证券研究报告 非金融公司|公司点评|美好医疗（301363） 下游去库或迎拐点，Q2 业绩环比改善 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月22日 证券研究报告 |报告要点 2024 年上半年公司实现营业收入 7.06 亿元，同比减少 6.33%；归母净利润 1.69 亿元，同比 减少 29.78%；扣非归母净利润 1.63 亿元，同比减少 27.33%。单二季度公司实现收入 4.25 亿 元，同比增长 9.83%；归母净利润 1.11 亿元，同比减少 16.14%；扣非归母净利润 1.07 亿元， 同比减少 13.55%。2024Q2 公司收入及利润环比改善明显，主要考虑家用呼吸机海外下游客户 去库存影响逐步减弱，基石业务同比降幅收窄，同时新拓展业务有序推进。 |分析师及联系人 郑薇 许津华 SAC：S0590521070002 SAC：S0590523070004 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月22日 美好医疗(301363) 下游去库或迎拐点，Q2 业绩环比改善 | --- | --- | | ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [1][16]. Core Insights - The company reported a revenue of 706 million yuan in the first half of 2024, a year-on-year decrease of 6.33%, with a net profit attributable to shareholders of 169 million yuan, down 29.78% year-on-year [3]. - In Q2 2024, the company achieved a revenue of 425 million yuan, showing a year-on-year growth of 9.83%, indicating a recovery from the inventory digestion phase of major clients [3]. - The company is expected to see significant growth in new business areas such as blood glucose management and cardiovascular devices, which are anticipated to become important growth drivers [3]. Financial Performance Summary - **Revenue Forecast**: The company is projected to achieve revenues of 1,672 million yuan, 2,124 million yuan, and 2,707 million yuan for 2024, 2025, and 2026 respectively, with growth rates of 25%, 27%, and 27% [3]. - **Net Profit Forecast**: Expected net profits for the same years are 385 million yuan, 494 million yuan, and 633 million yuan, with growth rates of 23%, 28%, and 28% [3]. - **Earnings Per Share (EPS)**: The EPS is projected to be 0.95 yuan in 2024, increasing to 1.56 yuan by 2026 [3]. Business Segment Analysis - The home respiratory machine component business generated 448 million yuan in revenue in the first half of 2024, a decrease of 11.89% year-on-year, primarily due to fluctuations in overseas client inventory [3]. - The artificial cochlear business saw a revenue increase of 12.08% year-on-year, reaching 65 million yuan, indicating strong performance in this segment [3]. - The diversified business segments, including home electronics and other medical devices, achieved a combined revenue of 79 million yuan, with a growth rate of 36.60% [3]. Operational Developments - The company has successfully launched new production facilities in Daya Bay and Malaysia, enhancing its global supply chain capabilities [3]. - The ongoing construction of the third phase of the Malaysian factory is expected to further increase production capacity to meet overseas demand [3].

Investment Rating - The report maintains a "Buy" investment rating for the company [1][2]. Core Views - The company reported a revenue of 706 million yuan for the first half of 2024, a decrease of 6.33% year-on-year, with a net profit attributable to shareholders of 169 million yuan, down 29.78% compared to the same period last year [1]. - There is a recovery in orders for home respiratory machine components, leading to a quarter-on-quarter improvement in revenue [1]. - The company’s revenue from home respiratory machine components for the first half of 2024 was 448 million yuan, a year-on-year decline of 11.89%, primarily due to inventory destocking by downstream customers [1]. - The company expects continued improvement in its home respiratory machine component business in the second half of 2024, supported by a global growth rate of 6% for main respiratory machines and 15% for masks and related consumables in Q2 2024 [1]. - Revenue from artificial cochlear implant components grew by 12.08% year-on-year in the first half of 2024, indicating stable growth [1]. - The company has established solid cooperative relationships with downstream clients in the home respiratory machine and artificial cochlear implant sectors, sharing in the stable market growth [2]. Summary by Sections Financial Performance - The company’s revenue projections for 2024-2026 are 1.723 billion, 2.156 billion, and 2.672 billion yuan, respectively, with net profits of 392 million, 497 million, and 624 million yuan [2]. - Earnings per share (EPS) are forecasted to be 0.96, 1.22, and 1.53 yuan for the same periods, with corresponding price-to-earnings (PE) ratios of 29.3, 23.1, and 18.4 times [2]. - The company’s revenue growth rates are projected at 28.8%, 25.1%, and 23.9% for the years 2024, 2025, and 2026, respectively [4]. Market Position - The company has a significant international presence, with overseas revenue accounting for 93.90% of total revenue in the first half of 2024 [1]. - The company is involved in various medical device sectors, providing development and manufacturing services to over ten global medical device companies [1].

