Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - Q3 performance showed steady growth, with revenue reaching 6.79 billion yuan, a year-on-year increase of 13.44%, and net profit attributable to shareholders of 1.41 billion yuan, up 15.06% year-on-year [1] - Overseas markets performed strongly, with revenue from the Americas growing 19.2% year-on-year, and EMEA markets growing 36.5% year-on-year [1] - The company's gross margin improved to 67.06% in Q3, driven by cost reduction and efficiency improvements, as well as strong growth in tumor intervention products [1] - New products, such as visualization devices, are gaining traction in both domestic and international markets, with over 750 units sold domestically and 40 million yuan in sales in overseas markets [1] Financial Performance Summary - For 2024Q1-Q3, the company achieved revenue of 20.12 billion yuan, a year-on-year increase of 15.31%, and net profit attributable to shareholders of 4.51 billion yuan, up 16.70% year-on-year [1] - The company's revenue is expected to grow to 27.88 billion yuan in 2024, 33.81 billion yuan in 2025, and 41.39 billion yuan in 2026, with year-on-year growth rates of 15.6%, 21.3%, and 22.4%, respectively [1] - Net profit attributable to shareholders is projected to reach 5.85 billion yuan in 2024, 7.27 billion yuan in 2025, and 9.09 billion yuan in 2026, with growth rates of 20.4%, 24.2%, and 25.0%, respectively [1] Overseas Market Expansion - The company has been actively expanding its overseas sales channels, including acquiring mature channels in Europe and increasing investment in markets such as Japan and Australia [1] - The construction of a factory in Thailand is accelerating, which is expected to further boost overseas market sales [1] - In Q3, overseas revenue accounted for a significant portion of total revenue, with the Americas contributing 1.44 billion yuan, EMEA contributing 1.24 billion yuan, and Kangyou Medical contributing 730 million yuan [1] New Product Development - Visualization products have seen rapid adoption, with over 750 units sold domestically and 40 million yuan in sales in overseas markets [1] - New products, such as the pancreatic cyst product and the three-arm clip, are progressing well in terms of registration and market access, with the three-arm clip expected to be launched in Japan and approved in Europe by the end of the year [1] - The company's pipeline of new products, including the bile duct micro-instruments, is expected to drive long-term growth, with the bile duct micro-instruments anticipated to receive U.S. approval in Q1 2025 [1]

证券代码：688029 证券简称：南微医学 公告编号：2024-059 关于以集中竞价交易方式回购公司股份的进展公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 南微医学科技股份有限公司 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，上市公司在实施回购期间，应当在每个月的前 3 个 交易日内披露截至上月末的回购进展情况。现将公司回购进展情况公告如下： 2024 年 10 月，公司未回购股份。截至 2024 年 10 月 31 日，公司已累计回购 股份 187,338 股，占公司总股本的比例为 0.10%，购买的最高价为 62.74 元/股、 最低价为 55.85 元/股，已支付的总金额为 11,086,557.13 元（不含印花税、交易 佣金等交易费用）。 上述回购股份符合法律法规的规定及公司回购股份方案。 三、 其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等相关规定，在回购期限内根据 ...

Investment Rating - Maintains an "Overweight" rating with a target price of RMB 92.25, up from the previous target of RMB 76.51 [4] Core Views - Domestic growth is under pressure due to centralized procurement, but dealer inventory has normalized, indicating potential for future growth [2][3] - Overseas markets continue to grow rapidly, with strong performance in Asia-Pacific, Americas, and EMEA regions [3] - New products are receiving positive feedback, supporting the company's growth trajectory [2][3] Financial Performance - Q3 2024 revenue reached RMB 679 million, a 13.44% YoY increase, with net profit attributable to shareholders at RMB 141 million, up 15.06% YoY [3] - Domestic revenue in Q3 2024 was RMB 323 million, a 2% YoY decline, while overseas revenue grew 27% YoY to RMB 350 million [3] - Gross margin improved to 67.06%, up 2.44 percentage points YoY, driven by automation and cost optimization [3] Market and Product Development - The company has expanded its presence in the US, covering over 500 hospitals and 1,000 outpatient surgery centers, with a current market share of around 5% [3] - In Europe, the company is strengthening its direct sales channels and has signed a merger agreement with CME, which has a comprehensive sales network across Europe [3] - Visualized products are performing well, with over 750 hospital installations in the first three quarters of 2024, compared to nearly 500 in 2023 [3] Financial Forecasts - EPS forecasts for 2024-2026 have been revised to RMB 3.07, RMB 3.69, and RMB 4.36, down from previous estimates of RMB 3.21, RMB 3.92, and RMB 4.77 [3] - Revenue is expected to grow to RMB 2.755 billion in 2024, RMB 3.221 billion in 2025, and RMB 3.732 billion in 2026 [10] - Net profit attributable to shareholders is projected to reach RMB 577 million in 2024, RMB 694 million in 2025, and RMB 820 million in 2026 [10] Valuation and Market Data - The company's market capitalization is RMB 13.6 billion, with a current stock price of RMB 72.40 [5] - The stock has a 52-week price range of RMB 56.60 to RMB 98.82 [5] - The company's P/E ratio is expected to decrease from 23.57 in 2024 to 16.59 in 2026 [10]

