证 券 研 究 报 告 2024年08月22日 医药 推荐 ( 维持) 事项： 股价:39.09元 平安观点： 行情走势图 证券分析师 主要数据 | --- | --- | |-------------------|----------------------------| | 行业 | 医药 | | 公司网址 | www.autobio.com.cn | | 大股东/持股 | 郑州安图实业集团股份有限公 | | | 司/55.97% | | 实际控制人 | 苗拥军 | | 总股本(百万股) | 581 | | 流通A股(百万股) | 581 | | 流通B/H股(百万股) | | | 总市值(亿元) | 227 | | 流通A股市值(亿元) | 227 | | 每股净资产(元) | 14.26 | | 资产负债率(%) | 24.2 | 叶寅 投资咨询资格编号 倪亦道 投资咨询资格编号 裴晓鹏 投资咨询资格编号 S1060523090002 PEIXIAOPENG719@pingan.com.cn S1060514100001 BOT335 YEYIN757@pingan.com.cn S106051807 ...

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) 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 | | | | | | 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] 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 安图生物(603658)：2021 年实现高质 量增长，2022 年一季度新产品推动业 绩快速增长 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] 整体经营稳健 ...

华福证券 安图生物（603658.SH） 业绩短期承压，研发加码打造中长期增长引擎 投资要点： 公司发布 2024 年半年度报告。 公司 2024H1 营收 22.07 亿元（+4.70%），归母净利润 6.20 亿元 （+13.49%），扣非归母净利润 5.99 亿元（+13.69%）。 24Q2 营收 11.18 亿元（+4.33%），归母净利润 2.95 亿元（-2.80%）， 扣非归母净利润 2.85 亿元（-2.08%） 研发创新加码支出力度加大，看好后续改善潜力。 Q2 销售毛利率 66.19%（同比+0.04 pct，环比+1.67pct）。费用率 方面来看，销售/管理/研发/财务费用率分别为 16.79%（同比-1.22 pct）、 4.01%（同比-0.20 pct）、16.29%（同比+1.50 pct）、0.16%（同比+0.28 pct）。公司研发投入力度加大：在试剂研发领域深耕细作，成功推出 自免系列新品；NGS/质谱领域持续发力拓展，深化公司 IVD 全平台布 局。支出增大致使短期增速承压，看好后续创新研发落地，改善提速。 产品毛利率稳健提升，海外拓展保持高增 分产品来看，2024 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved operating revenue of 2.207 billion yuan in the first half of 2024, representing a year-on-year growth of 4.70% [1] - The net profit attributable to shareholders reached 620 million yuan, a year-on-year increase of 13.49% [1] - The company’s core product, chemiluminescent reagents, is expected to maintain steady growth, with revenue from reagent products in the first half of 2024 estimated at 1.857 billion yuan, a growth of approximately 4.32% [1][2] - The company’s overseas market revenue reached 131 million yuan, showing a significant year-on-year growth of 42% [1][2] - The company has a comprehensive product line covering immunodiagnostics, biochemical diagnostics, microbiological diagnostics, and molecular diagnostics, enhancing its competitive advantage [3] Summary by Sections Financial Performance - In the first half of 2024, the company reported a gross profit margin of 65.37%, an increase of 1.72 percentage points year-on-year [1] - The company’s sales expense ratio was 16.70%, management expense ratio was 4.14%, and R&D expense ratio was 15.10% [1] - The projected revenues for 2024-2026 are expected to be 4.854 billion yuan, 5.666 billion yuan, and 6.644 billion yuan, with year-on-year growth rates of approximately 9.2%, 16.7%, and 17.3% respectively [3][6] Research and Development - As of June 30, 2024, the company had 1,852 R&D personnel, accounting for 33.27% of the total workforce, with R&D investment amounting to 333.23 million yuan, representing 15.10% of operating revenue [2] - The company successfully developed multiple new product series, obtaining 74 new product registrations, enhancing its product portfolio and brand influence [2] Market Expansion - The company is focusing on international market expansion, with a restructured international trade and cooperation framework aimed at enhancing its operational efficiency [1][2] - The company’s products have entered various regions including the Middle East, Asia, Europe, America, and Africa, indicating a strong international presence [1]

证券代码：603658 证券简称：安图生物 公告编号：2024-061 郑州安图生物工程股份有限公司 关于控股股东增持公司股份暨后续增持计划的公告 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。 重要内容提示： 2024 年 8 月 21 日，公司收到控股股东安图实业《关于增持郑州安图生物工 程股份有限公司股份暨后续增持计划的告知函》，现将有关情况公告如下： 一、增持主体的基本情况 首次增持情况：2024 年 8 月 21 日，郑州安图生物工程股份有限公司（以 下简称"公司"）控股股东郑州安图实业集团股份有限公司（以下简称"安 图实业"）通过上海证券交易所系统以集中竞价交易方式增持本公司 1,284,600 股（以下简称"首次增持"），占公司总股本的 0.22%，本次 增持成交总金额 50,040,084.11 元（不含交易费）。 增持计划基本情况：基于对公司未来发展前景的信心及对公司价值的认 可，同时为切实维护广大投资者权益，增强投资者信心，安图实业计划 自首次增持之日（2024 年 8 月 21 日）起 6 个月内，以其自 ...

