编号：2025-006 | |  特定对象调研分析师会议 | | --- | --- | | 投资者关系活动 | 媒体采访业绩说明会 | | 类别 | 新闻发布会路演活动 | | | 现场参观 | | |  其他(电话会议) | | 参与单位名称 | 长江证券 永赢基金 嘉实基金 | | 时间 | 年 月 日上午 2025 7 21 9:15-10:15 | | 地点 | 现场+线上交流 | | 上市公司接待 | 祁艳芳 副总经理、董事会秘书 | | 人员姓名 | 夏庆立 证券事务代表 | | | 1、公司自主品牌收入毛利率水平、收入增速及收入占比 | | | 答：公司自主品牌整体毛利率约为 50%，2024 年公司自主 | | | 品牌合计收入同比增长近 30%，保持较好增长趋势。目前自主品 | | | 牌收入占比较低。后续随着公司加大对自主品牌的销售资源投入 | | | 和产品管线的不断丰富，自主品牌收入占比有望提升。 | | | 2、如何平衡第三方品牌和自主品牌销售 | | | 答：公司目前的产品结构为自主品牌与第三方品牌相互错位 | | | 发展，相为补充的产品结构。公司通过整合市场渠 ...

Core Insights - Guangdong's foreign trade achieved a total value of 4.55 trillion yuan in the first half of the year, with a year-on-year growth of 4%, surpassing the national growth rate by 1.1 percentage points, marking eight consecutive quarters of positive growth [4][5]. Trade Performance - The export value reached 2.89 trillion yuan, growing by 1.1%, while imports totaled 1.66 trillion yuan, increasing by 9.5%. All trade metrics set historical highs for the same period [4]. - Guangdong's foreign trade accounted for 20.9% of the national total, an increase of 0.2 percentage points from the previous year, contributing 28% to the national foreign trade growth [4]. Role of Private Enterprises - Private enterprises played a significant role, comprising 64.2% of Guangdong's total foreign trade value, with a total import-export value of 2.92 trillion yuan, reflecting a growth of 4.3% [5]. - The number of foreign trade enterprises in Guangdong reached 130,000, a 7.6% increase, with private enterprises numbering 110,000, up by 8.6% [5]. Trade Partners and Regions - Guangdong's main trading partner, ASEAN, saw an import-export value of 757.13 billion yuan, growing by 5.9%, representing 16.6% of the province's total foreign trade [5]. - Trade with other major partners such as Hong Kong, the EU, Taiwan, Japan, and South Korea also experienced growth, while trade with the U.S. declined by 8.1% [5]. High-Tech Product Exports - High-tech product exports reached 505.43 billion yuan, increasing by 13.3%, with specific categories like machine tools and drones growing by 18.7% and 29.2%, respectively [6]. - Exports of "new three samples" products, which represent green and low-carbon technologies, surged by 28.8% [6]. Import Trends - General trade accounted for 59.2% of the total foreign trade value, with a growth of 2.7%, while bonded logistics and processing trade accounted for 20.1% and 19.7%, respectively [7]. - Consumer goods imports increased by 3.3%, with notable growth in categories such as passenger cars (48.1%), edible oil (39.5%), and dairy products (20.9%) [7].

安徽省出口动能持续增强。据统计，上半年，安徽省出口机电产品2229.1亿元，增长18.5%，占全省出 口总值的71.9%。其中，出口汽车（含底盘）46.1万辆，出口量继续保持全国第1，其中新能源汽车出口 量增加29.9%；出口代表绿色低碳的"新三样"产品371.3亿元，增长67.8%。 同时，"品牌出海"加速推进。姜开源表示，上半年，出口自主品牌产品1559.8亿元，增长9.1%，占 50.3%，比重在全国省市中保持领先。 贸易伙伴也呈现多元化。数据显示，上半年，安徽省对共建"一带一路"国家进出口2484.9亿元，增长 14.9%，占进出口总值的54.2%，较去年同期提升3.8个百分点。其中，对东盟进出口617.1亿元，增长 34.5%。对RCEP其他成员国进出口1182.5亿元，增长23%。同期，对欧盟、日本分别进出口613.2亿元、 241.7亿元，分别增长20%、28.1%。 （原标题：上半年安徽省进出口规模突破4500亿元 创历史同期新高） "合肥海关对目前省内综合保税区发展现状进行逐一分析，围绕科技赋能、模式创新、流程再造等方面 提出意见建议，与地方政府共同推进综合保税区提质增效。"姜开源说，例如， ...

Company Overview - Jiuan Medical closed at 38.6 yuan, up 2.71%, with a rolling PE ratio of 10.82 times and a total market value of 18.263 billion yuan [1] - The company ranks 32nd in the medical device industry, which has an average PE ratio of 49.84 times and a median of 36.59 times [1] - As of the first quarter of 2025, 36 institutions hold shares in Jiuan Medical, including 32 funds, 3 other entities, and 1 social security fund, with a total holding of 174.5256 million shares valued at 7.337 billion yuan [1] Financial Performance - In the first quarter of 2025, Jiuan Medical reported revenue of 507 million yuan, a year-on-year decrease of 33.49% [1] - The net profit for the same period was 266 million yuan, reflecting a year-on-year increase of 7.62% [1] - The sales gross margin stood at 70.46% [1] Industry Context - The medical device industry has a significant average PE ratio of 49.84 times, indicating a high valuation compared to Jiuan Medical's PE ratio [2] - The industry median PE ratio is 36.59 times, further highlighting Jiuan Medical's relatively lower valuation [2]

Core Viewpoint - The company benefits from improved profitability in cross-border e-commerce, with strong profit performance and potential for further expansion of overseas factory advantages [1] Investment Highlights - The company raises its earnings forecast and maintains a "Buy" rating, adjusting the 2025-2026 earnings expectations to EPS of 0.49/0.57 yuan (previously 0.41/0.49 yuan), and introducing a 2027 earnings forecast of 0.77 yuan. The target price is raised to 9.84 yuan based on a 20x PE for 2025, reflecting the valuation premium from the company's diversified overseas factory layout [2] - The company reports a revenue of 2.043 billion yuan in Q1 2025, a year-on-year increase of 12.31%. North American revenue reached 1.02 billion yuan, up 10.04%, with positive results in new customer development after ceasing cooperation with a major client. European revenue was 513 million yuan, growing 17.36% [2][3] - The company's proprietary brand, Mengbaihe, saw offline and online sales increase by 3.45% and 6.43% respectively, with improved losses in Shanghai Mengbaihe. Overseas online revenue surged by 64.46%, and excluding specific online businesses, the organic overseas e-commerce revenue grew over 70% [3] Cost Reduction and Efficiency Improvement - The company achieved a net profit of 58.72 million yuan in Q1 2025, a year-on-year increase of 196.22%, with a non-recurring net profit of 58.22 million yuan, up 206.80%. The gross margin was 39.37%, an increase of 0.84 percentage points, while the management expense ratio decreased to 5.96% from 7.59% in 2022. Interest expenses also fell by 23.93% [3] Overseas Capacity Advantage - The company's global capacity layout has matured, enabling localized supply and a robust channel structure overseas. The operational status of factories in the U.S. is strong, with the West Coast factory under construction and sufficient production capacity in the U.S. The trade tensions have provided opportunities for the company to enhance its market share in the U.S. [3]