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]

可孚医疗科技股份有限公司 证券代码：301087 证券简称：可孚医疗 公告编号：2024-078 关于回购公司股份的进展公告 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。 2023 年年度权益分派实施后，本次回购股份价格上限由不超过人民币 53.00 元/股（含）调整为不超过人民币 51.83 元/股（含）；2024 年半年度权益分派实 施后，回购股份价格上限调整为不超过人民币 51.25 元/股（含）。具体内容详见 公司在巨潮资讯网（http://ww ...

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]

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 ...