更换保荐代表人的公告 证券代码：301033 证券简称：迈普医学 公告编号：2024-066 广州迈普再生医学科技股份有限公司 关于更换保荐代表人的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 广州迈普再生医学科技股份有限公司（以下简称"公司"）于 2024 年 11 月 13 日收到华泰联合证券有限责任公司（以下简称"华泰联 合"）出具的《关于更换广州迈普再生医学科技股份有限公司首次公 开发行股票并在创业板上市持续督导保荐代表人的函》。 华泰联合作为公司首次公开发行股票并在创业板上市项目的保 荐机构，原指定刘恺先生、张冠峰先生担任该项目的保荐代表人负责 其保荐工作。现因刘恺先生工作变动从华泰联合证券有限责任公司离 职，不能继续担任持续督导期的保荐工作。为保证持续督导工作的有 序进行，华泰联合现委派胡轶聪先生（简历附后）接替刘恺先生担任 公司的保荐代表人，履行后续的持续督导职责。 公司董事会对刘恺先生在担任公司保荐代表人期间所作出的贡 更换保荐代表人的公告 献表示衷心的感谢！ 特此公告。 广州迈普再生医学科技股份有限公司 董事会 2024 年 11 月 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [4][17]. Core Insights - The company reported a revenue of 68.89 million in Q3 2024, a year-on-year increase of 14.7%, and a net profit of 20.41 million, reflecting a 50.8% increase year-on-year. For the first three quarters of 2024, revenue reached 190 million, up 31.0% year-on-year, with net profit at 52.8 million, more than doubling from the previous year [1]. - The execution of centralized procurement has led to an increase in market share and a continued growth trend in revenue and profit, demonstrating the company's ability to benefit from price-volume trade-offs [1]. - New products, including absorbable regenerated oxidized cellulose and hard meningeal medical adhesives, generated over 20 million in sales, marking a nearly 90% increase year-on-year, indicating a strong growth trajectory for new offerings [2]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 68.89 million, with a net profit of 20.41 million, and for the first three quarters, revenue was 190 million, with a net profit of 52.8 million, both showing significant year-on-year growth [1]. - The sales expense ratio decreased to 15.3% in Q3 2024, indicating improved cost efficiency [1]. Revenue and Profit Forecast - Revenue projections for 2024-2026 are estimated at 290 million, 388 million, and 513 million, representing year-on-year growth rates of 26%, 34%, and 32% respectively. Net profit estimates for the same period are adjusted to 71 million, 101 million, and 140 million [4][15]. Product Development and Market Strategy - The company is actively expanding its product lines and enhancing its existing technology platforms, with a focus on new departments and indications, which is expected to sustain growth [2]. - The report highlights the importance of ongoing product research and development to maintain competitive advantages and explore new market opportunities [2].

