Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 32.34 CNY based on a 33x P/E ratio for 2024 [2][4]. Core Insights - The company's Q2 2024 performance showed significant improvement, with a revenue of 420 million CNY (up 9.8% YoY and 50.9% QoQ) and a net profit of 110 million CNY (down 16.1% YoY and up 91.5% QoQ), indicating a recovery in order volume as inventory levels stabilize [1][2]. - The core business is showing positive margins, while other segments are performing steadily. The home respiratory device components generated 450 million CNY in H1 2024 (down 11.9% YoY) but improved by 25% QoQ compared to H2 2023 [1]. - The company is increasing R&D and sales investments, leading to a recovery in net profit margin, which reached 26.2% in Q2 2024 (up 5.6 percentage points QoQ) [1]. - A clear stock incentive plan was announced in April 2024, aiming for revenue or net profit growth rates of no less than 25%/56.25%/95.31% for 2024/2025/2026, reflecting strong confidence in future growth [1]. Financial Summary - For H1 2024, the company reported a revenue of 710 million CNY (down 6.3% YoY) and a net profit of 170 million CNY (down 29.8% YoY) [1]. - The projected EPS for 2024-2026 is 0.98, 1.22, and 1.51 CNY respectively, with an upward revision from previous estimates [2]. - The company's gross margin for H1 2024 was 41.0% (up 3.0 percentage points YoY), while the net margin was 23.7% for 2024E [3][6].

华福证券 - A T T T 美好医疗（301363.SZ） 主业去库存结束，注射笔订单稳步推进 投资要点： 事件：公司发布 2024 年半年报，2024H1 实现收入 7.1 亿（同比-6.33%）， 归母净利润 1.7 亿（同比-29.78%），扣非归母净利润 1.6 亿（同比-27.33%）； 2024Q2 实现收入 4.2 亿（同比+9.83%），归母净利润 1.1 亿（同比-16.14%）， 扣非归母净利润 1.1 亿（同比-13.55%）。 主业呼吸机组件业务拐点确立，业绩重回向上趋势：公司家用呼吸机 组件 2024H1 实现收入 4.5 亿（同比-11.9%），毛利率 43.4%。当前公司家 用呼吸机组件大客户去库存压力已经逐渐消退、回到正常水平。同时，呼 吸机组件业务上半年毛利率对比 23 年全年已有所提升，主业未来有望进入 拐点向上阶段。公司新股权激励夯实 24 年净利润增速 25%，对应全年 3.9 亿利润目标，Q2 迈入拐点向上夯实全年增长确定性。 第二增长曲线注射笔稳步推进，新客户拓展可期：截至目前，公司有 签订胰岛素注射笔的订单，目前与相关客户的商务合作稳步推进，处于逐 步放量的发展 ...

美好医疗（301363） 公司点评 公司业务拐点显现，中报业绩超预期 | --- | --- | --- | --- | |---------------------------------------------------------------------------------|----------------|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告 医药生物 证券分析师 刘闯 S1350524030002 liuchuang@huayuanstock.com 林海霖 S1350524050002 linhailin@huayuanstock.com 市场表现： -50% -40% -30% -20% -10% 0% 10% 美好医疗 沪深300 相关研究 2024 年 08 月 20 日 美好医疗 (301363.SZ) 买入（维持） —— Q2 业绩拐点初现，下半年业绩高增长可期 投资要点： ➢ 事件：公司发布 2024 年中报，上半年实现营收 7.06 亿元（yoy-6.33%，下同），实现归母净 利润 1.69 亿元（yoy-29.78%），实现扣非归母净利润 1.63 亿元（yoy-27.33%）。2024 年 Q2 实现营业收入 4.25 亿元（yoy+9.83%），实现归母净利润 1.11 亿元（yoy-16.14%），实 现扣非归母净利润 1.07 亿元（yoy-13.55%），业绩符合预期。 ➢ 家用呼吸机组件持续回暖，经营拐点初现。2024 上半年公司家用呼吸机组件业务实现收入 4.48 亿元(yoy-11.89%)，较 ...