2024 年 8 月 21 日 市场数据 总股本(亿股) 4.07 总市值(亿元)： 111.18 一年最低/最高(元)： 21.91/39.15 近 3 月换手率： 30.69% 公司研究 呼吸机组件订单拐点初显，期待新业务拓展潜力 ——美好医疗（301363.SZ）2024 半年报点评 要点 事件：公司发布 2024 半年报，24H1 收入 7.06 亿元（同比-6.33%），归母净利 润 1.69 亿元（同比-29.78%），扣非归母净利润 1.63 亿元（同比-27.33%）； 单二季度收入 4.25 亿元（同比+9.83%，略超市场预期），归母净利润 1.11 亿 元（同比-16.14%），扣非归母净利润 1.07 亿元（同比-13.55%）。 点评： 家用呼吸机组件下游客户去库存尾声，拐点初显。公司目前的基石业务是家用呼 吸机和人工植入耳蜗组件的开发制造和销售。24H1 公司家用呼吸机组件业务营 收 4.48 亿元（同比-11.89%），毛利率 43.48%，同比减少 1.90pcts；24H1 人 工植入耳蜗组件收入 0.65 亿元（同比+12.08%）, 毛利率 63.84%，同比下降 2.3 ...

证券代码：301363 证券简称：美好医疗 深圳市美好创亿医疗科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | |------------------------|-------------------------------------------------------------------|-----------------------------|----------------| | | | | 编号：2024-004 | | 投资者关系活动类别 | □特定对象调研 □媒体采访 □业绩说明会□新闻发布会 □路演活动□现场参观 | □分析师会议其他（电话会议） | | | 活动参与人员 | 详见附件清单 | | | | 时间 | 2024 年 8 月 20 日-2024 | 年 8 月 21 日 | | | | 地点 公司会议室 | | | | 上市公 | 董事、副总经理：周道福先生 | | | | 司接待 | 副总经理、财务总监：严俊峨女士 | | | | 人员 | 董事会秘书：谭景霞女士 | | | | | 主要提问及答复情况 | | | | | 问题一 ...

