证券研究报告 医药生物 | 医疗器械 北交所|新股申购 hyzqdatemark 2026 年 02 月 03 日 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 联系人 胡文瀚 证券分析师 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 huwenhan@huayuanstock.com 海圣医疗(920166.BJ) ——麻醉监护耗材领先者，掘金广阔低值耗材市场 发行：海圣医疗本次发行价格 12.64 元/股，发行市盈率 13.42X，申购日为 2026 年 2 月 4 日。本次公开发行初始发行股份数量 1129 万股，发行后总股本为 7529 万股， 本次发行数量占发行后总股本的 15%。经我们测算，公司发行后预计可流通股本比 例为 33.06%，老股占可流通股本比例为 54.63%。本次发行战略配售发行数量为 112.9 万股，占本次发行数量的 10.00%。有 3 家战略投资者参与公司的战略配售。 公司本次募投项目包括"麻醉监护急救系列医疗器械升级扩产及自动化项目"等， 预计投资总额 48270 万元，募集资金将主要用于高分子耗材产品、传感器、监 ...

Core Viewpoint - Pomerantz LLP is investigating potential securities fraud or unlawful business practices involving Teleflex Incorporated and its executives following the abrupt departure of CEO Liam Kelly, which led to a significant drop in the company's stock price [1][3]. Group 1: Company Developments - On January 8, 2026, Teleflex announced the immediate departure of Liam Kelly as Chairman, President, and CEO [3]. - Following this announcement, Teleflex's stock price decreased by $16.52 per share, representing a 13.06% decline, closing at $110.01 per share [3]. Group 2: Legal Investigation - Pomerantz LLP is representing investors in investigating claims against Teleflex regarding possible securities fraud or other unlawful business practices [1]. - Investors are encouraged to contact Pomerantz LLP for more information regarding the class action [2].

Core Viewpoint - Teleflex Incorporated (TFX) experienced a significant decline in share price following leadership changes and a lowered revenue outlook for the year [1]. Group 1: Leadership Changes - Stuart Randle has been appointed as Interim President and Chief Executive Officer, effective immediately, succeeding Liam Kelly, who has stepped down from his roles as Chairman, President, and CEO [1]. Group 2: Stock Performance - Shares of Teleflex fell by 11.32 percent, dropping $14.32 to $112.21 from a previous close of $126.53 [1][2]. - The stock opened at $112.50 and traded within a range of $108.39 to $115.00 during the session on the New York Stock Exchange [2]. - Trading volume reached approximately 1.38 million shares, significantly higher than the average volume of about 0.64 million shares [3]. Group 3: Historical Context - Teleflex's shares have fluctuated within a 52-week range of $102.58 to $185.94 [3].

Leadership Changes - Teleflex Incorporated has appointed Stuart Randle as Interim President and CEO, succeeding Liam Kelly, who has stepped down from his roles [1] - Stephen Klasko has been appointed as Chairman of the Board [1][2] Revenue Outlook - The company has lowered its full-year revenue outlook for 2025 to a range of $3.270 billion to $3.278 billion, down from the previous guidance of $3.305 billion to $3.320 billion [3] - The revision is attributed to softer-than-expected demand for intra-aortic balloon pumps and catheters in the U.S. and Asia, delays in certain OEM purchase orders, and lower overall order volumes across parts of its portfolio [3] Strategic Focus - Teleflex is transitioning to a more focused, higher-growth organization following the announced sale of its Acute Care, Interventional Urology, and OEM businesses [3] - The Board believes this leadership transition is timely to best position the company for future growth [3]

Financial Information - Teleflex Incorporated announced estimated preliminary financial information for the full year ended December 31, 2025, on January 8, 2026[4]. Leadership Changes - Liam J. Kelly departed as President and CEO effective January 7, 2026, with Stuart A. Randle appointed as Interim President and CEO starting January 8, 2026[5][6]. - The company is engaging Spencer Stuart to assist in the search for a permanent President and CEO[5]. Compensation and Benefits - Mr. Randle's compensation includes a monthly stipend of $140,000 and a restricted stock grant valued at $1.5 million, to be granted on January 13, 2026[10]. - Mr. Kelly's severance benefits are contingent upon his execution of a release of claims, with outstanding equity awards receiving age and service vesting treatment[11]. Transition Details - The transition matters were detailed in a press release dated January 8, 2026, which is attached as Exhibit 99.1[12].

Leadership Changes - Stuart Randle has been appointed as Interim President and CEO of Teleflex, succeeding Liam Kelly, who has departed from the company [1] - Dr. Stephen Klasko has been appointed as Chairman of the Board [1][2] - The Board has engaged Spencer Stuart to assist in the search for a permanent CEO [2] Business Strategy and Focus - Teleflex is transitioning to a more focused, higher-growth organization following the announced sale of its Acute Care, Interventional Urology, and OEM businesses [3] - The leadership transition is aimed at positioning the company for future growth in core critical care and high-acuity hospital markets [3] Financial Performance Update - The company expects full year 2025 revenue to be between $3.270 billion and $3.278 billion, a decrease from previous guidance of $3.305 billion to $3.320 billion [4] - The revenue reduction is primarily due to lower than expected demand for intra-aortic balloon pumps and catheters in the U.S. and Asia, as well as delays in OEM purchase orders [5] Future Reporting - Teleflex plans to report its full fourth quarter and full year 2025 financial results in late February or early March 2026 [7]

