证券研究报告 | 2025年04月28日 爱康医疗（01789.HK） 优于大市 2024 年归母净利同比增长 50%，打造骨科数字生态闭环 2024 年公司实现收入 13.46 亿（+23.1%），归母净利润 2.74 亿（+50.4%）。 在集采推动下，人工关节行业进一步加速进口替代，公司产品的手术量需求 持续增长，并提升医院覆盖率，也使得带量内产品销售进一步增长。同时， 公司通过积极的市场开拓，以及在数字骨科全流程解决方案的带动下，海外 手术量提升，海外收入获得显著增长。业绩的强劲复苏主要是由于收入增长 以及费用管控。 髋膝关节进口替代成效显著，大力拓展海外市场。分品类来看，2024 年髋关 节植入物实现收入 7.29 亿（+23.5%），膝关节植入物实现收入 4.05 亿 （+30.1%），髋膝关节植入手术量呈现稳步复苏态势，进口替代进程成效显 著，高层级医院手术量贡献呈现持续增长趋势。脊柱和创伤类植入物实现收 入 1.27 亿（+3.3%），受政策影响，脊柱业务短期内维持稳定。得益于 3D 脊柱产品的独特优势，公司依靠合作研究与国家级和省级重点医院建立合 作，聚焦在头部医院开展业务。定制产品及服务实 ...

年度報告 2024 目錄 | 公司資料 | 2 | 環境、社會及管治報告 | 71 | | --- | --- | --- | --- | | 財務摘要 | 4 | 獨立核數師報告 | 162 | | 董事長報告書 | 6 | 綜合損益及其他全面收益表 | 169 | | 管理層討論與分析 | 8 | 綜合財務狀況表 | 170 | | 董事會及高級管理層 | 23 | 綜合權益變動表 | 172 | | 董事會報告 | 29 | 綜合現金流量表 | 173 | | 企業管治報告 | 54 | 綜合財務報表附註 | 175 | 公司資料 董事 執行董事 李志疆先生 （董事會主席及行政總裁） 張斌女士 張朝陽先生 趙曉紅女士 非執行董事 王國瑋博士 獨立非執行董事 江智武先生 李澍榮博士 高偉博士 （委任自2024年6月18日起生效） Eric Wang先生 （退任自2024年6月18日起生效） 公司秘書 馬榮堃女士 （委任自2024年8月30日起生效） 韓鈺女士 （辭任自2024年8月30日起生效） 授權代表 張斌女士 馬榮堃女士 （委任自2024年8月30日起生效） 韓鈺女士 （辭任自2024年8月30日起 ...

今年4月以来，港股市场受外部因素影响出现较大幅度震荡，不少个股出现显著回调，但也有不少触底后迅速反弹的股票，爱康医疗(01789)便是其中之一。 智通财经APP观察到，自今年2月6日启动趋势上涨以来，爱康医疗股价沿着30日线稳步向上。即使在4月7日受大盘剧烈震荡影响股价大跌11.35%回踩30日均 线的情况下，爱康医疗的股价依旧能在次日迅速回调，稳定保持在30日均线上方运行，显示出较强的抗风险能力。 其背后反映的是，2024年，爱康医疗绝大部分收入的关节类产品集采降价风险基本出清，且在去年下半年关节国采接续结果执行后，公司收入增长实现复苏 增长。 在防御性资产抗风险能力增强的同时，爱康医疗也在加速向数字骨科和骨科手术机器人方向转型，寻求更多的进攻性资产增量。 南向资金越涨越买的背后 去年12月以来，南向港股通资金加速了对爱康医疗的增持，去年11月至今，增持比例从去年12月2日的16.73%增至今年4月16日的21.61%，持股市值增至近 14亿港元。 但从公司区间股价变动上可以明显看出，南向资金增持逻辑的变化。去年12月和今年1月，爱康医疗股价环比分别下跌8.99%和6.78%，但到今年2月和3月， 公司股价 ...