[ T able_StockInfo] 2024 年 08 月 20 日 证券研究报告•2024 年中报点评 当前价：27.60 元 美好医疗（301363）医药生物 目标价：——元（6 个月） Q2 营收同环比改善，看好呼吸机业务恢复 [Table_Summary 事件：公司发布] 2024年中报，24H1 年实现收入 7.1亿元（-6.3%），实现归母 净利润 1.7亿元（-29.8%）。24Q2实现收入 4.2亿元（+9.8%），实现归母净利 润 1.1亿元（-16.1%）。公司营收增速在 Q2转正，利润降幅显著收窄，呼吸机 库存影响有望持续改善。 基石业务略有分化，新兴业务快速增长。按业务来看，24H1两大基石业务：家 用呼吸机组件收入 4.5亿元（-11.9%），考虑到呼吸机业务库存消化已进入尾声， 上游客户预计在 H2恢复正常订单和放量节奏；人工耳蜗客户订单稳定放量，业 务收入0.6亿元（+12.1%）。新兴业务如家用及消费电子组件实现快速增长，24H1 收入 0.8亿元（+36.6%）。注射笔已突破关键技术，并成功实现量产，与新客户 订单正稳步推进中，有望为业绩带来第二增长曲线。公司在多元化赛道 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 32.34 CNY based on a 33x P/E ratio for 2024 [2][4]. Core Insights - The company's Q2 2024 performance showed significant improvement, with a revenue of 420 million CNY (up 9.8% YoY and 50.9% QoQ) and a net profit of 110 million CNY (down 16.1% YoY and up 91.5% QoQ), indicating a recovery in order volume as inventory levels stabilize [1][2]. - The core business is showing positive margins, while other segments are performing steadily. The home respiratory device components generated 450 million CNY in H1 2024 (down 11.9% YoY) but improved by 25% QoQ compared to H2 2023 [1]. - The company is increasing R&D and sales investments, leading to a recovery in net profit margin, which reached 26.2% in Q2 2024 (up 5.6 percentage points QoQ) [1]. - A clear stock incentive plan was announced in April 2024, aiming for revenue or net profit growth rates of no less than 25%/56.25%/95.31% for 2024/2025/2026, reflecting strong confidence in future growth [1]. Financial Summary - For H1 2024, the company reported a revenue of 710 million CNY (down 6.3% YoY) and a net profit of 170 million CNY (down 29.8% YoY) [1]. - The projected EPS for 2024-2026 is 0.98, 1.22, and 1.51 CNY respectively, with an upward revision from previous estimates [2]. - The company's gross margin for H1 2024 was 41.0% (up 3.0 percentage points YoY), while the net margin was 23.7% for 2024E [3][6].

华福证券 - A T T T 美好医疗（301363.SZ） 主业去库存结束，注射笔订单稳步推进 投资要点： 事件：公司发布 2024 年半年报，2024H1 实现收入 7.1 亿（同比-6.33%）， 归母净利润 1.7 亿（同比-29.78%），扣非归母净利润 1.6 亿（同比-27.33%）； 2024Q2 实现收入 4.2 亿（同比+9.83%），归母净利润 1.1 亿（同比-16.14%）， 扣非归母净利润 1.1 亿（同比-13.55%）。 主业呼吸机组件业务拐点确立，业绩重回向上趋势：公司家用呼吸机 组件 2024H1 实现收入 4.5 亿（同比-11.9%），毛利率 43.4%。当前公司家 用呼吸机组件大客户去库存压力已经逐渐消退、回到正常水平。同时，呼 吸机组件业务上半年毛利率对比 23 年全年已有所提升，主业未来有望进入 拐点向上阶段。公司新股权激励夯实 24 年净利润增速 25%，对应全年 3.9 亿利润目标，Q2 迈入拐点向上夯实全年增长确定性。 第二增长曲线注射笔稳步推进，新客户拓展可期：截至目前，公司有 签订胰岛素注射笔的订单，目前与相关客户的商务合作稳步推进，处于逐 步放量的发展 ...

美好医疗（301363） 公司点评 公司业务拐点显现，中报业绩超预期 | --- | --- | --- | --- | |---------------------------------------------------------------------------------|----------------|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告 医药生物 证券分析师 刘闯 S1350524030002 liuchuang@huayuanstock.com 林海霖 S1350524050002 linhailin@huayuanstock.com 市场表现： -50% -40% -30% -20% -10% 0% 10% 美好医疗 沪深300 相关研究 2024 年 08 月 20 日 美好医疗 (301363.SZ) 买入（维持） —— Q2 业绩拐点初现，下半年业绩高增长可期 投资要点： ➢ 事件：公司发布 2024 年中报，上半年实现营收 7.06 亿元（yoy-6.33%，下同），实现归母净 利润 1.69 亿元（yoy-29.78%），实现扣非归母净利润 1.63 亿元（yoy-27.33%）。2024 年 Q2 实现营业收入 4.25 亿元（yoy+9.83%），实现归母净利润 1.11 亿元（yoy-16.14%），实 现扣非归母净利润 1.07 亿元（yoy-13.55%），业绩符合预期。 ➢ 家用呼吸机组件持续回暖，经营拐点初现。2024 上半年公司家用呼吸机组件业务实现收入 4.48 亿元(yoy-11.89%)，较 ...