Core Insights - The company reported a revenue of 4.471 billion yuan for 2024, showing a year-on-year increase of 0.62%, while the net profit attributable to shareholders was 1.194 billion yuan, reflecting a decrease of 1.89% year-on-year [1] - The company's Q4 2024 revenue was 1.091 billion yuan, down 9.16% year-on-year, with a net profit of 238 million yuan, down 24.72% year-on-year [1] - For Q1 2025, the company achieved a revenue of 996 million yuan, a decrease of 8.56% year-on-year, and a net profit of 270 million yuan, down 16.76% year-on-year [1] Business Performance - The immunodiagnostics business remained stable, with significant growth in the molecular diagnostics segment and overseas operations. In 2024, immunodiagnostics revenue reached 2.556 billion yuan, up 2.9%, while molecular diagnostics revenue surged by 101% to 35 million yuan [2] - The overall revenue from domestic operations was 4.105 billion yuan, down 1.3%, but the gross margin improved to 68.64%, an increase of 1.43 percentage points, driven by the growth in molecular diagnostics and high-end equipment installations [2] - The overseas market saw a revenue increase of 36.25%, reaching 284 million yuan, as the company accelerated its global expansion [2] R&D and Product Development - The company invested 732 million yuan in R&D in 2024, accounting for 16.37% of its revenue, focusing on new product registrations and upgrading product structures [3] - New product registrations included 144 items, expanding the antibody detection series to 33 items covering six major disease categories [3] - The company launched several new instruments, including the AutoChem B2000 and B800 series, and advanced mass spectrometry systems, enhancing its high-end product matrix [3] Future Outlook - Revenue projections for 2025-2027 are estimated at 4.604 billion, 5.068 billion, and 5.559 billion yuan, with year-on-year growth rates of 2.96%, 10.09%, and 9.68% respectively [4] - Net profit forecasts for the same period are 1.261 billion, 1.421 billion, and 1.597 billion yuan, with growth rates of 5.60%, 12.63%, and 12.43% respectively [4] - The current price-to-earnings ratio is projected to be 18, 16, and 14 times for the years 2025, 2026, and 2027 respectively [4]

Core Viewpoint - The company reported a slight increase in revenue for 2024 but faced a decline in net profit, indicating pressure on its financial performance while maintaining a stable gross margin [2][3]. Financial Performance - In 2024, the company achieved revenue of 4.471 billion, a year-on-year increase of 0.62% - The net profit attributable to shareholders was 1.194 billion, a year-on-year decrease of 1.89% - The net profit excluding non-recurring items was 1.099 billion, down 7.30% year-on-year - For Q1 2025, revenue was 996 million, a year-on-year decline of 8.56% - The net profit attributable to shareholders for Q1 2025 was 270 million, down 16.76% - The net profit excluding non-recurring items for Q1 2025 was 257 million, a decrease of 18.19% [2]. Gross Margin Analysis - The company's gross margin improved to 65.41%, an increase of 0.34 percentage points year-on-year - Revenue from reagent products was 3.797 billion, a slight decline of 0.48%, with a gross margin of 70.94% - Instrument revenue grew by 8.85% year-on-year, with a gross margin of 37.93% - Overseas business showed strong performance, achieving revenue of 284 million, a year-on-year increase of 36.25% [3]. R&D Investment - R&D investment reached 732 million in 2024, an increase of 11.55%, accounting for 16.37% of total revenue - The company obtained 144 new product registration certificates, enhancing its product portfolio - New products launched include the AutoChem B2000 and B8000 series in biochemical diagnostics and the Autof T series in microbiological testing, which are expected to drive revenue growth [4]. International Expansion and AI Development - The company is actively expanding its overseas business, with products now available in over 100 countries across Asia, Europe, North America, South America, and Africa - In AI, the company introduced a smart construction plan for regional medical testing centers and developed an "AI Clinical Decision Support System" tailored for medical laboratories and clinical decision-making - These strategic initiatives are aimed at enhancing the company's competitive edge and market influence [5].

