[Table_Page] 公告点评|医疗保健设备与服务 证券研究报告 [【Table_广Title] 发海外】爱康医疗（01789.HK） [公Tab司le_I评nves级t] 买入 当前价格 4.92港元 公司业绩符合预期，看好后续关节集采 合理价值 5.89港元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-02  公司业绩符合预期。根据公司23年业绩公告，公司23年实现整体营 [相Tab对le_P市icQ场uote表] 现 收10.94亿元（YOY+4%），归母净利润1.82亿元（YOY-11.1%）。其 中，髋关节置换业务实现营收 590.4 百万元（YOY-9.9%）、膝关节置 22% 6% 换业务实现营收3.11亿元（YOY+16.9%）、脊柱与创伤植入物业务实 -11%03/23 05/23 07/23 09/23 11/23 01/24 03/24 现营收1.23亿元（YOY+105.4%）、定制化产品业务实现营收0.50亿 -27% 元（YOY+5.6%）。营业收入轻微增速主要系 23 年国家政策影响，导 -44% 致院内手术量下降；净利润下 ...

证券研究报告 | 2024年04月10日 爱康医疗（01789.HK） 买入 以数字骨科技术为引领，大力拓展海外市场 核心观点 公司研究·财报点评 2023年收入略增，脊柱及创伤植入物高速放量。2023年实现收入10.94亿 医药生物·医疗器械 元（+4.0%），归母净利润1.82亿（-11.1%）；其中下半年实现收入4.45 证券分析师：张超 证券分析师：张佳博 亿（-14.5%），归母净利润0.50亿（-37.1%）。2023年上半年病人就医数 0755-81982940 021-60375487 zhangchao4@guosen.com.cnzhangjiabo@guosen.com.cn 量显著提升，医院端骨科手术量在二季度迎来高峰，但三季度开展的全国医 S0980522080001 S0980523050001 药领域集中整治工作在短期内一定程度上影响了公立医院的手术量，以及创 基础数据 新性高附加值产品在医院的推广和应用。分品类来看，髋关节收入5.90亿 投资评级 买入(维持) （-9.9%），膝关节收入3.11亿（+16.9%），脊柱和创伤植入物收入1.23 合理估值 收盘价 5.41港元 亿 ...

[ 2T 0a 2b 4l 年e_S 0t 3o 月ckI 2n 6f 日o] 证券研究报告•2023年年报点评 当前价： 4.60港元 爱康医疗（1789.HK） 医疗保健 目标价： ——港元 业绩短期承压，看好 24 年重整旗鼓 投资要点 西南证券研究发展中心 [T ab事le件_S：u2m02m4a年ry3] 月26日公司发布公告，2023年实现营业收入10.9亿元（+3.8%）， [分Ta析bl师e_：Au杜th向or阳] 实现归母净利润1.8亿元（-11.1%），实现扣非归母净利润1.8亿元（-6.6%）。 执业证号：S1250520030002 电话：021-68416017  受医疗反腐影响，医院手术量下滑导致公司业绩短期承压。公司2023年收入端 邮箱：duxy@swsc.com.cn 增速减慢主要系2023年7月国家反腐政策出台，关节类高值耗材医院手术量有 所下降所致。利润端下滑主要系公司研发以及市场开拓投入增加所致。从盈利 [相Tab对le指_Q数u表ot现eP ic] 能力上看，公司2023年毛利率为61.7%（+1.2pp），净利率为16.6%（-2.9pp）， 爱康医疗 恒生指数 ...

股 票 研 究 [Table_industryInfo] 医药 [ Table_Main[爱I Tnaf 康bol]e 医_Ti疗tle]（ 1789） [评Tab级le_：Inv est] 增持 当前价格（港元）： 4.87 外部扰动影响业绩，2024 年增速有望回升 2024.03.27 海 ——爱康医疗2023 年报业绩点评 [ 交Ta易bl数e_M据a rket] 外 丁丹(分析师) 谈嘉程(分析师) 52周内股价区间（港元） 4.05-11.08 当前股本（百万股） 1,122 公 0755-23976735 021-38038429 当前市值（百万港元） 5,464 司 dingdan@gtjas.com tanjiacheng@gtjas.com 证书编号 S0880514030001 S0880523070004 （ 中 本报告导读： 国 受外部扰动影响公司2023H2业绩承压，2024年有望重返增长轨道，维持增持评级。 香 摘要： 港 [维Ta持ble增_S持um评m级ar。y]考 虑到2023H2 外部扰动对公司业务开拓节奏的影响，下 ） 调2024-2025 年预测EPS 为0.23/0 ...

