Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The company has shown significant improvement in revenue in Q3 2024, with a quarter-on-quarter increase of 16% and a year-on-year increase of 11%, driven by the recovery of orders in the US ventilator market and a new cooperation agreement with the exclusive distributor RH [1][4] - The company expects continued performance improvement in Q4, supported by the recovery of overseas ventilator orders and strong growth in consumables [4][5] - The company has adjusted its profit forecast for 2024-2026, predicting a net profit of 194 million, 285 million, and 352 million yuan respectively, with a notable recovery expected in 2025 [8] Revenue Breakdown - For the first three quarters of 2024, the company reported total revenue of 602 million yuan, with a net profit of 125 million yuan, reflecting a year-on-year decline of 36% and 54% respectively [1][2] - In Q3 2024, the revenue from home ventilators was 144 million yuan (slightly down year-on-year but up 18% quarter-on-quarter), while consumables revenue reached 69 million yuan (up 45% year-on-year and nearly 15% quarter-on-quarter) [2] Profitability Analysis - The gross margin for Q3 2024 was 50.3%, showing a year-on-year increase of 3.3 percentage points, while the net margin was 15.4%, reflecting a year-on-year increase of 1.6 percentage points [3] - The increase in gross margin is attributed to a higher proportion of consumables, which have a gross margin of 66%, significantly higher than that of ventilators [3] Market Outlook - The company anticipates a positive outlook for the overseas market, particularly in the US and Europe, with expectations of continued revenue growth in Q4 and beyond [4][5] - In the domestic market, the company sees potential for growth due to low penetration rates and supportive policies aimed at improving the diagnosis and treatment of chronic respiratory diseases [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [16]. Core Insights - The company has established a turning point in its operations in Q3 2024, with a revenue of 220 million (up 10.5% year-on-year) and a net profit of 33 million (up 21.8% year-on-year) for the third quarter [1]. - The revenue for the first three quarters of 2024 was 602 million (down 36.3% year-on-year), with a net profit of 125 million (down 53.7% year-on-year) [1]. - The U.S. ventilator market is gradually stabilizing, with Q3 revenue increasing by 15.7% compared to Q2, suggesting a potential for continued improvement in performance [1]. - Consumables accounted for 34.16% of total revenue in the first three quarters of 2024, with consumable revenue reaching 206 million (up 31.77% year-on-year) [2]. - The overall gross margin improved to 50.2%, an increase of 4.91 percentage points compared to the same period last year, driven by the higher proportion of high-margin consumables [2]. - The company’s international business accounted for 60.55% of total revenue in the first three quarters of 2024, indicating a steady increase in domestic business share [2]. Financial Forecast and Investment Recommendations - The report adjusts profit forecasts slightly downward due to exchange rate losses and increased expenses, projecting revenue growth rates of -12%, 26%, and 24% for 2024-2026, respectively [3]. - Net profit growth rates are projected at -32%, 50%, and 32% for the same period [3]. - The company is positioned as a leading domestic ventilator manufacturer with significant market share in the U.S. and a broad global market presence, suggesting a substantial revenue ceiling and potential for valuation premium [3].

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price range of 93.40 - 100.26 RMB, representing an 18% - 27% premium over the current price [2][5] Core Investment Thesis - The company is a leading domestic brand in the home non-invasive ventilator market, with strong global market presence and competitive advantages [2] - Short-term performance recovery is expected as US inventory levels normalize, while long-term growth is supported by expanding global market share [2] - Three key investment logics: 1) Competitive landscape shift creates short-term inflection point 2) Strong industry demand and global expansion potential 3) Core competencies in market access, product strength, and after-sales service [2] Financial Projections - Revenue is projected to grow from 927 million RMB in 2024E to 1.61 billion RMB in 2026E, with a CAGR of 29.7% [2] - Net profit is expected to increase from 207 million RMB in 2024E to 370 million RMB in 2026E [2] - The company's reasonable market value is estimated at 8.36 - 8.98 billion RMB [2] Competitive Landscape - Philips' product recalls have created significant market opportunities, with the company's US shipments surging in 2022 [2] - The company's global market share in home ventilators increased from 4.5% in 2020 to 17.7% in 2022 [42] - In China, the company ranks first among domestic brands with a 25.8% market share in 2022 [44] Market Potential - Global home non-invasive ventilator sales are projected to reach 9.67 million units by 2028, with China accounting for 1.2 million units [2] - OSA and COPD patient populations are growing globally, driven by aging, obesity, and COVID-19 impacts [2] - The company has comprehensive market access in China, US, and Europe, with products covered by insurance in key markets [2] Product Portfolio - The company has a complete product line covering home ventilators, medical devices, and consumables [22] - Home ventilator products include CPAP and BiPAP machines for sleep apnea and COPD treatment [22] - Consumables such as masks and breathing circuits contribute significantly to revenue and profitability [23] Financial Performance - 2024 Q3 revenue showed signs of recovery, increasing 10.5% YoY to 220 million RMB [28] - Gross margin improved to 51.2% in 2024 Q1-3, driven by higher contribution from high-margin consumables [35] - R&D expenses increased to 15.1% of revenue in 2024 Q1-3, reflecting continued product innovation efforts [33] Global Expansion - The company has established subsidiaries in multiple countries and regions, with products sold in over 100 markets [16] - In the US market, the company works with exclusive distributor React Health, with inventory levels gradually normalizing [48] - European market expansion is progressing, with ongoing efforts to secure insurance reimbursement coverage [28]

