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， ...

2024 年 8 月 20 日 深圳市美好创亿医疗科技股份有限公司 关于聘请公司高级管理人员的公告 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 8 月 16 日召开第二届董事会第十三次会议，审议通过了《关于聘请公司高级管理 人员的议案》，经公司总经理熊小川先生提名，第二届董事会提名委员会审核并 同意，董事会同意聘请严俊峨女士为公司副总经理兼任财务总监（简历详见附 件），任期自第二届董事会第十三次会议审议通过之日起至第二届董事会届满之 日止。 严俊峨女士具备履行职责相应的任职条件，其教育背景、工作经历及专业素 养均能够胜任所聘岗位的职责要求；其未受过中国证监会及其他有关部门的处罚 和证券交易所惩戒，任职资格符合《中华人民共和国公司法》《深圳证券交易所 创业板股票上市规则》《公司章程》等相关规定，不存在《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》第 3.2.3 条、第 3.2.4 条所规定的情形，不存在被列为失信被执行人的情形。 特此公告。 深圳市美好创亿医 ...

东兴证券股份有限公司 关于深圳市美好创亿医疗科技股份有限公司 2024 年半年度持续督导跟踪报告 | 保荐机构名称：东兴证券股份有限公司 | 被保荐公司简称：美好医疗（股票代码 301363） | | --- | --- | | 保荐代表人姓名：于洁泉 | 联系电话：010-66555013 | | 保荐代表人姓名：李靖宇 | 联系电话：010-66555013 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2.督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 | | | 限于防止关联方占用公司资源的制度、募集资金 | 是 | | 管理制度、内控制度、内部审计制度、关联交易 | | | 制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 1 次 | | （2）公司募集资金项目进展是否与信息披露 ...

证券代码：301363 证券简称：美好医疗 公告编号：2024-047 深圳市美好创亿医疗科技股份有限公司 第二届监事会第十次会议决议公告 本公司及监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。 一、监事会会议召开情况 深圳市美好创亿医疗科技股份有限公司（以下简称"公司"）第二届监事会 第十次会议通知于2024年8月9日以书面、电话等方式送达全体监事，并于2024年 8月16日在公司会议室召开现场会议。本次会议由监事会主席黎莎女士主持，会 议应到监事3人，实到监事3人，会议的召集和召开符合《中华人民共和国公司法》 《公司章程》等相关规定。 二、监事会会议审议情况 经全体与会监事认真审议、充分讨论，会议审议并通过了以下议案： （一）审议通过《关于公司<2024 年半年度报告全文及其摘要>的议案》 （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>的议案》 经核查，监事会认为：公司2024年半年度募集资金存放及使用情况符合中国 1 证监会、深圳证券交易所和公司的相关规定和要求，募集资金的存放及使用没有 与募集资金投资项目的实施计划相抵触，不影 ...