证券研究报告 2025 年 05 月 13 日 湘财证券研究所 行业研究 医疗服务事件点评 关税缓和双机遇：CXO 估值修复与医疗器械全球突围 事件： 2025 年 05 月 12 日，商务部公布了中美日内瓦经贸会谈联合声明。声明指 出：中美双方近期会将 4 月 2 日相关的 34%关税分为 24%（暂缓 90 天） 和 10%，中国还将暂停或取消自 2025 年 4 月 2 日起针对美国的非关税反 制措施。中美双方未来还会建立机制，继续就经贸关系进行协商。 核心要点： CXO 受中美关税影响较为复杂，政策边际缓和有望迎来估值修复 中美关税边际缓和有利于医疗设备降低生产成本，扩大海外市场份额 近年来国内企业在高端设备、介入治疗、诊断试剂等领域不断突破，逐步 替代进口产品。然而，由于部分关键零部件、检测设备仍依赖进口，关税 波动曾对企业的成本结构和利润空间构成压力。此次中美关税缓和，有助 于稳定供应链成本，提升企业在全球市场的竞争力，尤其是在美国 FDA、 欧盟 CE 等认证体系下的产品推广和市场渗透。 此外，中美关税缓和有利于直接销往美国的医疗器械企业的业务开拓：（1） 价格敏感市场机会增加：美国基层医疗市场 ...

投资者关系活动记录表 证券代码：301370 证券简称：国科恒泰 国科恒泰（北京）医疗科技股份有限公司 | | 答：并购在上市公司做强做优做大过程中发挥了重要的作用，产业 | | --- | --- | | | 链上下游的延伸和整合，是做强做大的路径之一。目前公司暂无收 | | | 并购计划，公司若有相关运作将严格按照相关规则履行信息披露义 | | | 务，具体请以公司公告为准。 | | | 3、公司血管介入类产品的核心增长驱动力是什么？ | | | 答：人口老龄化趋势的加强推动了以血管介入类产品为代表的高值 | | | 医疗耗材需求增长。心血管等疾病患病率与人口年龄呈显著正相关， | | | 同时随着公众生活水平提升以及医疗健康意识增强，微创手术需求 | | | 也在不断增长，这些因素共同驱动了血管介入类高值医疗耗材的需 | | | 求增长。 | | | 4、公司除了血管介入产品外，其他增长点是什么？ | | | 答：公司基本已覆盖医疗器械全品类，除血管介入、骨科外，公司 | | | 也将在设备、IVD等医疗器械大类别上发力，增加这两类产品生产 | | | 厂家的引入和相应附加服务。 | | | 5、目前公 ...

Core Viewpoint - The domestic medical device industry is in a rapid development phase, with short-term negative impacts from medical insurance cost control, but long-term optimism remains due to innovation-driven import substitution and globalization [1][2]. Industry Overview - The impact of COVID-19 is gradually diminishing, while multiple policy disturbances are putting short-term pressure on hospital diagnosis and treatment. Internationalization is expected to bring new growth points [2]. - In 2024, the revenue of listed medical device companies is projected to be 254.27 billion yuan, a year-on-year increase of 0.19%, while the net profit excluding non-recurring items is expected to decline by 13.82% to 27.25 billion yuan. Different sub-sectors show significant divergence in performance [2]. Sub-sector Analysis Low-value Consumables - Revenue is expected to grow by 12.86% in 2024, with net profit increasing by 114.83%. This growth is attributed to the recovery from inventory destocking and accelerated international expansion [2][7]. - In Q1 2025, revenue growth is projected at 2.37%, with net profit growth of 7.19%. The sector is expected to return to normal growth trends as the low base effect diminishes [7]. High-value Consumables - Revenue is projected to grow by 3.58% in 2024, while net profit is expected to decline by 4.09%. The sector is relatively stable, but performance varies across different segments due to the pace of centralized procurement [2][6]. - In Q1 2025, revenue growth is expected to be 0.25%, with a net profit decline of 6.15% [6]. Medical Equipment - Revenue is expected to decline by 1.38% in 2024, with a net profit decrease of 17.93%. The sector faces challenges from anti-corruption measures and delays in bidding processes [2][5]. - In Q1 2025, revenue is projected to decline by 5.27%, with net profit decreasing by 14.10% [5]. In Vitro Diagnostics - Revenue is expected to decline by 6.13% in 2024, with a net profit decrease of 47.04%. The sector is affected by policies such as DRGs and centralized procurement, leading to significant price declines [2][4]. - In Q1 2025, revenue is projected to decline by 15.39%, with a net profit decrease of 40.27% [4]. Investment Recommendations - Despite short-term pressures, the industry shows potential for growth through international expansion and innovative projects. Companies with early overseas layouts and those focusing on unique projects are recommended for investment [4][6].

