Investment Rating - Industry investment rating: Outperform the market (expected to outperform the CSI 300 index by more than 5% in the next 6 months) [26] Core Insights - The medical device sector is experiencing a significant recovery in bidding activities, with a notable increase in procurement scale and project implementation since 2025. The demand that was previously suppressed is now being released, leading to a faster pace of project rollouts and bidding processes [3][4] - The procurement scale for new medical devices in December 2024 reached 27.7 billion yuan, a year-on-year increase of 60%. In January, February, and March 2025, the procurement scales were 17.36 billion yuan, 11.26 billion yuan, and 13.69 billion yuan, reflecting year-on-year increases of 41%, 77%, and 108% respectively [3][4][12] - Leading companies in the medical device sector are benefiting significantly from the recovery in bidding activities, with major players showing substantial year-on-year growth in procurement amounts [4][20] Summary by Sections Medical Device Update and Bidding Recovery - Medical device updates are intensively advancing, with significant bidding recovery observed. The projects are entering the implementation phase, and many provinces are starting to conduct centralized procurement [3][11] - The bidding scale for new medical devices has shown a marked improvement, with March 2025's bidding scale nearly returning to the levels seen in March 2023 [3][11] Procurement Scale and Growth Rates - In March 2025, the procurement scale for ultrasound reached 1.548 billion yuan (yoy +145%), CT at 2.037 billion yuan (yoy +140%), MRI at 3.520 billion yuan (yoy +138%), DR at 211 million yuan (yoy +124%), DSA at 650 million yuan (yoy +107%), and gastrointestinal endoscopes at 495 million yuan (yoy +142%) [4][12][16] Investment Recommendations - The report suggests focusing on leading companies that are enhancing their high-end and intelligent medical device layouts, such as Mindray Medical, United Imaging, KaiLi Medical, and Aohua Endoscopy. The 2025 government work report indicates increased funding support for key areas of equipment updates, which is expected to positively impact industry bidding growth [5][24]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024 but anticipates a significant improvement in 2025 due to reduced external policy pressures and controlled internal investment growth [1] Financial Performance - In 2024, the company achieved revenue of 2.014 billion yuan and a net profit of 142 million yuan, both showing a year-on-year decline [1] - The operating cash flow net amount was 307 million yuan [1] - Research and development expenses totaled 473 million yuan, representing a year-on-year increase of 23.08% and accounting for 23.48% of revenue [1] Product Development and Market Position - The company launched high-end ultrasound products, generating revenue of 1.183 billion yuan, and made breakthroughs in the high-end sector with the introduction of the S80 and P80 ultrasound systems [2] - The company’s iEndo intelligent endoscope platform received NMPA registration and is now in the market promotion phase [2] - The company is focusing on integrating artificial intelligence into its product lines, with the fifth-generation AI prenatal ultrasound screening technology completing clinical validation [2] Market Outlook - The medical device industry is expected to improve in 2025, with significant project funding for equipment updates already disclosed, exceeding 80.3 billion yuan [3] - The demand for ultrasound and endoscopic diagnostic services remains strong, and the company is positioned to benefit from the normalization of procurement processes [3] - The company aims to deepen its technological barriers with AI and enhance its global market share and gross margin through the launch of multiple high-end smart products [3]