24年的财年对于台康医疗而言呢也是一个不平凡的一年了面对外部环境的诸多的不确定性公司能够呢迅速响应市场的变化那么始终坚持以3D打印数字智能技术为牵引通过系统性的优化内部运营管理体系极大增强了组织性与抗风险 前年实现了营收13.5亿元较上一年增长了23%净利达到了2.74亿元较上一年 整个行业呢持续经历了深度 公司依然取得了财务上的这个成绩业绩和利润的增长的创新高主要呢推于以下三个关键的因素第一呢在国内关键市场公司还是仅仅能把握关键接续把中标带来的发展奇迹啊坚守初心积极的投身在集财得益于政策的支持公司产品价格呢合理回归旗下的四大品类的产品呢 第二个方面主要是在国际市场公司充分发挥我们双品牌的战略优势大力开拓在欧洲的成熟市场 第三就是在技术创新方面 大家知道公司从3D打印技术iQOS的个性化定制平台到导航机器人技术一路领略行业的发展在当下医疗的领域数字化智能化技术正在推动共和诊疗模式的发展成为行业的也是关注的焦点海康在09年就开始布局3D 金属3D打印的在骨骼植物领域的这样的研究和开发2014年公司又推出了首个依供交互的叫iCalls称之为这是一个创新的个性化定制的这样的一个平台这个平台通过患者的影像资料与医生进 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 8.15 HKD [8][9]. Core Views - The company achieved a revenue of 1.346 billion RMB in 2024, representing a 23% year-over-year increase, and a net profit of 274 million RMB, which is a 50% year-over-year increase, aligning with previous profit forecasts [1]. - The growth in profit is attributed to the execution of joint replacement contracts, with a 25.8% year-over-year increase in joint business revenue, and continuous optimization of sales, management, and R&D expense ratios [1]. - For 2025, the company is expected to enter a new cycle of simultaneous volume and price increases, with a projected net profit growth rate of 23% [1]. Summary by Sections Joint Business Segment - The joint segment generated revenue of 1.134 billion RMB in 2024, up 25.8% year-over-year, primarily due to successful contract renewals and price increases for certain products [2]. - The impact of contract renewals is expected to be more pronounced in 2025, with price increases exceeding 15% for full ceramic and knee joints, and a recovery in surgical volumes anticipated [2]. Spine and Trauma Segment - The spine and trauma segment achieved revenue of 127 million RMB in 2024, a 3% year-over-year increase, with expectations for steady growth in 2025 driven by the gradual increase in volume during the contract renewal period [3]. Customization Platform - The customization platform generated revenue of 51 million RMB in 2024, a 3.5% year-over-year increase, with expectations for stable growth in 2025 due to advancements in smart devices and ongoing overseas market expansion [4]. Profit Forecast and Valuation - The company is projected to have EPS of 0.30 RMB in 2025, with a target price set at 8.15 HKD based on a 25x PE ratio for 2025 [5]. - The expected revenues for 2025 are 1.639 billion RMB, with a net profit of 338 million RMB, reflecting a 23.3% increase from 2024 [7].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [5][11]. Core Insights - The company achieved a revenue of RMB 1.35 billion in 2024, representing a year-over-year (YOY) increase of 23.1%, and a net profit of RMB 270 million, with a YOY growth of 50.4% [8]. - The company is expected to continue its rapid growth in the first half of 2025, with projected net profits of RMB 350 million, reflecting a YOY increase of 28.8% [8][10]. - The company has seen significant recovery in revenue from hip and knee joint replacement products following the renewal of centralized procurement contracts, with hip joint revenue growing by 23.5% and knee joint revenue by 30.1% [8]. Summary by Sections Company Overview - The company operates in the pharmaceutical and biotechnology industry, with a current H-share price of HKD 5.62 and a target price of HKD 7.3 [2][5]. Financial Performance - The company reported a comprehensive gross margin of 60.0% for 2024, with a net profit margin of 20.3%, an increase of 3.7 percentage points YOY [8]. - The earnings per share (EPS) for 2025 is projected to be RMB 0.31, with a corresponding price-to-earnings (P/E) ratio of 17x [10]. Revenue Breakdown - The revenue composition includes 55% from hip joint implants, 30% from knee joint implants, 10% from spinal and trauma implants, and 4% from customized products and services [3]. Future Projections - The company is expected to achieve net profits of RMB 440 million and RMB 526 million in 2026 and 2027, respectively, with growth rates of 24.9% and 19.4% [10].