证券代码：301363 证券简称：美好医疗 公告编号：2024 -0 5 3 深圳市美好创亿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。 | 深圳市美好创亿医疗科技股份有限公司（以下简称"公司"）于 2024 年 3 月 27 日召开第二届董事会第九次会议，审议通过了《关于回购公司股份方案的 议案》。同意公司使用不低于人民币 5,000 万元（含），不超过人民币 10,000 万 元（含）的自有资金以集中竞价交易方式回购公司已发行的部分人民币普通股 A 股股份，回购的股份将全部用于实施股权激励计划或员工持股计划，回购期限自 公司董事会审议通过回购方案之日起 12 个月内。具体内容详见公司分别于 2024 年 3 月 28 日、2024 年 4 月 4 日在巨潮资讯网（www.cninfo.com.cn）披露的《关 于回购公司股份方案的公告》（公告编号：2024-011）和《回购报告书》（公告 编号：2024-013）。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指 ...

Investment Rating - Maintains a "Buy" rating for the company [1][3] Core Views - Q3 performance showed significant year-on-year growth, with revenue reaching 4.50 billion yuan, up 55.68% YoY and 5.94% QoQ [1] - Net profit attributable to the parent company in Q3 was 886.7 million yuan, up 49.91% YoY but down 20.21% QoQ due to exchange rate losses and share-based payments [1] - The company's diversified business layout is entering a harvest period, with the insulin pen project achieving batch delivery in Q3 [1] - Domestic and overseas production capacity continues to expand, enhancing global service capabilities [1] Financial Performance - Revenue for Q1-Q3 2024 was 11.57 billion yuan, up 10.86% YoY [1] - Net profit attributable to the parent company for Q1-Q3 2024 was 2.58 billion yuan, down 14.07% YoY [1] - Gross margin in Q3 was 42.97%, up 3.05 percentage points YoY and 0.12 percentage points QoQ [1] - Sales expense ratio in Q3 was 3.19%, up 0.31 percentage points YoY and 1.61 percentage points QoQ [1] - R&D expense ratio in Q3 was 10.21%, up 0.75 percentage points YoY and 2.05 percentage points QoQ [1] Business Development - The insulin pen project has achieved full automated production and delivery capabilities, with small batch deliveries starting in H1 2024 and batch deliveries in Q3 [1] - The company is expanding its downstream application fields, focusing on blood glucose management, in vitro diagnostics, cardiovascular, orthopedic, and MAH sectors [1] - Overseas production capacity is being enhanced, with the Malaysian factory expanding to meet global demand [1] Future Projections - Revenue for 2024-2026 is projected to be 16.14 billion yuan, 19.75 billion yuan, and 24.06 billion yuan, with YoY growth rates of 20.7%, 22.4%, and 21.8% respectively [1] - Net profit attributable to the parent company for 2024-2026 is projected to be 3.80 billion yuan, 4.65 billion yuan, and 5.75 billion yuan, with YoY growth rates of 21.3%, 22.3%, and 23.7% respectively [1] - The company's PE ratio for 2024-2026 is projected to be 33X, 27X, and 22X respectively [1] Industry Context - The company operates in the medical device industry [3] - The stock price has shown significant volatility compared to the CSI 300 index [4]

Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The report highlights that the impact of inventory destocking in downstream markets is diminishing, and several new business initiatives are contributing to growth [1]. - The company achieved a revenue of 1.157 billion yuan in Q3 2024, reflecting a year-on-year increase of 10.86%, while the net profit attributable to the parent company was 88.67 million yuan, up 56% year-on-year [1]. - The report indicates that the company's household respiratory machine business has reached a stable production and sales balance, suggesting a positive outlook for future growth [1]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 1.157 billion yuan, with a net profit of 258 million yuan, representing a year-on-year decrease of 14.07% [1]. - The gross profit margin for Q3 2024 was 41.78%, showing recovery from the previous quarter's 38.29% [1]. - The report projects revenues of 1.673 billion yuan, 2.084 billion yuan, and 2.588 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 25.0%, 24.6%, and 24.2% [2][3]. Business Development Summary - The company is expanding its new business segments, including blood glucose management and insulin injection pens, which have shown promising growth and customer acceptance [1]. - The report emphasizes that the company is actively exploring new markets and technologies, particularly in the IVD (in vitro diagnostics) sector, which could enhance its long-term growth prospects [1]. - The company is expected to benefit from production scale effects as its Malaysian factory ramps up operations, alongside the growth of new business lines [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in Q3, with new business segments entering a harvest phase. The core business of home respiratory devices and cochlear implant components remains stable, with inventory pressures easing for downstream customers. The company achieved a strong performance in the first three quarters of 2024, with Q3 revenue reaching 450 million yuan, a year-on-year increase of 55.68% [1][2] - The diversified business layout initiated by the company is gradually entering a harvest period in 2024, particularly in the blood glucose management sector, where overseas B-end customer orders have been secured. The company is also focusing on high-end consumables in the in vitro diagnostics sector and making steady progress in cardiovascular technology development [1][2] Financial Performance Summary - For the first three quarters of 2024, the company reported operating revenue of 1.157 billion yuan (up 10.86% year-on-year) and a net profit attributable to the parent company of 258 million yuan (down 14.07% year-on-year). The net profit after deducting non-recurring gains and losses was 248 million yuan (down 11.15% year-on-year) [1] - The company expects revenues for 2024, 2025, and 2026 to be 1.693 billion yuan, 2.116 billion yuan, and 2.659 billion yuan, respectively, with year-on-year growth rates of 26.5%, 25.0%, and 25.7% [2][5] - The net profit attributable to the parent company is projected to be 397 million yuan, 505 million yuan, and 641 million yuan for 2024, 2025, and 2026, respectively, with corresponding growth rates of 26.6%, 27.3%, and 26.9% [2][5] Key Financial Metrics - The company’s gross margin is expected to remain stable around 41% over the forecast period, with a return on equity (ROE) projected to increase from 9.8% in 2023 to 13.6% in 2026 [2][6] - Earnings per share (EPS) are forecasted to be 0.98 yuan, 1.24 yuan, and 1.58 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios decreasing from 47.79 to 22.17 over the same period [2][6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [3][5]. Core Views - The company's performance in Q3 2024 showed continuous improvement, with revenue reaching 4.5 billion yuan, a year-on-year increase of 55.68% and a quarter-on-quarter increase of 5.94%. The net profit attributable to the parent company was 88.67 million yuan, up 49.91% year-on-year but down 20.21% quarter-on-quarter [3][4]. - The company is expanding its product offerings and has established collaborations with several global high-tech firms in various medical fields, including blood glucose management and in vitro diagnostics. Significant progress has been made in the insulin injection pen project, with mass production orders already in place [4]. - The overseas factory in Malaysia is progressing smoothly, enhancing the company's production capabilities and maintaining consistent quality between domestic and overseas operations [4]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 1.157 billion yuan, a year-on-year increase of 10.86%, while the net profit attributable to the parent company was 258 million yuan, a year-on-year decline of 14.07% [3]. - The projected revenues for 2024, 2025, and 2026 are 1.625 billion yuan, 2.001 billion yuan, and 2.481 billion yuan, respectively, with net profits expected to be 380 million yuan, 481 million yuan, and 601 million yuan, respectively [5][10]. - The corresponding price-to-earnings ratios for these years are projected to be 35, 27, and 22 times [5].

证券研究报告 | 2024年10月31日 美好医疗（301363.SZ）——2024 年三季报点评 优于大市 业绩表现亮眼，24Q3 营收同环比持续恢复 24Q3 业绩同比增长亮眼，利润端受汇兑损益及股份支付费用影响。2024 年 前三季度公司实现营收 11.57 亿元（+10.86%），归母净利润 2.58 亿元 （-14.07%），扣非归母净利润 2.48 亿元（-11.15%），收入端增长良 好，利润端有所下滑，主要系汇兑损失同比增加约 3000 万元。24Q3 单 季营收 4.50 亿元（+55.68%），归母净利润 0.89 亿元（+49.91%），扣 非归母净利润 0.85 亿元（+55.51%），24Q3 业绩同比高速增长，主要系 23Q3 受呼吸机大客户去库存影响导致业绩低基数，该影响于 24Q2 逐步 出清，24Q3 持续恢复，收入实现环比增长，归母净利润环比下降 20%， 主要系受汇兑及股份支付费用影响，汇兑损失环比增加约 2300 万元， 股份支付费用计提约 1650 万元（包括二、三季度，但二季度未计提）， 若剔除此两点影响，24Q3 利润端实现同环比增长。 毛利率提升，财务费用率有所 ...

