公司 23 年业绩符合预期。根据公司 23 年年报，公司全年营业总收入 [Table_PicQuote] 相对市场表现 6.78 亿元（YOY+52.29%）；归母净利润 0.58 亿元（YOY+167.04%）， 毛利率 73.83%（YOY+4.1pp），主要系公司持续布局国内营销、不断丰 富产品矩阵、 加大临床推广、完善渠道建设、扩大服务体系所致。根据 wind，单 23Q4，公司实现收入 2.49 亿元（YOY+51.68%）；归母净利 润 0.13 亿元（YOY-3.18%）。 销售费用投入增长。根据 wind，销售费用率 34.27%（YOY+4.67pp）， 主要系职工薪酬及差旅费等费用增长；管理费用率 13.4%（YOY- 5.54pp）；研发费用率 21.68%，与 22 年同期持平，主要系职工薪酬和 [分析师： Table_Author]罗佳荣 研发领料增长。 | --- | --- | --- | |--------------------------------------|----------------------------|---------------------| | [T ...

股 票 研 究 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 [Table_Range] 52 周内价格范围 48.06-71.60 市值（百万元） 7,569 14% 15% 16% 17% 18% 19% 178 211 244 277 310 22A 23A 24E 25E 26E 净资产(现金)/净负债 净负债(现金)(百万) 净负债/净资产(%) [Table_Page] 澳华内镜(688212) 请务必阅读正文之后的免责条款部分 3 of 4 [Table_Page] 澳华内镜(688212) 作者具有中国证券业协会授予的证券投资咨询执业资格或相当的专业胜任能力，保证报告所采用的数据均来自合规渠道，分析 逻辑基于作者的职业理解，本报告清晰准确地反映了作者的研究观点，力求独立、客观和公正，结论不受任何第三方的授意或 影响，特此声明。 本报告仅供国泰君安证券股份有限公司（以下简称"本公司"）的客户使用。本公司不会因接收人收到本报告而视其为本公司 的当然客户。本报告仅在相关法律许可的情况下发放，并仅为提供信息而发放，概不构成任何广告。 本报告中所指的投资及服务可能不适合个别客户，不构成客户私 ...

ME 医疗器械 澳华内镜（688212.SH） 增持-B(维持) | --- | --- | --- | |--------------------------------|-------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------| | 公司近一年市场表现 | | 事件描述 | | | | 公司发布 2023 年报， 2023 年公司实现营业收入 6.78 亿元，同比增长 | | | | 52.29% ；实现归母净利润 5785.44 万元，同比增长 167.04% ；实现扣非归母 净利润 4448.96 万元，同比增长 361.42% ；实现基本每股收益 0.43 元，同比 增长 168.75% 。 | | | | 事件点评 2023 年公司业绩高速增长，且归母净利润同比增速显著快于营收，主 要系 AQ-300 上市后销 ...

Investment Rating - The investment rating for the company is "Cautious Recommendation" [2] Core Insights - The company reported a total revenue of 678 million yuan in 2023, representing a year-on-year increase of 52.29%. The net profit attributable to the parent company was 58 million yuan, up 167.04%, while the non-recurring net profit reached 44 million yuan, a significant increase of 395.03% [1] - The growth in performance is driven by the successful ramp-up of mid-to-high-end products, particularly the AQ-300 4K ultra-high-definition endoscope system, which contributed to a revenue of 622 million yuan from endoscope equipment, marking a 58.6% increase [1] - The company has introduced several new products, enhancing its competitive strength and market coverage. In 2023, the R&D expenses amounted to 147 million yuan, accounting for 21.68% of total revenue, with significant advancements in multiple product lines [1] - The company has set ambitious performance targets through its stock incentive plan, aiming for revenues of no less than 9.9 billion yuan in 2024, 14 billion yuan in 2025, and 20 billion yuan in 2026, with corresponding net profit targets [1] Financial Summary - The company achieved a gross margin of 73.78% in 2023, an increase of 4.05 percentage points, with the endoscope business gross margin rising to 75.85% [1] - Forecasted revenues for 2024, 2025, and 2026 are 999 million yuan, 1.42 billion yuan, and 2 billion yuan, respectively, with expected growth rates of 47.39%, 42.28%, and 40.84% [4] - The projected net profit for the same years is 121.5 million yuan, 184.05 million yuan, and 273.82 million yuan, with growth rates of 110.01%, 51.48%, and 48.78% [4] - The earnings per share (EPS) are expected to be 0.91 yuan, 1.37 yuan, and 2.04 yuan for 2024, 2025, and 2026, respectively [4]

澳华内镜（ [Table_StockNameRptType] 688212） 公司研究/公司点评 敬请参阅末页重要声明及评级说明 证券研究报告 ⚫ 投资建议 新产品研发及推广不及预期风险； 市场竞争加剧风险。 财务报表与盈利预测 [资产负债表 Table_Finace] 单位:百万元 利润表 单位:百万元 会计年度 2023A 2024E 2025E 2026E 会计年度 2023A 2024E 2025E 2026E 流动资产 1008 1101 1270 1590 营业收入 678 1048 1453 2005 现金 245 132 61 60 营业成本 178 270 373 515 应收账款 193 296 411 567 营业税金及附加 6 10 14 19 其他应收款 5 8 11 15 销售费用 232 356 465 602 预付账款 6 9 13 17 管理费用 91 147 196 261 存货 200 295 412 567 财务费用 -3 -3 -2 -1 其他流动资产 360 361 362 363 资产减值损失 -18 0 0 0 非流动资产 587 675 769 851 公允价 ...

