伟思医疗（ [Table_StockNameRptType] 688580） 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 计医美板块也将为公司贡献 3000 万元左右收入，未来随着医美设备增 多，公司医美板块的业绩会呈现更快速增长。 ⚫ 风险提示 | --- | --- | --- | --- | --- | |-------------------|-------|-------------------------|-------|-------| | 主要财务指标 | 2023A | 2024E | 2025E | 2026E | | 营业收入 | | 462 589 741 933 | | | | 收入同比（ % ） | 43.7% | 27.4% | 25.9% | 25.9% | | 归属母公司净利润 | | 136 170 215 272 | | | | 净利润同比（ % ） | 45.2% | 25.0% | 26.2% | 26.5% | | 毛利率（ % ） | 71.8% | 72.1% | 72.5% | 72.8% | | ROE （ % ） | 8.4% | 9 ...

证券研究报告 | 年报点评报告 2024 年 05 月 07 日 伟思医疗（688580.SH） 24Q1 短期承压，研发创新注入发展新动能 伟思医疗公布 2023 年度报告。2023 年公司实现营业收入 4.62 亿元（同比增长 43.72%）；实现归母净利润 1.36 亿元（同比增长 45.23%）；实现扣非后归母净利 润 1.22 亿元（同比增长 58.93%）。 伟思医疗公布 2024 年度一季报。2024Q1 公司实现营业收入 8767 万元（同比下滑 8.24%）；实现归母净利润 2175 万元（同比下滑 27.69%）；实现扣非后归母净利 润 1921 万元（同比下滑 27.42%）。 观点：积压康复需求释放，重磅产品持续升级，驱动 2023 年业绩增长。反腐影响 招投标活动，2024Q1 收入端短期承压，利润端表现不及收入端系股份支付费用影 响。研发管线进展顺利，内延+外购开拓增长新动能，注入长期发展动力。 重磅产品升级迭代驱动 2023 年业绩高速增长。公司全新一代盆底功能磁、经颅磁、 团体生物反馈仪等产品上市，叠加康复行业需求反弹，收入实现快速增长。分产品 来看：1）磁刺激类收入 2.00 ...

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、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2023/11/10 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 2,000 万元~4,000 万元 | | 回购用途 | 用于股权激励、用于转换公司可转债 | | 累计已回购股数 | 35.3866 万股 | | 累计已回购股数占总股本比例 | 0.5157% | | 累计已回购金额 | 1,810.69854 万元 | | 实际回购价格区间 | 41.23 元/股~65.88 元/股 | 证券代码：688580 证券简称：伟思医疗 公告编号：2024-020 南京伟思医疗科技股份有限公司 2023 年 11 月 9 日，南京伟思医疗科技股份有限公司（以下简称"公司"）召 开第三届董事会第十六次会议，审议通过了《关于以集中竞价交易方式回购公司 股份方案的议案》，同意公司通过集中竞价交易方式回购公司已发行的人民币普通 股 ...

[ T able_StockInfo] 2024 年 04 月 26 日 证券研究报告•2023年年报及 24年一季报点评 买入 （维持） 当前价：43.30 元 伟思医疗（688580）医药生物 目标价：54.05 元（6 个月） [Table_Summary 事件：公司发布] 2023年年报，实现收入 4.6亿元（+43.7%），实现归母净利润 1.4 亿元（+45.2%），实现扣非归母净利润 1.2 亿元（+58.9%）。剔除股份支付 和所得税影响，归属于上市公司股东的扣除非经常性损益的净利润为 1.5 亿元 （+63.9%），完成股权激励。公司发布24年一季报，实现收入8767万元（-8.2%）， 实现归母净利润2175万元（-27.7%），实现扣非归母净利润 1921万元（-27.4%）。 若剔除股份支付影响，归母净利润 2775 万元（-8.8%）。23 年业绩符合预期， 24Q1 业绩短期承压。 23年业绩符合预期，24Q1短期承压。分季度看，23Q1/Q2/Q3/Q4单季度收入 分别为 0.96/1.24/1.1/1.3亿元（+76.6%/+55.3%/+35.8%/+24.2%）, 23年业 ...