我先做完解读后续之后我没有解读到的如果投资人还有其他的问题的话我们可以在后面可以继续的交流好吗首先美好医疗三季度的这个季报确实是比较亮眼的那三季度我们是实现了营收是4.5个亿 那是再创新高那么对比2024年的第一季度第二季度第三季度来讲的话这个每个季度的营收都是在足的季度的这个在增长而且从二季度开始我们一直在不断的创这个营收的新高回顾一下过往的数据Q1的话就是第一季度的话我们美好医疗的这个营收是2.82亿那第二季度三季度的这个营收是4.25亿 那么第三季度单季度营收是4.5亿那么同时我们单季度第三季度的这个归属于上述公司股东的金利润的这个增长也是非常的强劲的也叫上上一年度同期也是增长了49.91%的所以从这个可能大家可以看到就是整个一到九月份的综合的毛利可能看到可能比去年同期略微下滑了一个点 那其实这个呢我可以把这个数据拆解给大家分析一下从这个2024年第一季度到第三季度其实公司的这个毛利是每个季度就是每个季度是逐渐增长 那么现在整个一到九月份的综合毛利上年同期下滑一个点主要还是因为我们第一季度因为大多数区域层的一个尾部的影响以及第一季度春节放假的一个影响因为第一季度的毛利大家也看到综合毛利大概是38.29 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant operational improvement in Q3, with expectations for continued positive performance throughout the year [1] - The revenue for the first three quarters of 2024 reached 1.157 billion yuan, representing a year-on-year increase of 10.86%, while the net profit attributable to shareholders was 258 million yuan, a decrease of 14.07% [4] - The company is actively expanding its product lines, including high-value consumables and insulin pens, leveraging a comprehensive CDMO platform [4] Financial Performance - In Q3 alone, the company achieved a revenue of 450 million yuan, a year-on-year increase of 55.68%, and a net profit of 89 million yuan, up 49.91% [4] - The gross margin for the first three quarters of 2024 was 41.78%, an increase from 41.19% in 2023 and 41.03% in the first half of 2024 [4] - The company forecasts revenues of 1.683 billion yuan, 2.108 billion yuan, and 2.655 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 25.81%, 25.26%, and 25.94% [5] Profitability Forecast - The net profit attributable to shareholders is projected to be 392 million yuan, 515 million yuan, and 650 million yuan for 2024, 2025, and 2026, with growth rates of 25.06%, 31.42%, and 26.23% [5] - The current price-to-earnings (P/E) ratios are estimated at 35, 27, and 21 for the years 2024, 2025, and 2026, respectively [4][5]

Financial Performance - In 2024, the company achieved a revenue of 450 million CNY, representing a year-on-year growth of 49.91% [1] - For Q3 2024, the main business experienced rapid growth with a revenue increase of 55.68% [1] - The net profit attributable to shareholders for the first three quarters was 88.67 million CNY, with a year-on-year decline of 14.07% [1] - Year-to-date revenue growth was reported at 10.86% [1] Exchange Rate Impact - The decline in net profit was influenced by two main factors, including the accounting provisions for foreign exchange losses due to the recent interest rate cuts by the Federal Reserve [1] - The exchange rate fluctuations have a recurring impact on the company's net profit [1] Business Development - The company’s insulin pen business is showing good momentum, with full automation production capabilities established in the second half of last year and gradual small-batch deliveries in the first two quarters of this year [3] - The home and consumer product segment reported revenue growth, but the overall revenue contribution remains small, indicating potential risks [3] - The company is focusing on medical devices as its primary strategic direction, with R&D and technical investments concentrated in this area [3] Production Capacity - The company plans to allocate production capacity primarily to its Malaysian factory for respiratory components, benefiting from tax incentives that positively impact operational results [3]

营收环比提升，全年库存改善显著 ——美好医疗 2024 三季报点评 核心观点 事件：公司发布三季报，报告期内实现营收 11.6 亿元（+10.9%），归母净利润 2.6 亿元（-14.1%）。其中，24Q3营收 4.5亿元（同比+55.7%，环比+6.0%），归母净 利润 0.9 亿元（同比+49.9%，环比-20.2%）。 ⚫ 营收环比提升，毛利率持续修复。从单季度来看，24Q3 营收环比继续改善，延续了 1-2 季度的趋势。前三季度，公司毛利率为 41.78%，较 2023 全年毛利率提高 0.59pct；从净利率来看，前三季度净利率为 22.29%，较 2023 全年净利率下降 1.13pct，主要系股份支付、汇率变动两大因素影响。费用方面，前三季度公司销售 费用为 3032 万（+33.0%），主要来自于股份支付费用增加所致；公司财务费用为1347 万（+69.1%），主要由于汇率变动，汇兑损失增加所致。 ⚫ 医疗器械精密组件龙头，技术延展能力充足。公司主要业务是家用呼吸机组件和人 工植入耳蜗组件加工，形成的底层技术如：液态硅胶、精密模具、自动化等延展能 力强，因此公司已逐步拓展至监护、介入等其他医疗 ...