Financial Performance - In Q3 2024, the company achieved a revenue of 679 million CNY, a 13.4% increase from 598 million CNY in the same period last year [2] - The gross profit margin for Q3 2024 was approximately 67.1%, up by 2.3 percentage points year-on-year [2] - Net profit for Q3 2024 reached 141 million CNY, a 15.1% increase from 122 million CNY in the previous year [2] - For the first three quarters of 2024, total revenue was 2.012 billion CNY, a 15.3% increase from 1.745 billion CNY in the same period last year [2] Market Performance - Revenue from the Asia-Pacific market was about 338 million CNY, showing slight growth, while domestic revenue slightly declined due to centralized procurement impacts [2] - The Americas market generated 144 million CNY, with a year-on-year growth of 19.2%, and the U.S. local business grew by 33% [2] - The EMEA market revenue was 124 million CNY, reflecting a 36.5% increase [2] Research and Development - R&D expenses for Q3 2024 were approximately 42 million CNY, a 23.8% increase year-on-year, accounting for about 6.2% of sales revenue [2] - The company is focusing on high-potential core projects, including innovative products in the pipeline [5] Strategic Responses - The company is adapting to challenges from domestic centralized procurement by reducing inventory and adjusting product structures [3] - Plans to enhance overseas market presence include increasing investment in Europe, Japan, and Australia, alongside channel acquisitions [5] - The company aims to maintain a strong growth trajectory in international sales, expecting that by 2025, international sales will surpass domestic sales [5] Future Outlook - The company is optimistic about the domestic market, anticipating significant growth potential compared to developed countries [5] - Continuous innovation and product launches are planned to counteract price declines and stabilize market performance [5] - The company is committed to improving patient outcomes and achieving high-quality development through collaboration with global healthcare professionals [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing strong growth driven by the expansion of overseas channels and the orderly advancement of new visualization products. The company reported a revenue of 2.012 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 15.31%, and a net profit attributable to shareholders of 451 million yuan, up 16.70% year-on-year [1][2] - The company is focusing on enhancing its sales management and expanding its product offerings in the visualization segment, which is expected to contribute to future revenue growth. The company is also actively exploring upgrades and improvements to its disposable endoscope products [1][2] Financial Summary - **Revenue Forecasts**: - 2022A: 1,980 million yuan - 2023A: 2,411 million yuan - 2024E: 2,939 million yuan - 2025E: 3,603 million yuan - 2026E: 4,450 million yuan - Year-on-year growth rates: 2% (2022), 22% (2023), 22% (2024), 23% (2025), 23% (2026) [1] - **Net Profit Forecasts**: - 2022A: 331 million yuan - 2023A: 486 million yuan - 2024E: 598 million yuan - 2025E: 744 million yuan - 2026E: 919 million yuan - Year-on-year growth rates: 2% (2022), 47% (2023), 23% (2024), 24% (2025), 23% (2026) [1] - **Earnings Per Share (EPS)**: - 2022A: 1.76 yuan - 2023A: 2.59 yuan - 2024E: 3.18 yuan - 2025E: 3.96 yuan - 2026E: 4.89 yuan [1] - **Valuation Ratios**: - P/E ratios: 41.0 (2022), 27.9 (2023), 22.7 (2024), 18.2 (2025), 14.8 (2026) - P/B ratios: 4.2 (2022), 3.8 (2023), 3.3 (2024), 2.8 (2025), 2.4 (2026) [1] Market Performance - The company's stock price as of October 29, 2024, was 72.20 yuan, with a market capitalization of approximately 13.56 billion yuan [1] - The company has maintained a stable gross margin of 67.64%, with a year-on-year increase of 23.06% [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in the first three quarters of 2024 met expectations, with revenue reaching 2.012 billion yuan (+15.31% YoY) and net profit attributable to the parent company at 451 million yuan (+16.70% YoY) [2] - The company's overseas expansion in endoscopic consumables is progressing well, with overseas revenue in H1 2024 reaching 624 million yuan (+39.72% YoY) [3] - The company has established a strong presence in over 90 countries and regions, with subsidiaries in key markets such as the US, Germany, and Japan [3] Financial Performance - Q3 2024 revenue was 679 million yuan (+13.44% YoY), with a gross margin of 67.06% and a net margin of 21.23% [2] - The company's sales/management/R&D expense ratios in Q3 2024 were 23.86%/12.28%/6.19%, showing good cost control [2] - The company's 2024-2026 net profit attributable to the parent company is forecasted to be 577/715/907 million yuan, with corresponding PE ratios of 23/19/15 times [3] Overseas Expansion - The company's overseas revenue in H1 2024 was 624 million yuan (+39.72% YoY), with MTU revenue at 280 million yuan (+38.6% YoY) and MTE revenue at 220 million yuan (+53.9% YoY) [3] - The company has established a stable marketing network in the US, Europe, and other regions, with strong partnerships with world-renowned enterprises [3] Financial Projections - The company's 2024-2026 revenue is projected to be 2.722/3.256/3.872 billion yuan, with YoY growth rates of 12.90%/19.58%/18.92% [1] - The company's 2024-2026 net profit attributable to the parent company is projected to be 577/715/907 million yuan, with YoY growth rates of 18.81%/23.91%/26.81% [1]