Investment Rating - The report gives a "Cautious Recommend" rating to the company, with an expected PE ratio of 20/16/13 for 2024-2026 [60] Core Views - The company's traditional core business maintains stable growth, while new businesses gradually contribute to performance increments [60] - The company is transitioning from traditional businesses to high-end sectors such as laser and medical aesthetics [60] - The company's R&D investment in 2023 was 78.43 million yuan, accounting for 16.97% of revenue, with a year-on-year increase of 27.86% [24] Industry Overview - The number of rehabilitation medical institutions in China increased from 396 in 2014 to 810 in 2021, with an average annual increase of about 60 institutions [3] - The number of practitioners in rehabilitation medical institutions grew from 31,445 in 2014 to 87,507 in 2021, with a CAGR of 15.74% [3] - The number of outpatient and emergency visits in rehabilitation departments grew at a CAGR of 5.60% from 2014 to 2021, significantly higher than the overall growth rate of outpatient visits [3] Company Business Segments - The company's core business areas include pelvic floor and postpartum rehabilitation, mental rehabilitation, and neurological rehabilitation [4] - In the pelvic floor field, the company launched its second-generation pelvic floor magnetic stimulation product in 2023, integrating biofeedback with passive stimulation [4] - In the mental rehabilitation field, the company launched its second-generation transcranial magnetic stimulation device in 2023, significantly improving treatment effects [4] - In the neurological rehabilitation field, the company provides advanced non-invasive neuromodulation treatment methods and offers a comprehensive "Rehabilitation Loop" solution for tertiary hospitals [4] Financial Performance - In 2023, the company achieved revenue of 462.22 million yuan, a year-on-year increase of 43.72%, and net profit attributable to the parent company of 136.26 million yuan, a year-on-year increase of 45.22% [64] - In Q1 2024, the company's revenue was 88 million yuan, a year-on-year decrease of 8.24%, and net profit attributable to the parent company was 22 million yuan, a year-on-year decrease of 27.69% [15] - The company's gross profit margin in 2023 was 71.76%, with a slight decline of 0.71 percentage points year-on-year [60] R&D and Innovation - The company has established six technology platforms: magnetic stimulation, electrical stimulation, electrophysiology, robotics, laser, and radiofrequency [52] - The company's plastic magnetic product obtained FDA certification in March 2023 and domestic medical registration in November 2023, becoming the only domestically produced magnetic stimulation device for body contouring [21] - The company's first-generation rehabilitation robot products have completed the certification process, forming a product matrix covering upper and lower limb rehabilitation [25] Market Potential - The aging population in China is increasing, leading to a growing demand for rehabilitation services, especially in elderly rehabilitation [12] - The rehabilitation market is expected to accelerate due to changes in population structure and increased health awareness [11] - The company is well-positioned to benefit from the expanding rehabilitation market, particularly in the fields of pelvic floor, mental, and neurological rehabilitation [4]

南京伟思医疗科技股份有限公司 投资者关系活动记录表 （2024年4月25日-2024年4月29日） 证券代码：688580 证券简称：伟思医疗 活动时间及地点： 2024/4/25、2024/4/29 南京市雨花台区宁双路19号9栋公司会议室 参加单位名称： 鑫元基金、嘉实基金、海通投资银行部、上海弘尚资产、博道基金、青岛 幂加和私募、平安理财、广东民营投资、博时基金、盈米基金、国盛证券、趣 时资产、西部证券、铂悦投资、信达证券、金元顺安基金、中信建投、兴业证 券、华安证券、首创证券、银河证券、上海和谐汇一资产、锐智资本、中信建 投证券、大成基金、国信证券、China Reform Overseas、中泰证券、东北证 券、华夏未来资本、开思基金、国新国证基金、开源证券、江苏银德投资、锦 洋资产、海通证券、西南证券、浙商证券、平阳瑞和投资、北京神农投资、同 犇投资、金信基金、上海景领投资、中欧基金、通用技术、积厚资本、上海冰 河资产、上海贵源投资、北京天九投资、上海博鸿投资、申万宏源、上海荷和 投资、鹏华基金、万丰友方、深圳前海云溪基金、国赞投资、国泰君安、交银 基金、重阳投资、华商基金 活动类别： 公司现场 ...