每经记者 金喆 每经编辑 文多 由于医疗设备更新政策落地进度放缓，医疗影像设备厂商都感受到不小的"寒意"。开立医疗 （300633.SZ，股价30.71元，市值132.89亿元）2024年年报显示，全年营业收入约20.14亿元，同比减少 5.02%，归母净利润约1.42亿元，同比减少68.67%。 在4月11日的业绩交流会上，开立医疗董秘李浩表示，2024年医疗设备行业总共批复的采购项目是600多 亿元，最终完成招标采购的仅有10%。但从2025年第一季度看，国内医疗设备更新的招标采购节奏明显 加快，行业整体情况好于去年，预计公司2025年利润有望恢复增长。 去年医院招采放缓致业绩承压 开立医疗目前的业务主要包括超声医学影像、消化与呼吸内镜、微创外科产品和心血管介入产品四大 块。 2024年年报显示，受国内行业政策因素及公司逆势加大战略投入影响，公司经营数据面临阶段性承压。 分业务条线来看，"彩超""内窥镜及镜下治疗器具"分别收入11.83亿元、7.95亿元，同比下滑3.26%、 6.44%。 李浩在业绩会上表示，2024年公司业绩压力主要来自国内市场，设备更新政策在3月份提出以后，进展 没有预期顺利，医疗设 ...

内窥镜：短期行业外部因素冲击不改板块25 年向好趋势公司内窥镜及镜下治疗器具24 年实现收入7.95 亿元（yoy-6.4%），其中： 1）软镜：我们推测24 年板块收入同比略有下滑，其中海外业务收入增速快于国内。考虑国内软镜诊疗 渗透率持续提升叠加4K iEndo、HD-580 等高端新品陆续放量，我们看好软镜收入25 年重回较快增长； 2）威尔逊：24年实现收入5461 万元（yoy-7.6%），我们推测主因国内行业外部因素短期影响产品入院 及放量节奏，看好25 年板块收入伴随推广强化恢复向好发展；3）硬镜：我们推测24 年板块收入同比稳 健增长，考虑公司硬镜产品性能国产领先且市场认可度持续提升，我们看好板块25 年实现快速发展。 盈利预测与估值 公司24 年实现收入/归母净利20.14/1.42 亿元（yoy-5.0%/-68.7%），符合业绩预告预期。公司业绩下滑 主因24 年国内行业外部因素冲击下院端设备招标总额明显下降影响国内收入增长、国内行业竞争加剧 且设备集采增多致国内业务毛利率有所承压，叠加公司为满足长期发展积极强化销售及研发投入。公司 24 年海外收入9.70 亿元（yoy+3.3%），海 ...

公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 开立医疗(300633) 证券研究报告 投资评级 上次评级 [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] 业绩增长承压，静待下半年招采回暖 内镜延续高增长趋势，盈利能力逐步 提升 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 业绩短期承压，新品放量+招采回暖有望提振 盈利能力 [Table_ReportDate] 2025 年 04 月 12 日 [Table_S 事件：公司发布 ummary] 2024 年年报，2024 年实现营业收入 20.14 亿元（yoy- 5.02%），归母净利润 1.42 亿元（yoy-68 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 开立医疗(300633) 投资评级 相关研究 [Table_OtherReport] 业绩增长承压，静待下半年招采回暖 内镜延续高增长趋势，盈利能力逐步 提升 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 业绩短期承压，新品放量+招采回暖有望提振 盈利能力 [Table_ReportDate] 2025 年 04 月 12 日 [Table_S 事件：公司发布 ummary] 2024 年年报，2024 年实现营业收入 20.14 亿元（yoy- 5.02%），归母净利润 1.42 亿元（yoy-68.67%），扣非归母净利润 1.10 亿 元（yoy-75.07%），经营活动产生的现金流量净额 3.07 亿元（yoy -37.35%）。 其中 2024Q4 实现营业收入 6.16 亿元（yoy-5.63%），归母净利润 0.33 亿 元（yoy-75.03%）。 点评： ...

证券研究报告 | 医药生物 | 2025年4月12日 www.hczq.com 华创医药投资观点&研究专题周周谈·第121期 海外CXO 2024财报总结 本周周专题联系人：万梦蝶 | 华创医药团队： | | | --- | --- | | 首席分析师 郑辰 | 执业编号：S0360520110002 邮箱：zhengchen@hcyjs.com | | 联席首席分析师 刘浩 | 执业编号: S0360520120002 邮箱: liuhao@hcyjs.com | | 医疗器械组组长 李婵娟 | 执业编号：S0360520110004 邮箱：lichanjuan@hcyjs.com | | 中药和流通组组长 高初蕾 | 执业编号：S0360524070002 邮箱：gaochulei@hcyjs.com | | 分析师 万梦蝶 | 执业编号: S0360523080008 邮箱: wanmengdie@hcyjs.com | | 分析师 王宏雨 | 执业编号：S0360523080006 邮箱：wanghongyu@hcyjs.com | | 分析师 朱珂琛 | 执业编号：S0360524070007 邮箱 ...

