丨证券研究报告丨 公司研究丨点评报告丨澳华内镜（688212.SH） [Table_Title] 业绩符合预期，看好海外持续高增长 报告要点 [Table_Summary] 2024 年业绩符合预期，2024 年公司收入为 7.50 亿元，同比增长 10.54%；国内市场受行业影 响增长放缓，国内市场收入为 5.86 亿元，同比增长 3.93%，主要是由于国内终端市场招采活动 减少，受招投标总额下降影响。海外营销网络进一步扩张，2024 年公司海外收入为 1.61 亿元， 同比增长 42.70%，毛利率持续提升至 58.15%；主要是由于 2024 年海外多个国家的产品准入 以及市场推广进展顺利，全方位提高了品牌影响力。 分析师及联系人 [Table_Author] 彭英骐 徐晓欣 SAC：S0490524030005 SAC：S0490522120001 SFC：BUZ392 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 澳华内镜（688212.SH） cjzqdt11111 [Table_Title2] 业绩符合预期，看好海外持续高增长 事件评论 风险提示 ...

证券代码：688212 证券简称：澳华内镜 公告编号：2025-032 上海澳华内镜股份有限公司 关于获得政府补助的公告 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、准确性和完整性依法承担法律责任。 一、获得补助的基本情况 上海澳华内镜股份有限公司（以下简称"公司"）于2025年4月27日收到软件产品增 值税即征即退退税款人民币495.24万元，均属于与收益相关的政府补助款项。 二、政府补助的类型及对公司的影响 公司根据《企业会计准则第16号——政府补助》等有关规定，确认上述事项并划分 补助类型。上述政府补助未经审计，具体的会计处理以及对公司损益的影响情况最终以 审计机构年度审计确认后的结果为准，敬请广大投资者注意投资风险。 特此公告。 上海澳华内镜股份有限公司董事会 2025年4月28日 ...

上海澳华内镜股份有限公司 2024 年年度股东大会会议资料 证券简称：澳华内镜 证券代码：688212 上海澳华内镜股份有限公司 2024 年年度股东大会 会议资料 二零二五年四月 | | | 上海澳华内镜股份有限公司 2024 年年度股东大会会议资料 2024 年年度股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行，根据《中华人民共和国公司法》、《中华人民共和国证券法》、 中国证监会《上市公司股东会规则》以及《上海澳华内镜股份有限公司章程》、 《上海澳华内镜股份有限公司股东大会议事规则》的相关规定，特制定 2024 年 年度股东大会会议须知： 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议工作 人员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 二、为保证本次大会的严肃性和正常秩序，切实维护股东的合法权益，请出 席大会的股东或其代理人或其他出席者准时到达会场签到确认参会资格，在会议 主持人宣布现场出席会议的股东和代理人人数及所持有的表决权数量之前，会议 登记应当终止。 三、会议按照会议通知上所列顺序审议、表决议案。 四、股东及 ...

中信证券股份有限公司 关于上海澳华内镜股份有限公司 2024 年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为上海澳 华内镜股份有限公司（以下简称"澳华内镜"或"公司"或"上市公司"）首次 公开发行股票并在科创板上市的保荐人。根据《证券发行上市保荐业务管理办 法》、《上海证券交易所科创板股票上市规则》等相关规定，中信证券履行持续 督导职责，并出具本持续督导年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订承销及保荐协议，该协议已明确了双方在持续督导 期间的权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2025 年 3 月 27-28 日和 2025 年 4 月 17 日、2025 年 4 月 22 日对公司进行了现场检查。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； （2）查阅公司财务管理、会计 ...

中信证券股份有限公司关于 上海澳华内镜股份有限公司首次公开发行股票并在科创板上市 持续督导保荐总结报告书 保荐人编号：Z20374000 申报时间：2025 年 4 月 | 情况 | | | | | | | 内容 | | --- | --- | --- | --- | --- | --- | --- | --- | | 发行人名称 | 上海澳华内镜股份有限公司 | | | | | | | | 证券代码 | 688212.SH | | | | | | | | 注册资本 | 134,665,250 元人民币 | | | | | | | | 注册地址 | 上海市闵行区光中路 133 | | | | 弄 | 66 | 号 | | 主要办公地址 | 上海市闵行区光中路 133 | | | | 弄 | 66 | 号 | | 法定代表人 | 顾康 | | | | | | | | 实际控制人 | 顾康、顾小舟 | | | | | | | | 联系人 | 施晓江 | | | | | | | | 联系电话 | 021-54303731 | | | | | | | | 本次证券发行类型 | 首次公开发行股票并在科创板上市 | | ...

中信证券股份有限公司 关于上海澳华内镜股份有限公司 2024 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在对上海澳华内镜股份有限公司（以下简称"澳华内镜"、"公司"） 进行持续督导工作的保荐人，对公司 2024 年度（以下简称"本持续督导期间"） 的规范运作情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐人 中信证券股份有限公司 （二）保荐代表人 徐峰林、慎利亚 （三）现场检查人员 徐峰林、罗伟豪 （四）现场检查时间 2025 年 3 月 27 日—2025 年 3 月 28 日；2025 年 4 月 17 日；2025 年 4 月 22 日 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披露 情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况、 募集资金使用情况、关联交易、对外担保、重大对外投资情况、经营状况等方面 进行了现场检查，具体检查内容详见本报告"二、本次现场检 ...

