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bingosupplies| Aohua Endoscope (688212): Achieving rapid revenue growth and net interest rates are under short-term pressure
24-05-05Economics围观7次
简介 本报告导读: 2024Q1 收入增长较快bingosupplies,股权激励费用影响短期利润,未来随高端机型持续放量,净利率有望逐步提升,维持增持评级。 投资要点: 维持增持评级。维 持2024-20
本报告导读: 2024Q1 收入增长较快bingosupplies,股权激励费用影响短期利润,未来随高端机型持续放量,净利率有望逐步提升,维持增持评级。 投资要点: 维持增持评级。维 持2024-2026 年EPS 预测0bingosupplies.78/1bingosupplies.30/2.17 元,维持目标价69.47 元,对应2024 年PS9.3X,维持增持评级。 收入增长较快,股权激励费用影响短期利润。2024Q1 实现收入1.69 亿元(+34.9%),归母净利润276 万元(-83.32%),扣非归母净利润-25 万元(-102%)。收入在外部压力下实现较快增长,利润增速较慢主要由于股权激励费用较高,剔除后2024Q1 归母净利润2455.67 万元(+24%)。全年随国内招投标端逐步好转、大规模设备更新逐步落地,有望呈现向好趋势。 毛利率稳中有升,高端机型持续放量。2024Q1 毛利率76.40%(+0.23pct),稳中有升,预计AQ200+AQ300 高端机型占比持续提升。2024Q1 销售/管理/研发费用率分别+4.46/+2.18/+0.9pct,主要为股权激励摊销费用增加,及新品推广初期必不可少bingosupplies的销售与研发的投入,预计随后续AQ300 逐步放量,叠加软镜产品较高的毛利率水平,净利率有望逐步提升。 海外市场增速有望提升。2023 年公司海外销售收入1.13 亿元(+11.7%),占比17%,其中大部分为欧洲地区的销售,且以中低端机型为主。2024年,随公司进一步在海外设立办事处、加大销售推广力度,全年发展中国家有望迎来较好增长;同时,通过前期注册申请、学术推广、参展宣传,后续中高端机型收入体量亦有望提升。2023 年至今,多款镜体上市,包括十二指肠镜、超细内镜、双焦内镜、分体式上消化道内镜等,有望提升招投标端竞争优势及临床的学术认可度。 风险提示:产品商业化不及预期,研发不及预期等。 【免责声明】本文仅代表第三方观点,不代表和讯网立场。投资者据此操作,风险请自担。
【免责声明】本文仅代表第三方观点,不代表和讯网立场。投资者据此操作,风险请自担。
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