点击注册小程序 查看完整报告 报告摘要 公司发布 2024 年年报及 2025 年一季报。2024 年公司实现营业收入 44.71 亿元，同比增长 0.62%；归母净利润 11.94 亿元，同比下降 1.89%；扣非归母净利润 10.99 亿元，同比下降 7.30%。2025 年第一季度公司实现营业 收入 9.96 亿元，同比下降 8.56%；归母净利润 2.70 亿元，同比下降 16.76%；扣非归母净利润 2.57 亿元，同比 下降 18.19%。 检测领域，全新一代全自动微生物质谱检测系统 Autof T 系列推向市场。各产品线产品的不断推出有望促进营 收进一步增长。 事件： 点评： 公司24年业绩承压，毛利率有所提升 2024 年公司营收承压，但毛利率提升至65.41%（同比+0.34 pct）。分业务看，试剂类收入37.97亿元，同比下 滑0.48%，毛利率70.94%；仪器类收入同比增长8.85%，毛利率提升至37.93%。分地区来看，海外业务表现较 为亮眼，实现营收2.84亿元，同比增长36.25%。 研发投入稳定增长，新产品不断推出 2024年公司研发投入7.32 亿元，同比增长 11.55% ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for long-term development despite recent performance challenges [5]. Core Insights - The company faced pressure on its performance in 2024, with revenue of 4.471 billion yuan, a year-on-year increase of 0.62%, and a net profit attributable to shareholders of 1.194 billion yuan, a decrease of 1.89% [1][2]. - The gross margin improved to 65.41%, up by 0.34 percentage points year-on-year, despite a decline in revenue from reagent products [2]. - The company has been actively expanding its overseas business, achieving revenue of 284 million yuan from international markets, a growth of 36.25% year-on-year [2][3]. - Research and development investment increased by 11.55% to 732 million yuan, representing 16.37% of total revenue, with 144 new product registrations [2][3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 4.471 billion yuan and a net profit of 1.194 billion yuan, with a decline in net profit margin to 26.7% [4][10]. - The first quarter of 2025 showed a revenue of 996 million yuan, down 8.56% year-on-year, and a net profit of 270 million yuan, down 16.76% [1][4]. Revenue Breakdown - Reagent revenue was 3.797 billion yuan, down 0.48%, while instrument revenue grew by 8.85% [2]. - The gross margin for reagents was 70.94%, while for instruments, it improved to 37.93% [2]. R&D and Product Development - The company launched new products in the biochemical diagnostics and microbiological testing fields, which are expected to drive future revenue growth [2][3]. Market Expansion - The company has established a presence in over 100 countries and regions, focusing on enhancing its competitive advantage through strategic global market expansion [3]. Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been revised downwards to 1.264 billion yuan and 1.473 billion yuan, respectively, due to industry procurement policies [3][4]. - The current price corresponds to a price-to-earnings ratio of 18 for 2025, 16 for 2026, and 13 for 2027 [3][4].

Investment Rating - The report indicates a positive outlook for the weight loss drug sector within the pharmaceutical and biotechnology industry, suggesting potential acceleration in business development (BD) opportunities [2]. Core Insights - The pharmaceutical and biotechnology sector experienced a slight decline of -0.36% from April 14 to April 18, underperforming compared to the Wind All A index (0.39%) and the CSI 300 index (0.59). The market showed a preference for defensive sectors, with chemical preparations (0.62%), traditional Chinese medicine (0.6%), and offline pharmacies (0.19%) showing minor gains, while blood products (-4.39%), other biological products (-1.78%), and vaccines (-1.49%) saw significant pullbacks [2][7]. - The GLP-1 receptor agonists are expected to catalyze growth in the weight loss drug sector. Notably, Eli Lilly announced positive results from the Phase III ACHIEVE-1 study for its oral drug Orforglipron, which is set to expand the application of GLP-1 drugs. This class of drugs is becoming a focal point for multinational corporations (MNCs) in the metabolic disease space, with domestic companies poised to benefit from rapid innovation and lower R&D costs [2][12]. Market Weekly Review - The pharmaceutical and biotechnology sector's performance from April 14 to April 18 showed a decline of -0.36%, with the market favoring defensive stocks. The top gainers included Shuangcheng Pharmaceutical (56.4%), Kangpeng Technology (56.3%), and Lifang Pharmaceutical (47.1%), while the largest losers were *ST Jiyuan (-50.7%), Hasanlian (-19.1%), and Changyao Holdings (-18.5%) [7][10]. Industry News and Key Company Announcements - On April 17, Eli Lilly announced that its oral GLP-1 receptor agonist Orforglipron achieved positive results in its Phase III study, showing significant reductions in A1C levels and weight loss compared to placebo [12]. - Pfizer terminated the development of its GLP-1 small molecule receptor agonist Danuglipron due to potential liver damage in trial participants [12]. - The report highlights several companies making strides in the industry, including the approval of new indications for Merck's Gardasil 9 HPV vaccine and the progress of various clinical trials for innovative drugs [13][14].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][19] Core Views - The report indicates that the company's short-term performance is impacted by policies such as centralized procurement and price reductions, but new products like overseas expansion and sequencing are expected to drive future growth [1][5] - The company reported a slight increase in revenue for 2024, with a total of 4.471 billion yuan, representing a year-on-year growth of 0.62%, while the net profit attributable to shareholders decreased by 1.89% to 1.194 billion yuan [3][5] - The report anticipates that the company's business will gradually stabilize and recover starting in 2025, following the full implementation of relevant adjustment policies [5][6] Financial Performance Summary - For 2023, the company achieved a revenue of 4.444 billion yuan, with a year-on-year growth rate of 0% [2] - The projected revenues for 2025, 2026, and 2027 are 4.789 billion yuan, 5.747 billion yuan, and 6.837 billion yuan, respectively, with growth rates of 7%, 20%, and 19% [2][5] - The net profit for 2025 is expected to be 1.251 billion yuan, reflecting a growth of 5% compared to the previous year [2][5] Cost and Profitability Analysis - The company's gross margin for 2024 was reported at 65.41%, showing a slight increase of 0.34 percentage points year-on-year [5] - The net profit margin for 2024 was 26.82%, which is a decrease of 0.73 percentage points compared to the previous year [5] - The report highlights that the company has maintained stable expense ratios, with a notable increase in R&D expenses due to investments in new products [5][6] Market Position and Future Outlook - The company is expected to face short-term pressure due to price reductions from centralized procurement policies, but it is projected to see a recovery in its business starting in 2025 [5][6] - The report emphasizes the company's commitment to innovation, with R&D expenditures increasing from 12.87% in 2022 to 16.37% in 2024, ensuring product innovation and market competitiveness [5][6] - The company has expanded its global footprint, entering over 100 countries and regions, with overseas revenue reaching 284 million yuan in 2024, a year-on-year growth of 36.25% [5][6]

