Investment Rating - The report maintains a "Buy" rating for the company [1][9] Core Views - The company's performance is under short-term pressure, but there is optimism regarding the release of high-end new products [1][12] - In 2024, the company achieved revenue of 2.014 billion yuan, a year-on-year decrease of 5.02%, and a net profit of 142 million yuan, down 68.67% year-on-year, primarily due to increased strategic investments [3][4] - The company is expected to see revenue growth driven by the gradual implementation of equipment upgrades and an increase in sales of mid-to-high-end products [5][9] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 616 million yuan, a year-on-year decline of 5.63%, and a net profit of 33 million yuan, down 75.03% year-on-year [4] - The overall gross margin decreased by 5.58 percentage points to 63.80% in 2024, influenced by accounting adjustments and increased overseas business [7] Product Development - The company has increased its R&D efforts, launching several high-end products, including the S80 and P80 ultrasound machines, and the HD-650 endoscope platform [6] - The company’s market position in the domestic market is now second only to Olympus and Fujifilm in the endoscope sector [6] Future Projections - Revenue projections for 2025-2027 are 2.325 billion, 2.801 billion, and 3.282 billion yuan, with year-on-year growth rates of 15%, 20%, and 17% respectively [9][10] - The expected net profit for the same period is 357 million, 498 million, and 684 million yuan, with significant growth anticipated in 2025 [9][10]

2024 年，公司实现营收20.14 亿元，同比下降5%；归母净利润1.4亿元，同比下降68.7%；扣非归母净利 润1.1 亿元，同比下降75.1%。 事件：公司发布2024 年年报，24Q4 环比改善明显。 24Q4，公司实现营收6.2 亿元，同比下降5.6%，环比增长60%；归母净利润3341 万元，同比下降75%， 环比由亏转盈；扣非归母净利润2420 万元，同比下降80%，环比由亏转盈。 24 年设备招采在高基数下承压，公司核心条线均强于行业。 根据公司年报，公司24 年超声实现收入11.8 亿元，同比下降3%；内镜7.95 亿元，同比下降6%。根据众 成数科数据，24 年超声行业招投标金额同比下降约26%，内镜（软镜+硬镜）行业招投标金额同比下降 约27%，主要原因是23 年行业还处于医疗新基建订单和前序医疗设备贴息贷款项目集中放量的阶段， 基数较高，24 行业整体在经历一轮消化周期。公司两条核心业务线在24 年表现均显著强于行业，体现 出公司自身经营实力，也得益于公司在24 年行业承压阶段逆势扩张团队、加大投入，最终带来市场地 位和份额的提升。 根据众成数科数据：25Q1，超声行业招投标金额同比增 ...

Investment Rating - The report assigns a "Buy-A" investment rating with a target price of 41.08 CNY for the next six months [4][5]. Core Views - The company has shown significant quarter-on-quarter improvement in Q4 2024, with a notable recovery in its bidding activities expected to enhance future performance [1][3]. - Despite a decline in overall revenue and net profit for 2024, the company’s core business lines outperformed the industry, indicating strong operational capabilities and strategic investments during a challenging market period [2][3]. - The company is anticipated to experience substantial revenue growth in the coming years, with projected growth rates of 22.7%, 21.4%, and 20.5% for 2025 to 2027, respectively [4][10]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 2.014 billion CNY, a decrease of 5% year-on-year, and a net profit of 140 million CNY, down 68.7% year-on-year [1][10]. - Q4 2024 saw revenue of 620 million CNY, a 60% increase quarter-on-quarter, although it was still down 5.6% year-on-year [1]. Market Position - The company’s ultrasound and endoscope segments generated revenues of 1.18 billion CNY and 795 million CNY in 2024, respectively, both showing declines but outperforming the industry average [2]. - The bidding amounts for the company in Q1 2025 increased by approximately 130% year-on-year, significantly surpassing industry growth rates [3]. Future Projections - The report forecasts a robust recovery in the company's financials, with net profit growth expected to reach 256.6% in 2025, followed by 20.8% and 21.2% in the subsequent years [4][10]. - The projected earnings per share (EPS) for 2025 is estimated at 1.17 CNY, with a dynamic price-to-earnings ratio of 35 times [4][10].