北京怡和嘉业医疗科技股份有限公司 关于回购公司股份进展的公告 证券代码：301367 证券简称：怡和嘉业 公告编号：2024-060 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 北京怡和嘉业医疗科技股份有限公司（以下简称"公司"）于 2024 年 4 月 11 日召开公司第三届董事会第七次会议和第三届监事会第七次会议，审议通过 《关于回购公司股份方案的议案》。回购股份的实施期限为自公司董事会审议通 过回购方案之日起不超过 12 个月。 具体内容详见公司于 2024 年 4 月 12 日、2024 年 4 月 13 日、2024 年 4 月 20 日刊登在巨潮资讯网（www.cninfo.com.cn）上的《关于回购公司股份方案的 公告》（2024-020）、《关于回购股份事项前十大股东和前十大无限售条件股东 持股情况的公告》（2024-025）、《回购报告书》（2024-026）。 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，公司应当在每个月的前 3 个交易日内披露截 至上月末的回购进展情况。现将 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the U.S. market has shown signs of a turning point in Q3 2024, with a continuous improvement in revenue structure. The company achieved a revenue of 602 million yuan in the first three quarters of 2024, a year-on-year decrease of 36.31%, and a net profit attributable to the parent company of 125 million yuan, down 53.74% year-on-year. However, Q3 alone saw a revenue increase of 10.51% year-on-year, reaching 220 million yuan, and a net profit of 32.74 million yuan, up 21.78% year-on-year [1][2] Summary by Relevant Sections Financial Performance - In the first three quarters of 2024, the company's international business revenue was 365 million yuan, accounting for 60.55% of total revenue, while domestic business revenue was 238 million yuan, accounting for 39.45%. The overseas revenue in Q3 reached 146 million yuan, with an increased share of 66.36% compared to the first half of 2024, largely due to the recovery of orders from RH since the end of June [1] - The company's revenue projections for 2024-2026 are 916 million yuan, 1.079 billion yuan, and 1.275 billion yuan, with growth rates of -18.4%, 17.8%, and 18.2% respectively. The net profit attributable to the parent company is expected to be 220 million yuan, 292 million yuan, and 373 million yuan for the same period, with growth rates of -26.0%, 32.8%, and 27.8% respectively [2][4] Business Segments - The home respiratory machine treatment business generated 375 million yuan in revenue, accounting for 62.27% of total revenue, while consumables revenue was 206 million yuan, accounting for 34.16%. The consumables business saw a year-on-year growth of 31.77%, primarily driven by contributions from the U.S. and European markets [1][2] Profitability - The company's gross margin for the first three quarters of 2024 was 51.20%, an increase of 4.91 percentage points year-on-year. The high-margin consumables business is expected to continue to grow, further enhancing profitability [1][2]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Views - The company has signed a five-year exclusive distribution agreement with 3B Medical, Inc. for the sale of sleep apnea treatment devices in the U.S. and Canada, which is expected to improve overseas order trends [4][7]. - The company reported a revenue of 602 million yuan for the first three quarters of 2024, a year-on-year decline of 36.31%, but showed signs of recovery with a 10.51% increase in revenue for the third quarter compared to the previous year [3][7]. - The report anticipates significant growth in U.S. orders due to the recovery of 3B Medical's order volume to industry norms and the introduction of new products [4][7]. Summary by Sections Company Overview - Latest closing price: 75.79 yuan - Total shares: 0.90 billion, circulating shares: 0.57 billion - Total market capitalization: 6.8 billion yuan, circulating market capitalization: 4.3 billion yuan - 52-week high/low: 126.50/56.99 yuan - Debt-to-asset ratio: 4.5% - Price-to-earnings ratio: 16.30 [1]. Financial Performance - For Q3 2024, the company achieved a net profit of 32.74 million yuan, a year-on-year increase of 21.78% [3]. - The company expects revenues of 926 million yuan, 1.243 billion yuan, and 1.442 billion yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of -17.5%, 34.2%, and 16.0% [7][8]. Market Strategy - The company has tailored its sales strategies for different regions, including establishing a consumables team in the U.S. and expanding its services in Europe through a new subsidiary [5]. - The report highlights the increasing public awareness of obstructive sleep apnea (OSA) health management, driven by advancements in wearable technology [5][6]. Earnings Forecast - The company is expected to see a turnaround in performance, with projected net profits of 230 million yuan, 307 million yuan, and 375 million yuan for 2024, 2025, and 2026, respectively [7][8].