Group 1 - The core viewpoint is that the domestic medical device procurement is slowing down due to industry policy factors, impacting sales revenue for medical device companies in 2024, but there is an expectation for recovery in 2025 with an acceleration in the "old-for-new" procurement process [1][3] - In 2024, the company reported a revenue of 2.014 billion yuan, a decrease of 5.02% year-on-year, and a net profit attributable to shareholders of 142 million yuan, down 68.67% year-on-year [1] - The decline in revenue is attributed to reduced procurement activities from domestic medical institutions, while the company increased strategic investments in new product lines and talent acquisition, further affecting profit performance [1] Group 2 - The company's R&D expenses totaled 473 million yuan in 2024, an increase of 23.08% year-on-year, accounting for 23.48% of revenue [2] - The "old-for-new" policy is expected to expand market demand for medical devices, with the government aiming for a 25% increase in equipment investment across various sectors by 2027 [3] - The management anticipates that the procurement projects that were not completed in 2024 will accelerate in the first half of 2025, along with new projects, leading to a positive outlook for hospital procurement [3] Group 3 - The domestic medical device industry is facing intense competition, prompting companies to engage in price wars [4] - The company aims to differentiate itself by focusing on high-end and specialized product development while expanding its product lines [4] - Future plans include increasing R&D investment to maintain technological leadership and expanding into minimally invasive surgery and cardiovascular intervention product lines, despite the potential for increased costs [4]

外资态度来看，本期较上一季度持股减少的外资基金共计1个，即香港中央结算有限公司，持股减少占 比达0.46%。 2025年4月12日，开立医疗(300633.SZ)发布2024年年度报告。截至2025年4月11日，共有333个机构投资 者披露持有开立医疗A股股份，合计持股量达1.17亿股，占开立医疗总股本的27.00%。其中，前十大机 构投资者包括香港中央结算有限公司、中国银行股份有限公司-华宝中证医疗交易型开放式指数证券投 资基金、汇添富基金管理股份有限公司-社保基金17022组合、汇添富基金管理股份有限公司-社保基金 17022组合、中国工商银行股份有限公司-易方达创业板交易型开放式指数证券投资基金、工银前沿医疗 股票A、融通健康产业灵活配置混合A/B、汇添富中盘价值精选混合A、景顺长城中国回报混合A、景顺 资源垄断混合A，前十大机构投资者合计持股比例达11.75%。相较于上一季度，前十大机构持股比例合 计下跌了2.94个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计9个，主要包括融通健康产业灵活配置混合 A/B、中海医药混合A、国联医药消费混合A、新华策略精选股票、汇安资产轮动混合A等，持股增 ...

