证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 三友医疗(688085) 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 贺鑫 医药行业联席首席分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 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] 超声骨刀放量，海外业务表现亮眼 [Table_ReportDate] 2025 年 09 月 04 日 [Table_S 事件：公司发布 ummary] 2025 年中期报告，2025 年上半年实现营业收入 2.50 亿元 （yoy+17.77%），归母净利润 0.37 亿元（yoy+2083.64%），扣 ...

Core Viewpoint - The report highlights the financial performance and operational status of Double Medical Technology Inc. for the first half of 2025, showcasing significant growth in revenue and net profit, alongside a stable business model in the medical high-value consumables sector. Financial Performance - The company achieved operating revenue of CNY 1,210,439,721.50, representing a year-on-year increase of 25.55% compared to CNY 964,129,205.76 in the same period last year [2][10]. - The net profit attributable to shareholders reached CNY 244,258,762.40, up 76.69% from the previous year, while the net profit after deducting non-recurring gains and losses was CNY 222,695,524.72, reflecting an increase of 82.64% [2][10]. - The basic earnings per share increased by 79.90% to CNY 0.6007 from CNY 0.3339 [2][10]. - The overall gross margin for the reporting period was 71.01% [10]. Business Overview - The main business of the company involves the production, research, and sales of medical high-value consumables, including orthopedic trauma implants, spinal implants, joint implants, sports medicine, and minimally invasive surgical consumables [3][4]. - The company’s product lines showed collaborative growth, with trauma products generating CNY 468,220,039.78 in revenue, a 23.68% increase, and spinal products achieving CNY 217,257,515.06, up 29.86% [10][11]. International Expansion - The company has been actively expanding its international market presence, with products exported to over 70 countries, including Australia, Ukraine, and Chile. The overseas business revenue reached CNY 157,583,735.84, marking a 50.84% increase [11][12]. R&D and Quality Management - The company has established a comprehensive R&D system, holding 110 invention patents and 251 medical device registration certificates, with some products certified by FDA and CE [12][14]. - A strict quality management system is in place to ensure product reliability and safety, which is critical for maintaining the company's reputation in the medical field [14]. Marketing and Sales Strategy - The company employs a distribution-focused sales model, supported by a robust marketing network across more than 30 provinces in China, enhancing its market influence and brand recognition [15][16]. - The marketing strategy includes training programs for distributors and direct engagement with healthcare professionals to promote product awareness and usage [10][11].

截至2025年8月5日收盘，大博医疗股价报53.30元，较前一交易日上涨4.15元。当日开盘51.49元，最高 触及53.90元，最低49.82元，成交量为14.46万手，成交金额达7.47亿元。 大博医疗主要从事医用高值耗材的研发、生产和销售，产品涵盖骨科创伤类、脊柱类、关节类等植入耗 材以及外科手术器械等。公司属于医疗器械行业，注册地位于福建省厦门市。 根据公司公告，预计2025年1-6月归属于上市公司股东的净利润为2.3亿元至2.5亿元，同比增长66.37%至 80.84%。这一业绩预增信息使得公司新增"2025中报预增"概念。 数据显示，8月5日大博医疗主力资金净流出1549.21万元，占流通市值的0.1%。近五个交易日主力资金 累计净流入6178.04万元，占流通市值的0.4%。 风险提示：以上信息仅供参考，不构成投资建议。市场有风险，投资需谨慎。 来源:金融界 ...

Core Viewpoint - The company, Dabo Medical (stock code: 002901), anticipates a significant increase in net profit for the first half of 2025, projecting a growth of approximately 66.37% to 80.84% compared to the same period last year, driven by product line expansion and innovation [1][3]. Financial Performance - The estimated net profit attributable to shareholders is expected to be between 230 million to 250 million yuan, compared to 138.24 million yuan in the same period last year, reflecting a growth of 66.37% to 80.84% [2]. - The net profit after deducting non-recurring gains and losses is projected to be between 210 million to 230 million yuan, up from 121.93 million yuan last year, indicating a year-on-year increase of 72.23% to 88.63% [2]. - Basic earnings per share are expected to be between 0.5657 yuan and 0.6148 yuan, compared to 0.3339 yuan in the previous year [2]. Reasons for Performance Growth - The primary reason for the performance growth is the transition of various product lines into a new growth phase following the centralized procurement of medical consumables. The company is also focusing on product innovation, technical services, and international development strategies to ensure stable and healthy business growth [3]. Company Overview - Dabo Medical Technology Co., Ltd. was established in 2004 and is headquartered in Xiamen, Fujian Province. It specializes in the research, production, and sales of high-value medical consumables, particularly in orthopedics, neurosurgery, and minimally invasive surgery [4]. - The company was listed on the Shenzhen Stock Exchange in 2017 and has products certified by FDA, CE, ISO13485, and GMP [4]. - Dabo Medical's main business includes the production, research, and sales of medical high-value consumables, with key products such as orthopedic trauma implants, spinal implants, and joint implants [4][6][9]. Product Line and Market Presence - The company has a diverse product line with 158 product registration certificates or filing credentials, covering approximately 15,400 specifications of various consumables, making it one of the few companies in the industry with a complete product line for orthopedic implants [8]. - Dabo Medical's products are distributed across more than 30 provinces and cities in China, collaborating with over 3,000 hospitals and more than 500 commercial companies. Internationally, its products are exported to the United States, the European Union, Southeast Asia, the Middle East, and South Africa [8].

4月10日，大博医疗今日收盘33.75元，上涨2.43%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到69.47倍，总市值139.73亿元。 大博医疗科技股份有限公司的主营业务为医用高值耗材的生产、研发与销售。主要产品为骨科创伤类植 入耗材、脊柱类植入耗材、关节类植入耗材、运动医学及神经外科类植入耗材、微创外科类耗材、口腔 种植类植入耗材。 最新一期业绩显示，2024年三季报，公司实现营业收入15.29亿元，同比35.88%；净利润2.40亿元，同 比145.48%，销售毛利率68.47%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)103大博医疗69.47236.944.42139.73亿行业平均 46.1548.384.77102.50亿行业中值29.1329.012.3143.45亿1硕世生物-1773.70-1773.701.1136.64亿2诺唯 赞-508.88-508.882.3392.08亿3博晖创新-340.62-209.723.7552.28亿4康泰医学-270.0231.682.7652.52亿5华 大基因-198.46217.092.05201.67亿6奥精 ...

Group 1 - The core viewpoint of the news is that Dabo Medical's stock performance shows a significant increase in net profit and revenue, despite a high PE ratio compared to industry averages [1] - As of April 2, Dabo Medical's closing price was 35.82 yuan, with a PE ratio of 73.73, marking a new low in 44 days, and a total market capitalization of 14.83 billion yuan [1] - The medical device industry has an average PE ratio of 46.88, with a median of 33.67, placing Dabo Medical at the 103rd position in the industry ranking [1][2] Group 2 - Dabo Medical's main business includes the production, research, and sales of high-value medical consumables, with key products in orthopedic trauma, spinal, joint, sports medicine, neurosurgery, minimally invasive surgery, and dental implants [1] - The latest financial results for the third quarter of 2024 show that the company achieved a revenue of 1.529 billion yuan, a year-on-year increase of 35.88%, and a net profit of 240 million yuan, a year-on-year increase of 145.48%, with a gross profit margin of 68.47% [1]