行业概览 2025/01 www.leadleo.com 2025年 医疗器械海外市场拓展现状剖析 及前景洞察 Medical Device Overseas Market Expansion Status Analysis and Prospect Insight in 2025 2025年医療機器海外市場拡大の現状分析と展望 报告标签：医疗耗材、IVD设备、医学影像设备、"一带一路"、RECP协作、AI医疗、 医疗器械集采、DRG/DIP、美国、马来西亚 主笔人：荆婧 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性 文件（在报告中另行标明出处者除外）。 ，任何人不得以任何方式擅自 复制、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究 院保留采取法律措施、追究相关人员责任的权利。头豹研究院开展的所有商业活动均使用"头豹研究院 "或"头豹"的商号、商标，头豹研究院无任何前述名称之外的其他分支机构，也未授权或聘用其他任何 第三方代表头豹研究院开展商业活动。 白皮书 | 2025/01 中国医疗器械海外市场拓展现状及前景 www.lea ...

Core Viewpoint - The company, Kangtai Medical, has reported a significant decline in performance, transitioning from profit to a net loss of 77.9026 million yuan in 2024, primarily due to weakened downstream market demand and intense competition [1][2]. Financial Performance - In 2024, Kangtai Medical achieved an operating revenue of 480 million yuan, representing a year-on-year decrease of 35.76% [2]. - The company has experienced a continuous decline in net profit for four consecutive years since 2021 [1]. Shareholder Actions - The actual controller of Kangtai Medical, Hu Kun, announced a plan to reduce his shareholding by up to 12 million shares, which is approximately 2.9865% of the total share capital, due to personal financial needs [1][2]. Business Operations - Kangtai Medical specializes in the research, production, and sales of medical diagnostic and monitoring equipment, with a product range that includes blood oxygen, electrocardiogram, ultrasound, monitoring, blood pressure, and analytical testing devices [2]. - The company has developed three main product systems: hospital-based, home-based, and others, serving various healthcare settings [2]. Challenges Faced - The company cited several challenges impacting its business, including increased competition in the global medical device market, stricter regulatory requirements, and reduced procurement budgets from governments and medical institutions [2][3]. - The decline in sales volume and prices of major products has led to a significant drop in main business income [3]. Inventory and R&D Expenses - Kangtai Medical reported a high balance of raw materials and semi-finished goods due to previous market conditions, leading to a slowdown in inventory turnover and a need to recognize a substantial inventory impairment provision of 109 million yuan [3]. - The company maintained a high level of R&D investment, with expenses amounting to 105 million yuan in 2024, which has also impacted net profit in the short term [3].

板块跌幅居前的股票包括：热景生物（-5.39%）、浩欧博（-4.67%）、科华生物（-4.25%）、惠泰医疗 （-2.79%）、大博医疗（-2.04%）、昊海生科（-1.63%）、奕瑞科技（-1.43%）、康拓医疗 （-1.4%）、华兰股份（-1.25%）、微电生理（-0.93%）、华大智造（-0.61%）、诺唯赞（-0.5%）、基 蛋生物（-0.5%）、佰仁医疗（-0.22%）、利德曼（-0.21%）、赛诺医疗（-0.2%）、山东药玻 （-0.18%）、天臣医疗（-0.18%）、博晖创新（-0.17%）、爱博医疗（-0.03%） 来源：金融界 5月12日，截至收盘，医疗器械行业上涨1.19%，板块资金流入1.72亿。上涨个股家数98个，下跌个股家 数20个。 板块涨幅居前的十大牛股分别是：尚荣医疗（10.0%）、鹿得医疗（7.78%）、开立医疗（6.88%）、爱 朋医疗（5.45%）、硕世生物（5.0%）、华大基因（4.97%）、山外山（4.61%）、中红医疗 （3.95%）、采纳股份（3.78%）、辰光医疗（3.57%）、博拓生物（3.55%）、万孚生物（3.33%）、奥 精医疗（3.29%）、美好医疗（ ...

公司研究 证 券 研 究 报 告 海泰新光（688677）2024 年报及 2025 年一季报点评 推荐（维持） 业绩拐点向上，海外子公司完成认证 目标价：42 元 事项： ❖ 公司发布 24 年年报及 25 年一季报，24 年全年营收 4.43 亿元（-5.90%），归母 净利润 1.35 亿元（-7.11%），扣非归母净利润 1.29 亿元（-5.26%）。24Q4，营 收 1.24 亿元（+31.59%），归母净利润 0.38 亿元（+37.92%），扣非归母净利润 0.40 亿元（+57.44%）。25Q1，营收 1.47 亿元（+24.86%），归母净利润 0.47 亿 元（+21.45%），扣非归母净利润 0.46 亿元（+26.89%）。公司拟向全体股东每 股派发现金红利 0.6 元（含税）。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 443 | 558 | 682 | 828 | | 同比增速(%) | - ...

