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 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The impact of major clients' inventory reduction is weakening, and new business expansion is progressing smoothly [3] - In Q3 2024, the company achieved revenue of 450 million yuan, a year-on-year increase of 55.68%, and a net profit attributable to shareholders of 88.67 million yuan, up 49.91% year-on-year [2] - For the first three quarters of 2024, the company reported revenue of 1.157 billion yuan, a year-on-year increase of 10.86%, and a non-recurring net profit of 258 million yuan, down 14.07% year-on-year [2] - The company's home respiratory machine components business accounted for 64.80% of revenue in 2023, and the negative impact from client inventory reduction is gradually diminishing [2] - The company is successfully expanding into new business areas, providing products and components for over ten global top 100 medical device companies [2] Financial Performance Summary - Revenue projections for 2024-2026 are 1.604 billion yuan, 2.007 billion yuan, and 2.499 billion yuan respectively, with net profits of 362 million yuan, 453 million yuan, and 559 million yuan [3] - The corresponding price-to-earnings (PE) ratios are 30.98, 24.76, and 20.07 [3] - The sales expense ratio for the first three quarters of 2024 was 2.62%, an increase of 0.44% year-on-year, while the management expense ratio was 6.46%, a decrease of 0.50% year-on-year [2] - Research and development expense ratio increased to 8.94%, up 1.28% year-on-year, primarily due to foreign exchange differences and the start of stock incentive expense accruals [2] - The company is engaged in comprehensive and in-depth cooperation with several innovative high-tech medical enterprises in various fields [2]

华福证券 - A T T T 美好医疗（301363.SZ） 业绩符合预期，Q3 收入环比继续提升 投资要点： 事件：公司发布 2024 年三季报，2024 年单三季度实现收入 4.50 亿（同 比+55.7%），归母净利润 0.88 亿（同比+49.9%），扣非归母净利润 0.84 亿 （同比+55.5%）；2024 年前三季度实现收入 11.5 亿（同比+10.9%），归母 净利润 2.57 亿（同比-14.1%），扣非归母净利润 2.47 亿（同比-11.1%）。 Q3 同比增速亮眼，利润环比核心受汇兑损益影响：2024 单三季度同 比增速亮眼，环比来看，收入端环比提升 5.9%，延续正增长趋势；利润端 表观核心受汇兑损益及股权激励费用影响拖累。费用端，销售费用率 3.2% （同比+0.3pct），管理费用率 7.0%（同比-1.8pct），研发费用率 10.2%（同 比+0.7%），费用端总体维持稳定。 主业去库存结束+面罩增长加速，夯实收入基本盘。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，主业进入拐点向上阶段。 ...

美好医疗（301363.SZ） 医疗器械 证券研究报告/公司点评报告 2024 年 10 月 24 日 执业证书编号：S0740519040001 Email：zhujq@zts.com.cn 执业证书编号：S0740518010004 Email：xiemq@zts.com.cn 执业证书编号：S0740523080002 报告摘要 事件：公司发布 2024 年三季报报告，2024 年前三季度公司实现营业收入 11.57 亿元， 同比增长 10.86%；归母净利润 2.58 亿元，同比下降 14.07%；扣非归母净利润 2.48 亿元，同比下降 11.15%。 分季度看，2024 年单三季度公司实现营业收入 4.50 亿元，同比增长 55.68%；归母 净利润 0.89 亿元，同比增长 49.91%；扣非归母净利润 0.85 亿元，同比增长 55.51%。 呼吸治疗业务下游库存消化完毕，同时叠加多款创新产品的逐步放量以及同期低基 数，公司单季度业绩迎来强劲增长。 从盈利能力角度分析，2024 年前三季度公司销售费用率 2.62%，同比提升 0.44pp， 管理费用率 6.46%，同比下降 0.50pp，研发 ...

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 ...