上 市 公 司 医药生物 2024 年04月 24 日 安图生物 (603658) 公 司 研 究 ——常规业务增长稳健，新产品加速开拓 / 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  事件：公司发布2023年度报告和2024年一季度报告，2023年公司实现营业收入44.44 亿元（+0.05%），实现归母净利润12.17亿元（+4.28%），实现扣非归母净利润11.85 证 市场数据： 2024年04月23日 亿元（+5.86%）；2024年 Q1 实现营业收入 10.89 亿元（+5.09%），实现归母净利润 券 收盘价（元） 56.23 研 一年内最高/最低（元） 66.36/41.01 3.24亿元（+33.93%），实现扣非归母净利润3.14亿元（+33.15%），业绩符合预期。 究 市净率 3.8 报 息率（分红/股价） -  非新冠业务稳健增长，产品结构优化带来毛利率提升。剔除新冠检测类相关收入影响后， 告 流通A股市值（百万元） 32966 公司2023年营收同比增长约16.64%，其中免疫诊断营收24.83亿元（+23.77%），微 上证指数/深证成指 3 ...

证券研究报告·公司点评报告·医疗器械 安图生物（603658） 2023 年报和 2024 一季报点评：业绩符合预 2024 年 04月 24日 期，看好 2024 年院内恢复 证券分析师 朱国广 买入（维持） 执业证书：S0600520070004 zhugg@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 证券分析师 徐梓煜 营业总收入（百万元） 4,442 4,444 5,192 6,139 7,349 执业证书：S0600522080001 xuzy@dwzq.com.cn 同比（%） 17.94 0.05 16.85 18.22 19.71 归母净利润（百万元） 1,167 1,217 1,536 1,820 2,234 股价走势 同比（%） 19.90 4.28 26.13 18.55 22.70 安图生物 沪深300 EPS-最新摊薄（元/股） 1.99 2.08 2.62 3.11 3.81 17% P/E（现价&最新摊薄） 28.24 27.08 21.47 18.11 14.76 1 593 %%% [关 ...

欢迎大家参加暗兔生物2023年的年报及2024年一季度的一个业绩的交流电话会那么很荣幸今天我们邀请到公司的董秘副总经理冯总以及公司财务总监冯总来跟各位交流公司的经营情况那么和我一起主持呢也包括我们 我看到2023年公司业绩非常平稳2024年一季度的业绩应该是比大家想象要更好一些所以今天我们也请公司两位领导来跟各位交流一下公司的经营状态以及对2024年全年龄的展望那么今天的交流首先请王总跟各位介绍一下年报以及一报的业绩经营情况后面接下来请与会的各家券商 并且是老师先向公司的管理层提问最后如果有时间的话请现场投资者提问 好的 方总 那首先请您大概介绍一下业绩情况好的 好的 各位投资者 各位检查朋友 大家早上好业绩的年报和一季报的经营情况我估计大家都看到了去年的收入和利润今年的收入 一季报的利润和收入大家都知道了 我就不再耽误大家时间可能各位投资者没有看到我们的今天就是几个拆分情况 我简单说拆分情况吧 一个是去年全年的就是主要板块是2023年年度发光板块是24.2亿增长是24.88%那个微生物检测实际3.23亿增长18.65%核酸检测实际是1740万资产仪器是3.02亿增长下滑是30.47%代理的家用业务是1.8亿 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 62 yuan [2]. Core Views - The company achieved a revenue of 4.444 billion yuan in 2023, a slight increase of 0.05%. Excluding COVID-19 testing revenue, the year-on-year growth was 16.64%. The net profit attributable to shareholders was 1.217 billion yuan, up 4.28% [2]. - In Q1 2024, the company reported a revenue of 1.089 billion yuan, representing a growth of 5.09%, and a net profit of 324 million yuan, which is a significant increase of 33.93% [2]. - The company’s conventional business showed steady growth, with overseas business expanding rapidly, achieving a 60.53% increase in overseas revenue to 209 million yuan in 2023 [2]. - The overall gross margin improved to 65.07% in 2023, up 5.23 percentage points, driven by an increase in the gross margin of reagent products to 70.94% [2]. - The company launched several new products in 2023, including the AutoChem B801 series and the Autof ms system, which are expected to support long-term growth [2]. Financial Summary - The company’s total revenue for 2023 was 4.444 billion yuan, with a projected revenue of 5.115 billion yuan for 2024, reflecting a year-on-year growth of 15.1% [3]. - The net profit attributable to shareholders for 2023 was 1.217 billion yuan, with forecasts of 1.506 billion yuan for 2024, indicating a growth rate of 23.7% [3]. - Earnings per share (EPS) are projected to be 2.57 yuan in 2024, with a price-to-earnings (P/E) ratio of 22 times [3].