Core Viewpoint - The National Medical Products Administration (NMPA) has released the "Quality Management Specification for Online Sales of Medical Devices," aimed at regulating the rapidly growing online medical device sales market in China, which has seen a significant increase in the number of companies involved in this sector [1][2]. Group 1: Background and Market Growth - The online medical device sales market in China has experienced explosive growth, with the number of companies engaged in online sales rising from 8,717 in 2018 to over 360,000 currently, and third-party platform companies increasing from 77 to 851 [1]. - The NMPA has incorporated relevant regulations into the newly revised "Regulations on the Supervision and Administration of Medical Devices" to promote a healthy and orderly development of the online medical device sales market [1]. Group 2: Key Components of the Specification - The "Specification" consists of four chapters and fifty articles, covering general principles, quality management for online sales operators, quality management for e-commerce platform operators, and supplementary provisions [1]. - It requires online sales operators and e-commerce platforms to establish and maintain a quality management system suitable for online medical device sales and ensure its effective operation [1][2]. Group 3: Responsibilities and Requirements - The specification emphasizes the responsibilities of online sales operators in building a quality management system, enhancing risk management, and ensuring compliance with existing regulations [3]. - Specific public disclosure requirements for companies with medical device operating licenses or registrations are outlined, including the need to display relevant certificates and licenses prominently [3]. Group 4: E-commerce Platform Management - The specification details the management responsibilities of e-commerce platform operators, including the establishment of a quality safety management system and the appointment of qualified personnel [4]. - E-commerce platforms are required to implement a system for identifying and addressing illegal activities related to online medical device sales, including reporting violations to regulatory authorities [5][6]. Group 5: Risk Management and Monitoring - The specification guides e-commerce platforms to enhance internal risk monitoring and collect external risk information to strengthen quality safety risk management [6][7]. - It mandates that key personnel, including the legal representative of the e-commerce platform, conduct quarterly reviews of quality safety risks associated with online medical device sales [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's core products are experiencing steady growth, while short-term profits are under pressure due to the performance of the hearing aid segment [5][7] - The company is expected to focus on core products and self-manufactured items, with a rich product pipeline that is likely to enhance profitability in the future [7] Financial Performance Summary - For 2023, the company reported revenue of 2,854 million RMB, with a year-on-year decline of 4.14%. The net profit attributable to the parent company was 254 million RMB, down 15.71% year-on-year [6] - Revenue is projected to grow to 3,495 million RMB in 2025, representing a year-on-year increase of 17.15%. The net profit is expected to reach 376 million RMB, with a growth rate of 20.45% [6][8] - The gross margin for 2024 is reported at 51.9%, an increase of 8.6 percentage points year-on-year, with significant improvements in the rehabilitation aids segment [7] Business Segment Performance - The rehabilitation aids segment achieved revenue of 1.1 billion RMB, up 42.8% year-on-year. The traditional Chinese medicine therapy and other segments generated 180 million RMB, up 20.5% year-on-year [7] - The hearing aid segment reported revenue of 270 million RMB, a year-on-year increase of 37.9%, but also faced a net loss of 43.25 million RMB due to a challenging consumer environment and new store performance [7] Profitability and Valuation - The company is expected to see net profits of 3.8 billion RMB, 4.5 billion RMB, and 5.4 billion RMB from 2025 to 2027, with growth rates of 20.4%, 20.2%, and 20.6% respectively [7] - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 19X, 16X, and 13X respectively [7]

Group 1 - The core viewpoint of the articles indicates that 17 equity star advisory portfolios collectively reported negative returns over the past month, with only 8 maintaining positive returns in the first four months of the year [1][2] - The top three performing advisory portfolios have shifted their strategies towards defensive positions, increasing allocations in consumer sectors and undervalued assets, reflecting differing responses to market volatility [1][2] - The average return of the 17 equity star advisory portfolios was 0.22%, with the best-performing portfolio, "Yinhua Tianji - Qiaoqiao Ying," leading with a return of 7.65% in the first quarter, focusing on hard technology, medical healthcare, and basic consumer sectors [2][3] Group 2 - The "Yinhua Tianji - Qiaoqiao Ying" portfolio made adjustments in late April, increasing its allocation to consumer sectors while balancing technology categories, and reducing the proportion of index funds [2][3] - The "Jihua Jinqu" portfolio also made adjustments in late April, reducing exposure to bonds and low-volatility assets while increasing investments in undervalued sectors like pharmaceuticals and real estate [3][4] - The "Zhongou Super Stock All-Star Portfolio" conducted a rebalancing in early April, maintaining an overweight position in growth styles while optimizing specific holdings due to macroeconomic uncertainties [4] Group 3 - The global asset direction advisory portfolios showed significant performance divergence, with an average return of approximately -0.62% over the past month, and only 9 out of 27 portfolios reporting gains [4][5] - The "Guotai Jinqi Global Allocation Portfolio" achieved the highest return of 11.84% in the first four months, focusing on the Hong Kong stock market and sectors like innovative pharmaceuticals and gold [5] - The "Time Traveler Portfolio" completed its first rebalancing since 2025 in late April, shifting from high-volatility tech investments to lower-volatility index funds due to anticipated increases in U.S. stock market volatility [5]