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]

Investment Rating - The report maintains a "Buy" rating for Antu Biology (603658) [1][7] Core Views - The company reported better-than-expected profits in Q1 2024, with new products anticipated to drive future growth [1] - In 2023, the company achieved a revenue of 4.444 billion yuan, a slight increase of 0.05% year-on-year, and a net profit of 1.217 billion yuan, up 4.28% year-on-year [4][5] - The first quarter of 2024 saw 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% year-on-year [4][5] Summary by Sections Financial Performance - In 2023, the company's total revenue was 44.44 billion yuan, with a 16.64% growth when excluding COVID-19 testing revenue [5] - The revenue from immunology products grew by 23.77% to 2.483 billion yuan, while microbiological and biochemical products also showed strong growth [5] - The overall gross margin improved by 5.23 percentage points to 65.07% in 2023, driven by an increase in the proportion of high-margin reagent products [7] Product Development - The company successfully registered 60 new product certificates in 2023, expanding its product range [5] - New instruments, including the AutoChem B801 series and the Autof ms series, received medical device registration, enhancing the company's technological capabilities [5] Regional Performance - Domestic revenue decreased by 1.82% to 41.59 billion yuan, while overseas revenue surged by 60.53% to 2.09 billion yuan [5] Future Projections - Revenue forecasts for 2024-2026 are 51.31 billion yuan, 60.48 billion yuan, and 71.07 billion yuan, with expected growth rates of 15%, 18%, and 18% respectively [7] - Projected net profits for the same period are 1.515 billion yuan, 1.891 billion yuan, and 2.347 billion yuan, with growth rates of 24% for each year [7]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong performance relative to the benchmark [7]. Core Views - The company's immune business shows robust growth, with significant improvement in profitability in Q1 2024. In 2023, the company achieved revenue of 4.444 billion yuan, a slight increase of 0.05% year-on-year, and a net profit of 1.217 billion yuan, up 4.28% year-on-year [1][2]. - The company has established a comprehensive marketing network covering approximately 62% of tertiary hospitals in China and has made significant strides in international expansion, with overseas revenue reaching 209 million yuan in 2023, a 61% increase year-on-year [1][2]. - The company has increased its R&D investment, leading to improved product structure and profitability. The gross profit margin in 2023 was 65%, an increase of about 5.2 percentage points from 2022 [1][2]. Financial Performance Summary - In 2023, the company's immune diagnostic business generated revenue of 2.483 billion yuan, a 24% increase year-on-year. The microbiological testing segment achieved 323 million yuan, up 19% year-on-year, while biochemical testing revenue was 250 million yuan, up 21% year-on-year [1][2]. - The company forecasts revenues of 5.116 billion yuan, 6.018 billion yuan, and 7.160 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 15.1%, 17.6%, and 19.0% [1][2]. - The projected net profits for the same years are 1.543 billion yuan, 1.904 billion yuan, and 2.340 billion yuan, with growth rates of 26.7%, 23.4%, and 22.9% respectively [1][2]. Key Financial Metrics - The gross profit margin is expected to remain stable, with slight improvements projected over the next few years, reaching 66.0% by 2026 [2][3]. - The company's earnings per share (EPS) is projected to increase from 2.08 yuan in 2023 to 3.99 yuan by 2026 [2][3]. - The price-to-earnings (P/E) ratio is expected to decrease from 26.14 in 2023 to 13.60 by 2026, indicating a potentially more attractive valuation over time [2][3].

