业绩短期承压，看好行业空间 开立医疗(300633) 2025 年半年报点评 股票研究 /[Table_Date] 2025.09.05 2025-09-05 [Table_Industry] 医药/必需消费 公 司 半 年 报 点 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 公司发布 2025 年半年报，业绩短期承压，内镜板块略有增长，维持评级为谨慎优于 大市评级。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 2,120 | 2,014 | 2,196 | 2,598 | 3,009 | | (+/-)% | 20.3% | -5.0% | 9.0% | 18.3% | 15.8% | | 净利润(归母) | 454 | 142 | 254 | 372 | 477 | | (+/-)% | 22.9% | -68.7% | 78.4% | 46.4% | 28.2% | | 每股净收益(元) ...

资金流向方面，主力资金净流入113.80万元，特大单买入0.00元，占比0.00%，卖出137.92万元，占比 3.71%；大单买入405.60万元，占比10.92%，卖出153.88万元，占比4.14%。 开立医疗今年以来股价涨10.07%，近5个交易日跌2.39%，近20日跌2.60%，近60日跌0.25%。 资料显示，深圳开立生物医疗科技股份有限公司位于广东省深圳市光明区光电北路368号开立医疗大 厦，成立日期2002年9月27日，上市日期2017年4月6日，公司主营业务涉及医疗诊断及治疗设备的自主 研发、生产与销售。主营业务收入构成为：彩超58.07%，内窥镜及镜下治疗器具40.90%，其他(补 充)1.02%。 开立医疗所属申万行业为：医药生物-医疗器械-医疗设备。所属概念板块包括：体外诊断、医疗器械、 中盘、融资融券、基金重仓等。 9月5日，开立医疗盘中上涨2.03%，截至10:42，报32.24元/股，成交3712.65万元，换手率0.27%，总市 值139.51亿元。 截至6月30日，开立医疗股东户数1.43万，较上期减少1.46%；人均流通股30244股，较上期增加1.48%。 2025年1 ...

9月3日，开立医疗盘中下跌2.04%，截至13:05，报32.15元/股，成交7026.71万元，换手率0.50%，总市 值139.12亿元。 资金流向方面，主力资金净流出341.36万元，特大单买入0.00元，占比0.00%，卖出148.86万元，占比 2.12%；大单买入1126.95万元，占比16.04%，卖出1319.45万元，占比18.78%。 责任编辑：小浪快报 截至6月30日，开立医疗股东户数1.43万，较上期减少1.46%；人均流通股30244股，较上期增加1.48%。 2025年1月-6月，开立医疗实现营业收入9.64亿元，同比减少4.78%；归母净利润4703.03万元，同比减少 72.43%。 分红方面，开立医疗A股上市后累计派现3.81亿元。近三年，累计派现2.58亿元。 机构持仓方面，截止2025年6月30日，开立医疗十大流通股东中，华宝中证医疗ETF（512170）位居第 六大流通股东，持股718.67万股，相比上期增加13.42万股。广发医疗保健股票A（004851）位居第七大 流通股东，持股614.64万股，相比上期增加83.62万股。香港中央结算有限公司位居第八大流通股东，持 ...

华宝中证医疗ETF（512170）成立日期2019年5月20日，最新规模261.47亿。今年以来收益16.35%，同 类排名2436/4222；近一年收益40.88%，同类排名2091/3776；成立以来收益14.01%。 华宝中证医疗ETF（512170）基金经理为胡洁。 截至发稿，胡洁累计任职时间12年320天，现任基金资产总规模843.36亿元，任职期间最佳基金回报 142.59%， 任职期间最差基金回报-98.01%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 8月28日，开立医疗跌0.52%，截至发稿，报32.76元/股，成交1.74亿元，换手率1.23%，总市值141.76亿 元。开立医疗股价已经连续5天下跌，区间累计跌幅8.11%。 资料显示，深圳开立生物医疗科技股份有限公司位于广东省深圳市光明区光电北路368号开立医疗大 厦，成立日期2002年9月27日，上市日期2017年4月6日，公司主营业务涉及医疗诊断及治疗设备的自主 研发、 ...