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [5][11]. Core Insights - The company is expected to achieve a net profit of RMB 2.7 billion in 2024, reflecting a year-over-year increase of 50.4%, which aligns with market expectations [6][8]. - Revenue for 2024 is projected to be RMB 13.5 billion, representing a year-over-year growth of 23.1% [8]. - The company anticipates significant revenue growth in the second half of 2024, with expected revenue of RMB 6.9 billion, a year-over-year increase of 54.8% [8]. - The company plans to distribute a dividend of HKD 0.072 per share [8]. Summary by Sections Company Overview - The company operates in the pharmaceutical and biotechnology sector, with a current H-share price of HKD 5.62 and a target price of HKD 7.3 [2][5]. Financial Performance - The company reported a comprehensive gross margin of 60.0% for 2024, with a net profit margin of 20.3%, an increase of 3.7 percentage points year-over-year [8]. - The revenue breakdown shows that hip joint replacement implants account for 55% of total revenue, knee joint replacement implants for 30%, spinal and trauma implants for 10%, and custom products and services for 4% [3][8]. Earnings Forecast - The company is projected to achieve net profits of RMB 3.5 billion, RMB 4.4 billion, and RMB 5.3 billion for the years 2025, 2026, and 2027, respectively, with year-over-year growth rates of 28.8%, 24.9%, and 19.4% [8][10]. - The earnings per share (EPS) are expected to be RMB 0.31, RMB 0.39, and RMB 0.47 for the same years [10]. Market Position - The company has a market share of approximately 20% in the joint replacement market and has seen an increase in contributions from tier 1 hospitals [8].

Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue of approximately RMB 1,346.4 million, representing a significant increase of 23.1% compared to RMB 1,093.9 million in 2023[4] - The gross profit for the same period was RMB 808.2 million, up 19.8% from RMB 674.5 million in the previous year[4] - Net profit for the year reached RMB 273.9 million, marking a substantial growth of 50.4% from RMB 182.1 million in 2023[4] - Basic earnings per share increased to RMB 0.25 from RMB 0.16, while diluted earnings per share rose to RMB 0.24 from RMB 0.16[6] - The company reported a total comprehensive income of RMB 282.6 million for the year, compared to RMB 195.6 million in 2023[6] - The company's profit before tax for 2024 reached RMB 319,822,000, an increase of 38.3% compared to RMB 231,117,000 in 2023[33] - The basic earnings per share for 2024 were RMB 0.245, up from RMB 0.164 in 2023, representing a growth of 49.4%[32] - The proposed final dividend per share for 2024 is HKD 0.072, compared to HKD 0.045 in 2023, indicating a 60% increase[36] Revenue Breakdown - Revenue from hip joint replacement implants was RMB 729,084,000, up 23.5% from RMB 590,396,000 in 2023[16] - Revenue from knee joint replacement implants increased by 30.1% to RMB 405,110,000 from RMB 311,351,000 in 2023[16] - The revenue from hip and knee joint products reached approximately RMB 1,134.2 million, representing a year-on-year increase of 25.8% as of December 31, 2024[52] - The revenue from spinal and trauma implant products was approximately RMB 127.3 million, with a year-on-year growth of 3.3% as of December 31, 2024[53] - The overseas business achieved revenue of RMB 274.3 million, marking an increase of approximately 20.8% compared to 2023[56] Research and Development - Research and development expenses for the year were RMB 139.2 million, slightly up from RMB 137.1 million in 2023[6] - The company’s research and development expenses were eligible for a 100% additional tax deduction under Chinese tax laws, maintaining the same rate as in 2023[33] - The company has continued to focus on expanding its product offerings, including digital orthopedic custom products and services, which generated RMB 51,335,000 in revenue[16] - The company has developed a deep learning-based 3D registration algorithm for CT/MRI/X-ray, enhancing the precision of anatomical structure reconstruction[58] Market Expansion and Strategy - The company achieved a significant increase in overseas revenue driven by the growth in surgical volume and active market expansion[4] - The company has diversified its customer base, with no single customer accounting for over 10% of total revenue in 2024[16] - The company secured a leading position in the second round of centralized procurement for artificial joints, with a procurement quantity increase of approximately 10% compared to the first round[45] - The company has achieved over 90% coverage of high-level hospitals, which is expected to support the growth of its revision products in the future[46] - The company is actively expanding its international market presence through the "Silk Road Health International Exchange Project," hosting 10 events