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Financial Performance - The company reported a total revenue of RMB 500 million for the first half of 2024, representing a year-on-year increase of 25%[7]. - The company has set a revenue guidance of RMB 1.2 billion for the full year 2024, reflecting an expected growth of 20% compared to 2023[7]. - The company's operating revenue for the reporting period was ¥706,449,459.94, a decrease of 6.33% compared to ¥754,161,189.13 in the same period last year[12]. - The net profit attributable to shareholders was ¥169,175,345.13, down 29.78% from ¥240,918,427.84 year-on-year[12]. - The net profit after deducting non-recurring gains and losses was ¥162,900,367.64, a decrease of 27.33% compared to ¥224,160,101.79 in the previous year[12]. - The gross profit margin improved to 45%, up from 40% in the same period last year, due to cost optimization strategies[7]. - The basic earnings per share decreased by 28.81% to ¥0.42 from ¥0.59 in the same period last year[12]. - The total comprehensive income for the first half of 2024 was approximately ¥162.89 million, compared to ¥233.76 million in the same period of 2023, a decline of about 30.3%[156]. Market Expansion and Strategy - User data indicates a growth in active users by 15%, reaching a total of 1.2 million users by June 30, 2024[7]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by the end of 2025[7]. - A strategic acquisition of a local medical device company is in progress, aimed at enhancing product offerings and distribution channels[7]. - The company is expanding its global footprint by establishing backup factories in Malaysia and planning further expansions into Europe and North America to mitigate geopolitical risks[100]. Research and Development - The company has invested RMB 50 million in R&D for new technologies, focusing on advanced materials like PEEK for medical devices[7]. - Research and development expenses increased by 9.26% to CNY 57,386,444.88 from CNY 52,520,580.70 year-on-year[62]. - The company focuses on R&D in medical device technology, with significant investments in new products and technologies, enhancing its core competitiveness[49]. - The company has established a professional mold design team, leveraging advanced technologies to meet medical standards and improve manufacturing efficiency, resulting in a competitive edge in precision mold manufacturing[53]. Risk Management - Risk factors identified include regulatory changes and market competition, with strategies in place to mitigate these risks[2]. - The company is facing risks related to the use of raised funds, including potential project delays and market changes that could affect investment outcomes[96]. - The company has established foreign exchange management rules to mitigate risks associated with currency fluctuations, especially as its overseas business grows[99]. Production and Operations - The company operates under a dual production model: "make to order" based on customer orders and "make to stock" based on market sales planning[44]. - The company has increased its production capacity, particularly in Huizhou and Malaysia, to meet global customer supply demands[49]. - The company has developed a comprehensive procurement management system to ensure quality and efficiency in its supply chain[43]. - Automation technology has been applied to improve production speed and accuracy, with the successful mass production of an insulin pen assembly automation device, marking a breakthrough in the company's automation capabilities[54]. Financial Management - The net cash flow from operating activities increased by 3.23% to ¥174,298,507.03 from ¥168,838,366.56 in the same period last year[12]. - The net cash flow from investing activities surged by 1,834.55% to CNY 320,377,149.56, primarily due to the redemption of previously purchased financial products[62]. - The company has not utilized idle raised funds for temporary liquidity support[82]. - The company has established a management system for foreign exchange hedging to mitigate risks associated with currency fluctuations[87]. Corporate Governance - The company has not faced any administrative penalties related to environmental issues during the reporting period[108]. - The company emphasizes employee rights protection by adhering to labor laws and providing a supportive work environment[110]. - The company is implementing a restricted stock incentive plan to stabilize its core team and attract high-end talent, which is crucial for maintaining its competitive advantage in the medical device sector[97]. Shareholder Information - The company reported a 75.22% participation rate in its first extraordinary shareholders' meeting held on February 27, 2024, indicating strong investor engagement[103]. - The company’s total share capital stands at 406,660,000 shares, with 72.42% being restricted shares[132]. - The largest shareholder, Xiong Xiaochuan, holds 45.74% of the shares, totaling 186,000,000 shares[137]. Compliance and Regulations - The medical device industry has high entry barriers due to stringent regulatory compliance, requiring significant time and resources for product registration[30]. - The company has established a comprehensive medical device quality management system, ensuring effective oversight from design to mass production, enhancing product safety and reliability[56].

