Financial Performance - The company's revenue for Q3 2024 reached ¥450,121,762.05, representing a 55.68% increase year-over-year[2] - Net profit attributable to shareholders was ¥88,673,866.69, up 49.91% compared to the same period last year[2] - The basic earnings per share (EPS) increased by 46.67% to ¥0.22 for Q3 2024[2] - Total revenue for the third quarter reached ¥1,156,571,221.99, an increase of 10.8% compared to ¥1,043,298,697.55 in the same period last year[16] - The net profit for Q3 2024 is CNY 257,849,211.82, a decrease of 14.0% compared to CNY 300,071,378.71 in Q3 2023[17] - The total profit for Q3 2024 is CNY 289,225,864.68, down from CNY 334,621,662.96 in Q3 2023, reflecting a decrease of 13.5%[17] - The total comprehensive income for Q3 2024 is CNY 296,798,635.92, compared to CNY 285,890,455.63 in Q3 2023, reflecting an increase of 3.2%[17] Assets and Liabilities - Total assets as of the end of Q3 2024 amounted to ¥3,776,064,623.64, reflecting a 7.17% increase from the end of the previous year[2] - The company's total liabilities increased to ¥387,951,591.55 from ¥340,982,554.64, indicating a rise of 13.7%[15] - Cash and cash equivalents decreased to ¥1,397,257,372.86 from ¥1,708,241,239.10, a decline of 18.2%[14] - Inventory levels decreased to ¥351,517,731.83 from ¥374,743,251.45, a reduction of 6.2%[14] - The company's equity attributable to shareholders increased to ¥3,388,113,032.09 from ¥3,182,287,615.40, a growth of 6.5%[15] Cash Flow - The company’s cash flow from operating activities for the year-to-date was ¥301,736,908.98, showing a 12.41% increase compared to the previous year[2] - Cash flow from operating activities for Q3 2024 is CNY 301,736,908.98, an increase of 12.4% from CNY 268,428,729.92 in Q3 2023[19] - Cash inflow from investment activities in Q3 2024 is CNY 3,548,516,470.60, compared to CNY 2,579,644,558.12 in Q3 2023, indicating a significant increase of 37.6%[20] - The net cash flow from investment activities for Q3 2024 is -CNY 227,209,630.54, worsening from -CNY 61,140,353.45 in Q3 2023[20] - The cash and cash equivalents at the end of Q3 2024 amount to CNY 1,142,159,515.93, slightly up from CNY 1,124,089,840.87 at the end of Q3 2023[20] Shareholder Information - The total number of common shareholders at the end of the reporting period is 6,058, with the largest shareholder, Xiong Xiaochuan, holding 45.74% (186,000,000 shares) of the company[6] - Shenzhen Meitai United Industrial Co., Ltd. holds 7.62% (31,000,000 shares), while Shenzhen Meichuang United Investment Partnership holds 7.24% (29,450,000 shares) and Shenzhen Meichuang Yintai Industrial Partnership holds 6.33% (25,730,000 shares)[6] - The report indicates that there are no changes in the number of shares held by the top 10 shareholders due to margin trading activities[9] - The top 10 unrestricted shareholders include Ningbo Gongcheng Yongyi Investment Partnership with 15,654,300 shares (3.85%) and Xianglu Equity Investment Management with 7,044,528 shares (1.73%)[8] - The company has not disclosed any other relationships among the top shareholders or whether they are considered acting in concert under the regulations[9] - The total number of preferred shareholders and the situation of the top 10 preferred shareholders is not applicable[10] - The company has not reported any changes in restricted shares during the period[10] - The report does not indicate any participation of the top shareholders in margin trading activities[9] Investment and Management - The company plans to invest up to $80 million in building a new production base in Malaysia to enhance its global competitiveness and service capabilities[11] - The company appointed Yan Jun'e as the new Vice General Manager and CFO, effective from August 20, 2024[12] Expenses - Operating costs for the quarter were ¥878,898,846.47, up from ¥730,741,849.53, reflecting a rise of 20.2% year-over-year[16] - Research and development expenses increased to ¥103,341,218.61, compared to ¥79,882,546.84 in the previous year, marking a growth of 29.4%[16] - The company reported a significant increase in accounts receivable, which rose to ¥323,220,509.89 from ¥213,425,277.00, an increase of 51.5%[14] - The company experienced a 62.97% decrease in notes payable, amounting to ¥10,009,959.12, as settlement notes for construction projects matured[5] - The company reported a 335.91% increase in taxes payable, indicating higher corporate income tax and VAT obligations[5] - The company’s investment income decreased by 49.23% to ¥6,526,682.47, attributed to reduced cash management returns[5]

