一、董事会会议召开情况 证券代码：688389 证券简称：普门科技 公告编号：2024-049 深圳普门科技股份有限公司 第三届董事会第十次会议决议公告 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、准确性和完整性依法承担法律责任。 本议案在提交董事会审议前已经公司董事会薪酬与考核委员会审议通过。 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露 的《深圳普门科技股份有限公司 2024 年股票期权激励计划（草案）》及《深圳 普门科技股份有限公司 2024 年股票期权激励计划（草案）摘要公告》（公告编 号：2024-051）。 表决结果：9 票同意、0 票反对、0 票弃权。 1 / 5 深圳普门科技股份有限公司（以下简称"公司"）于 2024 年 9 月 9 日以现 场会议结合通讯方式召开了第三届董事会第十次会议。本次会议通知已于 2024 年 9 月 6 日以电话、邮件、书面等形式送达公司全体董事。本次会议由董事长 刘先成先生主持，会议应参加董事 9 人，实际参加董事 9 人。本次会议的召集、 召开程序符合有关法律法规和《深 ...

证券代码：688389 证券简称：普门科技 公告编号：2024-050 深圳普门科技股份有限公司 第三届监事会第九次会议决议公告 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、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 深圳普门科技股份有限公司（以下简称"公司"）于2024年9月9日以现场会 议方式召开了第三届监事会第九次会议。会议通知于2024年9月6日通过直接送达 方式发送给全体监事。本次会议由监事会主席刘敏女士召集并主持，会议应出席 监事3人，实际出席监事3人。本次会议的召集和召开程序符合《中华人民共和国 公司法》和《公司章程》等相关规定。 二、监事会会议审议情况 经全体监事表决，形成决议如下： 监事会审核后认为，《公司 2024 年股票期权激励计划实施考核管理办法》能 保证公司 2024 年股票期权激励计划的顺利实施，符合有关法律法规及《公司 2024 年股票期权激励计划（草案）》的规定和公司的实际情况，因此，监事会一致同 意《关于〈公司 2024 年股票期权激励计划实施考核管理办法〉的议案》。 具体内容详见本公司于同日在上海证券交 ...

Group 1: Sales Model and Market Potential - The company primarily adopts an indirect sales model, with direct sales contributing a small portion to total revenue [3] - Direct sales revenue is currently only over 10 million yuan, representing a very low percentage of total income, indicating a significant untapped market potential [3] - The company has not yet made substantial efforts to expand its direct sales channels, with limited social media presence (1.5 million followers on JD, 20,000 on Tmall, and only a few hundred on Douyin and Xiaohongshu) [3] Group 2: Financial Performance - In the first half of 2024, the company achieved revenue of 590 million yuan, a year-on-year increase of 5.64% [4] - The net profit attributable to shareholders reached 172 million yuan, reflecting a year-on-year growth of 27.78% [4] - The net profit after deducting non-recurring gains and losses was 163 million yuan, with a year-on-year increase of 29.16% [4] Group 3: Business Development and Strategy - The company is in the early stages of developing its consumer health business and is gradually building a professional direct sales team [3] - There is a focus on enhancing core capabilities in R&D, marketing, production supply chain, human resources, finance, and information technology [4] - The company aims to learn from leading competitors while adapting strategies to its own operational context [4]

证 券 研 究 报 告 普门科技（688389）2024 年中报点评 推荐（维持） IVD 业务保持较快增长，利润端超预期 目标价：21 元 事项： 公司发布 24 年中报，营业收入 5.90 亿元（+5.64%），归母净利润 1.72 亿元 （+27.78%），扣非净利润 1.63 亿元（+29.16%）。24Q2，营业收入 2.84 亿元 （+1.27%），归母净利润0.65亿元（+39.33%），扣非净利润0.60亿元（+37.86%）。 评论： IVD 业务持续较快增长，治疗康复业务承压。分业务看，24H1 公司 IVD 业务 收入 4.68 亿元（+21.67%），治疗与康复类业务收入 1.14 亿元（-31.96%）。IVD 业务保持较快增长，24H1 公司 IVD 业务国内收入 3.19 亿元（+19.36%），IVD 国际收入 1.49 亿元（+26.91%），国内外 IVD 业务均表现亮眼。治疗康复业务 下滑预计是由于同期高基数和医疗合规化的影响。 持续深耕国际市场。分地域看，2024H1，公司国内市场收入 4.29 亿元（+1.58%）， 占比 72.7%（-2.91pct），国际市场收入 ...

海外业务高增，产品线日益完备 普门科技(688389) / 医疗器械 / 公司点评 / 2024.09.03 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-09-02 | | 收盘价 ( 元 ) | 12.82 | | 流通股本 ( 亿股 ) | 4.28 | | 每股净资产 ( 元 ) | 4.34 | | 总股本 ( 亿股 ) | 4.28 | | 最近 12 月市场表现 | | -32% -20% -8% 4% 16% 28% 普门科技 沪深300 分析师 刘洋 SAC 证书编号：S0160521120001 liuyang01@ctsec.com 联系人 李天阳 lity02@ctsec.com | --- | --- | |-----------|----------------------------| | | | | 相关报告 | | | 1. 《 Q1 | 利润好于预期，海外业务保持 | | 高增》 | 2024-04-30 | 2. 《研发&销售双轮驱动，23 年利润增 ...