Investment Rating - The report maintains a "Buy" rating for the company [5][12]. Core Insights - The company achieved a revenue of 191 million yuan in the first three quarters of 2024, representing a year-on-year increase of 30.98%. The net profit attributable to the parent company reached 53 million yuan, up 107.68% year-on-year [1]. - The company is the only domestic enterprise in the neurosurgery field with a comprehensive range of implantable medical device products, including artificial dura mater patches and absorbable regenerated oxidized cellulose [1]. - New products, including absorbable regenerated oxidized cellulose and dura mater medical glue, have seen rapid sales growth, generating over 20 million yuan in revenue, nearly a 90% increase compared to the same period last year [1]. - The company has optimized its expense management, leading to an improved net profit margin of 27.65%, an increase of 10.21 percentage points year-on-year [1]. - The marketing network has expanded significantly, with partnerships established with nearly 800 distributors and product availability in over 1,700 hospitals domestically [1]. Financial Projections - The company is expected to see net profits of 67 million yuan, 92 million yuan, and 125 million yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 64.7%, 36.9%, and 35.3% [2]. - Revenue projections for the company are 291 million yuan in 2024, 380 million yuan in 2025, and 496 million yuan in 2026, with growth rates of 26.1%, 30.5%, and 30.6% respectively [4].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 61 yuan compared to the current price of 53.63 yuan [2][3]. Core Insights - The company's profit exceeded expectations, with rapid growth in new products contributing to revenue increases [2]. - Revenue for Q3 2024 showed a year-on-year growth of 14.70%, driven by enhanced marketing efforts and increased sales volume [2]. - The company has successfully broken the import monopoly with its absorbable hemostatic products, which are expected to expand in market capacity [2]. - The gross margin slightly decreased to 77.09%, attributed to the impact of centralized procurement, but overall profitability improved due to cost optimization [2]. - The company is expanding its product line and has become a leader in the domestic neurosurgery field with a comprehensive range of implantable medical devices [2]. Financial Summary - For Q1-3 2024, the company reported operating revenue of 1.91 billion yuan, a year-on-year increase of 30.98%, and a net profit attributable to shareholders of 0.20 billion yuan, up 108.37% [2]. - The projected operating revenue for 2024 is 290 million yuan, with a year-on-year growth rate of 18.2% [3]. - The net profit attributable to shareholders is expected to reach 70 million yuan in 2024, reflecting a growth rate of 13.9% [3]. - The company’s earnings per share (EPS) is projected to increase from 0.61 yuan in 2023 to 1.05 yuan in 2024, and further to 2.13 yuan by 2026 [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant year-on-year revenue growth of 30.98% to 191 million yuan and a net profit growth of 107.68% to 53 million yuan in the third quarter of 2024, exceeding expectations [1] - The company has successfully won bids for its products in various provincial alliances, enhancing its market share and penetration [1] - The company is focusing on the neurosurgery field and has received EU MDR certification for several products, which is expected to boost its overseas revenue [1] Financial Performance Summary - For the third quarter of 2024, the company achieved a revenue of 69 million yuan, a 14.70% increase, and a net profit of 20 million yuan, a 50.83% increase [1] - The company’s revenue is projected to grow from 231 million yuan in 2023 to 510 million yuan in 2026, with year-on-year growth rates of 18.2%, 37.6%, 29.8%, and 23.8% respectively [2][5] - The net profit attributable to the parent company is expected to increase from 41 million yuan in 2023 to 137 million yuan in 2026, with corresponding growth rates of 13.9%, 63.9%, 45.2%, and 41.0% [2][5] Profitability and Valuation Metrics - The gross margin is projected to decline from 82.0% in 2023 to 73.6% in 2026, while the return on equity (ROE) is expected to rise from 6.4% to 14.4% over the same period [2][5] - The earnings per share (EPS) is forecasted to increase from 0.62 yuan in 2023 to 2.08 yuan in 2026, with a price-to-earnings (P/E) ratio decreasing from 70.23 to 22.74 [2][5] Cash Flow and Investment Activities - The operating cash flow is expected to grow from 108 million yuan in 2024 to 213 million yuan in 2026 [3] - The company is projected to have a net cash increase of 68 million yuan by 2026, indicating a positive cash flow trend [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 50.58 CNY [4][3]. Core Views - The company has demonstrated sustained high growth in profits, with a projected net profit growth of 59.35% for 2024, 56.71% for 2025, and 29.72% for 2026 [3][6]. - The revenue for the first three quarters of 2024 reached 190 million CNY, a 31.0% increase year-on-year, driven by enhanced marketing efforts and increased sales volume [1][2]. - The company is actively expanding its marketing network, establishing partnerships with nearly 800 domestic and international distributors, and its products are now available in over 1,700 hospitals across China and nearly 90 countries [2][3]. Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 68.89 million CNY, a 14.7% increase, and a net profit of 20.41 million CNY, up 50.8% [1]. - The first half of 2024 saw a revenue of 96.64 million CNY domestically, a 47.53% increase, while international sales reached 25.41 million CNY, a 25.71% increase [2]. Product Segmentation - The primary revenue sources are artificial dura mater (spinal) patches and craniofacial repair and fixation systems, accounting for 56.6% and 29.1% of total revenue in H1 2024, respectively [2]. - The company has introduced new products, including absorbable regenerated oxidized cellulose, which has seen significant clinical use, and a dura mater medical adhesive that addresses existing product limitations [2]. Market Expansion - The company is participating in centralized procurement and expanding its international presence, with notable growth in overseas sales [2][3]. - The sales revenue from absorbable regenerated oxidized cellulose and dura mater medical adhesive reached 14.21 million CNY in H1 2024, representing a 145.0% increase and accounting for 11.6% of total revenue [2].