证券代码：301363 证券简称：美好医疗 公告编号：2024-051 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。 1、公司未在下列期间回购公司股份 （1）自可能对公司证券及其衍生品种交易价格产生重大影响的重大事项发 生之日或者在决策过程中，至依法披露之日内； （2）中国证监会、深圳证券交易所规定的其他情形。 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 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Views - The company has a solid foundation in its core businesses of home respiratory machine components and artificial cochlear components, while diversifying into new growth areas [1][12]. - The home respiratory machine market is expected to continue expanding, with the company poised for recovery as downstream clients finish inventory adjustments [1][12]. - The artificial cochlear market is highly concentrated, and the company has established strong partnerships with key clients, ensuring steady growth [1][12]. - The company leverages its technological advantages in liquid silicone, precision molds, and automation to explore new fields, enhancing its growth potential [1][12]. Summary by Sections 1. Core Business and Diversification - The company has been deeply engaged in the medical device precision components sector for over a decade, focusing on home respiratory machines and artificial cochlear components [1][12]. - The company has expanded into other medical product components and consumer electronics, creating new growth opportunities [1][12]. 2. Home Respiratory Machine Market - The global market for respiratory machines is growing due to a large patient base for OSA and COPD, with the company benefiting from its partnerships with leading clients [1][12]. - Revenue from respiratory machine components increased from 480 million to 1.059 billion CNY from 2018 to 2022, with a CAGR of 21.87% [1][12]. 3. Artificial Cochlear Market - The global market for artificial cochlear reached 1.9 billion USD in 2022, with an expected CAGR of 8.43% from 2022 to 2030 [1][12]. - The company has maintained a strong relationship with its key client, leading to significant revenue growth in this segment [1][12]. 4. Technological Advancements and New Business Areas - The company has developed advanced technologies in precision molds and liquid silicone, allowing it to enter new markets such as blood glucose monitoring and insulin pen production [1][12]. - Revenue from consumer electronics components grew from 6.39 million to 150 million CNY from 2018 to 2023, with a CAGR of 88.04% [1][12]. 5. Financial Forecast and Valuation - Projected revenues for 2024, 2025, and 2026 are 1.614 billion, 1.975 billion, and 2.406 billion CNY, respectively, with year-on-year growth rates of 20.7%, 22.4%, and 21.8% [2][9]. - Expected net profits for the same years are 380 million, 465 million, and 575 million CNY, with growth rates of 21.3%, 22.3%, and 23.7% [2][9].

证券代码：301363 证券简称：美好医疗 公告编号：2024-050 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引第 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][14]. Core Views - The company's Q2 2024 performance showed significant quarter-on-quarter growth, with revenue and net profit increasing by 51% and 91% respectively compared to Q1 2024, as the inventory destocking impact from downstream customers gradually cleared [1][6]. - The core business of home respiratory machine components is expected to stabilize, while new business segments are showing good growth trends, with revenue from cochlear implants increasing by 12.1% and consumer electronics components by 36.6% in H1 2024 [1][12]. - The company has diversified its business structure, reducing the revenue contribution from the core home respiratory machine components to 64% [1][12]. Financial Performance Summary - In H1 2024, the company achieved revenue of 706 million yuan, a decrease of 6.33% year-on-year, and a net profit of 169 million yuan, down 29.78% year-on-year. However, Q2 2024 revenue was 425 million yuan, reflecting a 9.83% increase from Q1 2024 [1][6]. - The company forecasts revenue growth of 25% for 2024, with projected revenues of 1.67 billion yuan, 2.08 billion yuan, and 2.56 billion yuan for 2024, 2025, and 2026 respectively [2][14]. - The projected net profit for the same years is 392 million yuan, 487 million yuan, and 601 million yuan, with a consistent growth rate of 25% [2][14]. Production Capacity and Incentives - The company has further released production capacity across multiple bases, with significant expansions in the Huizhou production base and successful completion of phases one and two in Malaysia [2][14]. - A stock incentive plan was introduced in April 2024, with ambitious growth targets for revenue and net profit set for 2024 to 2026, indicating strong confidence in future performance [2][14].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][14]. Core Views - The company's Q2 2024 performance showed significant quarter-on-quarter growth, with revenue and net profit increasing by 51% and 91% respectively compared to Q1 2024, as the inventory destocking impact from downstream customers gradually cleared [1][6]. - The core business of home respiratory machine components is expected to stabilize, while new business segments are showing good growth trends, with revenue from artificial cochlear implants increasing by 12.1% and consumer electronics components by 36.6% in H1 2024 [1][12]. - The company has diversified its business structure, with the revenue share from the core home respiratory machine components decreasing to 64% [1][12]. Financial Performance Summary - In H1 2024, the company achieved revenue of 706 million yuan, a decrease of 6.33% year-on-year, and a net profit of 169 million yuan, down 29.78% year-on-year. However, Q2 2024 