【私募调研记录】红筹投资调研三鑫医疗、北方国际

Group 1: Sanxin Medical - Sanxin Medical has obtained a registration certificate for its self-developed disposable blood dialysis machine, becoming the first domestic brand to achieve this milestone, actively promoting the domestic substitution process [1] - The company's gross profit margin has increased year-on-year due to capacity release and cost reduction, while the net profit margin has decreased due to increased expenses and asset impairment [1] - Sanxin Medical has established new production bases in Sichuan and Jiangxi to enhance the production capacity of blood dialysis products, further meeting market demand [1] - The company has completed registrations in Indonesia, Peru, and Mexico for international markets, and is advancing certifications in Russia and Turkey, resulting in significant growth in export revenue [1] - There is a broad space for domestic substitution in blood dialysis machines and equipment, with sustained market demand supported by centralized procurement policies [1] - The company is collaborating with upstream and downstream manufacturers to develop polyethersulfone materials to enhance the competitiveness of dialysis machines [1] - Sanxin Medical is optimistic about stable market demand growth and believes that centralized procurement will promote standardized development in the industry, increasing market share [1] Group 2: Northern International - Northern International has adjusted its main business to include engineering construction and services, resource and equipment supply chain, power operation, industrial manufacturing, and others [2] - The engineering construction and services segment includes international engineering, international logistics services, and domestic engineering [2] - The resource and equipment supply chain covers coking coal resource acquisition and sales, as well as heavy equipment exports [2] - Power operations involve projects such as the Senj Wind Power Project in Croatia and the Nam Ngum Hydropower Project in Laos [2] - The industrial manufacturing segment primarily focuses on the production of tinplate packaging containers [2] - The company aims to achieve digital transformation and introduce advanced technologies to address market risks arising from engineering technology development [2] - For the 2024 fiscal year, the profit distribution plan includes a cash dividend of 1.49 yuan for every 10 shares, with a future focus on enhancing investor returns and improving performance [2]