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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown signs of a business turning point, with mid-year performance exceeding expectations. In H1 2024, the company achieved operating revenue of 706 million yuan, a year-on-year decrease of 6.33%, and a net profit attributable to shareholders of 169 million yuan, a year-on-year decrease of 29.78% [1] - In Q2 2024, the company reported operating revenue of 425 million yuan, a year-on-year increase of 9.83%, and a net profit attributable to shareholders of 111 million yuan, a year-on-year decrease of 16.14% [1] - The company is consolidating its core business in home ventilator components and cochlear implant components, with inventory pressure from ventilator components gradually alleviated since Q2 2023 [1] - The company is increasing R&D investment and enhancing innovation capabilities, achieving breakthroughs in automation technology, extrusion technology, and multi-cavity mold technology [1] - The insulin pen business is progressing steadily with related clients, indicating promising future growth [1] Financial Performance and Forecast - The company expects revenues of 1.693 billion yuan in 2024, 2.116 billion yuan in 2025, and 2.659 billion yuan in 2026, with year-on-year growth rates of 26.5%, 25.0%, and 25.7% respectively [3] - Net profit attributable to shareholders is projected to be 397 million yuan in 2024, 505 million yuan in 2025, and 641 million yuan in 2026, with year-on-year growth rates of 26.6%, 27.2%, and 27.0% respectively [3] - The company’s EPS is expected to be 0.98 yuan in 2024, 1.24 yuan in 2025, and 1.58 yuan in 2026 [3] - The P/E ratios for 2024, 2025, and 2026 are projected to be 26x, 20x, and 16x respectively [3] Business Strategy - The company is actively implementing a production base strategy to enhance service quality and response speed to global clients, with multiple production bases' capacities being further released in H1 2024 [1] - The company is expanding its production capacity in Huizhou and Malaysia, and is constructing a new production base in Malaysia to strengthen its global supply chain layout [1]

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 ...

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Financial Performance - The company reported a total revenue of RMB 500 million for the first half of 2024, representing a year-on-year increase of 25%[7]. - The company has set a revenue guidance of RMB 1.2 billion for the full year 2024, reflecting an expected growth of 20% compared to 2023[7]. - The company's operating revenue for the reporting period was ¥706,449,459.94, a decrease of 6.33% compared to ¥754,161,189.13 in the same period last year[12]. - The net profit attributable to shareholders was ¥169,175,345.13, down 29.78% from ¥240,918,427.84 year-on-year[12]. - The net profit after deducting non-recurring gains and losses was ¥162,900,367.64, a decrease of 27.33% compared to ¥224,160,101.79 in the previous year[12]. - The gross profit margin improved to 45%, up from 40% in the same period last year, due to cost optimization strategies[7]. - The basic earnings per share decreased by 28.81% to ¥0.42 from ¥0.59 in the same period last year[12]. - The total comprehensive income for the first half of 2024 was approximately ¥162.89 million, compared to ¥233.76 million in the same period of 2023, a decline of about 30.3%[156]. Market Expansion and Strategy - User data indicates a growth in active users by 15%, reaching a total of 1.2 million users by June 30, 2024[7]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by the end of 2025[7]. - A strategic acquisition of a local medical device company is in progress, aimed at enhancing product offerings and distribution channels[7]. - The company is expanding its global footprint by establishing backup factories in Malaysia and planning further expansions into Europe and North America to mitigate geopolitical risks[100]. Research and Development - The company has invested RMB 50 million in R&D for new technologies, focusing on advanced materials like PEEK for medical devices[7]. - Research and development expenses increased by 9.26% to CNY 57,386,444.88 from CNY 52,520,580.70 year-on-year[62]. - The company focuses on R&D in medical device technology, with significant investments in new products and technologies, enhancing its core competitiveness[49]. - The company has established a professional mold design team, leveraging advanced technologies to meet medical standards and improve manufacturing efficiency, resulting in a competitive edge in precision mold manufacturing[53]. Risk Management - Risk factors identified include regulatory changes and market competition, with strategies in place to mitigate these risks[2]. - The company is facing risks related to the use of raised funds, including potential project delays and market changes that could affect investment outcomes[96]. - The company has established foreign exchange management rules to mitigate risks associated with currency fluctuations, especially as its overseas business grows[99]. Production and Operations - The company operates under a dual production model: "make to order" based on customer orders and "make to stock" based on market sales planning[44]. - The company has increased its production capacity, particularly in Huizhou and Malaysia, to meet global customer supply demands[49]. - The company has developed a comprehensive procurement management system to ensure quality and efficiency in its supply chain[43]. - Automation technology has been applied to improve production speed and accuracy, with the successful mass production of an insulin pen assembly automation device, marking a breakthrough in the company's automation capabilities[54]. Financial Management - The net cash flow from operating activities increased by 3.23% to ¥174,298,507.03 from ¥168,838,366.56 in the same period last year[12]. - The net cash flow from investing activities surged by 1,834.55% to CNY 320,377,149.56, primarily due to the redemption of previously purchased financial products[62]. - The company has not utilized idle raised funds for temporary liquidity support[82]. - The company has established a management system for foreign exchange hedging to mitigate risks associated with currency fluctuations[87]. Corporate Governance - The company has not faced any administrative penalties related to environmental issues during the reporting period[108]. - The company emphasizes employee rights protection by adhering to labor laws and providing a supportive work environment[110]. - The company is implementing a restricted stock incentive plan to stabilize its core team and attract high-end talent, which is crucial for maintaining its competitive advantage in the medical device sector[97]. Shareholder Information - The company reported a 75.22% participation rate in its first extraordinary shareholders' meeting held on February 27, 2024, indicating strong investor engagement[103]. - The company’s total share capital stands at 406,660,000 shares, with 72.42% being restricted shares[132]. - The largest shareholder, Xiong Xiaochuan, holds 45.74% of the shares, totaling 186,000,000 shares[137]. Compliance and Regulations - The medical device industry has high entry barriers due to stringent regulatory compliance, requiring significant time and resources for product registration[30]. - The company has established a comprehensive medical device quality management system, ensuring effective oversight from design to mass production, enhancing product safety and reliability[56].