revenue was 425 million yuan, reflecting a 9.83% increase from Q1 2024 [1][6]. - The company forecasts revenue growth of 25% for 2024, with projected revenues of 1.67 billion yuan, 2.08 billion yuan, and 2.56 billion yuan for 2024, 2025, and 2026 respectively [2][14]. - The projected net profit for 2024 is 392 million yuan, with a growth rate of 25% [2][14]. Production Capacity and Incentives - The company has further released production capacity across multiple bases, with the Huizhou production base expanding and the first two phases of the Malaysian facility completed and operational [2][14]. - A stock incentive plan was introduced in April 2024, with ambitious growth targets set for revenue and net profit over the next three years, indicating strong confidence in future performance [2][14].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - In the first half of 2024, the company achieved operating revenue of 706 million yuan, a year-on-year decrease of 6.33%. The net profit attributable to the parent company was 169 million yuan, down 29.78% year-on-year. In Q2 2024, the company reported revenue of 425 million yuan, a year-on-year increase of 9.83%, with a net profit of 111 million yuan, down 16.14% year-on-year. The improvement in Q2 performance is attributed to the gradual reduction of inventory destocking effects from overseas customers of home respiratory machines, narrowing the decline in core business, and orderly progress in new business expansion [2][6]. Summary by Sections Financial Performance - In H1 2024, the core business of home respiratory machine components generated revenue of 448 million yuan, a year-on-year decline of 11.89%, which is an improvement compared to the decline of 18.12% in 2023. The revenue and profit in Q2 showed significant quarter-on-quarter improvement, with gross margin and net margin at 42.85% and 26.16%, respectively, both up from Q1 [6][7]. Revenue Growth Drivers - The company reported revenue of 78.9 million yuan from home and consumer electronics components, a year-on-year increase of 36.60%. Revenue from artificial cochlear implant components was 64.64 million yuan, up 12.08% year-on-year. Other medical product components generated revenue of 49.04 million yuan, a 14.92% increase year-on-year. The company is actively enhancing R&D investment and expanding into new fields such as cardiovascular intervention, electrophysiology, in vitro diagnostics, blood glucose management, and surgery [6][7]. Future Projections - The company forecasts operating revenues of 1.658 billion yuan, 2.055 billion yuan, and 2.526 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 23.98%, 23.90%, and 22.92%. The net profit attributable to the parent company is projected to be 403 million yuan, 501 million yuan, and 636 million yuan for the same years, with growth rates of 28.70%, 24.26%, and 26.88%, respectively. The EPS is expected to be 0.99 yuan, 1.23 yuan, and 1.56 yuan, with a three-year CAGR of 26.60% [6][7].

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].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is experiencing an initial turning point in orders for respiratory machine components, with expectations for new business expansion potential [2][3] - The company's revenue for the first half of 2024 is reported at 706 million yuan, a year-on-year decrease of 6.33%, while net profit attributable to the parent company is 169 million yuan, down 29.78% year-on-year [2] - The company is focusing on expanding its new product lines, particularly in blood glucose management and IVD diagnostics, with collaborations with major medical device companies [3] Summary by Sections Financial Performance - In H1 2024, the company's revenue from home respiratory machine components was 448 million yuan, down 11.89% year-on-year, with a gross margin of 43.48% [3] - The revenue from artificial cochlear implant components was 65 million yuan, up 12.08% year-on-year, with a gross margin of 63.84% [3] - The revenue from home and consumer electronics components was 79 million yuan, up 36.60% year-on-year, with a gross margin of 24.40% [3] Cost and Expenses - The company's sales, management, and R&D expense ratios for H1 2024 were 2.3%, 6.1%, and 8.1%, respectively [3] - The gross margin for Q2 2024 was 42.85%, a decrease of 1.7 percentage points year-on-year, attributed to declining revenue scale and lower margins from new product categories [3] Future Outlook - The company is expected to see gradual improvement in its expense ratios and gross margins in the second half of 2024 due to increased R&D investment and optimization of its R&D team [3] - The company has set ambitious targets for its stock incentive plan, aiming for annual revenue and net profit growth of no less than 25% from 2024 to 2026 [3] Profit Forecast and Valuation - The profit forecast for the company is set at 397 million yuan for 2024, 502 million yuan for 2025, and 641 million yuan for 2026 [4] - The report highlights the company's leading position in precision medical device components manufacturing and its potential for new business expansion [4]