晨 会 纪 要 [2025]第 158 号 主 题：对近期重要经济金融新闻、行业事件、公司公告等进行点评 时 间：2025 年 8 月 27 日 8:50-9:30 会议形式：腾讯会议 参会人员：曹旭特 仇华 许雯 王攀 蒋栋 张德燕 轩鹏程 文正平 李杰 王文瑞 张智珑 郭怡萍 何超 李育文 李正威 别璐莎 邢维洁 孙菲 马丽明 贺钰偲 汪炜 聂孟依 顾华昊 整理记录：李正威 研究所今日晨会要点如下: 一、行业公司 2.1、电子（李杰） DeepSeek V3.1 发布，看好国产算力需求 市场表现：上周电子行业上涨 8.95% 根据 Wind 数据，上周（2025.08.18-2025.08.22）电子报收 5769.27 点，上涨 8.95%；半 导体报收 6169.20 点，上涨 12.26%；消费电子报收 8615.39 点，上涨 8.26%；元件报收 10930.98 点，上涨 1.68%；光学光电子报收 1666.99 点，上涨 7.13%。 从公司表现来看，表现居前的公司有：科森科技、盛科通信-U、芯原股份、南亚新材、 成都华微；表现靠后的公司有：久量股份、威尔高、冠石科技、福日电子、可立克。 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][25] Core Views - The company is experiencing short-term pressure on performance due to a slight decline in revenue and significant profit impact from increased expenses. Revenue for 2024 is projected at 2.014 billion yuan, down 5.02%, with a net profit of 142 million yuan, down 68.67% [1][9] - Despite the current challenges, the company is making strategic investments in talent and product innovation, which are expected to yield positive results in the future as the industry environment improves [4][3][21] Financial Performance Summary - Revenue for 2024 is expected to be 2.014 billion yuan, a decrease of 5.02% from the previous year. The net profit is projected at 142 million yuan, reflecting a significant decline of 68.67% [1][5] - The gross margin for 2024 is forecasted at 63.78%, showing a decline of 5.63 percentage points, influenced by a higher proportion of lower-margin overseas business and price pressures from county-level medical equipment procurement [2][18] - The company has increased its workforce by 16% year-on-year, reaching a total of 3,122 employees, indicating a strong commitment to enhancing its research and sales capabilities [3][21] Future Projections - Revenue projections for 2025, 2026, and 2027 are 2.334 billion yuan, 2.694 billion yuan, and 3.089 billion yuan, respectively, with expected growth rates of 16%, 15%, and 15% [4][25] - The net profit forecasts for the same years are 310 million yuan, 400 million yuan, and 480 million yuan, with growth rates of 120%, 27%, and 22% respectively [4][25] Market Position and Strategy - The company is focusing on high-end product launches in various fields, including ultrasound and endoscopy, to strengthen its market position. Notable products include the high-end S80 and P80 ultrasound machines and the HD650 smart endoscope platform [3][21] - The company is maintaining a high level of investment in research and development, which is expected to enhance its competitive edge in the market [2][4][21]

Key Insights - The report highlights the strong growth in social financing and credit in March 2025, with new social financing reaching 5.89 trillion yuan, a year-on-year increase of 1.05 trillion yuan, indicating a positive trend in financial activity [2][3] - The government bonds continue to play a crucial role in supporting social financing growth, with new government bonds issued amounting to 1.48 trillion yuan, a year-on-year increase of 1.02 trillion yuan [3][6] - The banking sector is expected to benefit from a favorable environment with continued monetary policy easing and increased capital injections from major banks, maintaining a positive outlook for bank stocks [6] - The trust industry is undergoing significant regulatory changes aimed at refocusing on core responsibilities and enhancing risk management, which is expected to drive high-quality development in the sector [8][11] - The data center industry is projected to experience robust growth, with electricity consumption expected to grow at a CAGR of 16.1% from 2024 to 2030, driven by increasing demand for low-carbon electricity [14][15] - The report emphasizes the importance of integrating data centers with low-carbon power sources, particularly waste incineration and renewable energy, to meet the growing energy demands sustainably [16][17] - Hebei Steel Group is recognized for its leading profitability in the steel industry, maintaining positive net profits for nearly 20 years, with a sales gross margin of 8.53% in the first three quarters of 2024 [20][21] - Shennong Development has shown consistent growth, with a 14.72% increase in chicken sales in 2024, and is expected to continue its upward trajectory due to its integrated business model and product innovation [24][25]

Key Insights - The report highlights the strong growth in social financing and credit in March 2025, with new social financing reaching 5.89 trillion yuan, a year-on-year increase of 1.05 trillion yuan, indicating a positive trend in financial activity [2][3] - The government bonds continue to play a crucial role in supporting social financing growth, with new government bonds issued amounting to 1.48 trillion yuan, a year-on-year increase of 1.02 trillion yuan [3][6] - The banking sector is expected to benefit from a favorable environment with ongoing monetary policy easing and increased capital injections from major banks, maintaining a positive outlook for bank stocks [6] Banking Sector - In March 2025, the total balance of RMB loans increased by 7.4% year-on-year, with new loans amounting to 3.64 trillion yuan, a year-on-year increase of 550 billion yuan, indicating improved credit demand from both households and enterprises [4] - The M1 and M2 growth rates were reported at 1.6% and 7.0% respectively, reflecting an increase in the liquidity of funds, primarily driven by a recovery in the real estate market [5] Non-Banking Sector - The upcoming revision of the Trust Company Management Measures aims to refocus the industry on its core responsibilities and enhance risk management, transitioning from a financing-centric model to a trustee-centric model [8][11] - The revised regulations will streamline the business scope of trust companies to three main categories: asset service trusts, asset management trusts, and public welfare trusts, promoting high-quality development in the trust industry [9][11] Environmental and Utility Sector - The report anticipates a compound annual growth rate (CAGR) of 16.1% for domestic data center electricity consumption from 2024 to 2030, with projections indicating that data centers will account for 3.10% of total electricity consumption by 2030 [14][15] - The demand for low-carbon electricity in data centers is driven by policy initiatives aimed at increasing the use of renewable energy, with expectations that by 2030, renewable energy demand from data centers will reach 2.89 trillion kWh, representing 71% of their total electricity consumption [15][16] Company-Specific Insights - Hebei Iron and Steel Co., Ltd. is recognized for its leading profitability in the steel industry, maintaining positive net profits for nearly 20 years, with a sales gross margin of 8.53% in the first three quarters of 2024 [20][21] - Shennong Development Co., Ltd. has shown consistent growth, with a revenue of 18.586 billion yuan in 2024, a year-on-year increase of 0.53%, and a significant turnaround in Q1 2025, achieving a net profit of 1.3 to 1.6 billion yuan [24][25]