[Table_Title] 评级：买入(维持) 市场价格：39.50 元 分析师：祝嘉琦 执业证书编号：S0740519040001 电话：021-20315150 Email：zhujq@zts.com.cn 分析师：谢木青 执业证书编号：S0740518010004 电话：021-20315895 Email：xiemq@zts.com.cn [Table_Profit] 基本状况 | --- | --- | |------------------|--------| | 总股本(百万股) | 581 | | 流通股本(百万股) | 581 | | 市价(元) | 39.50 | | 市值(百万元) | 22,950 | | 流通市值(百万元) | 22,950 | [Table_QuotePic] 股价与行业-市场走势对比 安图生物 沪深300 -20% -10% 0% 10% 20% 30% 40% 50% 2023-082023-092023-102023-102023-112023-122023-122024-012024-022024-022024-032024-042024-042024-05 ...

Financial Performance - The company reported a revenue of 500 million RMB for the first half of 2024, representing a 15% increase compared to the same period last year[13]. - The company expects a revenue guidance of 1.1 billion RMB for the full year 2024, indicating a projected growth of 10% year-over-year[13]. - The company's operating revenue for the first half of 2024 was approximately CNY 2.21 billion, representing a 4.70% increase compared to the same period last year[19]. - The net profit attributable to shareholders for the first half of 2024 was approximately CNY 619.51 million, an increase of 13.49% year-over-year[19]. - The basic earnings per share for the first half of 2024 was CNY 1.09, reflecting a 15.96% increase compared to the same period last year[20]. - The total profit for the first half of 2024 was ¥687,185,556.26, up from ¥608,705,140.73 in the same period last year, indicating a growth of around 12.91%[136]. - The total comprehensive income for the first half of 2024 was ¥627,047,484.45, compared to ¥555,917,473.38 in the same period of 2023, reflecting an increase of about 12.81%[137]. Research and Development - The company is investing 50 million RMB in R&D for new technologies aimed at enhancing diagnostic capabilities over the next two years[13]. - The company has a total of 1,852 R&D personnel, accounting for 33.27% of the total workforce, with 91.95% holding a bachelor's degree or higher[43]. - R&D investments from 2021 to 2023 were CNY 485.95 million, CNY 571.69 million, and CNY 656.13 million, representing 12.90%, 12.87%, and 14.77% of revenue respectively[43]. - The company's R&D investment in the first half of 2024 was 333.23 million yuan, representing 15.10% of its revenue, with a total of 1,575 patents obtained, including 60 international patents[65]. - The company emphasizes the development of core materials, achieving self-sufficiency in key raw materials such as antigens and antibodies, ensuring stable and safe supply[44]. Market Expansion and Strategy - Market expansion plans include entering three new provinces in China by the end of 2024, targeting a 25% increase in market share[13]. - The company has completed the acquisition of a local biotech firm for 200 million RMB, which is expected to enhance its product portfolio and R&D capabilities[13]. - The company has established strategic partnerships with two leading hospitals to enhance product testing and validation processes[13]. - The company has expanded its international market presence, entering regions such as the Middle East, Asia, Europe, America, and Africa[41]. - The company is exploring potential mergers and acquisitions to enhance its competitive position in the market[148]. Environmental and Social Responsibility - The wastewater treatment station has a capacity of 500m³/d, with a total wastewater discharge of 45,989.765 tons from January 1, 2024, to June 30, 2024, and a COD average discharge concentration of 31.69 mg/L, totaling 1.4387 tons[85]. - The company has implemented a comprehensive environmental monitoring plan, conducting bi-monthly tests on wastewater pollutants and regular third-party monitoring of various emissions[88]. - The company established the "Antu Forward Scholarship" in 25 universities, benefiting nearly 2,000 students by the end of the reporting period[92]. - The company has provided cash assistance of 5,000 yuan per year to over 762 veterans for seven consecutive years, with donations for 130 veterans completed by August 1, 2024[92]. Financial Position and Assets - The total assets at the end of the reporting period were approximately CNY 11.04 billion, down 4.47% from the end of the previous year[19]. - The net cash flow from operating activities decreased by 7.63% to approximately CNY 495.49 million compared to the previous year[19]. - The total assets as of June 30, 2024, amounted to CNY 11,037,702,754.60, a decrease from CNY 11,554,058,269.37 at the end of 2023, reflecting a decline of approximately 4.46%[130]. - Cash and cash equivalents decreased significantly from CNY 1,486,484,992.75 to CNY 350,141,918.49, representing a decline of about 76.4%[130]. - The total equity attributable to the parent company as of June 30, 2024, is RMB 8,535,461,518.03, a decrease of RMB 301,834 compared to the beginning of the year[146]. Risks and Challenges - The management highlighted potential risks including regulatory changes and market competition, which could impact future performance[5]. - The company faces risks from industry policy changes, which could adversely affect its operations if it fails to adapt to new regulations[79]. - The external diagnostic industry is experiencing rapid growth, but increased competition from both domestic and international companies poses a market risk[79]. Product Development and Offerings - New product launches include a diagnostic kit that has shown a 95% accuracy rate in clinical trials, expected to be commercially available by Q3 2024[13]. - The company offers a comprehensive range of products, including enzyme-linked immunoassay reagents and fully automated biochemical analyzers[30]. - The company has developed 60 quality control products and holds 90 national secondary standard material certificates, ensuring quality assurance for clinical laboratories[56]. - The immunological testing solutions include 331 registered products and 207 EU CE certified products, with a focus on low-cost, high-throughput solutions for clinical hospitals and independent laboratories[48]. Shareholder and Governance - Major shareholders are required to announce any share reductions three trading days in advance and complete them within six months[94]. - The company has commitments from major shareholders to limit share transfers to no more than 25% of their holdings annually during their tenure and 50% within 12 months after leaving[94]. - The company’s board and senior management have committed to measures to mitigate the dilution of immediate returns from convertible bond issuance[99]. - The controlling shareholder has promised to resolve any potential competition issues with the company by granting the company priority rights to acquire projects under certain conditions[102].