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The company is experiencing rapid growth with a significant increase in domestic product penetration and expanding overseas brand influence [3] - For the first three quarters of 2024, the company achieved a revenue of 191 million yuan, representing a year-on-year growth of 30.98%, and a net profit attributable to shareholders of 53 million yuan, up 107.68% year-on-year [3] - The company has implemented a restricted stock incentive plan for 2024, which is expected to positively impact its operational development [5] Financial Performance Summary - The company reported a gross margin of 78.22% for the first three quarters of 2024, with a net margin of 27.65% [4] - The sales expense ratio improved to 17.44%, while the management expense ratio increased slightly to 23.49% [4] - The company forecasts revenue growth rates of 24.75%, 34.72%, and 36.34% for 2024, 2025, and 2026, respectively, with net profits expected to reach 71.45 million yuan, 95.39 million yuan, and 127.84 million yuan in the same years [6][9] Earnings Forecast - The company is expected to see a gradual improvement in profitability, with projected earnings per share (EPS) of 1.08 yuan, 1.44 yuan, and 1.94 yuan for 2024, 2025, and 2026, respectively [9][11] - The current price-to-earnings (P/E) ratios are projected to decrease from 76.31 in 2023 to 24.40 by 2026, indicating a potential for valuation normalization [7][9] Company Overview - The latest closing price of the company's stock is 47.22 yuan, with a total market capitalization of 3.1 billion yuan [1] - The company has a debt-to-asset ratio of 19.2%, indicating a relatively low level of financial leverage [1]

Financial Performance - As of Q3 2024, the company achieved a revenue of 190.94 million yuan, representing a year-on-year growth of 30.98% [3] - The net profit attributable to shareholders was 52.80 million yuan, with a significant increase of 107.68% compared to the same period last year [3] - The net profit after deducting non-recurring gains and losses reached 46.08 million yuan, marking a growth of 108.37% year-on-year [3] Product Development and Market Strategy - The company focuses on the neurosurgery field, offering a range of key implantable medical devices, including artificial dura mater patches and absorbable regenerated cellulose products [4] - Sales revenue from absorbable regenerated cellulose and dura mater medical glue exceeded 20 million yuan, showing an increase of nearly 90% compared to the previous year [3] - The company is actively promoting new products and expanding their applications in various surgical fields [3][4] Inventory and Sales Team - The increase in inventory levels compared to the beginning of the year is attributed to normal business needs [4] - The marketing team has seen an increase in personnel compared to the previous year, with plans for further growth to meet the demands of a diversified product line [5]

广州迈普再生医学科技股份有限公司 2024 年第三季度报告 证券代码：301033 证券简称：迈普医学 公告编号：2024-065 广州迈普再生医学科技股份有限公司 2024 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、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。 2.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)声明： 保证季度报告中财务信息的真实、准确、完整。 3.第三季度报告是否经过审计 □是 否 1 广州迈普再生医学科技股份有限公司 2024 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | --- | --- | --- | --- | --- | |------------------------------------------------------|----------------|------------------ ...

关于 2023 年限制性股票激励计划 首次授予部分第一个归属期归属结果暨股份上市的公告 第一个归属期归属结果暨股份上市的公告 证券代码：301033 证券简称：迈普医学 公告编号：2024-064 广州迈普再生医学科技股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1、本次办理归属的限制性股票数量：456,480 股，占公司总股本 （剔除回购股份，下同）0.69%； 2、本次归属的激励对象人数：45 人； 3、本次归属的限制性股票上市流通日：2024 年 10 月 29 日，本 次归属的第二类限制性股票不设限售期。 广州迈普再生医学科技股份有限公司（以下简称"公司"）于 2024 年 9 月 13 日分别召开第三届董事会第五次会议和第三届监事会第五 次会议，审议通过了《关于 2023 年限制性股票激励计划首次授予部 分第一个归属期归属条件成就的议案》，董事会认为，公司 2023 年 限制性股票激励计划（以下简称"《激励计划》"、"本激励计划"） 首次授予部分第一个归属期规定的归属条件已成就，同意公司为符合 第一个归属期归属结果暨股 ...