Revenue and Profit Performance - Revenue for the year ended December 31, 2023, reached RMB 1,093.9 million, a 4.0% increase compared to 2022[2] - Net profit for 2023 decreased by 11.1% to RMB 182.1 million, primarily due to increased R&D and market expansion investments[2] - Total revenue from external customers reached RMB 1,093,862 thousand in 2023, up from RMB 1,052,047 thousand in 2022, a growth of 4.0%[15][19] - Total reported segment profit was RMB 232,744 thousand in 2023, slightly down from RMB 237,400 thousand in 2022[19] - Revenue for the year ended December 31, 2023, was RMB 1,093.9 million, a 4.0% increase compared to RMB 1,052.0 million in 2022[53] - Net profit for the year ended December 31, 2023, was RMB 182.1 million, a decrease of 11.1% compared to RMB 204.8 million in 2022[53] - Total revenue for the year ended December 31, 2023, was RMB 1,093.862 million, an increase of 4.0% compared to RMB 1,052.047 million in 2022[62] - Gross profit for 2023 was RMB 674.5 million, up 6.0% from RMB 636.4 million in 2022, with gross margin improving to 61.7% from 60.5%[63] Overseas and Domestic Revenue - Overseas revenue saw significant growth, contributing to the overall revenue increase despite a decline in domestic hospital surgeries due to anti-corruption actions[2] - Revenue from external customers in the UK increased to RMB 102,497 thousand in 2023 from RMB 77,844 thousand in 2022, a growth of 31.7%[19] - Revenue from other countries (excluding China and the UK) rose to RMB 171,954 thousand in 2023 from RMB 123,254 thousand in 2022, a growth of 39.5%[22] - Overseas sales revenue for the year ended December 31, 2023, was RMB 227.1 million, a significant increase of 37.1% compared to the previous year[60] - Domestic sales revenue for the year ended December 31, 2023, was RMB 866.7 million, a decrease of 2.2% compared to the previous year[60] Product Revenue Breakdown - Revenue from hip replacement implants decreased to RMB 590,396 thousand in 2023 from RMB 654,999 thousand in 2022, a decline of 9.9%[15] - Revenue from knee replacement implants increased to RMB 311,351 thousand in 2023 from RMB 266,415 thousand in 2022, a growth of 16.9%[15] - Revenue from spine and trauma implants surged to RMB 123,268 thousand in 2023 from RMB 60,006 thousand in 2022, a significant increase of 105.4%[15] - Revenue from spine and trauma implants for the year ended December 31, 2023, was RMB 123.3 million, a significant increase of 105.4% compared to RMB 60.0 million in 2022[57] - Revenue from knee replacement implants for the year ended December 31, 2023, was RMB 311.4 million, an increase of 16.9% compared to RMB 266.4 million in 2022[56] - Revenue from hip replacement implants for the year ended December 31, 2023, was RMB 590.4 million, a decrease of 9.9% compared to RMB 655.0 million in 2022[56] - Revenue from customized products and services for the year ended December 31, 2023, was RMB 49.6 million, an increase of 5.6% compared to RMB 47.0 million in 2022[58] - Revenue from other products (surgical instruments and third-party orthopedic products) for the year ended December 31, 2023, was RMB 19.3 million, a decrease of 18.7% compared to RMB 23.7 million in 2022[59] R&D and Innovation - R&D expenses increased to RMB 137.1 million in 2023, up from RMB 110.9 million in 2022[4] - The company obtained 18 new Class III medical device registrations from the National Medical Products Administration (NMPA) in 2023, including 3D-printed knee joint prostheses, 3D-printed second-generation interbody fusion devices, and 3D-printed customized long-segment bone and thoracolumbar prostheses[44] - As of December 31, 2023, the company held 88 Class III medical device registrations from the NMPA, 15 CE certifications from European regulatory agencies, and 2 certifications from the U.S. Food and Drug Administration[44] - The company's iBot hip surgery robot received regulatory approval, forming a comprehensive digital orthopedic solution from 3D printing to surgical navigation and robotic systems[45] - The company holds 304 invention patents, 404 utility model patents, and 31 authorized PCT patents as of December 31, 2023[45] - The company's Apollo self-stabilizing vertebral body product, the first 3D-printed self-stabilizing vertebral body