Financial Performance - The company's operating revenue for 2023 reached ¥678,080,728.03, representing a 52.29% increase compared to ¥445,258,964.58 in 2022[23]. - Net profit attributable to shareholders for 2023 was ¥57,854,368.15, a significant increase of 167.04% from ¥21,664,985.49 in 2022[23]. - The net profit after deducting non-recurring gains and losses was ¥44,489,604.12, up 361.42% from ¥9,641,801.11 in 2022[23]. - The company's total assets as of the end of 2023 were ¥1,595,043,769.50, a 9.24% increase from ¥1,460,087,407.09 at the end of 2022[23]. - The net assets attributable to shareholders increased by 8.85% to ¥1,379,991,271.17 from ¥1,267,776,104.36 in 2022[23]. - Basic earnings per share for 2023 were ¥0.43, reflecting a 168.75% increase compared to ¥0.16 in 2022[24]. - The cash flow from operating activities for 2023 was ¥37,405,301.44, a recovery from a negative cash flow of ¥41,901,177.82 in 2022[23]. - The company achieved an annual revenue of 678.08 million yuan, representing a year-on-year growth of 52.29%[36]. - The net profit attributable to shareholders increased by 167.04% year-on-year, reaching 57.85 million yuan[36]. - The net profit after deducting non-recurring gains and losses was 87.49 million yuan, reflecting significant growth[36]. Research and Development - The company's R&D expenditure accounted for 21.68% of its operating revenue, consistent with the previous year[24]. - Research and development expenses amounted to 146.99 million yuan, a 52.26% increase, accounting for 21.68% of total revenue[36]. - The company invested CNY 146,996,191.31 in R&D during the reporting period, with 23 new patent applications and 20 authorized patents[67]. - The company is actively developing 3D flexible endoscopes and AI diagnostic technologies, aiming to enhance safety, reliability, and convenience in future products[63]. - The company has established three R&D centers across the country, enhancing its capabilities in optical imaging, image processing, and endoscope design[79]. Market Expansion and Product Development - The company is focused on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[23]. - The company launched a new UHD series duodenoscope, enhancing ERCP diagnostic support with high image quality and efficiency[37]. - The company introduced multiple new endoscope products, including ultra-fine endoscopes and bronchoscopes, to meet diverse clinical needs[37]. - The company is committed to becoming a leading provider of comprehensive endoscopic solutions globally[36]. - The company is focusing on expanding its marketing network and enhancing brand influence across various hospital levels[25]. Governance and Compliance - The company has received a standard unqualified audit report from the accounting firm Rongcheng[5]. - The company has confirmed that all board members attended the board meeting, ensuring governance compliance[5]. - There are no violations of decision-making procedures regarding external guarantees[9]. - The company has not faced any issues with more than half of the board members being unable to guarantee the accuracy of the annual report[9]. - The company has detailed various risks and countermeasures in its report, which investors should review[4]. Shareholder and Management Information - The company plans to distribute a cash dividend of 0.3 yuan per share (including tax), totaling approximately 40.21 million yuan, which represents 69.50% of the net profit attributable to shareholders for 2023[6]. - The total share capital as of March 31, 2024, is 134,033,000 shares[6]. - The company has implemented a stock incentive plan, granting 5,000,000 restricted shares to 112 employees, which accounts for 3.73% of the total share capital[188]. - The company has a total of 1,092 employees, with 383 in production, 363 in sales, and 233 in technical roles[178]. - The company held 5 shareholder meetings during the reporting period, with all resolutions passed without any rejections[145]. Risks and Challenges - The company has faced risks related to technology innovation and R&D failures, as the development cycle for new products is lengthy and complex, impacting market competitiveness[86]. - The company is exposed to risks from fluctuations in foreign exchange rates, particularly with receivables and payables denominated in euros, dollars, and yen[96]. - The company has reported a goodwill impairment of 19.27 million due to underperformance of certain subsidiaries, indicating risks associated with asset restructuring[98]. Strategic Outlook - The company aims to become an international leader in endoscopic overall solutions, focusing on clinical needs and technological innovation[135]. - Future R&D efforts will enhance precision manufacturing, image processing algorithms, software applications, optical system design, new materials, and artificial intelligence[135]. - The company plans to continue expanding its market presence and product offerings to sustain growth in the coming periods[102]. - The company is considering strategic acquisitions to bolster its product portfolio, with a budget of $100 million allocated for potential deals[151].