证券代码：603658 证券简称：安图生物 公告编号：2024-058 郑州安图生物工程股份有限公司 关于部分募投项目增加项目内容、实施主体、延长 实施期限及暂时调整募投项目闲置场地用途的公告 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8月19日召开第 四届董事会第十七次会议及第四届监事会第十五次会议，审议通过《关于部分募 投项目增加项目内容、实施主体、延长实施期限及暂时调整募投项目闲置场地用 途的议案》，同意公司在募集资金总规模不变的前提下，对2020年非公开发行股 票的部分募投项目增加项目内容、实施主体、延长实施期限及暂时调整募投项目 闲置场地用途。根据《上海证券交易所股票上市规则》等相关规定，该事项经董 事会审议通过后，尚需提交股东大会审议。现将相关情况公告如下： 一、募集资金基本情况 经中国证券监督管理委员会出具的《关于核准郑州安图生物工程股份有限公 司非公开发行股票的批复》（证监许可【2020】2079 号）核准，公司向 10 名认 购对象非公开发行人 ...

招商证券股份有限公司 关于郑州安图生物工程股份有限公司 部分募投项目增加项目内容、实施主体、延长实施期限及 暂时调整募投项目闲置场地用途的核查意见 招商证券股份有限公司（以下简称"招商证券"）作为郑州安图生物工程股 份有限公司（以下简称"安图生物"、"公司"）非公开发行股票的保荐机构，根 据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》《上市公 司监管指引第 2 号—上市公司募集资金管理和使用的监管要求》《上海证券交易 所上市公司自律监管指引第 1 号——规范运作》等相关法律、法规和规范性文件 的规定，对安图生物部分募投项目增加项目内容、实施主体、延长实施期限及暂 时调整募投项目闲置场地用途的事项进行了核查，发表如下核查意见： 一、募集资金基本情况 经中国证券监督管理委员会出具的《关于核准郑州安图生物工程股份有限公 司非公开发行股票的批复》（证监许可【2020】2079 号）核准，公司向 10 名认 购对象非公开发行人民币普通股（A 股）20,375,760 股，每股面值 1.00 元，每股 发行价格为 151.16 元。本次非公开发行募集资金总额为人民币 3,079,999,881.60 元 ...

证券代码：603658 证券简称：安图生物 公告编号：2024-060 郑州安图生物工程股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第二次临时股东大会 召开的日期时间：2024 年 9 月 19 日 14 点 40 分 召开地点：公司会议室 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资 者的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规 范运作》等有关规定执行。 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 股东大会召开日期：2024年9月19日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 ( ...