Investment Rating - The investment rating for the company is "Buy" [19] Core Views - The company's overall performance in 2024 is under pressure due to reduced hospital procurement activities and increased strategic investments, leading to a 5% year-on-year decline in revenue. The net profit attributable to the parent company is expected to drop by 68.7% year-on-year [2][3] - The company is focusing on increasing R&D and marketing investments, with a significant rise in management and sales expense ratios, indicating a commitment to high-end product promotion and innovation [3] - The introduction of high-end ultrasound and endoscope products is anticipated to drive growth in 2025, with expectations of a recovery in procurement activities [4][3] Financial Performance Summary - In 2024, the company achieved revenue of 2.01 billion, a decrease of 5% year-on-year, and a net profit of 142 million, down 68.7% year-on-year. The fourth quarter of 2024 saw revenue of 615 million, a decline of 5.6% year-on-year, with a net profit of 33.41 million, down 75% year-on-year [2][3] - The company expects net profits for 2025-2026 to be 401 million, 485 million, and 612 million respectively, indicating a recovery trend [4][6] - The revenue growth rate is projected to rebound to 21% in 2025 and maintain a growth rate of 20% in the following years [6] Product and Market Development - The company has launched several high-end products in 2024, including the S80 and P80 ultrasound machines, and the HD-580 series endoscope platform, which are expected to contribute to revenue growth in 2025 [4][3] - The domestic revenue from tier-three hospitals has reached a peak, while international revenue has shown a 3% increase, indicating successful market penetration and brand influence [4][3] Strategic Outlook - The company maintains a unique competitive advantage in minimally invasive procedures and is well-positioned for performance improvement once procurement policies are implemented and market conditions stabilize [4][3]

国内三级医院客户占比持续提高，海外本土化深耕继续推进：按照区域拆分来看，国内实现收入10.4 亿 （同比-12%），国外实现收入9.7 亿（同比+3%）。其中：1）国内三级医院客户占比已达近年峰值、 公司联合多家三家医科院启动研究项目，帮助实现技术及临床的深度融合；2）海外本土化深耕、学术 赋能及高端超声、内镜新产品促进品牌影响力提升，有望延续增长趋势。 盈利预测与投资建议：据定期报告调整超声及软镜营收增速、调整三费假设等，预计公司2025-2026 年 归母净利润为4.0/4.9/6.1 亿元（前值为4.8/6.8/-亿元）。考虑到公司具备独特微外竞争优势，待设备更新 政策落地、招采恢复，公司业绩有望环比改善，维持"买入"评级。 风险提示 超声、内镜高端新品持续推出，期待25 年招采复苏带动去库：按照产品拆分来看，彩超收入11.8 亿 （同比-3%），电子内窥镜8.0 亿（同比-6%），配件及其他2108 万（-39%），受行业环境影响同比略 有下滑，但公司高端新品24 年已密集上市，25 年有望进入放量阶段。其中： 1）超声：24 年公司正式推出高端全身机器S80 及高端妇产机P80，人工智能辅助诊断系统 ...

证券研究报告 | 公司点评 | 医疗器械 2024 年承压，2025 年增长可期 ——开立医疗 2024 年报点评报告 投资要点 公司 2024 年营业收入 20.14 亿元，同比下滑 5.02%；归母净利润 1.42 亿元，同 比下滑 68.67%。其中 Q4 营业收入 6.16 亿元，同比下滑 5.6%；归母净利润 0.33 亿元，同比下滑 75%。国内医疗设备招标采购减少等影响下，公司 2024 年收 入利润承压。我们认为，2025 年在随着医院招标恢复以及新品放量，公司收入 利润增长可期。 成长性：国内招投标恢复叠加新品放量，2025 年收入增长可期 2024 年公司毛利率 63.8%，同比下降 5.6pct；期间费用率大幅增长，其中销售费 用率 28.4%（同比+3.7pct）、管理费用率 6.8%（同比+0.8pct）、研发费用率 超声设备：产品迭代+海外中高端突破，2025 年收入有望恢复增长。2024 年受高 基数及国内医疗设备招标恢复缓慢影响，公司超声板块整体收入同比下滑 3.3%。我们认为，2025 年随着国内招投标恢复、新品放量，以及海外中高端市 场逐步突破，公司超声板块有望恢复增长：① ...