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 | --- | |-------| | | | | | | 公 司 更 新 报 告 证 券 研 究 报 告 ——怡和嘉业 2024Q3 业绩点评 业绩符合预期，环比有望持续改善 怡和嘉业(301367) [Table_Industry] 医药/必需消费 | --- | --- | --- | --- | --- | |-----------------|-------------------|-------|-------|--------------------------| | | | | | | | [table_Authors] | 丁丹 ( 分析师 ) | | | 张拓 ( 分析师 ) | | | 0755-23976735 | | | 0755-23976170 | | | dingdan@gtjas.com | | | zhangtuo024925@gtjas.com | | 登记编号 | S0880514030001 | | | S0880523090003 | 本报 ...

证券代码：301367 证券简称：怡和嘉业 北京怡和嘉业医疗科技股份有限公司 投资者关系活动记录表 编号：2024—013 | --- | --- | --- | |----------------|-------------------------------|----------------------------------------------------------| | | □ 特定对象调研 □ | 分析师会议 | | 投资者关系活动 | □ 媒体采访 | √ 业绩说明会（电话形式） | | 类别 | □ 新闻发布会 □ | 路演活动 | | | □ 现场参观 | | | | □ 其他 | | | 参与单位名称 | 详见附件清单 | | | 时间 | 2024 年 10 月 25 日 | | | 地点 | 电话会议 | | | 上市公司接待人 | 副总经理兼董事会秘书：杜祎程 | | | 员姓名 | 副总经理兼财务总监：暴楠 | | | | 证券事务代表：刘士岩 | | | | 一、公司简要介绍 | | | | 公司 2001 年成立， | 2003 年第一台多导睡眠检测仪上市， 2007 | ...

出席本次业绩说明会的人员拟定为：公司董事长兼总经理庄志先生、副总经理兼董 事会秘书杜祎程先生。具体以当天实际参加会议人员为准。 证券代码：301367 证券简称：怡和嘉业 公告编号：2024-059 北京怡和嘉业医疗科技股份有限公司 关于举行2024年第三季度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 北京怡和嘉业医疗科技股份有限公司（以下简称"公司"）于 2024 年 10 月 25 日 发布了《2024 年第三季度报告》，并披露于中国证监会指定的创业板信息披露网站巨潮 资讯网（http://www.cninfo.com.cn）。 为便于广大投资者更深入全面地了解公司情况，公司定于 2024 年 10 月 28 日（星 期一）下午 15:00-16:30 在深圳证券交易所"互动易"平台"云访谈"栏目举行 2024 年 第三季度网上业绩说明会。本次业绩说明会将采用网络远程的方式举行，投资者可登陆 深圳证券交易所"互动易"平台（http://irm.cninfo.com.cn），进入"云访谈"栏目参与 本次业绩说明会。 北京怡和嘉业医疗 ...

具体内容详见公司同日披露于巨潮资讯网（www.cninfo.com.cn）上的《2024 年第三季度报告》。 北京怡和嘉业医疗科技股份有限公司 第三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的内容真实、准确、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 北京怡和嘉业医疗科技股份有限公司（以下简称"公司"）第三届监事会第 十次会议于 2024 年 10 月 24 日在公司会议室以现场结合通讯方式召开，会议通 知已于 2024 年 10 月 18 日以书面、电子邮件方式发出并送达全体监事。会议由 公司监事会主席肖爱军先生召集并主持。本次会议应出席的监事 3 人，实际出席 的监事 3 人，其中监事孟晓英先生以通讯方式参加会议。公司董事会秘书列席本 次会议。本次监事会会议的召开符合有关法律、行政法规、部门规章、规范性文 件和《北京怡和嘉业医疗科技股份有限公司章程》（以下简称"《公司章程》"） 的规定。 二、监事会会议审议情况 经全体与会监事充分讨论，本次会议审议并通过了如下议案： 1、审议通过《关于公司 2024 年第三季度报告全文的议案》； 经审议，监事会认为公司《202 ...