公司研究 证 券 研 究 报 告 开立医疗（300633）2024 年报及 2025 年一季报点评 推荐（维持） 24 年国内招投标承压，25 年有望明显好转 目标价：38 元 事项： ❖ 公司发布 24 年年报，全年营收 20.14 亿元（-5.02%），归母净利润 1.42 亿元（- 68.67%），扣非归母净利润 1.10 亿元（-75.07%）。单 Q4，营收 6.16 亿元（- 5.63%），归母净利润0.33亿元（-75.03%），扣非归母净利润0.24亿元（-80.00%）。 25Q1 营收 4.30 亿元（-10.29%），归母净利润 0.08 亿元（-91.94%），扣非归母 净利润 0.06 亿元（-93.49%）。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,014 | 2,387 | 2,855 | 3,431 | | 同比增速(%) | -5.0% | 18.5% | 19.6% | 20.2% ...

广发证券联席 首席金工分析师 陈原文 SAC: S0260517080003 chenyuanwen@gf.com.cn 广发证券首席金工分析师 安宁宁 SAC: S0260512020003 anningning@gf.com.cn 广发证券资深金工分析师 张钰东 SAC: S0260522070006 zhangyudong@gf.com.cn 广发金工安宁宁陈原文团队 摘要 指数定期调整预测。 中证指数有限公司及深圳证券信息有限公司在每年的6月及12月会根据指数编制方案对主要的宽 基核心指数成分股进行定期的调整。 上证50指数调整预测。 根据上证50指数编制规则，2025年6月将会有中国海油、上汽集团等5只个股被调入上证50指 数，而海天味业等5只个股被调出上证50指数。 深证100指数调整预测。 根据深证100指数编制规则，2025年6月将会有中航成飞、光启技术等4只个股被调入深证100 指数，而TCL中环、康龙化成等4只个股被调出深证100指数。 科创50指数调整预测。 根据科创50指数编制规则，2025年6月将会有百济神州、华虹公司等4只个股被调入科创50指 数，而华大智造、天岳先进等4只个股被调 ...

4月，受美国所谓"对等关税"的影响，尽管A股不少个股明显回撤，但私募机构的调研热情依然不减， 部分上市公司甚至获得了机构的扎堆调研。 私募排排网数据显示，4月共有1189家私募证券管理人调研了639只个股，合计调研频次达7647次，较3 月增长117.68%。其中，电子和医药生物广受青睐。 近日，多家百亿私募还发布了最新月度观点。有私募旗帜鲜明地指出，关税冲击最大的阶段已经过去， 当前中国股市处在质变的前夜。 私募调研频次环比大增 4月是上市公司年报和一季报披露的最后期限，一批私募机构的密集调研也适时跟上。 私募排排网数据显示，截至4月30日，当月共有1189家私募证券管理人参与了A股上市公司调研，覆盖 27个申万一级行业中的639只个股，合计调研频次达7647次，较3月的3513次环比大增117.68%。 从调研热度来看，4月共有117只个股获得私募机构的高度关注，调研频次均超过20次。调研热度前十的 个股，则都获得了不少于64次的调研。其中，立讯精密（002475）、澜起科技、珀莱雅（603605）排名 前三，分别获得186次、109次、95次调研，成为机构眼中的"香饽饽"。 以立讯精密为例，机构调研的焦 ...

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The medical device sector is currently at a valuation bottom, with a significant acceleration in domestic substitution expected. The recovery of hospital procurement and the completion of centralized procurement are anticipated to enhance the performance of domestic companies [3][41] - The report highlights the potential for substantial growth in high-value consumables, particularly in areas such as electrophysiology, orthopedics, coronary intervention, and artificial lenses, as companies emerge from the impacts of centralized procurement and inventory adjustments [3][41] - The medical equipment segment is expected to see a recovery in performance in the second half of 2025, driven by the resumption of hospital procurement and overseas expansion [3][44] - The home medical device market is projected to regain growth due to a recovering consumer environment and ongoing new product investments [3][54] Summary by Sections Valuation - The medical device sector is currently at historical low valuations, with medical equipment at a PE of 32x, medical consumables at 30x, and in vitro diagnostics (IVD) at 24x as of April 30, 2025 [9] Growth Potential - Demand for low-value and high-value consumables remains stable, with expected positive revenue growth in 2024. However, other segments like medical equipment and IVD are experiencing revenue and profit declines due to procurement impacts [12][13] Profitability - Profitability has declined across most segments except for low-value consumables, with net profit margins decreasing in 2024. The report notes that the recovery of net profit margins is expected in 2025 as expense ratios decrease [25][31] Operational Efficiency - High-value consumables have achieved the highest accounts receivable turnover since 2020, indicating improved operational efficiency as companies adjust to the impacts of centralized procurement [32] Domestic Substitution - The report emphasizes the acceleration of domestic substitution in high-end medical devices due to increased tariffs and competitive product capabilities. Companies with low domestic production rates and significant import substitution potential are recommended [39][41] Investment Recommendations - The report suggests investing in high-value consumables companies that are entering a growth phase post-centralized procurement, as well as medical equipment and home medical device companies that are expected to see steady revenue growth [54]