Investment Rating - The report maintains a "Recommended" rating for the company [1][9]. Core Views - The company achieved a slight increase in revenue for 2024, with a total of 4.471 billion yuan, up 0.62% year-on-year, while net profit attributable to shareholders was 1.194 billion yuan, down 1.89% year-on-year [4][5]. - The company faces multiple policy impacts in the domestic in vitro diagnostics industry, leading to a slowdown in revenue growth, which is expected to continue into Q1 2025 [5]. - The company has seen robust growth in its immune diagnostics and international markets, with international revenue increasing by 36.25% year-on-year [6][9]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 4.471 billion yuan and a net profit of 1.194 billion yuan, with a gross margin of 65.36% [4][5]. - For Q1 2025, the company reported a revenue of 996 million yuan, down 8.56% year-on-year, and a net profit of 270 million yuan, down 16.76% year-on-year [4][5]. Business Segments - The immune diagnostics segment generated 2.556 billion yuan in revenue, up 2.91% year-on-year, while microbiological testing revenue was 361 million yuan, up 11.48% year-on-year [6]. - The molecular diagnostics segment saw a significant increase in revenue, reaching 35 million yuan, up 101.01% year-on-year [6]. Market Outlook - The company is expected to leverage its extensive product line to capture opportunities arising from policy changes in the domestic market [6]. - The international market is anticipated to become a new growth point, with products entering over 100 countries and regions [6][9]. Research and Development - The company has increased its R&D investment, with R&D expenses reaching 732 million yuan, accounting for 16.37% of revenue [5][8]. - New product registrations and advancements in various diagnostic fields have enhanced the company's product offerings and brand influence [8]. Future Projections - The company forecasts net profits of 1.295 billion yuan, 1.588 billion yuan, and 1.949 billion yuan for 2025, 2026, and 2027, respectively [9].

登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：603658 公司简称：安图生物 第一节 重要提示 1、本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到www.sse.com.cn网站仔细阅读年度报告全文。 2、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、完整 性，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。 3、公司全体董事出席董事会会议。 4、中勤万信会计师事务所（特殊普通合伙） 为本公司出具了标准无保留意见的审计报告。 5、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司第五届董事会第四次会议审议通过的2024年度利润分配预案：经中勤万信会计师事务所（特殊普通 合伙）审计，截至2024年12月31日，公司母公司会计报表中期末未分配利润为人民币3,279,390,877.43 元。公司拟向全体股东每股派发现金红利1.26元（含税），截至2025年4月16日，公司总股本 571,424,768股，以此计算合计拟派发现金红利719,995,207.68元（含税），占报告期内合并 ...

Group 1 - The company intends to reappoint Zhongqin Wanxin Certified Public Accountants (Special General Partnership) as its auditing firm for the year 2025 [3][14][15] - Zhongqin Wanxin has been established since December 2013 and holds qualifications for auditing securities and futures-related businesses [3][5] - The firm reported a total revenue of 476 million yuan for 2024, with auditing business revenue of 407 million yuan and securities futures business revenue of 108 million yuan [5][6] Group 2 - The company has decided to change its accounting estimates regarding the capitalization of research and development expenditures, effective from January 1, 2025 [19][20][24] - The change aims to better reflect the company's financial status and operational results, aligning with the actual conditions of its R&D activities [22][26] - The company will not retroactively adjust previously disclosed financial statements due to this change, ensuring no impact on past financial results [25][36] Group 3 - The company has also announced a change in its accounting policy based on the Ministry of Finance's new interpretations, which will not significantly affect its financial status or cash flows [31][36] - The new policy will be implemented from January 1, 2024, and is aimed at improving the accuracy of financial reporting [35][36] - The company has completed a share buyback program, reducing its total share capital from 581,011,346 shares to 571,424,768 shares [37][38]

投资评级 上次评级 [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 安图生物(603658) 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] 整体经营稳健，研发加码助力长期成长 免疫业务稳健增长，24Q1 盈利能力显著提 升 疫情后业绩恢复势好，研发高投入成效初 显 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B座 邮编：100031 [Table_Title] 经营稳健，集采压力下业务韧性凸显 [Table_ReportDate] 2025 年 04 月 18 日 [Table_S 事件：2024 ummar年，公司实现营业 ...