across three continents and seven countries, reaching over 260 participants[63] Operational Efficiency - The company has implemented effective cost control measures, resulting in a reduction in operating costs and administrative expenses while maintaining R&D investments[46] - Employee costs for 2024 totaled RMB 254,945,000, slightly down from RMB 254,964,000 in 2023, with salaries and wages accounting for RMB 225,283,000[27] - Inventory costs increased significantly to RMB 551,556,000 in 2024 from RMB 435,315,000 in 2023, reflecting a rise of 26.7%[28] - Sales and distribution expenses increased by approximately 10.1% to RMB 240.9 million from RMB 218.8 million in 2023, driven by increased marketing activities[83] Assets and Liabilities - The total assets less current liabilities amounted to RMB 2,738.98 million, compared to RMB 2,504.85 million in the previous year[8] - Non-current assets increased to RMB 1,157.3 million from RMB 1,028.2 million in 2023, primarily due to investments in property, plant, and equipment[7] - Trade receivables as of December 31, 2024, amounted to RMB 561,392,000, an increase from RMB 496,393,000 in 2023, reflecting a growth of 13.1%[39] - The company reported a credit loss provision of RMB 66,572,000 for trade receivables in 2024, up from RMB 44,992,000 in 2023[39] - As of December 31, 2024, the company's cash and cash equivalents amounted to approximately RMB 352.2 million, with total liquid assets reaching approximately RMB 1,027.7 million, an increase from RMB 757.3 million as of December 31, 2023[88] Future Outlook - The smart factory project in Changping, Beijing, is expected to be operational by the first half of 2025, aimed at enhancing digital transformation and operational efficiency[64] - The company plans to leverage its dual-brand strategy to capture growth opportunities in international markets, particularly in emerging countries[67] - The focus on digital orthopedic capabilities and innovative business models is expected to enhance the company's competitive advantage in the long term[66] Corporate Governance - The company has not applied any new accounting standards that have not yet come into effect during the reporting period[14] - The company did not engage in any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the year ended December 31, 2024[99] - There were no significant events affecting the company after the fiscal year ended December 31, 2024[100] - The annual general meeting is scheduled for June 18, 2025, with a suspension of share transfer registration from June 13 to June 18, 2025, to determine eligible shareholders for voting[112]

Investment Rating - The report initiates coverage on Aikang Medical (1789 HK) with a "Buy" rating and a target price of HKD 6 8 [1][2] Core Views - Aikang Medical is positioned as a leading domestic orthopedic joint company with strong performance in the national joint procurement program The company is expected to see accelerated revenue growth in 2025 as the impact of industry anti-corruption measures subsides and joint procurement risks are cleared [1] - The company is a pioneer in applying metal 3D printing to orthopedic implants and is leveraging technologies such as 3D printing ICOS and surgical robots to build a digital orthopedic platform which will help expand its presence in the mid-to-high-end market [1] - The orthopedic industry is under short-term pressure due to anti-corruption measures but will benefit in the long term from a large patient base increasing surgical penetration rates and domestic substitution [1] - Aikang Medical's core products have cleared procurement risks and the company is expected to see improved earnings visibility in 2025 with revenue growth potentially accelerating on a lower base in 2024 [1] Financial Projections - Revenue is projected to grow at a CAGR of 22% from 2023 to 2026E with 2024E and 2025E revenue expected to reach RMB 1 305 million and RMB 1 625 million respectively [3] - Net profit attributable to shareholders is forecasted to grow at a CAGR of 22 9% from 2023 to 2026E with 2024E and 2025E net profit expected to reach RMB 261 million and RMB 324 million respectively [3] - The company's PE ratio is expected to decline from 30 8x in 2023 to 17 5x in 2025E reflecting improved earnings growth [3] Industry Overview - The orthopedic industry continues to face short-term pressure from anti-corruption measures but is expected to