A股医疗器械年报扫描！35家公司总收入774亿元！

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                    <section data-role="paragraph" data-color="rgb(182, 228, 253)" data-custom="rgb(182, 228, 253)"><section><section><section><section powered-by="gulangu"><section><section><section><section powered-by="gulangu"><section><section><section><section powered-by="gulangu"><section><section><section><section powered-by="gulangu"><section><section><section><section><p><p><img src="image/20201014/86b79d371e9862b01189f0252a03b2cd_1.png" /></p></p></section><section><section><span><strong></strong></span></section><p><span>医疗器械媒体报道先锋</span></p><p><span>分享专业医疗器械知识</span></p></section><section><section><section><span>关注</span></section></section></section></section></section></section></section></section></section></section></section></section></section></section></section></section></section></section></section></section></section></section></section><p><br  /></p><section data-mpa-powered-by="gulangu"><section><section><section><span>前言：近日，国内医疗器械A股上市公司都纷纷发布2019年度报告。根据统计，截至2020年4月13日，我国已经发布2019年度业绩的医疗器械A股上市企业共有35家。从整体来看，2019年国内医疗器械产业发展整体向好，七成公司净利润增长。但是，头部企业和中小企业表现差异明显，前者抗风险能力持续增强，后者则受宏观环境影响较大</span></section></section></section></section><section><section><br  /></section><section><span><strong><span>一、整体营收同比增长14.24%<br  /></span></strong></span></section></section><section><section><br  /></section></section><section><section><span>我国医疗器械产业目前处于快速发展阶段，医疗器械企业质量和资本活跃度一直颇受关注。作为行业发展情况和资本活跃度的重要指标，A股上市公司业绩已成为窥探医疗器械行业运行情况的重要窗口。<br  /><br  />从已披露年报的35家医疗器械上市公司业绩情况来看，创造营业收入合计774.11亿元，同比增长14.24%，创造净利润达到了118.29亿元，同比增长2.77%。</span></section></section><section><section><br  /></section></section><section><section><p><img src="image/20201014/4a29b01950c8de200cb80e9be375f3f3_2.jpg" /></p></section></section><section><section><span>图表1 A股医疗器械上市公司营收净利情况</span></section><section><br  /></section><section><span><strong><span>二、七成企业业绩报喜</span></strong></span></section></section><section><section><br  /></section></section><section><section><span>据统计，2019年35家上市公司接近七成企业业绩预喜，净利润实现同比上涨。</span></section><section><br  /></section><section><span>营收规模方面，医疗设备巨头迈瑞医疗遥遥领先，2019年营收达到了165.56亿元，而排名第二的迪安诊断营收为69.66亿元，与迈瑞差距较大。</span></section><section><br  /></section><section><span>净利润规模方面，迈瑞医疗、乐普医疗领先于其他企业，分别高达46.81亿元和15.17亿元，均保持高速的业绩增长，其中乐普医疗更是实现了30.14%的高增长，较上年同期的业绩增速提升了9.13个百分点。</span></section></section><section><section><br  /></section></section><section><section><p><img src="image/20201014/6253f69b75ebb403ff233cb6500dfa5a_3.jpg" /></p></section></section><section><section><span>图表2&nbsp;A股医疗器械上市公司业绩情况</span></section><section><br  /></section><section><span><strong>三、头部企业抵御风险能力持续增强</strong></span></section></section><section><section><br  /></section></section><section><section><span>在宏观环境变化及经济增速放缓的压力下，头部医疗器械企业开始注重提升抵御风险的能力，并且效果逐步显现。</span></section><section><br  /></section><section><span>迈瑞医疗费用管控效果显著，净利润率持续增强。2019年在中美贸易战美国提高关税与超声行业竞争带来价格下降的双重影响下，迈瑞医疗持续推进降本增效举措，费用管控效果显著，净利润率持续增强。公告显示，2019年公司精细化管理效果持续显现，期间费用率进一步降低3.77个百分点至32.79%，其中销售费用率下降1.5个百分点至21.78%，管理费用率下降0.58个百分点至4.62%。迈瑞医疗作为我国最大的医疗器械企业，不仅实现了营收、净利的双增长，而且归母净利润增速高于收入增速。</span></section><section><br  /></section><section><span>迪安诊断以“短痛”推进长期战略。迪安诊断则坚守“医学诊断整体化服务提供商”战略定位，积极落实“有利润的收入，有现金流的利润”的经营指导思想，2019年净利润增长出现了下滑，但短期的下滑将带来更加健康的业务与现金流。</span></section><section><br  /></section><section><span>迈克生物以自主产品为核心不断提升经营能力和管理效率。报告期内，随着迈克生物在各研发平台持续投入和能力积累，多项新产品稳步上市，公司积极展开市场推广和销售渠道建设工作，自主产品销售收入保持稳健增长，盈利水平有所提升；同时公司外延并购和代理产品的增长同比下降，运营效率和财务状况持续改善，2019年度公司经营业绩呈现稳步向上的态势。</span></section></section><section><section><br  /></section></section><section><section><p><img src="image/20201014/182e9a3c12db0b86f7bdef11e4017b41_4.jpg" /></p></section></section><section><section><span>图表3 A股医疗器械上市公司业绩变动原因</span></section><section><br  /></section><section><span><strong><span>四、中小市值企业业绩欠佳</span></strong></span></section></section><section><section><br  /></section></section><section><section><span>受宏观环境变化及经济增速放缓等压力影响，部分中小市值医疗器械企业业绩下滑。其中已披露年报的医疗器械上市公司中有11家业绩出现了下滑，占比高达31.43%，其中2家上市公司出现了亏损。</span></section><section><br  /></section><section><span>其中亏损额最高的是美康生物，计提了商誉减值，当年度亏损5.6亿元；而冠昊生物因大量计提商誉减值和资本化支出结转当期损益等原因，当年度亏损额度达到了4.46亿元。</span></section><section><br  /></section><section><span>另外9家上市公司业绩主要受销售费用上升、调整业务结构、成本费用上升、商誉减值等因素影响。</span></section><section><br  /></section><section><span>最为特殊的莫过于净利润下滑达到33.74%的宝莱特，在公司年报披露中表示2018年末处置子公司易生科技产生较多的处置收益导致2018年净利润出现大幅上升，本年度无大额度的资产处置，因而出现净利润下滑的情况</span></section><section><br  /></section><section><span>结语：</span><span>随着新冠疫情乌云的散开，医疗器械企业迎来了新的发展曙光。</span><span>期待疫情过后，医疗领域的“补短板”会为A股医疗器械相关公司带来新一轮景气周期。</span></section><section><br  /></section><section><span>来源：众成医械</span></section></section><p><br  /></p><section data-role="outer" 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