Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 19 yuan, compared to the current price of 13.74 yuan [1]. Core Insights - The company's revenue for the first three quarters of 2024 reached 1.06 billion yuan, reflecting an increase of 8.53% year-on-year, while the net profit attributable to shareholders was 167 million yuan, up 15.85% [1]. - In Q3 2024, the company achieved a revenue of 384 million yuan, representing an 18.16% increase year-on-year, and a net profit of 61 million yuan, which is a 17.04% increase [1]. - Domestic business is gradually recovering, and overseas revenue is experiencing high growth, with domestic sales increasing by 5.35% and overseas sales growing by 28.73% [1]. - The company is actively building new production capacity to meet the increasing demand from domestic medical supply procurement and overseas clients, including a fully automated production base in Zhaoqing and a factory in Mexico [1]. Financial Summary - The company forecasts net profits of 240 million yuan, 300 million yuan, and 380 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 23.1%, 26.1%, and 26.2% [2][5]. - The earnings per share (EPS) are projected to be 0.81 yuan, 1.02 yuan, and 1.29 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 17, 13, and 11 [2][5]. - The comprehensive gross margin for Q3 2024 was 44.32%, remaining stable year-on-year, while the net profit margin reached 16.03% [1].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown steady growth in both domestic and international sales, with innovative products rapidly gaining market traction [2] - The operational efficiency has improved, leading to a reduction in expense ratios, which has positively impacted the net profit margin [2] - The company is expected to achieve significant revenue and profit growth in the coming years, supported by strong overseas market performance and product innovation [2] Summary by Relevant Sections Financial Performance - For the third quarter of 2024, the company reported revenue of 1.06 billion, a year-on-year increase of 8.53%, and a net profit of 167 million, up 15.85% [1] - The company achieved a net profit margin of 16.24%, an increase of 0.69 percentage points year-on-year [2] Revenue and Profit Forecast - Projected revenues for 2024, 2025, and 2026 are 1.637 billion, 1.971 billion, and 2.338 billion respectively, representing year-on-year growth rates of 17.96%, 20.40%, and 18.63% [2] - Expected net profits for the same years are 240 million, 290 million, and 348 million, with growth rates of 24.66%, 20.85%, and 20.08% respectively [2] Market and Product Development - The company has successfully launched innovative products in overseas markets, resulting in a 28.73% increase in export revenue [2] - Domestic sales have also seen a growth of 5.35%, aided by the gradual recovery of new product admissions in certain provinces [2] Operational Efficiency - The company has reduced its sales and management expense ratios, leading to a decrease in overall expense ratios by 1.10 percentage points [2] - The establishment of automated production lines in both domestic and overseas facilities is expected to further enhance profit margins [2]

证券代码：603309 证券简称：维力医疗 公告编号：2024-057 广州维力医疗器械股份有限公司 截至本公告披露日，公司 2021 年非公开发行股票募集资金专项账户情况如 下： 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 | 开户单位名称 | 开户银行 | 银行账号 | 募集资金使用项 | 账户 | | --- | --- | --- | --- | --- | | | | | 目名称 | 状态 | | 广 州 维 力 医 疗 器 械 股 份 有 限 | 上海浦东发展银行 股份有限公司广州 | 82140078801200002497 | 营销中心建设项 | 存续 | | | | | 目 | | | 公司 | 珠江新城支行 | | | | | 广 州 维 力 医 疗 器 械 股 份 有 限 | 中国银行股份有限 | 654875235602 | 一次性使用合金 涂层抗感染导尿 | 存续 | | | 公司广州番禺支行 | | | | | 公司 | | | 管生产建设项目 | | | 广 州 维 力 医 疗 器 械 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 证券代码：603309 证券简称：维力医疗 公告编号：2024-056 广州维力医疗器械股份有限公司 关于公司产品获得三类医疗器械注册证的公告 批准日期：2024 年 10 月 17 日 广州维力医疗器械股份有限公司（以下简称"公司"）于近日获得国家药品监督 管理局颁发的《中华人民共和国医疗器械注册证》，现将相关情况公告如下： 一、医疗器械注册证的基本情况 注册证编号：国械注准 20243082067 注册人名称：广州维力医疗器械股份有限公司 注册人住所：广州市番禺区化龙镇金湖工业城 C 区 4 号 生产地址：广州市番禺区化龙镇金湖工业城 C 区 4 号，广州市番禺区化龙镇国 贸大道南 45 号、47 号 产品名称：超声引导神经阻滞麻醉穿刺针 型号、规格：型号：AN-N；规格：0.7×50、0.7×90、0.7×120、0.8×50、0.8 ×90、0.8×120、0.9×50、0.9×90、0.9×120、1.2×50、1.2×90、1.2×120。 结构及组成：超声引导 ...

