深度报告-20230118-华创证券-华创医疗器械求索系列4_骨科耗材迎来新成长_23页_1mb.pdf
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83.48%640.99/907.48/1117.30/1 89 20026 1 2 2022 3.66%23.18%2009 1210 9 21 6 1 21 8 2 3 21 9-3 1 90%305542-126797-142757-35988 231976 2 2022 3-4 3 1 80%3.5 7000 3.2 5000 82 44 30 14 1 22H1/2 22H1 13%3 3-7,987 15,577 6,987 13,446 4,987 980 5,799 36,341 8,106 14,998 8,006 16,044 8,206 2,263 7,199 28,469 6,896 15,364 6,290 23,905 6,730 6,648 4,599 30,933 8,000 21,138 7,900 10,372 8,110 5,056-8,506 21,318 8,500 10,965-6,990 11,425 6,346 2,058 5,480 25,901 7,521-7,527 8,309 6,628-6,715 16,600 6,706-7,289 3,843 4,914-5,233 14,873-5,519 6,114 4,160 140 5,527 7,505 9,920 10,634 8,480 10,238 2,981 4,416 14,421 2009 1210 10 7,998 1,894 3,407 530 4,995 4,129 22 5 22 7 1 22 9 2 22 9 5 14 29 872 109 90%68307 21442 3992 2315 392785 78182 32097 231289 215737 115262 1495 25221 20277 457938 10528437.5 84%1/3 3.3 4500 6 4800 4 5600 2.7 1100 260 A 16 3972 4543 571 3 2023 1 2 171 152 89%1 20 10%2 3 2009 1210 11 4 1 2022 23.18%3.66 23.83%216.29%56.82%2022 2021 0.81 4 5 6 7 2 2022 18.39%5.947.7212.5715.8719.9412.35-10%0%10%20%30%40%50%60%70%0.005.0010.0015.0020.0025.002017 2018 2019 2020 2021 2022Q1-3营业收入（亿元）同比增速（右轴）2.963.714.656.066.732.12-60%-50%-40%-30%-20%-10%0%10%20%30%40%0.001.002.003.004.005.006.007.008.002017 2018 2019 2020 2021 2022Q1-3归母净利润（亿元）同比增速（右轴）2009 1210 12 22H1 5.71 18.39%5.24 13.43%4111 121.77%454 298.25%2022 0.92%2022 8 9 10 11 22H1 1 VS 3.004.988.559.3811.087.600%10%20%30%40%50%60%70%80%0.002.004.006.008.0010.0012.002017 2018 2019 2020 2021 2022Q1-3营业收入（亿元）同比增速（右轴）0.681.062.372.833.222.100%20%40%60%80%100%120%140%0.000.501.001.502.002.503.003.502017 2018 2019 2020 2021 2022Q1-3归母净利润（亿元）同比增速（右轴）2009 1210 13 1 2 1.8 1.8 2850 A B 3 90%80 4 VS 1 2 A/B C 14 29 A B C 3 A B 40%80%-100%50%4 A B 1.3 50%5 3 2 2 84%2009 1210 14 20-30%30%20%2017 5032/21 4599/3+N A 3 80%3 4.9%1.5%0.6%66%38%43%PCI 20 96.9 21 116.4 20%12 13 PCI CCIF 4 2009 1210 15 1 90%305542 231976 A A 45917-1.5 30933 A 46%2019 28%14-A 15-A 16-A 17 A 2 Eshare 2900/1.1/4800/2009 1210 16 1.2/21 6 15 2022 2 9 16 3+N 16 57,509 8%2011 Adena Duetto Zina Halis PEEK 1-ZinaII 2 ZELIF 3-Mount CLIF 4 Duetto 5 UBE,Halis9mm Lora 20 21 2009 1210 17 84%67%22 18%19 5.2%21 9.5%22 9%18 1 PRP 22H1 PEEK PRP 2022 7 NMPA NMPA PRP 22 11 2023 1 22H1 2 3D 21 7 22 4 2009 1210 18 3D 22H1 3D 3D 22H1 The Orthopaedic Industry Annual Report 2021 2020 312 65.7%EMEA 17.9%12.9%3.5%2021 8.64 39%-&6.46 44%2.18 28%19 2021 20 21&4.49 6.46 44%1.70 2.18 28%6.19 8.64 39%51.50%20 2021 1 3.19 2 0.79 3 0.47 4 0.46 5 0.27 6 0.24 7 0.22 8 0.21 9 0.17 10 0.14 6.16 2009 1210 19 1 Elliquence 21 1.36 11%2 OEM/ODM 2019 2020 21 5198 5%3 50 21 7994 4%4 21 1%21 22 23 24 2009 1210 20 1 2 3 2009 1210 21 2020 2020 2020 2020 2020 2020 2020 2021 2022 2022 2022 2009 1210 22 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-66500808 010-66500821 010-63214682 0755-82828570 0755-83715428 0755-82871425 0755-83024576 0755-82756804 0755-82756803 0755-82871425 021-20572536 021-20572551 021-20572555 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