评级：买入（维持） 美好医疗（301363.SZ）/医疗器 械 证券研究报告/公司点评 2024 年 4 月 24 日 市场价格：23.60 元 分析师：祝嘉琦 执业证书编号：S0740519040001 电话：021-20315150 Email：zhujq@zts.com.cn 分析师：谢木青 执业证书编号：S0740518010004 电话：021-20315895 Email：xiemq@zts.com.cn 分析师：于佳喜 执业证书编号：S0740523080002 Email：yujx03@zts.com.cn | --- | --- | |---------------------|-------| | | | | 基本状况 | | | 总股本 ( 百万股 ) | 407 | | 流通股本 ( 百万股 ) | 112 | | 市价 ( 元 ) | 23.60 | | 市值 ( 百万元 ) | 9,597 | | 流通市值 ( 百万元 ) | 2,647 | 股价与行业-市场走势对比 -60% -50% -40% -30% -20% -10% 0% 10% 2023-042023-052023-0 ...

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 9 号——回购股份》等相关规定，在回购股份期间,公司应当在每个月的前三个 交易日内，公告截至上月末的回购进展情况。现将公司回购进展情况公告如下： 一、回购进展情况 截至 2024 年 4 月 30 日，公司通过回购专用证券账户以集中竞价交易方式回 购公司股份 160,000 股，占公司总股本的比例为 0.0393%，最高成交价为 23.76 元/股,最低成交价为22.80元/股，成交总金额为3,734,959元（不含交易费用）。 本次回购股份符合公司回购股份方案及相关法律法规的要求。 证券代码：301363 证券简称：美好医疗 公告编号：2024-031 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 10,0 ...

请阅读最后评级说明和重要声明 4 / 6 | --- | --- | --- | |-------|----------------|---------------------------------------------------------------------------------------------| | | | | | | 报告发布日后的 | 12 个月内行业股票指数的涨跌幅相对同期相关证券市场代表性指数的涨跌幅为基准，投资建议的评 | | | 级标准为： | | | 看 | 好： | 相对表现优于同期相关证券市场代表性指数 | | 中 | 性： | 相对表现与同期相关证券市场代表性指数持平 | | 看 | 淡： | 相对表现弱于同期相关证券市场代表性指数 | | | 报告发布日后的 | 12 个月内公司的涨跌幅相对同期相关证券市场代表性指数的涨跌幅为基准，投资建议的评级标准为： | | 买 | 入： | 相对同期相关证券市场代表性指数涨幅大于 10% | | 增 | 持： | 相对同期相关证券市场代表性指数涨幅在 5% ～ 10% 之间 | | 中 | 性： | 相对同期相关证券市场代 ...

证券代码：301363 证券简称：美好医疗 公告编号：2024-03 0 深圳市美好创亿医疗科技股份有限公司 （三）公司向中国证券登记结算有限责任公司深圳分公司申请查询核查对象 于自查期间买卖公司股票情况，中国证券登记结算有限责任公司深圳分公司已出 具《信息披露义务人持股及股份变更查询证明》和《股东股份变更明细清单》。 关于2024年限制性股票激励计划内幕信息知情人买卖公司股票 情况的自查报告 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。 二、核查对象买卖公司股票情况 （一）本激励计划公开披露前，公司严格按照《内幕信息知情人登记管理制 度》的相关规定，限定内幕信息知情人范围，并采取相应保密措施。公司已将本 激励计划的商议筹划、论证咨询、决策讨论等阶段的内幕信息知情人进行登记， 内幕信息知情人严格控制在《内幕信息知情人登记表》登记的人员范围，未发现 1 深圳市美好创亿医疗科技股份有限公司（以下简称"公司"）拟实施 2024 年 限制性股票激励计划（以下简称"本激励计划"），根据《上市公司股权激励管 理办法》《深圳证券交易所创业板上市公司自律监管指南第 1 号— ...

深圳市美好创亿医疗科技股份有限公司监事会 关于 2024 年限制性股票激励计划激励对象名单的 公示情况说明及核查意见 深圳市美好创亿医疗科技股份有限公司（以下简称"公司"）拟实施 2024 年 限制性股票激励计划（以下简称"本激励计划"），根据《上市公司股权激励管理 办法》《深圳证券交易所创业板上市公司自律监管指南第 1 号—业务办理》的相 关规定，公司对激励对象名单进行内部公示，公司监事会结合公示情况对激励对 象名单进行核查，相关内容如下： 一、公示情况 1、公示内容：激励对象的姓名和职务。 三、核查意见 公司监事会结合公示情况及核查情况，发表核查意见如下： 1、激励对象相关情况属实，不存在虚假、故意隐瞒或致人重大误解之处。 2、公示时间：2024 年 4 月 22 日至 2024 年 5 月 1 日。 3、公示方式：公司内部张贴。 4、反馈方式：公示期间，公司（含子公司）员工可通过电话、电子邮件以 及现场沟通等方式向公司监事会反馈相关情况，公司监事会将作出适当记录。 5、公示结果：公示期满，公司监事会未收到任何异议。 二、核查情况 公司监事会已对激励对象名单、激励对象的身份证件、激励对象与公司（含 子公司 ...