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证券代码：688389 证券简称：普门科技 编号：2024-014 深圳普门科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | |----------------|-----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 特定对象调研 | 分析师会议 | | 投资者关系活动 | □媒 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.10 RMB [2][5] Core Views - The company achieved revenue of 590 million RMB in H1 2024, a YoY increase of 5.6%, driven by sales of in-vitro diagnostic instruments and skin medical aesthetic devices [1] - In-vitro diagnostic business contributed 468 million RMB, accounting for 79.4% of total revenue, with a YoY growth of 21.7% [1] - Treatment and rehabilitation business generated 114 million RMB, a YoY decrease of 32.0%, accounting for 19.4% of total revenue [1] - Net profit attributable to shareholders reached 172 million RMB, a YoY increase of 27.8%, supported by a higher proportion of high-margin products [1] - Gross margin improved to 69.82%, up 4.6 percentage points YoY [1] Business Segments - The company launched new products in the in-vitro diagnostic field, including the LifoLas 8000 and LifoLas 9000 automated systems, enhancing laboratory efficiency [1] - In the treatment and rehabilitation sector, the company upgraded its clinical medical product line, introducing a CPAP mode for high-flow respiratory humidifiers and improving safety in semiconductor laser hair removal devices [1] Geographic Performance - Domestic market revenue was 429 million RMB, a YoY increase of 1.6%, while international market revenue reached 161 million RMB, up 18.3% YoY [1] - In the in-vitro diagnostic segment, domestic revenue grew by 19.4% to 319 million RMB, and overseas revenue increased by 26.9% to 149 million RMB [1] - The company established subsidiaries in Russia and Indonesia to strengthen its international presence, with products exported to over 100 countries [1] Financial Projections - Revenue is projected to grow from 1,344 million RMB in 2024E to 2,111 million RMB in 2026E, with a CAGR of 25.3% [4] - Net profit attributable to shareholders is expected to increase from 407 million RMB in 2024E to 647 million RMB in 2026E [4] - EPS is forecasted to rise from 0.95 RMB in 2024E to 1.51 RMB in 2026E [4] - Gross margin is projected to remain stable at around 66.7% to 67.4% from 2024E to 2026E [4] Valuation - The company is valued at 18x PE for 2024, based on comparable company valuations [2] - The target price of 17.10 RMB implies a potential upside from the current price of 12.95 RMB [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.10 RMB, based on a 18x PE multiple for 2024 [2][5] Core Views - The company achieved sustained revenue growth in H1 2024, with total revenue reaching 590 million RMB, a 5.6% YoY increase, driven by sales of in-vitro diagnostic instruments and skin medical aesthetic devices [1] - In H1 2024, the in-vitro diagnostic business contributed 468 million RMB, accounting for 79.4% of total revenue, while the treatment and rehabilitation business generated 114 million RMB, representing 19.4% of total revenue [1] - Net profit attributable to shareholders increased by 27.8% YoY to 172 million RMB in H1 2024, supported by improved product mix with higher-margin products [1] - The company's gross margin reached 69.82% in H1 2024, a 4.6 percentage point increase YoY [1] Financial Performance - Revenue is projected to grow from 1.146 billion RMB in 2023 to 2.111 billion RMB in 2026, with a CAGR of 22.6% [4] - Net profit attributable to shareholders is expected to increase from 329 million RMB in 2023 to 647 million RMB in 2026, with a CAGR of 25.3% [4] - The company's ROE is forecasted to rise from 20.3% in 2023 to 24.3% in 2026 [4] - EPS is projected to grow from 0.77 RMB in 2023 to 1.51 RMB in 2026 [4] Product Innovation - The company launched two new in-vitro diagnostic products in H1 2024: the LifoLas 8000 automated electrochemiluminescence immunoassay system and the LifoLas 9000 laboratory automation system [1] - In the treatment and rehabilitation segment, the company upgraded its high-flow medical respiratory humidifier with CPAP mode and improved the safety of its semiconductor laser hair removal device [1] Market Expansion - Domestic revenue reached 429 million RMB in H1 2024, a 1.6% YoY increase, while international revenue grew by 18.3% YoY to 161 million RMB [1] - The company established subsidiaries in Russia and Indonesia to enhance its overseas operations, with products exported to over 100 countries [1] Valuation - The company's PE ratio is expected to decline from 16.9x in 2023 to 8.6x in 2026, indicating potential undervaluation [4] - The PB ratio is projected to decrease from 3.1x in 2023 to 1.9x in 2026 [4]

Investment Rating - The report maintains a rating of "Accumulate" for the company [4]. Core Views - The company has a diversified multi-business and multi-market platform layout, with the domestic market expected to recover sequentially and the overseas market continuing to grow steadily and rapidly [2]. - The report adjusts the EPS forecast for 2024-2026 to 0.96, 1.20, and 1.51 yuan respectively, down from the previous estimates of 0.99, 1.29, and 1.68 yuan, and sets a target price of 19.20 yuan, down from 22.44 yuan [9]. Financial Performance - For H1 2024, the company achieved operating revenue of 590 million yuan, an increase of 5.64%, and a net profit attributable to shareholders of 172 million yuan, up 27.78% [9]. - The gross margin for H1 2024 was 69.82%, an increase of 4.60 percentage points, while the net profit margin was 29.01%, up 4.98 percentage points [9]. - The company reported a net operating cash flow of 86 million yuan, an increase of 33.81% [9]. Market Segments - Domestic market revenue for H1 2024 was 429 million yuan, up 1.58%, with the in vitro diagnostic (IVD) business revenue at 319 million yuan, a growth of 19.36% [9]. - The international market revenue reached 161 million yuan, an increase of 18.26%, with IVD business revenue at 149 million yuan, up 26.91% [9]. Valuation Metrics - The company has a total market capitalization of 5,548 million yuan and a current price of 12.95 yuan, with a target price of 19.20 yuan [5][4]. - The price-to-earnings (PE) ratio for 2024 is set at 20 times, based on comparable company valuations [9].