q3 2024, driven by a focus on core products and multi-channel strategies, including e-commerce [2] - Online sales account for approximately 66.67% of total revenue, while offline sales make up about 33.33%, aligning with industry averages [3] Group 2: Product Innovation - New products launched in the health monitoring and respiratory support sectors are expected to drive future revenue growth, including a blood glucose and uric acid testing device and a continuous glucose monitor [2] - The company introduced several innovative respiratory support products, such as the second-generation sleep apnea machine and portable sleep apnea devices [2] Group 3: Seasonal Sales Trends - Sales are typically stronger in Q1 and Q4 due to increased demand during the winter months and promotional events like Double Eleven and Double Twelve [3] - Sales in Q2 and Q3 may decline due to reduced foot traffic in offline channels during the hot summer months [3] Group 4: Sales Strategy and Future Plans - The company aims to maintain stable sales expense ratios while enhancing e-commerce operational efficiency and expanding hearing aid business revenue [3] - Future expansion plans for the hearing aid segment will adapt to market conditions, with a commitment to becoming a leading hearing chain enterprise in China [4]

Group 1: Financial Performance - The gross profit margin in Q3 improved significantly due to the digestion of pandemic-related inventory last year, which had lowered the overall margin [1] - The company maintained stable revenue growth in Q3, driven by multiple channels including traditional e-commerce and interest e-commerce [1] - The self-produced product ratio is approximately 60%, while the agency product ratio is about 20% [1] Group 2: Strategic Initiatives - For the Double Eleven shopping festival, the company has developed flexible promotional plans to enhance product sales by offering more benefits to consumers [2] - Future cash will primarily be allocated for R&D, production, and channel development, while also exploring merger and acquisition opportunities that align with the company's strategic direction [2] - The company is adjusting the pace of new store expansions for its hearing aid business, focusing on improving management and training for fitters to enhance customer satisfaction and revenue [2] Group 3: Operational Efficiency - The hearing aid business showed good revenue growth in Q3 but still faced some losses; efforts will be made to improve operational efficiency through various strategies [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's revenue and profit for Q3 2024 met expectations, with strong online growth continuing [2] - For the first three quarters of 2024, the company achieved revenue of 2.249 billion (yoy +5.87%) and a net profit of 252 million (yoy +4.12%) [2] - Q3 2024 revenue reached 690 million (yoy +14.09%) and net profit was 67 million (yoy +55.51%) [2] - The gross margin for Q1-Q3 2024 was 51.38% (+6.02 percentage points), while the net margin was 11.2% (-0.21 percentage points) [2] - The company is expected to see accelerated profit growth due to consumption recovery and the profitability of its hearing aid chain business [2] Financial Summary - Revenue (in million) for 2022A, 2023A, and projected for 2024E, 2025E, and 2026E: 2,977, 2,854, 3,113, 3,725, 4,481 [3] - Net profit (in million) for the same years: 302, 254, 360, 450, 561 [3] - Gross margin (%) is projected to increase from 39.5% in 2022A to 52.7% in 2026E [3] - EPS (in yuan) is expected to rise from 1.44 in 2022A to 2.68 in 2026E [3] - The current P/E ratios are 22.7 for 2024E, 18.2 for 2025E, and 14.6 for 2026E [3] Business Development - The company has launched over 40 new products, enhancing its core product competitiveness and solidifying its market position [2] - The hearing aid business generated revenue of 133 million in H1 2024, reflecting a growth of 33% [2] - The company is expanding its retail network, with 814 hearing aid fitting centers opened by H1 2024, covering 20 provincial markets and 128 prefecture-level markets [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a year-on-year increase in profit for Q3, with gross margin continuing to improve. The gross margin for the first three quarters was 49.8%, 51.6%, and 53% respectively, showing a year-on-year change of -1.3, +12.1, and +9.4 percentage points [2] - The company is expected to focus on core products and self-manufactured products, with a rich product pipeline and potential for rapid improvement in profitability [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 2.25 billion yuan (up 5.9% year-on-year) and a net profit attributable to shareholders of 250 million yuan (up 4.1% year-on-year) [1] - The quarterly revenue for Q1 to Q3 was 810 million, 750 million, and 690 million yuan, with year-on-year changes of -5.6%, +13.2%, and +14.1% respectively [1] - The net profit attributable to shareholders for Q1 to Q3 was 100 million, 80 million, and 70 million yuan, with year-on-year changes of -24.8%, +30.1%, and +55.5% respectively [1] Earnings Forecast and Valuation - The forecasted net profit attributable to shareholders for 2024, 2025, and 2026 is 380 million, 470 million, and 570 million yuan, with growth rates of 50.1%, 22.5%, and 22.3% respectively [3] - The current price-to-earnings (P/E) ratios for the years 2024, 2025, and 2026 are projected to be 21X, 17X, and 14X respectively [3] Market Performance - As of November 1, 2024, the closing price of the stock was 37.80 yuan, with a one-year high of 47.50 yuan and a low of 25.50 yuan [1]

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]

证券研究报告 医药生物 证券分析师 刘闯 S1350524030002 liuchuang@huayuanstock.com 市场表现： -40% -30% -20% -10% 0% 10% 20% 30% 2023-102023-112023-122024-012024-022024-032024-042024-052024-062024-072024-082024-092024-10 可孚医疗 沪深300 相关研究 2024 年 10 月 21 日 可孚医疗 (301087.SZ) 买入（首次覆盖） —— 家用医疗器械后起之秀，积极布局听力连锁服务终端 投资要点： ➢ 投资逻辑：公司为家用医疗器械后起之秀，积极平台化布局，目前整体收入体量已经迈上新台阶， 销售及研发策略转变为聚焦核心单品，自产产品占比大幅增长，后续产品管线丰富，盈利能力有 望持续提升。另外，公司积极布局听力连锁服务终端，打造第二增长曲线。 ➢ 可孚医疗为家用医疗器械头部企业，五大领域产品合力构建个人健康管理生态。公司所处的医疗 器械赛道为充分受益于老龄化的黄金赛道，作为家用医疗器械领域的头部企业，公司通过覆盖健 康监测、康复辅具、呼吸支持 ...

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 ...