recover in 2025 with revenue growth driven by a large patient base increasing surgical penetration rates and domestic substitution [16] - The industry saw a 3% YoY increase in revenue and a 1% YoY increase in net profit in 9M24 with signs of recovery in 1Q/2Q/3Q24 showing revenue growth of -9% +3% and +17% respectively [1] - Domestic substitution is expected to accelerate as foreign brands focus more on top-tier hospitals and reduce overall investment in China [1] Company-Specific Analysis - Aikang Medical's hip and knee joint products which contributed 85% of revenue in 1H24 performed well in the national joint procurement program with most products achieving price increases in the procurement [1] - The company is a leader in 3D printing technology for orthopedic implants and has developed the ICOS platform which offers customized solutions for patients and surgeons [2] - Aikang Medical has a dual-brand strategy in overseas markets with Aikang and JRI which provides a full product line advantage and potential for scale making international markets a key growth driver [2] Valuation and Target Price - The target price of HKD 6 8 is based on a 22x 2025E PE multiple in line with the company's historical average over the past three years [2] - The target price implies a 27% upside from the current price of HKD 5 4 [4]

Investment Rating - The report initiates coverage on Aikang Medical (1789.HK) with a "Buy" rating and a target price of HKD 6.8, indicating a potential upside of 27% from the current price of HKD 5.4 [4][5]. Core Views - Aikang Medical, as a leading domestic orthopedic joint company, continues to demonstrate strong bidding performance in the ongoing national procurement of joint products, despite short-term industry disruptions due to anti-corruption measures. The company is expected to see improved visibility in revenue growth in 2025 as these risks clear [1][2]. - The long-term growth potential is supported by Aikang's focus on technological research and development, being the first in China to apply metal 3D printing in orthopedic implants. The company aims to leverage 3D printing, ICOS, and surgical robots to create a digital orthopedic platform, expanding its presence in the mid-to-high-end market [2][3]. Financial Forecasts and Valuation - Revenue is projected to grow from RMB 1,052 million in 2022 to RMB 1,990 million by 2026, with a compound annual growth rate (CAGR) of 22% from 2023 to 2026. The expected revenue growth rates for the years 2024, 2025, and 2026 are 19.3%, 24.5%, and 22.5%, respectively [3][14][97]. - The net profit is forecasted to increase from RMB 205 million in 2022 to RMB 399 million by 2026, with significant growth anticipated in 2025 [3][14][97]. - The report assigns a target price based on a price-to-earnings (PE) ratio of 22x for 2025E, aligning with the company's historical average [2][97]. Industry Overview - The orthopedic industry is currently facing short-term pressures due to anti-corruption measures, but it is expected to benefit in the long term from a large patient base, increasing surgical penetration rates, and domestic product substitution [1][16]. - The national procurement of orthopedic consumables has largely been implemented, with joint products being the first to undergo this process. The average price drop in the recent procurement round was around 6%, indicating a moderate impact on pricing [24][57]. - The domestic orthopedic implant market's localization rate is approximately 50%, with significant room for improvement as domestic brands gain market share through national procurement initiatives [27][29]. Product Development and Innovation - Aikang Medical has a comprehensive product layout in the joint category, having launched various generations of knee and hip joint replacement products since 2004. The company has also expanded its product line through strategic acquisitions, enhancing its technological capabilities and market reach [52][53]. - The introduction of the ICOS platform allows for customized orthopedic solutions, which is expected to drive sales in the mid-to-high-end market segment [62][64]. International Expansion - Aikang Medical employs a dual-brand strategy with Aikang and JRI in overseas markets, focusing on cost-effectiveness and stable product quality. The company aims to increase its overseas revenue contribution from 19% in 1H24 to over 30% in the medium to long term [93][94].