2024 年 8 月 27 日，郑州安图生物工程股份有限公司（以下简称"公司"） 收到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"）通知， 安图实业于 2024 年 8 月 21 日至 2024 年 8 月 27 日通过上海证券交易所交易系统 增持公司股份 3,025,500 股，结合公司于 2024 年 7 月注销回购股份导致股东持股 比例被动增加的情形，安图实业持有公司股份的比例累计变动达 1.02%。现将控 股股东安图实业本次权益变动相关情况公告如下： 一、本次权益变动情况 郑州安图生物工程股份有限公司 关于控股股东权益变动超 1%的提示性公告 | 信息披露 | 名称 | 郑州安图实业集团股份有限公司 | | | | --- | --- | --- | --- | --- | | 义务人基 本信息 | 住所 | 河南自贸试验区郑州片区（经开）经北一路 126 | | 号 | | | 权益变动时间 | 年 月 日至 年 月 日 2024 7 2 2024 8 27 | | | | | 变动方式 | 变动日期 | 变动股数 | 变动比例 | | 权益变动 明细 | 被动增加 | 公司注销 20 ...

医药生物 2024 年 08 月 23 日 安图生物 (603658) ——业绩符合预期，产品结构优化带来盈利能力提升 | --- | |---------------------| | 2024 年 08 月 23 日 | | 39.37 | | 66.36/37.94 | | 2.8 | | 2.67 | | 22,874 | | 2,854.37/8,181.92 | | | | --- | --- | |--------------------------|----------------| | 基础数据: | 年 06 月 30 日 | | 每股净资产（元） | 14.13 | | 资产负债率% | 24.22 | | 总股本/流通 A 股（百万） | 581/581 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-2309-2310-2311-2312-2301-2302-2303-2304-2305-2306-2307-2308-23 -20% 0% 20% 40% 60% 安图生物 沪深300指数 (收益率) 相关研究 《安图生物（603658）点评：常 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a revenue of 2.207 billion yuan for the first half of 2024, representing a year-on-year growth of 4.70%. The net profit attributable to shareholders was 620 million yuan, up 13.49% year-on-year, while the net profit after deducting non-recurring gains and losses was 599 million yuan, an increase of 13.69% year-on-year [11][12] - The core business remains stable, with reagent revenue of 1.857 billion yuan (up 4.33% year-on-year) and instrument revenue of 275 million yuan (up 10.84% year-on-year) in the first half of 2024. The company is actively expanding its overseas business, achieving overseas revenue of 130 million yuan, which is a significant increase of 42% year-on-year [11][12] - The company emphasizes R&D investment, with R&D expenses of 333 million yuan in the first half of 2024, reflecting a year-on-year increase of 7.18%. The R&D expense ratio was 15.10%, up 0.35 percentage points [11][12] Financial Summary - For the forecast period from 2024 to 2026, the company is expected to achieve revenues of 4.886 billion yuan, 5.640 billion yuan, and 6.664 billion yuan, with year-on-year growth rates of 10%, 15%, and 18% respectively. The net profit attributable to shareholders is projected to be 1.391 billion yuan, 1.654 billion yuan, and 1.990 billion yuan, with growth rates of 14%, 19%, and 20% respectively [12][15] - The earnings per share (EPS) are forecasted to be 2.39 yuan, 2.85 yuan, and 3.43 yuan for the years 2024, 2025, and 2026 respectively [12][15] - The company maintains a gross margin of 65.37% and a net margin of 28.41% for the first half of 2024, with expectations for improvement in profitability as one-time expenses decrease [11][12]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its long-term development [3][7]. Core Insights - The company reported stable overall performance with a 4.70% year-over-year increase in revenue to CNY 2.207 billion for the first half of 2024, and a 13.49% increase in net profit to CNY 620 million [1]. - The company is increasing its R&D investment, which reached CNY 333 million in H1 2024, a 7.18% increase year-over-year, accounting for 15.10% of its revenue [1]. - The company is actively launching new products internationally, showcasing innovations at major global exhibitions [2]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of CNY 2.207 billion, with a breakdown showing reagent revenue at CNY 1.857 billion (up 4.33% YoY) and instrument revenue at CNY 275 million (up 10.84% YoY) [1]. - Domestic revenue was CNY 2.076 billion (up 2.99% YoY), while international revenue surged to CNY 131 million (up 42.21% YoY) [1]. - The company’s net profit for H1 2024 was CNY 620 million, with a non-recurring net profit of CNY 599 million, both reflecting strong growth [1]. R&D and Product Development - The company has a total of 1,575 patents, including 60 international patents, and 774 product registration certificates, with 474 products receiving EU CE certification [1]. - New product developments include a next-generation fully automated microbial mass spectrometry detection system and a nucleic acid mass spectrometry device that has received medical device registration and production licenses [1]. Market Position and Valuation - The company is projected to achieve net profits of CNY 1.518 billion, CNY 1.855 billion, and CNY 2.255 billion for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 15, 12, and 10 [3][4]. - The report highlights the company as a leading player in the domestic chemiluminescence sector with a diversified product portfolio, supporting a positive long-term outlook [3].

公司点评报告 ·医药行业 2 利润略低于预期,高研发投入着眼未来 2024 年中报业绩点评 事件:公司发布 2024年半年度报告,2024年 1~6 月实现营业收入 22.07 亿 元(+4.70%),归母净利润 6.20 亿元(+13.49%),扣非净利润 5.99 亿元 (+13.69%),经营性现金流 4.95亿元(-7.63%)。2024Q2 实现营业收入 11.18 亿元(+4.33%),归母净利润 2.95亿元(-2.80%),扣非净利润 2.85 亿元(-2.08%),经营性现金流 1.67 亿元(-49.78%)。 ● Q2 利润略低于此前预期,收入结构优化促进毛利改善:2024Q2公司净利 润同比路有下降,预计一方面 DRG 推行初期对院端检验消耗量产生阶段性影 响,使得短期内化学发光业务增长承压;另一方面,公司24Q2研发费用有所 增加(环比24Q1增加 0.31 亿元),且产生一定资产减值计提(24Q2 损失 870 万元 vs. 23Q2正向收益 607万元),若剔除相关影响预计经营层面净利润增 速仍为正向。2024H1 公司毛利率为 65.37%(+1.72pct),预计主要是化学 ...

——2024 年半年报点评 业绩稳健增长，装机进展顺利 安图生物(603658) [Table_Industry] 医药/必需消费 | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 52.58 | | | 上次预测: | 61.84 | | [当前价格： Table_CurPrice] | | 39.09 | | --- | --- | |-------------------|-----------------------| | 丁丹(分析师) | 赵峻峰(分析师) | | 0755-23976735 | 0755-23976629 | | dingdan@gtjas.com | zhaojunfeng@gtjas.com | | S0880514030001 | S0880519080017 | 本报告导读： 公司试剂增长平稳，装机顺利带动仪器收入较快增长，为后续试剂 ...

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]