Group 1 - In April, despite the impact of "reciprocal tariffs," private equity institutions maintained high enthusiasm for research, with 1189 private equity managers conducting 7647 research sessions on 639 stocks, a 117.68% increase from March [1][3] - The electronics and pharmaceutical industries were the most favored, with 117 stocks receiving significant attention, and the top three stocks, Luxshare Precision, Lattice Semiconductor, and Proya, received 186, 109, and 95 research sessions respectively [3][4] - The electronics sector led with 1535 research sessions covering 85 stocks, while the pharmaceutical sector followed with 1284 sessions covering 93 stocks, indicating a strong preference from private equity institutions for these sectors [5] Group 2 - Notable private equity firms such as Zhengyuan Investment and Shenzhen Shangcheng Asset were the most active, conducting over 100 research sessions in April, with 181 and 157 sessions respectively [7] - Despite market volatility due to tariffs, many private equity funds remained optimistic about Chinese assets, suggesting that the most significant impact of tariffs has likely passed, and the market may be on the verge of a transformation [9][10] - The overall sentiment among private equity firms indicates a belief in the resilience of the Chinese economy and the potential for a gradual recovery in the stock market, driven by technological innovation and improved market conditions [9][10]

4月，A股虽然遭遇"对等关税"的冲击，不少股票回撤明显，但私募机构们的调研热情不减，部分个股更是 被机构扎堆调研。 私募排排网数据显示，4月共有1189家私募证券管理人调研了639只个股，合计调研频次达7647次，较3月增长 达117.68%。其中，电子和医药生物最受青睐；有2只个股被调研的频次超过100次，是机构眼中的"香饽饽"。 此外，近日多家百亿私募发布最新月度观点，有私募大佬旗帜鲜明地指出，短期关税冲击最大的阶段已经过 去，当前中国资产处在质变的前夜。 私募密集调研 4月是上市公司年报和一季报披露的最后期限，吸引了一批私募机构的密集调研。 私募排排网数据显示，截至4月30日，当月共有1189家私募证券管理人参与A股上市公司调研，覆盖27个申万 一级行业中的639只个股，合计调研频次达7647次，较3月的3513次实现117.68%的环比大幅增长。 从调研热度来看，4月共有117只个股获得私募机构的高度关注，调研频次均超过20次。调研热度前十的个股均 获得不少于64次调研。其中，立讯精密、澜起科技、珀莱雅排名前三，是机构眼中的"香饽饽"，分别获得186 次、109次、95次调研。 以立讯精密为例，机构关 ...

Investment Rating - The report maintains an optimistic outlook on the pharmaceutical industry, suggesting a potential for growth in 2025 due to favorable macroeconomic factors and the recovery of public fund allocations to the sector [11]. Core Insights - The pharmaceutical sector is currently undervalued, with public fund allocations at a low point, but is expected to recover, driven by large-scale products and innovations [11]. - The report highlights a shift in the innovative drug sector from quantity to quality, emphasizing the importance of differentiated products and international pipelines [11]. - In the medical device sector, there is a notable recovery in bidding volumes, particularly for imaging equipment, and a push for home medical devices supported by government subsidies [11]. - The report identifies a significant growth opportunity in the CXO and life sciences services sectors, with expectations of a rebound in domestic financing and a trend towards consolidation [11]. - The traditional Chinese medicine sector is expected to see growth driven by unique essential medicines and state-owned enterprise reforms [11]. Summary by Sections Market Review - The medical device index increased by 0.98%, underperforming the CSI 300 index by 1.03 percentage points, ranking 26th among 30 sectors [8]. - The top ten stocks by growth included JinHao Medical and ChangShan Pharmaceutical, while the bottom ten included ST HuLuWa and YongAn Pharmaceutical [8]. Medical Device Updates - The report notes a significant increase in medical device bidding volumes, with a year-on-year growth of 67.49% in Q1 2025, indicating a strong recovery [20]. - Imaging devices, particularly ultrasound, CT, and DR, are highlighted as the most sought-after categories in procurement [25]. - The report anticipates a surge in procurement activities in county-level medical communities, driven by government support policies [29]. Innovative Drugs - The report emphasizes the growth potential in the innovative drug sector, particularly for companies like BeiGene and Innovent Biologics, which are expected to benefit from their differentiated product pipelines [11]. - The focus on autoimmune diseases is noted as a new growth curve for companies like Nuo Cheng Jian Hua, with significant market potential [37]. Medical Services - The report suggests that the medical service sector will benefit from anti-corruption measures and the expansion of commercial insurance, enhancing the competitiveness of private medical institutions [11]. Blood Products - The blood products sector is expected to grow due to relaxed approval processes for plasma stations and increased demand post-pandemic, with companies like TianTan Biological and BoYa Biological highlighted as key players [11].