Investment Rating - Maintain Outperform rating for the company [3][6] Core Views - In 2024, the company achieved revenue of RMB 750 million (+10.54%) and net profit attributable to shareholders of RMB 21.01 million (-63.68%) [3][6] - The flagship product AQ-300 continues to be promoted, boosting mid-to-high-end model installations [3][6] - Overseas market expansion is progressing well, with high growth expected, as overseas revenue reached RMB 161 million, up 42.70% YoY [3][6] Financial Summary - Revenue projections for 2023A to 2027E are as follows: RMB 678 million, RMB 750 million, RMB 827 million, RMB 1,017 million, and RMB 1,248 million respectively [2][4] - Net profit attributable to shareholders is projected to be RMB 58 million, RMB 21 million, RMB 91 million, RMB 117 million, and RMB 169 million for the same years [2][4] - EPS forecasts for 2025-2026 are raised to RMB 0.68 and RMB 0.87, with a new 2027 forecast of RMB 1.26 [3][6] Market Position and Strategy - The company is focusing on domestic substitution in the soft mirror industry, where foreign-funded enterprises currently hold a high market share [3][6] - The company plans to continue expanding its overseas markets, particularly in Europe and cost-sensitive emerging markets [3][6] - The company aims to enhance clinical recognition through improved product performance and increased market promotion [3][6]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company's revenue for 2024 is projected to be 750 million yuan, representing a year-on-year growth of 10.54%, while the net profit attributable to the parent company is expected to decline by 63.68% to 21 million yuan [1][4] - In Q4 2024, the revenue is 249 million yuan, showing a slight year-on-year decrease of 0.2%, and the net profit is -16 million yuan [1][2] - For Q1 2025, the revenue is anticipated to drop by 26.9% to 124 million yuan, with a net profit of -29 million yuan [1][2] Revenue and Growth Outlook - The company is expected to face revenue pressure in the first half of 2025 due to inventory adjustments and a slowdown in hospital bidding [2] - New product commercialization is ongoing, with the introduction of electronic endoscopes, which may drive additional revenue [2] - Revenue forecasts for 2025-2027 are 827 million, 1.046 billion, and 1.317 billion yuan, with respective year-on-year growth rates of 10.32%, 26.44%, and 25.95% [4][5] Profitability Analysis - The gross profit margin for 2024 is 68.1%, down 5.7 percentage points year-on-year, leading to a net profit margin of 2.7%, a decrease of 6.3 percentage points [3] - In Q1 2025, the gross profit margin is projected to be 66.36%, with a net profit margin of -23.28% due to revenue pressures and ongoing expenses [3] - Despite short-term profit pressures, there is an expectation for gradual improvement in net profit margins post-2025 [3] Financial Summary - The company’s financial projections indicate a significant recovery in net profit from 38 million yuan in 2025 to 207 million yuan in 2027, with corresponding EPS increasing from 0.28 yuan to 1.54 yuan [4][5] - The price-to-sales ratio for 2025 is estimated at 7 times [4]

Investment Rating - The report maintains an "Increase-B" rating for the company [1][10] Core Views - The company's domestic business growth is limited due to a decrease in bidding activities, while overseas business is progressing rapidly [1][6] - In 2024, the company achieved a revenue of 750 million yuan, a year-on-year increase of 10.54%, but the net profit decreased by 63.68% to 21.01 million yuan [5][10] - The company is focusing on expanding its overseas marketing network, which has led to significant growth in international sales [6][10] Financial Performance Summary - For 2024, domestic revenue was 586 million yuan (up 3.93% YoY) and international revenue was 161 million yuan (up 42.70% YoY) [6][10] - In Q1 2025, the company reported a revenue of 124 million yuan, a decrease of 26.92% YoY, with a net loss of 28.79 million yuan [5][10] - The gross margin and net margin both declined in 2024, with gross margin at 68.12% and net margin at 2.71% [7][10] Research and Development - The company increased R&D expenditure to 163.6 million yuan in 2024, accounting for 21.83% of revenue, with significant advancements in product lines [8][10] - New product launches include electronic bladder and ureteroscopes, and a high-spectral platform for enhanced medical imaging [8][9] Future Projections - Revenue projections for 2025-2027 are 873 million, 1.071 billion, and 1.272 billion yuan, representing growth rates of 16.4%, 22.7%, and 18.8% respectively [10][12] - Expected net profits for the same period are 75 million, 124 million, and 172 million yuan, with corresponding EPS of 0.56, 0.92, and 1.28 yuan [10][12]

Group 1 - The company reported Q1 2025 revenue of 124 million (YoY -26.92%) and a net profit of -29 million (YoY -1143.36%) [1] - The company's performance is under short-term pressure due to market adjustments and inventory challenges, but there is optimism for improved performance throughout the year as inventory pressure eases [2] - The company has initiated a second round of equipment updates and is seeing a gradual recovery in bidding from hospitals, which is expected to support performance recovery [2] Group 2 - The company is steadily launching new products and deepening its presence in the county-level grassroots market, with several new products introduced in Q1 2025 [3] - The company has expanded its coverage to 181 new hospitals and conducted over 300 academic exchange activities, training more than 2400 grassroots doctors [3] - Revenue forecasts for 2025-2027 are projected at 867 million, 1027 million, and 1217 million respectively, with significant growth in net profit expected [3]