product in China, received positive market feedback[48] - The company's Osteo Match system, featuring bone modulus-matched spinal fusion implants, is the world's first biomechanically matched spinal fusion system[48] - The company's digital orthopedic business has developed capabilities in surgical planning, personalized surgical models, surgical guides, and robotic-assisted joint replacement systems[50] - R&D expenses grew by 23.7% to RMB 137.1 million in 2023, reflecting continued investment in new product development and team expansion[67] Financial Position and Assets - Total assets as of December 31, 2023, amounted to RMB 2,504.9 million, compared to RMB 2,338.1 million in 2022[7] - Cash and cash equivalents decreased to RMB 331.2 million in 2023 from RMB 625.8 million in 2022[6] - Inventory increased to RMB 595.5 million in 2023, up from RMB 402.3 million in 2022[6] - The company's equity attributable to shareholders totaled RMB 2,391.9 million as of December 31, 2023, compared to RMB 2,243.8 million in 2022[9] - Total reported segment assets increased to RMB 2,549,016 thousand in 2023 from RMB 2,305,637 thousand in 2022[19] - Cash and cash equivalents decreased to RMB 757.3 million in 2023 from RMB 1,083.3 million in 2022, partly due to investments in new factory construction[70] - Net current assets decreased to RMB 1,476.6 million in 2023 from RMB 1,629.0 million in 2022, primarily due to new factory construction[71] - Total capital expenditure for 2023 was approximately RMB 230.8 million, mainly allocated to factory construction, patent purchases, and production equipment[73] - The company's capital-to-debt ratio stood at 2.2% as of December 31, 2023, with loans used for new factory construction[75] Dividends and Shareholder Returns - The company proposed a final dividend of 4.5 HK cents per share for the year ended December 31, 2023[3] - A final dividend of 4.5 HK cents per share was proposed for 2023, totaling RMB 45,750 thousand, compared to 6.0 HK cents per share in 2022[32] - The company paid a final dividend of 6.0 HK cents per share for the previous fiscal year in 2023, amounting to RMB 61,509 thousand[33] - A final dividend of 4.5 HK cents per ordinary share is proposed for the year ended December 31, 2023, down from 6.0 HK cents in 2022[84] Market Expansion and Strategy - The company achieved a market share of over 20% in joint implantations in Beijing in 2023[46] - The company's joint business expanded to Vietnam and Uzbekistan, with Southeast Asian market growth exceeding 50% in 2023[49] - The company entered 262 new hospitals with its 3D-printed spine products in 2023, including 52 provincial-level hospitals[48] - Sales and distribution expenses rose by 21.5% to RMB 218.8 million in 2023, driven by increased market expansion and promotional activities[65] Employee and Operational Costs - Employee costs rose to RMB 254,964 thousand in 2023, compared to RMB 214,178 thousand in 2022, driven by higher salaries, wages, and benefits[24] - Inventory costs for 2023 were RMB 435,315 thousand, slightly up from RMB 426,461 thousand in 2022, including employee costs, depreciation, and amortization expenses[25] - Employee headcount increased to 1,052 in 2023 from 1,034 in 2022, with total employee compensation rising to RMB 255.0 million from RMB 206.0 million[77] Tax and Other Financials - Tax expenses for 2023 totaled RMB 49,013 thousand, up from RMB 35,518 thousand in 2022, with current tax provisions increasing to RMB 40,623 thousand[25] - The company's Chinese subsidiaries benefit from a preferential corporate income tax rate of 15% due to their high-tech enterprise status[26] - Other income net increased to RMB 26,370 thousand in 2023, up from RMB 11,193 thousand in 2022, with government subsidies contributing RMB 19,944 thousand[23] - Other income for 2023 increased to RMB 26.4 million from RMB 11.2 million in 2022, primarily due to higher government subsidies[64] Corporate Governance and Leadership - The company's chairman and CEO roles are both held by Mr. Li Zhijiang, deviating from the corporate governance code due to his extensive industry experience and leadership capabilities[78] - The board of directors includes executive directors Mr. Li Zhijiang, Ms. Zhang Bin, Mr. Zhang Chaoyang, and Ms. Zhao