分析师:李琳琳 基记编码：S0730511010010 lill@ccnew.com 021-50586983 化学制药 业绩短期承压 安图生物(603658)季报点评 增持(维持) 发布日期: 2024 年 11 月 05 日 证券研究报告-季报点评 | --- | --- | --- | |---------------------------|---------------------|-------| | 市场数据(2024-11-04) | | | | 收盘价(元) | 45.65 | | | 一年内最高/最低(元) | 66.36/38.18 ● | | | 沪深 300 指数 | 3,944.76 | | | 市净率(倍) | 3.16 | | | 流通市值(亿元) | 265.23 | | | 基础数据(2024-09-30) | | | | 每股净资产(元) | 14.46 | | | 每股经营现金流(元) | 1.63 | | | 毛利率(%) | 65.86 | | | 净资产收益率_摊薄(%) | 11.38 | | | 资产负债率(%) | 25.49 | | | 总股本/流通股(万 ...

证券代码：603658 证券简称：安图生物 公告编号：2024-084 郑州安图生物工程股份有限公司 二、 回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，公司在回购期间应当在每个月的前 3 个交易日内 公告截至上月末的回购进展情况，现将公司回购股份的进展情况公告如下： 2024 年 10 月，公司通过集中竞价交易方式已累计回购股份 282,860 股，成交 的最高价为 50.90 元/股、最低价为 44.03 元/股，已支付的总金额为 13,542,926.96 元（不含交易费用）。 截至2024年10月31日，公司通过集中竞价交易方式已累计回购股份9,174,352 股，占公司总股本的比例为 1.58%，成交的最高价为 59.99 元/股、最低价为 37.91 元/股，已支付的总金额为 427,735,574.17 元（不含交易费用）。 关于以集中竞价交易方式回购公司股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][10]. Core Views - The company's Q3 performance slightly underperformed expectations due to a tightening hospital environment and industry pressure on volume and price. However, the core chemiluminescence reagent business continues to achieve stable growth, and the product line is being further enriched, indicating a promising outlook for steady growth [2][10]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 3.38 billion yuan, a year-on-year increase of 4.24%. The net profit attributable to shareholders was 956 million yuan, up 6.13%, while the net profit excluding non-recurring items was 931 million yuan, an increase of 6.69%. In Q3 alone, revenue was 1.173 billion yuan, a 3.38% increase, but net profit decreased by 5.18% to 337 million yuan due to increased management and R&D expenses, reduced investment income, and increased credit impairment losses [10][11]. - The gross margin for Q1-3 2024 was 65.86%, up 1.27 percentage points, with net profit margin at 28.29%, an increase of 0.50 percentage points [10]. Business Outlook - The company’s chemiluminescence business is expected to grow steadily despite industry challenges such as policy enforcement and price reductions. The company is anticipated to accelerate import substitution and increase market share as a leading player in the industry [10][11]. - The product line has been further enriched with multiple new chemiluminescence reagent registrations, enhancing overall competitiveness. The company has also launched a smart construction plan for regional medical testing centers, covering various testing fields and offering nearly 800 testing items [10][11]. Valuation and Target Price - The target price has been raised to 56.00 yuan, based on a 25x PE ratio for 2024, reflecting adjustments in EPS forecasts to 2.24/2.59/2.98 yuan for 2024-2026 [10][11].

Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 58 yuan [1]. Core Insights - The company reported a revenue of 9.56 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 6.13%. However, the net profit attributable to shareholders decreased by 5.18% to 3.37 billion yuan [1]. - The overall revenue growth remains stable despite short-term profit pressure due to increased expenses and credit impairment losses. The company has made adjustments in response to policy changes, which are expected to gradually improve performance [1]. - The gross profit margin for Q3 2024 was 66.80%, showing a slight increase of 0.45 percentage points year-on-year [1]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 3.32 billion yuan, with a net profit of 1.17 billion yuan, indicating a decline of 3.99% compared to the previous year [1]. - The company’s R&D expenses continue to be high, with a management expense ratio of 15.18%, up by 1.90 percentage points [1]. - The projected net profits for 2024, 2025, and 2026 are estimated at 1.34 billion yuan, 1.62 billion yuan, and 1.92 billion yuan respectively, with corresponding P/E ratios of 19, 16, and 14 times [1][3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its long-term development [5]. Core Views - The company experienced pressure on profit margins in Q3 2024, with revenue of 1.173 billion yuan, a year-on-year increase of 3.38%, while net profit attributable to shareholders decreased by 5.18% to 337 million yuan [3][5]. - The company continues to invest heavily in research and development, with R&D expenses reaching 178 million yuan in Q3 2024, a year-on-year increase of 18.18%, accounting for 15.18% of revenue [1][5]. - The company has made significant progress in international patents and certifications, including a new strategic partnership in the microbiological testing market [2]. Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 1.173 billion yuan, up 3.38% year-on-year, while net profit attributable to shareholders was 337 million yuan, down 5.18% year-on-year [3][5]. - The gross profit margin improved by 0.45 percentage points to 66.8% in Q3 2024 [1]. Research and Development - The company invested 178 million yuan in R&D in Q3 2024, representing an 18.18% increase year-on-year and 15.18% of total revenue [1][5]. - The company received 24 medical device registration certificates in Q3 2024, including a series of self-antibody testing products developed over four years [1]. Strategic Developments - The company received an international invention patent for its fully automated microbiological identification and drug sensitivity analysis system in Q3 2024 [2]. - A strategic cooperation was established with a Japanese company to leverage strengths in the in vitro diagnostic field [2].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Insights - The company, Antu Bio (603658), reported a revenue of 3.38 billion yuan for Q3 2024, reflecting a year-over-year increase of 3.38%, while the net profit for the same period was 337 million yuan, showing a year-over-year decrease of 5.18% [3][4]. - For the first three quarters of 2024, the company achieved a total revenue of 3.38 billion yuan, up 4.24% year-over-year, and a net profit of 956 million yuan, up 6.13% year-over-year [3][4]. - The company's gross profit margin for Q3 2024 was 66.80%, an increase of 0.45 percentage points year-over-year, while the net profit margin decreased by 2.54 percentage points to 29.20% [4]. - The controlling shareholder has increased their stake in the company, and the company has initiated a share buyback program, indicating confidence in the company's future [4]. Financial Summary - The company expects revenues of 4.88 billion yuan, 5.46 billion yuan, and 6.34 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.42 billion yuan, 1.59 billion yuan, and 1.86 billion yuan [4][8]. - The projected P/E ratios for the next three years are 18.89X, 16.91X, and 14.42X [4][8]. - The company has a total market capitalization of approximately 26.81 billion yuan [4].