Group 1 - The pharmaceutical sector is a key focus for institutional investors, with brokers increasing their investments and research efforts in this area [1] - As of the end of Q1, 14 brokerage firms were among the top ten shareholders of 25 pharmaceutical companies, holding a total of 508 million shares valued at 4.118 billion [1] - In Q1, brokers frequently adjusted their holdings in the pharmaceutical sector, initiating positions in 10 stocks, increasing holdings in 3, and reducing holdings in 11 [1][2] Group 2 - New positions taken by brokers in Q1 included 1.162 billion for Yihe Jiaye and 1.13 billion for Borui Pharmaceutical, with significant holdings also in Jia Ying Pharmaceutical and Chuangguang Medical [2] - Brokers have been actively conducting on-site research to gather firsthand information about the pharmaceutical sector, with over 50 brokers focusing on companies like Aibo Medical and Wanjian Medical [2] - A total of 23 pharmaceutical stocks have been recommended by brokers this month, with notable mentions including Baiji Shenzhou and Heng Rui Pharmaceutical, indicating strong long-term growth prospects [3] Group 3 - The pharmaceutical sector is expected to see a recovery in profitability by 2025, with current PE valuations at historical lows, suggesting potential for excess returns compared to the broader market [3] - Analysts recommend focusing on high-growth, strong recovery, and new expectations for pharmaceutical investments in 2025, particularly in innovative drugs and medical devices [4] - Investment strategies should prioritize companies with significant product advantages and healthy balance sheets, especially those with global sales potential [4]

5月9日，博时健康成长双周定期可赎回混合A（009468）下跌0.01%，最新净值0.85元，连续3个交易日 下跌，区间累计跌幅1.25%。 据了解，博时健康成长双周定期可赎回混合A成立于2020年6月，基金规模3.62亿元，成立来累计收益 率-14.96%。从持有人结构来看，截至2024年末，博时健康成长双周定期可赎回混合A的基金机构持有 0.11亿份，占总份额的2.35%，个人投资者持有4.44亿份，占总份额的97.65%。 公开信息显示，现任基金经理陈西铭女士:中国国籍,硕士,2016-至今博时基金管理有限公司/历任研究 员、高级研究员兼基金经理助理、资深研究员兼基金经理助理。现任博时健康成长主题双周定期可赎回 混合型证券投资基金的基金经理。2021年12月9日任博时健康成长主题双周定期可赎回混合型证券投资 基金基金经理。2023年3月14日任博时医疗保健行业混合型证券投资基金基金经理。现任博时健康生活 混合型证券投资基金的基金经理。 截止2025年3月31日，博时健康成长双周定期可赎回混合A前十持仓占比合计34.13%，分别为：泽璟制 药-U（7.08%）、科伦博泰生（4.68%）、科伦药业（4.00 ...

医疗设备板块呈现深度调整态势，全板块营业收入同比下滑4.1%，归母净利润与扣非归母净利润分别 大幅收缩35.5%和38.8%。行业压力主要源于医疗设备采购合规门槛提升叠加设备更新政策落地延迟， 致使医疗机构采购节奏放缓，全年招标总量同比缩减。尽管四季度招投标活动出现边际改善，但渠道库 存消化与收入确认周期因素仍对部分企业形成短期业绩压制。市场分化格局凸显，多数企业面临收入下 滑困境。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2024年，中国医疗器械行业在政策调整、市场需求波动与全球供应链重构的多重挑战中艰难企稳，全年 收入增速转正至0.78%，但利润端分化显著。进入2025年，行业开局再度遇冷，Q1营收、归母净利润、 扣非净利润同比下滑6.87%、12.17%、17.42%。医疗设备招标滞后、IVD集采冲击及高值耗材需求波动 成为主因。 分板块来看，2024年高值耗材板块收入增长13.42%，利润增速超收入端，归母净利润、扣非归母净利 润增速分别为14.86%、17.37%。进一步拆分，细分领域企业表现分化显著。其中，南微医学、安杰思 等消化介入类企业收入增速平稳但利润逐季承 ...