第二届董事会第十三次会议决议公告 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。 证券代码：301363 证券简称：美好医疗 公告编号：2024-046 一、董事会会议召开情况 深圳市美好创亿医疗科技股份有限公司 深圳市美好创亿医疗科技股份有限公司（以下简称"公司"）第二届董事会 第十三次会议通知于2024年8月9日以书面、电话等方式送达全体董事，并于2024 年8月16日在公司会议室以现场结合通讯方式召开会议。本次会议由董事长熊小 川先生主持，会议应到董事7人，实际参会董事7人，其中袁峰副董事长和吴学斌 独立董事以通讯方式参会。经全体与会董事确认，本次会议的召集、召开以及审 议程序符合《中华人民共和国公司法》《公司章程》和《董事会议事规则》等有 关规定，会议形成的决议合法、有效。 本议案已经公司第二届董事会审计委员会审议通过。 具体内容详见公司于同日在巨潮资讯网（www.cninfo.com.cn）披露的相关 公告。 1 表决结果：同意 7 票，反对 0 票，弃权 0 票。 （二）审议通过《关于公司<2024 年半年度募集资金存放与使用情况的专项 报告>的议 ...

深圳市美好创亿医疗科技股份有限公司 证券代码：301363 证券简称：美好医疗 公告编号：2024-048 2024年半年度募集资金存放与使用情况的专项报告 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。 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求》和深圳证券交易所印发的《深圳证券交易所上市公 司自律监管指引第 2 号——创业板上市公司规范运作》等相关规定，深圳市美好 创亿医疗科技股份有限公司（以下简称"公司"或"本公司"）编制了《2024 年 半年度募集资金存放与使用情况的专项报告》，现将公司 2024 年半年度募集资金 存放与使用情况说明如下： 一、 募集资金基本情况 （一）实际募集资金金额和资金到账时间 根据中国证券监督管理委员会《关于同意深圳市美好创亿医疗科技股份有限 公司首次公开发行股票注册的批复》（证监许可〔2022〕1441 号），本公司由主承 销商东兴证券股份有限公司采用余额包销方式，向社会公众公开发行人民币普通 股（A 股）股票 4,427.00 万股，发行价为每股人民币 30.66 元， ...