Core Insights - Teleflex's Interventional Urology portfolio is positioned for sustained growth, driven by UroLift's expanding global presence and strong clinical differentiation [1][3] - Barrigel enhances Teleflex's presence in prostate cancer care, supported by favorable clinical data and increasing clinician adoption [1][5] - High debt levels and adverse foreign exchange impacts are significant concerns for Teleflex [1][10][11] Financial Performance - Teleflex's stock has declined by 29.9% over the past year, while the industry has only dropped by 0.5%, and the S&P 500 has risen by 14.6% [2] - The company has a market capitalization of $5.52 billion and has consistently surpassed earnings estimates over the last four quarters, with an average surprise of 5.4% [2] Growth Drivers - UroLift is a minimally invasive device for treating lower urinary tract symptoms due to benign prostatic hyperplasia (BPH), with enhanced market penetration in Japan and China [3] - Clinical studies have shown UroLift's superiority over competitors, particularly in early patient satisfaction and symptom relief [4] - Barrigel, a rectal spacer for prostate cancer radiation therapy, is gaining traction in the U.S. and Japan, with strong revenue momentum [5][6] Concerns - Teleflex's long-term debt reached $2.57 billion, a 42.7% increase sequentially, with a debt-to-capital ratio of 41.1% [10] - The company faces challenges from foreign exchange impacts, particularly due to a significant portion of revenues coming from international markets [11] Earnings Estimates - The Zacks Consensus Estimate for Teleflex's 2025 earnings per share (EPS) is $14.08, with revenues projected at $3.32 billion, indicating an 8.8% increase from the previous year [12]

Core Insights - The article promotes a premium service called "Value in Corporate Events" that focuses on major corporate events such as earnings reports, mergers and acquisitions, and IPOs, providing actionable investment ideas [1]. Group 1 - The service covers 10 major events each month, aiming to identify the best investment opportunities [1]. - The leader of the investing group has a Master of Science specializing in financial markets and a decade of experience in tracking companies through catalytic events [1]. - The service offers coverage of situations and names upon request, enhancing its tailored investment approach [1].

Core Viewpoint - Teleflex is divesting its acute care, interventional urology, and OEM businesses in two separate deals totaling over $2 billion as part of a broader portfolio optimization strategy [1] Group 1: Business Transactions - UK-based Intersurgical is acquiring Teleflex's acute care and interventional urology business lines for $530 million [1] - Teleflex's OEM business is being acquired by private equity firms Montagu and Kohlberg in a carveout deal worth approximately $1.5 billion [1] - Both transactions are expected to close by the second half of 2026, pending regulatory approvals and other closing conditions [3] Group 2: Financial Impact and Market Reaction - Following the announcement of the divestments, Teleflex's shares rose nearly 10% to $131.25 per share, up from $119.82 the previous day, reflecting positive investor sentiment [3] - Teleflex has a market capitalization of $5.8 billion [3] Group 3: Strategic Focus - According to Teleflex's CEO Liam Kelly, the divestitures aim to position the company as a more focused leader in medical technologies, with an emphasis on vascular access, interventional, and surgical businesses [4] - The company anticipates increased flexibility to invest in innovation and compete in priority markets following these transactions [4] Group 4: Financial Performance - In the nine months ending September 28, 2025, the majority of Teleflex's revenue came from the business segments that are now being sold [5] - Profits for Teleflex's interventional urology and OEM lines decreased by 11% and 13.9%, respectively, compared to the same period in 2024, indicating a declining focus on these areas [5] Group 5: Future Business Structure - In February 2025, Teleflex announced plans to split its business into two independently traded entities, with the completion date set for mid-2026 [6] - The business lines being sold will be grouped under a new standalone entity called Teleflex NewCo, while vascular access, interventional, and surgical businesses will be under a new entity called RemainCo [6]

Core Viewpoint - Montagu and Kohlberg have entered into a definitive agreement to acquire Teleflex Medical OEM for $1.5 billion in a carve-out transaction from Teleflex Incorporated [1] Company Overview - Teleflex Medical OEM has over 40 years of experience in developing and supplying custom-engineered interventional catheter components, surgical fibers, and sutures, serving fast-growing treatment areas such as structural heart, neurovascular, electrophysiology, and urology [2] - The company operates seven state-of-the-art facilities across the U.S., Mexico, and Ireland, leveraging complex extrusion expertise and a vertically integrated operating model to support a blue-chip customer base in the medical device sector [2][6] Transaction Details - The transaction is expected to close in the second half of 2026, subject to regulatory approvals and other closing conditions, after which Teleflex Medical OEM will operate as an independent global contract developer and manufacturer [3] - Greg Stotts, currently the President and General Manager of Teleflex, will become the CEO post-transaction, bringing over 30 years of industry experience [3] Strategic Focus - The acquisition aims to accelerate investment in innovation, quality systems, and capacity while maintaining reliability and engineering depth for customers [4] - Montagu and Kohlberg plan to leverage their expertise in carve-out transactions and value creation to support Teleflex Medical OEM's growth and expansion of its customer base [4][5] Market Position - Teleflex Medical OEM is recognized as a leading strategic supplier in the global medtech value chain, known for its engineering support, reliability, and quality [5] - The company is positioned to create long-term, mutually beneficial partnerships with customers, addressing the increasing pressure on medical device companies to optimize portfolios and consolidate supply chains [5]