Xiaohong, non-executive director Dr. Wang Guowei, and independent non-executive directors Mr. Jiang Zhiwu, Dr. Li Shurong, and Mr. Eric Wang[86] Audits and Compliance - The company's consolidated financial statements for the year ended December 31, 2023, were reviewed by KPMG, with figures matching the audited financial statements[79] - The company's audit committee has reviewed the annual results for the year ended December 31, 2023[80] - No significant acquisitions or disposals of subsidiaries, associates, or joint ventures were made during the year[82] - The company's public shareholding remained at least 25% of the total issued share capital throughout the year[82] Shareholder Meetings and Reporting - The company will hold its Annual General Meeting on June 18, 2024[83] - The company will suspend share transfer registration from June 13 to June 18, 2024, for the AGM and from June 26 to June 28, 2024, for the final dividend[84] - The annual report for 2023 will be published on the company's website and the HKEX website[85]

2023 中期報告 2023 公司資料 | --- | --- | |---------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------| | 董事 | 註冊辦事處 | | | Conyers Trust Company (Cayman) Limited | | 執行董事 | Cricket Square | | 李志疆先生 （董事會主席及行政總裁） | Hutchins Drive | | 張斌女士 | PO Box 2681 | | 張朝陽先生 | Grand Cayman | | 趙曉紅女士 | KY1-1111 | | | Cayman Islands | | 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 Eric Wang 先生 | 中國人民共和國（「中國」）主要營業地點 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因依賴該等內 容而引致的任何損失承擔任何責任。 截至6月30日止六個月 2023年 2022年 變動百分比 人民幣千元 人民幣千元 % 收入 648,686 531,211 22.1% 毛利 401,565 338,535 18.6% 期內溢利 132,574 126,033 5.2% 本公司權益股東應佔溢利 132,574 126,033 5.2% 每股盈利 基本 人民幣0.12元 人民幣0.11元 攤薄 人民幣0.12元 人民幣0.11元 截至2023年6月30日止六個月的 中期業績公告 財務摘要 愛康醫療控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈本公司及其附屬公司（此後統 稱「本集團」）截至2023年6月30日止六個月（「報告期間」）的未經審核綜合中期業績，其已經本公司審 計委員會（「審計委員會」）審閱。本集團於報告期間的財務摘要連同上一期間同期的比較數字載列如 下： 截至2023年6月30日止六個月，本集團實現收入約人 ...

Financial Performance - The company achieved a revenue of RMB 1,052.0 million for the year ended December 31, 2022, representing a growth of 38.2% compared to RMB 761.4 million in 2021[9]. - Gross profit for the same period was RMB 636.4 million, an increase of 27.5% from RMB 499.2 million in 2021[8]. - Net profit reached RMB 204.8 million, marking a significant increase of 121.1% from RMB 92.6 million in the previous year[9]. - The company achieved a sales revenue of RMB 1,052.0 million in 2022, an increase of 38.2% year-on-year, and a net profit of RMB 204.8 million, up 121.1% year-on-year[25]. - Revenue from hip and knee implant products reached RMB 921.4 million in 2022, representing a growth of 44.7% compared to the previous year[26]. - The revenue from customized products and services increased by 101.3% year-on-year, totaling RMB 47.0 million in 2022[32]. - Sales revenue from overseas markets grew by 27.2% to RMB 165.7 million, while domestic sales in China increased by 40.4% to RMB 886.3 million[56]. - The company reported a significant increase in revenue for the year ending December 31, 2022, with audited financial statements reflecting strong performance[109]. Dividend and Shareholder Information - The company plans to pay a final dividend of HKD 0.06 per share for the year ended December 31, 2022[10]. - The company intends to distribute a final dividend of HKD 0.06 per share for the year ended December 31, 2022, up from HKD 0.025 in 2021, subject to shareholder approval[125]. - As of December 31, 2022, the total reserves available for distribution to equity shareholders amounted to RMB 1,027.6 million[134]. Market Position and Strategy - The domestic business revenue accounted for a significant portion of total sales, with a market share exceeding 90% in provincial hospitals[20]. - The company won the largest bid volume in the national joint implant procurement, enhancing its market share in the orthopedic industry[25]. - The company aims to enhance its market share in the mid-to-high-end market while consolidating its position in the mass market through advanced technology and professional services[42]. - The company plans to continue expanding its market presence, particularly in orthopedic surgeries, following the rapid growth in surgical volumes due to the implementation of