证券代码：603658 证券简称：安图生物 公告编号：2024-035 郑州安图生物工程股份有限公司 关于董事长、实际控制人增持公司股份的公告 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 4 月 23 日，郑州安图生物工程股份有限公司（以下简称"公司"） 董事长、实际控制人苗拥军先生以集中竞价交易方式增持公司股份 901,200 股，占公司总股本的 0.1537%，本次增持成交总金额 为 50,306,833.00 元。 2. 增持目的：基于对公司内在价值的认可、未来持续稳定发展的信心、长 期投资价值及战略规划的认同。 3. 增持方式：集中竞价交易方式 4. 资金来源：自有资金 5. 增持情况：2024年4月23日，公司董事长、实际控制人苗拥军先生以集中 竞价交易方式增持公司股份901,200股，交易均价55.822元/股，占公司总股本的 0.1537%。 本次增持前，苗拥军先生未直接持有公司股份，仅通过公司控股股东郑州安 图实业集团股份有限公司间接持有公司股份123,544,162股，持股比 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 医药生物 ＃investSuggestion＃ ＃ ＃d 安yCo 图mp 生any＃物 （ 6 03658.SH ） investSug 增持 ( 维ges持tion ）Ch 000009 ＃title＃ 2023 年业绩符合预期，24Q1 利润增速超预期 ange＃ ＃ createTime1＃ 2024年 04月 22日 投资要点 公 ＃市m场a数rk据et Data＃ ＃ summary＃ 司 日期 2024-04-19 ⚫ 事件：近日，安图生物发布了2023年报及2024年一季报。2023年，公司实 点 收盘价（元） 54.28 现营业收入 44.44 亿元，同比+0.05%；实现归母净利润 12.17 亿元，同比 评 总股本（百万股） 586.27 +4.28%；实现扣非归母净利润11.85亿元，同比+5.86%；实现经营性现金流 报 流通股本（百万股） 586.27 净额14.70亿元，同比-5.68%。2023Q4单季度，公司实现营业收入12.01亿 净资产（百万元） 8779.84 元，同比+3.54%；实现归母 ...

安[Ta图ble生_Sto物ckN（am6eR0p3tT6yp5e8] ） 1 公司研究/公司点评 2023 年发光业务稳健增长，盈利能力稳步提升 投资评级：买入（维持） 主要观点： [Table_Rank] 报告日期： 2024-04-22 [➢T ab事le件_S：um mary] 公司发布2023年年报及2024年一季报。2023年度公司实现营业 [收Ta盘bl价e_（Ba元se）D ata] 55.58 近12个月最高/最低（元） 66.36/41.01 收入44.44亿元，同比增长0.05%，实现归母净利润12.17亿元，同比 增长4.28%；扣非归母净利润11.85亿元，同比增长5.86%。 总股本（百万股） 586 流通股本（百万股） 586 2024年第一季度公司实现营业收入10.89亿元，同比增长5.09%； 流通股比例（%） 100.00 实现归母净利润3.24亿元，同比增长33.93%；扣非归母净利润3.14 总市值（亿元） 326 亿元，同比增长33.15%。 流通市值（亿元） 326 ➢ 事件点评 [公Ta司ble价_C格ha与rt]沪 深300走势比较 ⚫ 发光业务仍保持稳健增长， ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [1][4] - The target price is set at 63.12 CNY, up from the previous forecast of 52.60 CNY [1] Core Views - The company shows steady growth in routine diagnostics, with rapid growth in immunofluorescence diagnostics and stable growth in biochemical and microbiological diagnostics [1] - The international market is expanding quickly, supported by R&D efforts for new product development, indicating a promising long-term platform [1] - The company's performance slightly exceeded expectations, with a reported revenue of 10.89 billion CNY in Q1 2023, representing a 5.09% year-on-year increase [1] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 4.44 billion CNY, with a net profit of 1.22 billion CNY, reflecting a 4% increase from the previous year [1] - The EPS for 2024 is projected at 2.63 CNY, with a forecasted PE ratio of 24x [1] Revenue Breakdown - The revenue from immunodiagnostics reached 2.48 billion CNY, growing by 23.77%, while biochemical reagents and microbiological diagnostics also showed significant growth [1] - The overseas revenue in 2023 was 2.09 billion CNY, marking a 60.53% increase, indicating strong potential for continued growth [1] R&D and Product Development - The company invested 6.56 billion CNY in R&D, accounting for 14.8% of its revenue, focusing on enhancing its product line through self-research and collaborations [1] - New product lines, including gene sequencing instruments and mass spectrometry systems, are progressing as planned, with ongoing development in various diagnostic areas [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 54.28 CNY [2] Core Views - The company achieved operating revenue of 4,444 million CNY in 2023, a slight increase of 0.05% year-on-year, while the net profit attributable to shareholders was 1,217 million CNY, reflecting a growth of 4.28% [7][11] - Excluding COVID-19 testing-related