关于以集中竞价交易方式回购公司股份累计达到 总股本 1%暨回购进展公告 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、准确性和完整性承担法律责任。 证券代码：688580 证券简称：伟思医疗 公告编号：2024-019 南京伟思医疗科技股份有限公司 公司 2021 年年度权益分派现已实施完毕，公司本次以集中竞价交易方式回购 股份价格上限由不超过人民币 100 元/股（含）调整为不超过人民币 98.70 元/股 （含）。具体内容详见公司于 2022 年 6 月 16 日在上海证券交易所网站 （www.sse.com.cn）披露的《关于 2021 年年度权益分派实施后调整回购股份价格 上限的公告》（公告编号：2022-041）。 （二）2023 年 11 月 9 日，公司召开第三届董事会第十六次会议，审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》，同意公司通过集中竞价交易方 式回购公司已发行的人民币普通股（A 股），回购股份的资金总额不低于人民币 2,000 万元（含），不超过人民币 4,000 万元（含），回购股份的价格不超过人民币 90 元 ...

2024 年第一季度报告 证券代码：688580 证券简称：伟思医疗 南京伟思医疗科技股份有限公司 2024 年第一季度报告 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。 第一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 单位：元 币种：人民币 | 项目 | 本报告期 | | 本报告期比上年同 | | --- | --- | --- | --- | | | | | 期增减变动幅度(%) | | 营业收入 | | 87,670,336.46 | -8.24 | | 归属于上市公司股东的 | | 21,753,153.33 | -27.69 | | 净利润 | | | | | 归属于上市公司股东的 | | | | | ...