费用中其实增加了就是有873万元那么这个注册费其实光国际注册有1000万出头这样的一个费用这里边可能就是有时候这是也是为长期的一个投资吧就是注册方面还有其他的当然是研发费是正常的一个增长管理费用除了就是说浙洲水电也有些是一次性的一些投资包括比如说就是说 花费包括像比如国际仲裁啊 原来这一块这些费用的也是会导致一些上升关于这个财务报表的情况我就基本上介绍到这里谢谢大家好的 我再把 我们那个数据筛分的情况再跟大家简单说一下这个可能很多人已经看到了三季报 记得就是三季度安图的那个磁规律发光是7点 消耗是7.15亿 增长是8%微空板试剂是230万这个下降50%媒类免疫试剂是1175万这个下降增长的微增长吧微生物检测试剂是9186万这增长3.8%核酸检测试剂是698万自产仪器是7850万这增长是15%这是自产仪器 代理的佳能生化业务是3773万下滑21.7%代理的酒莲碱1950万下滑59.5%其他代理产品是8715万增长16.6%北京安图生化试剂5200万下滑10.7% 其他资产品是5457万增长9.7%合作供电业务这其中合作供电业务下滑10%2023年前三季度2024年前三季度在收入方面磁威力发光是1916亿增长8. ...

上海市锦天城律师事务所 关于郑州安图生物工程股份有限公司 2024年第三次临时股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9、11、12 层 电话：021-20511000 传真：021-20511999 邮政编码：200120 上海市锦天城律师事务所 法律意见书 2024 年 10 月 11 日，公司召开第四届董事会第十八次会议，审议通过《关 于召开公司 2024 年第三次临时股东大会的议案》，决定召开本次股东会。2024 上海市锦天城律师事务所 关于郑州安图生物工程股份有限公司 2024 年第三次临时股东大会的 法律意见书 致：郑州安图生物工程股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受郑州安图生物工程股份 有限公司（以下简称"公司"）的委托，指派本所律师出席了公司 2024 年第三 次临时股东大会（以下简称"本次股东会"），对本次股东会的合法合规性进行 见证，并发表法律意见。 本所律师根据《中华人民共和国公司法》（以下简称《公司法》）、《中华 人民共和国证券法》（以下简称《证券法》）、《上市公司股东大会规则》（以 下简称《股东大会规则》）等法律、法规和规 ...

第五届董事会第一次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：603658 证券简称：安图生物 公告编号：2024-080 郑州安图生物工程股份有限公司 重要内容提示： 一、董事会会议召开情况 郑州安图生物工程股份有限公司（以下简称"公司"）第五届董事会第一次会 议于2024年10月28日在公司会议室以现场和通讯方式召开，会议应参加表决董事 11名，实际参加表决董事11名（董事张亚循先生、吴学炜以通讯方式参会，董事 付光宇以委托方式参会）。全体董事一致推举公司董事苗拥军先生主持本次会议， 并同意豁免会议通知时间要求，公司监事和高级管理人员列席了本次会议。 会议的召集和召开程序符合《公司法》等有关法律、行政法规、部门规章、 规范性文件和《公司章程》的相关规定，会议形成的决议合法、有效。 二、董事会会议审议情况 经与会董事认真审议，以记名投票表决方式一致通过以下议案： 1、审议通过《关于选举公司第五届董事会董事长的议案》 内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的公告。 ...

证券代码：603658 证券简称：安图生物 公告编号：2024-082 郑州安图生物工程股份有限公司 关于董事会、监事会完成换届选举及 聘任高级管理人员、证券事务代表的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 郑州安图生物工程股份有限公司（以下简称"公司"）于2024年10月23日召开 职工代表大会，选举产生了公司第五届监事会职工代表监事，并于2024年10月28 日召开了2024年第三次临时股东大会，选举产生了公司第五届董事会成员以及第 五届监事会非职工代表监事。 同日，公司召开了第五届董事会第一次会议和第五届监事会第一次会议，第 五届董事会第一次会议选举产生了第五届董事会董事长、副董事长以及董事会各 专门委员会委员，聘任了公司高级管理人员、董事会秘书、证券事务代表；第五 届监事会第一次会议选举产生了第五届监事会主席。公司董事会、监事会已完成 换届，现将具体情况公告如下： 一、第五届董事会、监事会组成情况 1. 第五届董事会成员 董事长：苗拥军 副董事长：张亚循 战略发展委员会：苗拥军、张瑞峰、顾军、祁园明、袁华 ...