证券代码：301367 证券简称：怡和嘉业 公告编号：2024-061 北京怡和嘉业医疗科技股份有限公司 关于与专业投资机构共同投资设立私募基金的公告 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。 一、对外投资基本情况 为加强实现产业协同，借助专业机构的专业力量及资源优势，推进产业与资 本的有效融合，北京怡和嘉业医疗科技股份有限公司（以下简称"公司"）的全 资子公司海南润脉投资有限公司（以下简称"润脉投资"）于 2024 年 11 月 18 日与深圳前海邦勤投资有限公司（以下简称"邦勤资本"）、东莞松山湖招引壹 号发展股权投资基金合伙企业（有限合伙）、崇好科技有限公司、刘明宇共同签 署了《郑州市邦勤达睿天使创业投资基金合伙企业（有限合伙）合伙协议》（以 下简称"《合伙协议》"）。郑州市邦勤达睿天使创业投资基金合伙企业（有限 合伙）（具体以市场监督管理部门登记的名称为准，以下简称"邦勤达睿基金" 或"合伙企业"）目标认缴规模为人民币 50,000 万元，首期募集规模为人民币 8,200 万元，公司全资子公司润脉投资作为有限合伙人拟使用公司的自有资金出 资 2, ...

Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The report identifies the company as a leading domestic respiratory machine manufacturer with significant growth potential due to its competitive product performance and cost advantages. The company is expected to benefit from the exit of major competitors in the overseas market and the increasing domestic penetration of home respiratory machines [1][7][8]. Summary by Sections Company Overview - The company has established itself as a leader in the domestic market for home non-invasive respiratory machines and ventilation masks, holding a market share of 15.6% in 2020, second only to ResMed and Philips [1][8]. - The company has a comprehensive product line and has received multiple certifications, including NMPA, FDA, and CE, allowing it to sell products in over 100 countries [9]. Market Potential - The global market for home non-invasive respiratory machines is projected to reach USD 5.577 billion by 2025, with a CAGR of 15.5%, driven by the increasing prevalence of chronic respiratory diseases such as OSA and COPD [1][7]. - The exit of major players like Philips from the market presents a reshaping opportunity for the company, which has increased its global market share from 4.5% in 2020 to 17.7% in 2022 [1][7]. Domestic Market Dynamics - The domestic market for home respiratory machines is expected to grow significantly, with projections indicating a market size of approximately CNY 3.33 billion by 2025. The company aims to strengthen its brand presence and capture market share from imported brands [1][8]. - The company is focusing on enhancing brand awareness and expanding its distribution network to solidify its leading position in the domestic market [1][8]. Financial Projections - Revenue forecasts for the company are CNY 924 million, CNY 1.182 billion, and CNY 1.482 billion for 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of -17.7%, 28.0%, and 25.4% [2][1]. - The net profit attributable to the parent company is projected to be CNY 193 million, CNY 255 million, and CNY 332 million for the same years, with year-on-year growth rates of -35.0%, 32.2%, and 30.0% [2][1]. Competitive Landscape - The company has established a strong distribution network in overseas markets, particularly in Europe and North America, enhancing its service capabilities and market penetration [1][8]. - The company is expected to leverage its product quality and technology to further increase its global market share as competition dynamics shift [1][8].

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 | ...