澳华内镜（688212.SH）2023 年年报点评 ➢ 事件 推荐 维持评级 当前价格： 59.06 元 公司财务报表数据预测汇总 澳华内镜(688212)/医药 销售费用 232 351 493 659 净利润增长率 167.04 115.88 42.78 55.09 营业利润 54 106 170 263 流动比率 7.11 5.15 4.31 3.83 EBITDA 108 171 247 340 存货周转天数 409.99 448.42 448.42 448.42 每股经营现金流 0.28 0.59 0.56 0.78 股息收益率（%） 0.51 0.00 0.00 0.00 本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并登记为注册分析师，基于认真审慎的工作态度、专业严谨的研 究方法与分析逻辑得出研究结论，独立、客观地出具本报告，并对本报告的内容和观点负责。本报告清晰准确地反映了研究人员的研 究观点，结论不受任何第三方的授意、影响，研究人员不曾因、不因、也将不会因本报告中的具体推荐意见或观点而直接或间接收到任 何形式的补偿。 民生证券股份有限公司（以下简称"本公司"）具有中国证监会许可 ...

司 投资要点： 23 全年：收入 6.78 亿元（+52.3%），归母净利润 5785 万元（+167%）， 归母扣非净利润 4449 万元（+361.4%），实现毛利率 73.8%（提升 4.1pct）， 净利率 8.96%（提升 3.3pct）。年报与快报收入、利润端基本一致，还原 股权激励费用 3119 万，归母净利润 8749 万。 23Q4 单季：收入 2.49 亿元（+51.7%），归母净利润 1267 万元（-3.2%）， 归母扣非净利润 722 万元（+35.7%）。 中高端系列产品销量稳步提升，AQ-300 三级医院加速放量。 分地区，1）境内收入 5.64 亿元（+63.9%），毛利率提升 3.16pct；2） 境外收入 1.13 亿元（+11.7%），毛利率提升 1.19pct。AQ-300 海外取证后， 将进一步推动欧洲渠道发展，WISAP 模式有望复制，提升海外中高端机 型销售占比。 公司在研矩阵丰富，与 3D 软镜、AI 诊疗、机器人等新技术相融合。 医药生物 2024 年 04 月 10 日 华福证券 澳华内镜（688212.SH） 销售持续高增，AQ-300 三级医院加速放量 ...

# 2024年4月9日,公司发布 2023年年度报告。2023年公司实现 收入 6.78 亿元，同比+52%;归母净利润 5785 万元,同比+167%; 实现扣非归母净利润 4449 万元，同比+361%; 分季度来看,2023Q4 公司实现收入 2.49 亿元,同比+52%;归母净 利润 1267 万元,同比-3%;实现扣非归母净利润 722 万元,同比 +36%。 2024年04月09日 澳华内镜 (688212.SH) 买入(维持评级) 公司点评 证券研究报告 三级医院装机拓展迅速，毛利率持续提 业绩简评 经营分析 三级医院内镜蒙机快速拓展，毛利单持续提升。依托于 AQ-300 4K 超高清内镜系统的持续推广,公司国内大型医疗终端客户数量不 断增长,2023年中高端机型主机、镜体在三级医院装机(含中标) 数量分别是 96 台，316 根，装机三级医院 73 家。在主营业务中, 公司内窥镜设备实现收入 6.22 亿元,同比+59%;内窥镜设备毛利 率 75.9%，同比+2.9pct,高端产品收入占比持续提升。 研发投入快速增长,产品管线取得多项进展。公司全年销售费用 率 34.3%,同比+4.7pct; ...

医药生物/医疗器械 相关研究报告 2023 年公司中高端产品销量稳步提升。中高端机型主机、镜体在三级医院装机 （含中标）数量分别是 96 台，316 根，进入三级医院 73 家。公司研发成果颇 丰，新增发明专利 20 项，相继发布十二指肠镜（ERCP 诊疗）、双焦内镜（远近 场景切换）、超细内镜、支气管镜等多款细镜、分体式消化内镜（提高清洗效 率）、可适配多部位多科室镜体的 AQ-200Elite，进一步丰富了公司产品线，提 高了科室覆盖度，为公司在软性内镜行业市场占有率的不断提升奠定了基础。 请务必参阅正文后面的信息披露和法律声明 2 / 4 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 | --- | --- | |-------------------------|-------------| | | | | 投资评级：买入（维持） | | | 日期 | 2024/4/9 | | 当前股价 ( 元 ) | 59.06 | | 一年最高最低 ( 元 ) | 74.33/46.06 | | 总市值 ( 亿元 ) | 79.16 | | 流通市值 ( 亿元 ) | 54.46 | | 总股本 ( ...