基石业务受去库存影响承压，新业务增长态势良好 | --- | --- | --- | --- | --- | --- | |---------------------|-------|--------|-------|-------|-------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 1,415 | 1,338 | 1,674 | 2,079 | 2,562 | | (+/-%) | 24.4% | -5.5% | 25.1% | 24.2% | 23.2% | | 归母净利润(百万元) | 402 | 313 | 392 | 487 | 601 | | (+/-%) | 29.7% | -22.1% | 25.2% | 24.2% | 23.3% | | 每股收益（元） | 0.99 | 0.77 | 0.96 | 1.20 | 1.48 | | EBIT Margin | 28.2% | 21.6% | 22.4% | 23.9% | 24.8% | | 净资产收益率（ROE） | 13.3% | 9.8% ...

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盈利预测、估值与评级：公司是精密医疗器械组件制造龙头，考虑到呼吸机组件 去库存影响、费用投入等因素，我们下调 24~25 年归母净利润预测至 3.97/5.02 亿元（原预测值为 6.10/7.57 亿元，下调 34.9%/33.7%），新增 26 年归母净利 润预测为 6.41 亿元，考虑到公司的细分领域龙头地位和新业务拓展潜力，维持 "买入"评级。 分析师：吴佳青 执业证书编号：S0930519120001 021-52523697 wujiaqing@ebscn.com 相关研报 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------|-----------------------------|----------|----------|-----------|---------|-------------------------------------------------------- ...

Investment Rating - The report assigns a rating of "Outperform" for the company, indicating that it is expected to outperform the market index by more than 5% over the next six months [12]. Core Insights - The company's traditional business is experiencing some pressure, while emerging businesses are growing rapidly. The home respiratory device business, which is the core business, reported a revenue of 870 million yuan in 2023, down 18.1%, with a gross margin of 43.0% due to downstream customers undergoing inventory destocking. The cochlear implant business showed steady growth with a revenue of 110 million yuan, up 15.9%, and a gross margin of 63.7%. Other businesses, including home and consumer electronic components, saw a combined revenue growth rate of 38.1%, indicating successful diversification efforts [2][10][18]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 1.34 billion yuan, a decrease of 5.5%, and a net profit attributable to shareholders of 310 million yuan, down 22.1%. For Q1 2024, the revenue was 280 million yuan, down 23.3%, and the net profit was 60 million yuan, down 46.5% [16][18]. - The company forecasts revenues of 1.7 billion yuan, 2.1 billion yuan, and 2.6 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 400 million yuan, 500 million yuan, and 600 million yuan [8][18]. Business Segments - The home respiratory device segment is under pressure, while the cochlear implant segment is growing steadily. Other emerging businesses are expected to contribute significantly to revenue growth in the coming years [2][18]. - The company plans to increase its R&D investment, which reached 120 million yuan in 2023, reflecting a focus on new product development and long-term strategic business [17]. Growth Projections - The company anticipates a revenue growth rate of 25% for 2024, with further growth projected at 25.3% and 25.2% for 2025 and 2026, respectively. The gross margin is expected to improve gradually as the business stabilizes [24][18].

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company reported a revenue of 1.338 billion yuan in 2023, a decrease of 5.49% year-on-year, and a net profit attributable to the parent company of 313 million yuan, down 22.08% year-on-year. The first quarter of 2024 saw a revenue of 282 million yuan, a decrease of 23.34% year-on-year, with a net profit of 58 million yuan, down 46.46% year-on-year. The decline in revenue is attributed to downstream customers' inventory destocking, particularly affecting the home respiratory device components segment, which saw a revenue drop of 18.12% to 867 million yuan. However, the company is expected to achieve significant growth through its diversified business strategy as short-term impacts fade and new businesses take off [2][4][10]. Financial Performance Summary - In 2023, the company's gross margin was 41.19%, down 1.85 percentage points year-on-year, while the first quarter of 2024 saw a gross margin of 38.29%, down 5.11 percentage points year-on-year. The increase in expense ratios for sales, management, and R&D was noted, with 2023 rates at 2.38%, 7.57%, and 9.00% respectively, and the first quarter of 2024 showing increases to 3.27%, 8.30%, and 8.07% [11][19]. Revenue and Profit Forecast - The company is projected to achieve revenues of 1.686 billion yuan, 2.091 billion yuan, and 2.602 billion yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of 26.03%, 24.05%, and 24.41%. The net profit attributable to the parent company is expected to be 390 million yuan, 479 million yuan, and 611 million yuan for the same years, with growth rates of 24.47%, 22.95%, and 27.49% respectively. The three-year compound annual growth rate (CAGR) is estimated at 24.95% [4][12]. Valuation - The company is assigned a target price of 28.78 yuan based on a 30 times price-to-earnings (PE) ratio for 2024, with current price at 22.79 yuan [5][4].