截至2025年4月15日收盘，开立医疗(300633)报收于31.87元，上涨2.81%，换手率1.28%，成交量5.55万 手，成交额1.76亿元。 投资者： 请问贵公司在过去两三年，在超声领域每年的中国市场占有率分别是多少？ 交易信息汇总：4月15日游资资金净流入701.0万元，占总成交额3.98%，而散户资金净流出817.72 万元，占总成交额4.65%。 交易信息汇总 4月15日，开立医疗的资金流向情况如下：主力资金净流入116.72万元，占总成交额0.66%；游资资金净 流入701.0万元，占总成交额3.98%；散户资金净流出817.72万元，占总成交额4.65%。 以上内容为证券之星据公开信息整理，由智能算法生成（网信算备310104345710301240019号），不构 成投资建议。 董秘： 您好，公司目前在国产超声厂家中市场排名第二，谢谢。 投资者： 在业绩预告中提到"报告期内，国内医疗设备行业竞争加剧，医疗设备的集采项目日渐增多， 产品销售毛利率呈下降趋势"请问2025年，公司的集采工作，哪些产品纳入了集采?参加了集采，会导致 毛利率下降，但同时能扩大市场，收入增加。公司还有哪些计划来扩大 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to benefit from a recovery in procurement demand in 2025 despite short-term performance pressure due to delayed hospital procurement [5][7] - The company is expanding its potential business areas, particularly in minimally invasive surgery and cardiovascular intervention, despite facing challenges in its core ultrasound and endoscope businesses [7] Financial Performance Summary - In 2024, the company achieved revenue of 2.014 billion yuan, a year-on-year decrease of 5.02%, and a net profit attributable to shareholders of 142 million yuan, down 68.67% year-on-year [7] - The company's revenue from ultrasound business was 1.183 billion yuan (down 3.26% year-on-year), and endoscope-related revenue was 795 million yuan (down 6.44% year-on-year) [7] - The company’s gross margin for 2024 was 63.78%, a decrease of 3.93 percentage points year-on-year [7] Earnings Forecast and Valuation - Revenue forecasts for 2025-2027 are 2.351 billion yuan, 2.724 billion yuan, and 3.147 billion yuan, with year-on-year growth rates of 16.72%, 15.88%, and 15.54% respectively [7] - Net profit attributable to shareholders is expected to be 376 million yuan, 488 million yuan, and 604 million yuan for 2025-2027, with growth rates of 163.90%, 29.83%, and 23.84% respectively [7] - The current price-to-earnings (P/E) ratios are projected to be 36x, 27x, and 22x for 2025-2027 [7]

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Kaili Medical, indicating a significant decline in revenue and net profit for 2024 compared to the previous year [1][2] - As of April 15, Kaili Medical's stock closed at 31.87 yuan, with a PE ratio of 96.85, marking a new low in 73 days, and a total market capitalization of 13.791 billion yuan [1] - The company operates in the medical device industry, specializing in the research, development, production, and sales of medical diagnostic and treatment equipment, with a strong presence in the ultrasound sector [1] Group 2 - For the fiscal year 2024, Kaili Medical reported an operating income of 2.014 billion yuan, a year-on-year decrease of 5.02%, and a net profit of 142 million yuan, down 68.67% [2] - The company's gross profit margin stands at 63.78%, indicating a relatively high level of profitability despite the decline in net profit [2] - In terms of market positioning, Kaili Medical ranks 108th in the industry based on PE ratio, with the industry average at 46.44 and the median at 30.39 [2]

Investment Rating - The report maintains the investment rating for the company [1] Core Views - The company is projected to experience a revenue growth rate of 20.50% in 2025, following a decline of 5.02% in 2024 [4] - The net profit is expected to rebound significantly, with a growth rate of 173.40% in 2025 after a sharp decline of 68.67% in 2024 [6] - The gross margin is forecasted to improve gradually from 63.78% in 2024 to 66.10% by 2027 [4][6] Financial Summary - **Revenue Forecast**: - 2024A: 2013.86 million - 2025E: 2426.70 million - 2026E: 2851.14 million - 2027E: 3304.97 million [4] - **Net Profit Forecast**: - 2024A: 142.40 million - 2025E: 389.32 million - 2026E: 469.01 million - 2027E: 558.91 million [4][6] - **Key Financial Ratios**: - Gross Margin: Expected to rise from 63.78% in 2024 to 66.10% in 2027 - PE Ratio: Expected to decrease from 93.32 in 2024 to 23.78 in 2027 [4][6] - **Cash Flow**: - Operating cash flow is projected to increase from 306.66 million in 2024 to 638.32 million in 2027 [5]