Financial Performance - The company reported a net profit attributable to shareholders of RMB 136,258,629.02 for the year 2023, with a total distributable profit of RMB 416,851,513.83[7]. - A cash dividend of RMB 1.5032 per share (including tax) is proposed, with an expected total cash dividend payout of RMB 102,194,339.48, representing 83.49% of the net profit for the year[9]. - The company reported a revenue of RMB 1.2 billion for the fiscal year 2023, representing a year-on-year growth of 15%[18]. - The company's operating revenue for 2023 reached ¥462,223,134.18, representing a year-on-year increase of 43.72% compared to ¥321,621,418.85 in 2022[29]. - Net profit attributable to shareholders for 2023 was ¥136,258,629.02, up 45.22% from ¥93,825,897.99 in the previous year[30]. - The net profit after deducting non-recurring gains and losses was ¥121,726,312.07, reflecting a significant increase of 58.93% compared to ¥76,590,650.79 in 2022[30]. - The gross margin for the year was reported at 45%, an improvement from 42% in the previous year[18]. - The company achieved total operating revenue of CNY 46,222.31 million in the reporting period, representing a year-on-year increase of 43.72%[39]. - The company reported a net cash flow from operating activities of CNY 62,656.86 million in the fourth quarter, indicating strong operational efficiency[33]. Shareholder Actions - The company plans to increase its total share capital from 68,623,867 shares to 95,817,677 shares through a capital reserve transfer of 27,193,810 shares[10]. - The proposed profit distribution and capital reserve transfer plan has been approved by the board and will be submitted for shareholder approval[11]. - The company implemented a stock incentive plan that resulted in a post-tax share-based payment expense of ¥16,704,900, which impacted the net profit[30]. - The company plans to implement a stock incentive plan for 2023, which was discussed in the shareholders' meeting[193]. Risk Management - The company has outlined various risks and countermeasures in its annual report, emphasizing the importance of risk management[5]. - The board of directors and management have confirmed the accuracy and completeness of the financial report, ensuring no significant omissions or misleading statements[5]. - The company emphasizes that forward-looking statements regarding future plans and strategies do not constitute a commitment to investors, highlighting the associated investment risks[12]. Market Expansion and Product Development - User data indicates an increase in active users by 20% compared to the previous year, reaching a total of 500,000 users[18]. - The company projects a revenue growth of 10% for the next fiscal year, targeting RMB 1.32 billion[18]. - New product development includes the launch of a next-generation rehabilitation robot, expected to enhance patient recovery rates by 30%[18]. - The company has expanded its market presence by entering three new provinces, aiming to increase market share by 5%[18]. - A strategic acquisition of a competitor was completed, valued at RMB 300 million, expected to enhance product offerings and market reach[18]. - The company is investing RMB 50 million in R&D for innovative rehabilitation technologies over the next two years[18]. - The company aims to continue expanding its market presence and developing new technologies to enhance its product offerings[22]. Research and Development - The R&D expenditure as a percentage of operating revenue was 16.97%, a decrease of 2.10 percentage points from 19.07% in 2022[31]. - The total R&D investment for the year reached ¥78,432,505.46, representing a 27.86% increase compared to the previous year[116]. - The company has established six major technology platforms, including magnetic stimulation, electrical stimulation, electrophysiology, robotics, laser, and radiofrequency, to support its product lines[51]. - The company is committed to increasing R&D investment in key projects and enhancing its intellectual property portfolio to ensure sustainable long-term growth[40]. - The company has obtained 36 patents, including 16 invention patents, 9 utility model patents, and 11 design patents, with 47 new authorized patents during the reporting period[42]. Operational Efficiency - The company plans to enhance its digital platform, aiming for a 25% increase in user engagement through improved features[18]. - The company has set a target to reduce operational costs by 8% in the upcoming year through efficiency improvements[18]. - The company is focusing on building a comprehensive rehabilitation device ecosystem, covering pelvic, neurological, mental, and physical rehabilitation[50]. - The company aims to improve operational efficiency and clinical evaluation through advanced data analysis techniques[122]. Customer Satisfaction and Service - Customer satisfaction ratings increased to 90%, reflecting improvements in service and product quality[199]. - The company emphasizes customer satisfaction and has developed a comprehensive after-sales service system, enhancing customer experience and service quality[135]. - The company is focused on digital operations and efficient after-sales service, utilizing CRM and electronic data monitoring systems to improve management efficiency[135]. Governance and Compliance - The company aims to enhance its governance and operational management through various committees established under the board[189]. - The company held 1 shareholders' meeting during the reporting period, complying with relevant laws and regulations[189]. - A total of 6 board meetings were convened, with independent directors attending and providing independent opinions[190]. - The supervisory board held 5 meetings, ensuring compliance with legal and regulatory requirements[190].

长江证券承销保荐有限公司 关于南京伟思医疗科技股份有限公司 使用部分超募资金永久补充流动资金并注销募集资金专户 的核查意见 长江证券承销保荐有限公司（以下简称"长江保荐"或"保荐机构"）作为南 京伟思医疗科技股份有限公司（以下简称"伟思医疗"或"公司"）首次公开发行 股票并科创板上市项目的保荐机构，根据《上海证券交易所科创板上市公司自 律监管指引第1号——规范运作》《上市公司监管指引第2号——上市公司募集 资金管理和使用的监管要求》以及《上海证券交易所科创板股票上市规则》等 相关规定，就伟思医疗使用部分超募资金永久补充流动资金的事项进行了审慎 核查，核查意见如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意南京伟思医疗科技股份有限公司首 次公开发行股票注册的批复》（证监许可〔2020〕1213号）文核准，公司获准向 社会公众公开发行人民币普通股（A股）1,708.6667万股，每股发行价格为67.58 元，募集资金总额为人民币1,154,716,955.86元，扣除总发行费用人民币 91,729,995.18 元（不含税）后，募集资金净额为人民币1,062,986,960.68元。上 述募集资 ...