Group 1: Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 1,060.43 million yuan, a year-on-year increase of 8.53% [3] - The net profit attributable to shareholders of the parent company was 166.73 million yuan, up 15.85% year-on-year [3] - The net profit after deducting non-recurring gains and losses attributable to shareholders of the parent company was 160.02 million yuan, reflecting a year-on-year growth of 21.18% [3] - In Q3 2024, the company reported operating revenue of 384.18 million yuan, a year-on-year increase of 18.16% [4] - The net profit attributable to shareholders of the parent company in Q3 was 60.67 million yuan, up 17.04% year-on-year [4] - The net profit after deducting non-recurring gains and losses in Q3 was 58.98 million yuan, with a year-on-year increase of 19.66% [4] Group 2: Product Development and Innovation - The company is focusing on promoting innovative products such as BIP catheters and plans to expand into intermittent catheters [4] - In the anesthesia line, the company will continue to develop more visualization products alongside existing offerings [4] - The urology line is promoting new products and upgrading existing surgical consumables while expanding into male health products [4] - The nursing line is focusing on technical upgrades for temperature-sensing catheters and precision urine bags [4] Group 3: Production Capacity and Automation - The company's production capacity is concentrated in five cities, with all products' capacity utilization nearing saturation [4] - Plans are underway to establish an automated production base in Zhaoqing and a factory in Mexico to meet growing capacity demands [4] - The Zhaoqing base will focus on fully automated production for anesthesia, nursing, and respiratory products, while the Mexico factory will cater to North and South American clients [4][5] Group 4: Market and Client Relations - Overseas clients have shown strong support for the company's factory establishment in Mexico, which is expected to reduce transportation and storage costs while improving procurement efficiency [5] - The company has maintained a robust foreign exchange management strategy, minimizing the impact of currency fluctuations on overall performance [5]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company demonstrates stable operations with revenue increasing quarter by quarter, and the growth rate of profits outpaces that of revenue due to improved expense ratios [1] - The acceleration of overseas localization efforts is leading to a dual enhancement in revenue and profitability [1] - The company is focusing on key innovative products in the domestic market, which are being successfully introduced into hospitals [2] Financial Performance Summary - For Q1-Q3 2024, the company achieved revenue of 1.06 billion yuan, a year-on-year increase of 8.53%, and a net profit attributable to shareholders of 167 million yuan, up 15.85% [1] - In Q3 2024, revenue reached 384 million yuan, reflecting an 18.16% year-on-year growth, while net profit attributable to shareholders was 60.67 million yuan, a 17.04% increase [1] - The company expects revenues of 1.67 billion, 2.01 billion, and 2.40 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 20.3%, 20.6%, and 19.4% [2][3] Expense Ratios and Profitability - The sales expense ratio for Q1-Q3 2024 was 10.20%, down 0.93 percentage points year-on-year, while the management expense ratio was 15.48%, down 0.33 percentage points [1] - The research and development expense ratio was 6.30%, a decrease of 0.12 percentage points year-on-year, indicating improved operational efficiency and profitability [1] Overseas Market Expansion - The company has accelerated its overseas localization strategy, resulting in a significant increase in foreign sales revenue, which reached 337 million yuan in H1 2024, a year-on-year growth of 27.71% [1] - The gross margin for foreign sales improved by 4 percentage points year-on-year [1] - The establishment of a subsidiary in Mexico aims to enhance international market penetration and meet overseas customer demands [1] Domestic Market Developments - The company has successfully introduced key innovative products into hospitals, with significant new hospital entries for various products in H1 2024 [2] - Domestic marketing reforms, including new product positioning and pricing strategy adjustments, are expected to enhance the efficiency of the domestic sales team [2]

证券代码：603309 证券简称：维力医疗 公告编号：2024-054 广州维力医疗器械股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、说明会类型 本次投资者说明会以视频录播结合网络文字互动召开，公司将针对 2024 年 第三季度经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息 披露允许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 11 月 1 日 上午 10:00-11:30 （二）会议召开地点：上海证券交易所上证路演中心 会议召开时间：2024 年 11 月 1 日(星期五) 上午 10:00-11:30 会议召开地点：上海证券交易所上证路演中心（网址： （三）会议召开方式：上证路演中心视频录播和网络文字互动 三、参加人员 https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频录播结合网络文字互动 投资者可于 2024 年 10 月 ...

证券代码：603309 证券简称：维力医疗 公告编号：2024-051 广州维力医疗器械股份有限公司 第五届董事会第九次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况 广州维力医疗器械股份有限公司（以下简称"公司"）第五届董事会第九次 会议的会议通知和材料于2024年10月10日以电子邮件方式发出，会议于2024年10 月18日上午以通讯方式召开，会议应参加表决董事7名，实际参加表决董事7名。 本次会议的召集和召开程序符合《公司法》等有关法律、行政法规、部门规章、 规范性文件和《公司章程》的相关规定，会议形成的决议合法、有效。 二、董事会会议审议情况 （一）审议通过《公司2024年第三季度报告》；（具体内容详见同日刊登在 《 中 国 证 券 报 》《 上 海 证 券 报 》《 证 券 时 报 》 及 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）的《维力医疗2024年第三季度报告》） 公司2024年第三季度财务报告已经公司第五届董事会审计委员会第五次会 议审议通 ...

证券代码：603309 证券简称：维力医疗 公告编号：2024-052 广州维力医疗器械股份有限公司 第五届监事会第八次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、监事会会议召开情况 广州维力医疗器械股份有限公司（以下简称"公司"）第五届监事会第八次 会议的会议通知和材料于2024年10月10日以电子邮件方式发出，会议于2024年10 月18日下午13:30在公司会议室以现场方式召开，会议由监事会主席赵彤威女士 主持，会议应参加表决监事3人，实际参加表决监事3人。本次会议的召集和召开 程序符合《公司法》等有关法律、行政法规、部门规章、规范性文件和《公司章 程》的相关规定，会议形成的决议合法、有效。 二、监事会会议审议情况 经与会监事审议，以记名书面投票表决方式一致通过以下决议： （一）审议通过《公司 2024 年第三季度报告》； 2024 年 10 月 19 日 2 监事会认为：《公司 2024 年第三季度报告》的编制和审议程序符合法律、法 规和《公司章程》的有关规定。其内容与格式符合中国证监会和上 ...

广州维力医疗器械股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 1 / 11 证券代码：603309 证券简称：维力医疗 广州维力医疗器械股份有限公司 2024 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|------------|---------------------------------------|------------------------------- ...