revenue, the company's conventional operating revenue grew approximately 16.64% year-on-year in 2023 [7] - The company is expected to see continued recovery in its conventional business, with projected revenue growth rates of 22% for 2024-2026 [2][18] Financial Performance Summary - **Revenue Forecasts**: - 2022A: 4,442 million CNY - 2023A: 4,444 million CNY - 2024E: 5,402 million CNY (22% growth) - 2025E: 6,592 million CNY (22% growth) - 2026E: 8,038 million CNY (22% growth) [2] - **Net Profit Forecasts**: - 2022A: 1,167 million CNY - 2023A: 1,217 million CNY - 2024E: 1,558 million CNY (28% growth) - 2025E: 1,898 million CNY (22% growth) - 2026E: 2,301 million CNY (21% growth) [2] - **Earnings Per Share**: - 2023A: 2.08 CNY - 2024E: 2.66 CNY - 2025E: 3.24 CNY - 2026E: 3.92 CNY [2] - **Return on Equity**: - 2022A: 15% - 2023A: 14% - 2024E: 15% - 2025E: 16% - 2026E: 16% [2] Business Highlights - The company reported a sales revenue of 38.15 billion CNY from reagents in 2023, an increase of 8.06% year-on-year, while instrument sales revenue was 4.82 billion CNY, a decrease of 32.99% [18] - The company has increased its R&D investment and sales promotion efforts, leading to a rise in expense ratios, with a gross margin of 65.07% in 2023, up 5.23 percentage points year-on-year [15] - The company is expected to see strong growth in its chemical luminescence and biochemical businesses, with projected growth rates of 20-30% and 15-25% respectively in 2024 [18]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company experienced a high growth in Q1 2024, with a significant increase in net profit compared to the previous year [2] - The company is steadily expanding its domestic and international markets through strategic partnerships and product diversification [3] - The revenue growth in 2023 was modest, primarily due to a decline in demand for COVID-19 testing products, but excluding this impact, revenue growth was approximately 16.64% [2][3] Summary by Sections Market Data - Total shares outstanding: 586 million - Total market capitalization: 31.823 billion - One-year price range: 41.01 to 66.36 CNY - Three-month turnover rate: 38.72% [1] Financial Performance - In 2023, the company achieved revenue of 4.444 billion CNY, a year-on-year increase of 0.05%, and a net profit of 1.217 billion CNY, up 4.28% [2] - For Q1 2024, revenue reached 1.089 billion CNY, growing by 5.09%, and net profit was 324 million CNY, a significant increase of 33.93% [2] - R&D investment in 2023 was 656 million CNY, reflecting a growth of 15.42% [2] Strategic Developments - The company has formed strategic partnerships with several enterprises and associations, enhancing its market presence [3] - Participation in major exhibitions such as CACLP and Medlab Middle East has been noted, indicating active efforts to expand internationally [3] - The establishment of the Shanghai Experimental Medicine Research Institute's Bioinformatics Research Institute aims to promote integration of industry, academia, and research [3] Profit Forecast and Valuation - The profit forecasts for 2024 and 2025 have been slightly adjusted downwards to 1.518 billion CNY and 1.855 billion CNY, respectively, due to anticipated impacts from industry procurement policies [3] - The current price corresponds to a PE ratio of 21 for 2024, 17 for 2025, and 14 for 2026, reflecting the company's leading position in the domestic chemiluminescence sector [3]