Financial Performance - The company reported a revenue of 1.2 billion RMB for the fiscal year 2023, representing a year-over-year growth of 15%[21]. - The company's operating revenue for 2024 is reported at ¥2,013,856,558, a decrease of 5.02% compared to ¥2,120,251,604 in 2023[26]. - Net profit attributable to shareholders for 2024 is ¥142,397,376, reflecting a significant decline of 68.67% from ¥454,437,474 in 2023[26]. - The net profit after deducting non-recurring gains and losses is ¥110,319,389.71 for 2024, down 75.07% from ¥442,470,555 in 2023[26]. - The company’s total revenue for 2024 was approximately ¥2.01 billion, a decrease of 5.02% compared to ¥2.12 billion in 2023[99]. - The revenue from ultrasound products was ¥1.18 billion, accounting for 58.75% of total revenue, with a year-on-year decline of 3.26%[99]. - The company achieved a gross margin of 63.78% in the medical device sector, down 3.93% from the previous year[100]. - International sales contributed ¥970.16 million, representing 48.17% of total revenue, with a growth of 3.27% year-on-year[99]. Research and Development - R&D and sales expenses increased year-on-year, with R&D expenses accounting for approximately 20% of current operating revenue, indicating a high level of strategic investment in new product lines[5]. - Research and development expenses increased by 10% to 120 million RMB, focusing on innovative medical technologies[21]. - The company has invested in R&D with expenditures of 328.96 million, 384.26 million, and 472.93 million yuan for the years 2022, 2023, and 2024, respectively, representing 18.66%, 18.12%, and 23.48% of total revenue[68]. - The company holds a total of 1,035 patents, including invention and utility model patents, and has been recognized as a "National High-tech Enterprise" since 2009, reflecting its strong R&D capabilities[68]. - The number of R&D personnel increased by 16.48% to 841, with a higher proportion of master's degree holders at 50.4%[109]. - The company is focusing on innovative medical devices, with several products classified as innovative medical devices under review[116]. Product Development and Launches - The company plans to rely on high-end and diversified product development strategies to continuously launch more competitive products and expand market share[4]. - New product launches include an advanced ultrasound diagnostic device expected to enhance imaging quality by 30%[21]. - The company launched high-end ultrasound machines S80 and P80 in 2024, marking a breakthrough in the high-end ultrasound field[54]. - The company has launched multiple new self-developed endoscopes, including various types of digestive and respiratory endoscopes, enhancing the user experience and aiming to elevate domestic endoscopy capabilities to handle more complex clinical scenarios[58]. - The company has introduced several new disposable medical devices intended for use with flexible endoscopes, including Disposable Needle Electrode, Disposable Coagulation Electrode, and Disposable Hot Biopsy Forceps, all classified as IIb devices[128]. Market Expansion - The company is expanding its market presence in Europe, targeting a 20% market share by the end of 2025[21]. - The company is actively expanding its minimally invasive surgical business and has introduced a team with extensive experience in surgical products and marketing[50]. - The company is expanding its market presence in Southeast Asia, targeting a 20% increase in sales in that region over the next fiscal year[196]. - The company has established a global marketing network covering nearly 170 countries and regions[82]. Strategic Initiatives - The company has initiated a strategic acquisition of a local competitor, which is projected to increase market penetration by 15%[21]. - The company has implemented several accounting policy changes effective January 1, 2024, including the adoption of new standards regarding the classification of current and non-current liabilities[27]. - The company has established a market value management plan approved on April 10, 2025, to enhance valuation[171]. - The "Quality and Return Dual Improvement" action plan has been implemented, focusing on share repurchase and high-end product launches[172]. Corporate Governance - The company has ensured compliance with corporate governance regulations, with a board of directors consisting of 7 members, including 3 independent directors[178]. - The company has established a performance evaluation and incentive mechanism for directors, supervisors, and senior management[181]. - The company operates independently from its controlling shareholder, ensuring no interference in decision-making[177]. Social Responsibility - The company’s efforts in social responsibility included providing free liver ultrasound examinations for patients with echinococcosis in western regions, contributing to the establishment of a comprehensive prevention and treatment system[95]. Financial Management - The cash inflow from investment activities in 2024 was CNY 1,015.99 million, an increase of 71.53% year-over-year, mainly due to increased redemptions of financial products[133]. - The cash outflow from investment activities surged to CNY 1,607.13 million, a significant increase of 295.70% compared to the previous year, primarily due to increased purchases of financial products[133]. - The total cash and cash equivalents decreased by CNY 202.67 million in 2024, a decline of 150.28% compared to the previous year, attributed to higher expenditures on financial products[134].