volume-based procurement policies[115]. Product Development and Innovation - The company has obtained 6 new Class III medical device registrations, bringing the total to 72, enhancing its product offerings[20]. - The company has accumulated over 650 patents, ranking among the top three in the national invention patent list for specialized and innovative small giant enterprises in the medical device sector[20]. - The company has developed a digital surgical navigation system for hip joint replacement, marking its entry into the orthopedic surgical navigation and robotics field[33]. - The company launched multiple new products in 2022, including the first domestic high-crosslinked, dual-system knee joint unicompartmental replacement system and the first 3D printed total hip joint product in China[40]. - The company is committed to promoting digital orthopedic technology commercialization and exploring new biomaterials in collaboration with research institutions[42]. Operational Efficiency and Cost Management - The cost of sales for the year was RMB 415.6 million, an increase of 58.5% from RMB 262.3 million in 2021, primarily due to higher sales volume[57]. - Gross profit for the year was RMB 636.4 million, up 27.5% from RMB 499.2 million in 2021, with a gross margin of 60.5%, down from 65.6% in the previous year[58]. - The implementation of the volume-based procurement policy has led to increased demand for the company's products, offsetting price declines due to competitive bidding[22]. Research and Development - The company is actively involved in research and development of orthopedic implants, with a dedicated research center led by a director with over 10 years of experience in the field[102]. - The company conducted over 40 academic activities in 2022, training more than 300,000 doctors, focusing on complex and revision surgery techniques for hip and knee joints[43]. - The company plans to further commercialize 3D printing products, expanding their application in small joints, spine, and trauma fields[42]. Corporate Governance and Management - The company emphasizes corporate governance and sustainable development, with independent directors like Jiang Zhiwu, who has over 20 years of experience in accounting and auditing[92]. - The company has a strong board of directors with members possessing extensive experience in healthcare and finance, including Dr. Wang Guowei, who has over 10 years of experience in the medical industry[90]. - The management team is committed to strategic planning and operational efficiency to drive growth and profitability in the competitive healthcare sector[89]. - The company has made strategic appointments in its human resources department to strengthen its management capabilities across subsidiaries[106][107]. Employee and Training Initiatives - The company emphasizes employee training and development, investing resources in continuous education programs to enhance skills and knowledge[118]. - The group employed 1,034 employees as of December 31, 2022, with total employee compensation expenses amounting to RMB 206.0 million, slightly up from RMB 204.5 million for the year ended December 31, 2021[77]. Financial Position and Assets - As of December 31, 2022, the group had cash and cash equivalents of RMB 625.8 million, with total current assets net worth increasing to RMB 1,629.0 million from RMB 1,444.9 million as of December 31, 2021[67][68]. - The group had no outstanding bank loans or other borrowings as of December 31, 2022, resulting in a capital debt ratio of 0%[73]. - The company has no outstanding borrowings as of December 31, 2022, indicating a strong financial position[129]. Risks and Challenges - The company acknowledges the potential risks associated with COVID-19, which may impact hospital surgical volumes in early 2023[114].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 截至2022年12月31日止年度之年度業績公告 愛康醫療控股有限公司（「本公司」）董事（「董事」）會（「董事會」）宣佈本公司及其附屬公司（統稱「本集 團」）截至2022年12月31日止年度的綜合年度業績連同去年的比較數字。 | --- | --- | --- | --- | |----------------------------|------------|------------------|------------| | | | | | | 財務摘要 | | | | | | | | | | | | 截至 12 月 31 日 | | | | 2022 年 | 2021 年 | 變動百分比 | | | 人民幣千元 | 人民幣千元 | % | | 收入 | 1,052,047 | 761,441 | 38.2% | | 毛利 | 636,435 | 499,189 | 27.5% | | 年內溢利 | ...