第二届董事会第十三次会议决议公告 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。 证券代码：301363 证券简称：美好医疗 公告编号：2024-046 一、董事会会议召开情况 深圳市美好创亿医疗科技股份有限公司 深圳市美好创亿医疗科技股份有限公司（以下简称"公司"）第二届董事会 第十三次会议通知于2024年8月9日以书面、电话等方式送达全体董事，并于2024 年8月16日在公司会议室以现场结合通讯方式召开会议。本次会议由董事长熊小 川先生主持，会议应到董事7人，实际参会董事7人，其中袁峰副董事长和吴学斌 独立董事以通讯方式参会。经全体与会董事确认，本次会议的召集、召开以及审 议程序符合《中华人民共和国公司法》《公司章程》和《董事会议事规则》等有 关规定，会议形成的决议合法、有效。 本议案已经公司第二届董事会审计委员会审议通过。 具体内容详见公司于同日在巨潮资讯网（www.cninfo.com.cn）披露的相关 公告。 1 表决结果：同意 7 票，反对 0 票，弃权 0 票。 （二）审议通过《关于公司<2024 年半年度募集资金存放与使用情况的专项 报告>的议 ...

2024 年 8 月 20 日 深圳市美好创亿医疗科技股份有限公司 关于聘请公司高级管理人员的公告 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。 深圳市美好创亿医疗科技股份有限公司（以下简称"公司"）于 2024 年 8 月 16 日召开第二届董事会第十三次会议，审议通过了《关于聘请公司高级管理 人员的议案》，经公司总经理熊小川先生提名，第二届董事会提名委员会审核并 同意，董事会同意聘请严俊峨女士为公司副总经理兼任财务总监（简历详见附 件），任期自第二届董事会第十三次会议审议通过之日起至第二届董事会届满之 日止。 严俊峨女士具备履行职责相应的任职条件，其教育背景、工作经历及专业素 养均能够胜任所聘岗位的职责要求；其未受过中国证监会及其他有关部门的处罚 和证券交易所惩戒，任职资格符合《中华人民共和国公司法》《深圳证券交易所 创业板股票上市规则》《公司章程》等相关规定，不存在《深圳证券交易所上市 公司自律监管指引第 2 号——创业板上市公司规范运作》第 3.2.3 条、第 3.2.4 条所规定的情形，不存在被列为失信被执行人的情形。 特此公告。 深圳市美好创亿医 ...

深圳市美好创亿医疗科技股份有限公司 证券代码：301363 证券简称：美好医疗 公告编号：2024-048 2024年半年度募集资金存放与使用情况的专项报告 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。 根据中国证券监督管理委员会《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》和深圳证券交易所印发的《深圳证券交易所上市公 司自律监管指引第 2 号——创业板上市公司规范运作》等相关规定，深圳市美好 创亿医疗科技股份有限公司（以下简称"公司"或"本公司"）编制了《2024 年 半年度募集资金存放与使用情况的专项报告》，现将公司 2024 年半年度募集资金 存放与使用情况说明如下： 一、 募集资金基本情况 （一）实际募集资金金额和资金到账时间 根据中国证券监督管理委员会《关于同意深圳市美好创亿医疗科技股份有限 公司首次公开发行股票注册的批复》（证监许可〔2022〕1441 号），本公司由主承 销商东兴证券股份有限公司采用余额包销方式，向社会公众公开发行人民币普通 股（A 股）股票 4,427.00 万股，发行价为每股人民币 30.66 元， ...