欢迎大家参加本次由国联证券主办浙商国盛中金海通等三大十一家券商协办的南威医学三季度商业绩交流会今天我们也非常荣幸邀请到公司的高管团队包括公司的总裁冷德荣冷总执行总裁李长青李总高级副总裁芮成为芮总高级副总裁张伯张总副总裁 我们在今年夏天的时候也发了一篇深度公司是全球化布局的这个领先的龙头企业那9月份其实也有一些变化收购了欧洲的销售渠道进一步巩固了自己在海外的优势那么在目前国内集采的这个环境下公司我们觉得还是非常积极去做了一些应对 我们的利润率还是保持了非常稳定的水平增长非常有质量那么下面想先请公司的领导帮介绍一下三季度的经营数据以及一些细胎的内容谢谢好的主持人各位大家好欢迎大家参加我们2024年度第三季度的业绩变化会下面我来跟大家分享一下我们的经营情况和财务议题说明 公司第三季度的整体经营情况稳定国内主要还是应对器材的影响降低我们的中端库存调整我们的产品结构提升我们的中端销售海外继续做我们的战略供给的布局方向不断投入资源加速海外的市场拓展提高我们的海外生产有率公司第三季度实现销售收入是6.79亿元较去年同期增长了13.4%总体来看因为国内是应对器材的影响所以销售收入 基本上是持平然后我们的亚太的海外销售呢完成的 ...

来源：公司年报、国金证券研究所 南微医学 (688029.SH) 买入(维持评级) 公司点评 证券研究报告 三季度业绩稳定增长，海外市场布局 业绩简述 2024 年 10 月 29 日，公司发布 2024 年三季度报告：2024 年前三 季度公司实现收入 20.12 亿元，同比+15%；归母净利润 4.51 亿元， 同比+17%；实现扣非归母净利润 4.46 亿元，同比+18%； 2024Q3 公司实现收入 6.79 亿元，同比+13%；归母净利润 1.41 亿 元，同比+15%；实现扣非归母净利润 1.40 亿元，同比+18%。 经营分析 三季度收入稳定增长，毛利率显著提升。公司三季度毛利率达到 67.1%，同比+2.4pct，预计新产品规模效应显现及公司生产降本工 作取得较好进展。2024 年 5 月公司国内新生产基地建设项目落成， 在生产端自动化提升及降本增效方面实现进一步突破。同时公司 泰国生产基地建设项目已逐步完成生产及基建规划，计划 2026 年投产，旨在建立安全的全球供应链，并进一步拓展东南亚市场。 营销及研发投入持续增加，巩固全球市场品牌力。公司 Q3 销售费 用达到 1.62 亿元，同比+2 ...

南微医学科技股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 1 / 12 证券代码：688029 证券简称：南微医学 南微医学科技股份有限公司 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、准确性和完整性依法承担法律责任。 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 | --- | --- | --- | --- | --- | |------------------------------------------------|----------------|---------------------------------------|------------------|---------- ...

2024 年 10 月 28 日 公司研究 拟收购欧洲内镜公司，增加公司海外业务布局 ——南微医学（688029.SH）收购事项点评 要点 事件：近期，公司公告拟使用自有资金不超过 3672 万欧元通过全资子公司南微 荷兰收购 Creo Medical Group plc（CREO.L）持有的 Creo Medical S.L.U.（以 下简称"标的公司"）51%股权。 点评： 加强公司海外业务拓展，增强业务协同。公司本次交易收购标的公司主要业务 为内镜耗材销售，业务集中在西欧地区。其中内镜下耗材和一次性内镜等占标 的 2023 年收入近 70%。从地域分布来看，2023 年法国地区占收入比重约 30%， 英国、比利时、西班牙、德国合计贡献收入约 60%。标的公司 2023 年收入约 3194 万欧元，净利润约 346.8 万欧元，测算收购价对应标的 2023 年 P/S、P/E 估值 1.1x 和 10.6x。我们预计本次收购有望提升公司在欧洲地区的产品销售能 力，加速海外扩张，快速提升公司产品在欧洲市场的份额。 产品研发稳步推进，有望拉开第二增长曲线。公司产品研发稳步推进，公司开 发的一次性内科用胆道镜已 ...