证券研究报告 公 2024年04月21日 司 报 告 安图生物(603658) │ 行 业： 医药生物/医疗器械 公 投资评级： 买入（维持） 司 当前价格： 54.28元 年 多产线稳步增长，盈利能力持续改善 目标价格： 71.62元 报 点 事件： 评 基本数据 公司发布2023年年报，全年实现营收44.44亿元（yoy+0.05%），归母净 总股本/流通股本(百万股) 586.27/586.27 利润12.17亿元（yoy+4.28%），扣非归母净利润11.85亿元（yoy+5.86%）。 流通A股市值(百万元) 31,822.86 2024年Q1公司实现营收10.89亿元（yoy+5.09%），归母净利润3.24亿 每股净资产(元) 14.98 元（yoy+33.93%），扣非归母净利润3.14亿元（yoy+33.15%）。 资产负债率(%) 23.71 一年内最高/最低(元) 66.36/41.01 ➢ 多产线稳步增长 2023 年公司实现试剂类营收 38.15 亿元（yoy+8.06%），其中免疫诊断、 股价相对走势 微生物检测、生化检测营收分别为24.83亿元、3.23亿元、2.50亿元，同 安 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 65.48 CNY for 2024 [1][3]. Core Views - The company's Q1 profit exceeded expectations, with a notable growth in revenue and net profit [1]. - The internal business growth remains stable, and the improvement in business structure has enhanced profit levels [1]. - The company is positioned as a pioneer in the IVD platform in China, with strong potential for future acceleration [1]. Financial Performance Summary - For the year 2023, the company reported a total revenue of 4.44 billion CNY, a slight increase of 0.05%, with a 16.6% growth when excluding COVID-19 testing revenue. The net profit attributable to the parent company was 1.22 billion CNY, up 4.3% [1][6]. - In Q1 2024, revenue reached 1.09 billion CNY, reflecting a year-on-year increase of 5.1%, while the net profit attributable to the parent company surged by 33.9% to 324 million CNY [1][6]. - The reagent business generated 3.81 billion CNY in revenue for 2023, with a gross margin of 70.94%, while instrument revenue fell to 480 million CNY, with a gross margin of 33.54% [1][6]. Business Segment Analysis - The immunodiagnostics segment saw revenue of 2.48 billion CNY, growing by 23.8%, with a gross margin increase to 80.1% [1]. - The microbiological testing segment reported revenue of 320 million CNY, up 18.7%, maintaining a gross margin of 45.08% [1]. - The biochemical testing segment achieved revenue of 250 million CNY, with a growth of 20.54% and a slight gross margin increase to 63.4% [1]. Geographic Revenue Breakdown - Domestic revenue was 4.16 billion CNY, down 1.82%, but with a gross margin improvement to 67.39% [1]. - International revenue reached 210 million CNY, marking a significant increase of 60.5%, with a gross margin rise to 37.8% [1]. Future Earnings Forecast - The company is projected to have EPS of 2.6 CNY, 3.2 CNY, and 4.0 CNY for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 21, 17, and 14 [1][6].

Investment Rating - The report maintains a "Recommendation" rating for the company [2][6][8] Core Views - In 2023, the company achieved a revenue of 4.444 billion yuan, showing a year-on-year growth of 0.0%. However, when excluding approximately 650 million yuan of COVID-related revenue from 2022, the revenue growth is approximately 16% [6][8] - The gross margin improved by 5.2 percentage points to 65.1% in 2023, driven by an increase in high-margin immunodiagnostic reagent sales, which accounted for 55.9% of total revenue, up 10.7 percentage points [6][8] - In Q1 2024, the company reported a revenue of 1.089 billion yuan, reflecting a year-on-year growth of 5.1%, with net profit increasing by 33.9% to 324 million yuan [6][8] Summary by Sections Financial Performance - 2023 Revenue: 4.444 billion yuan (YoY +0.0%); Net profit: 1.217 billion yuan (YoY +4.3%); Net profit excluding non-recurring items: 1.185 billion yuan (YoY +5.9%) [5][6] - Q1 2024 Revenue: 1.089 billion yuan (YoY +5.1%); Net profit: 324 million yuan (YoY +33.9%); Net profit excluding non-recurring items: 314 million yuan (YoY +33.2%) [5][6] Dividend Proposal - The company proposed a cash dividend of 10.50 yuan per 10 shares (including tax), representing 50% of the net profit attributable to shareholders [5][6] Future Projections - Revenue projections for 2024E: 5.167 billion yuan (YoY +16.3%); Net profit projections for 2024E: 1.474 billion yuan (YoY +21.1%) [7][10] - EPS projections for 2024E: 2.51 yuan, increasing to 3.54 yuan by 2026E [7][10]

Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Insights - The company reported a revenue of 44.44 billion yuan in 2023, a slight increase of 0.05% year-on-year, with a net profit of 1.22 billion yuan, up 4.28% [1]. - The first quarter of 2024 showed significant performance exceeding expectations, with a revenue of 10.89 billion yuan, representing a 5.09% increase, and a net profit of 3.24 billion yuan, up 33.93% [1]. - The company’s core business, particularly in chemiluminescence and molecular diagnostics, is experiencing rapid growth, contributing to an improved revenue structure [1][2]. Financial Performance Summary - In 2023, the company achieved a total revenue of 44.44 billion yuan, with a net profit of 1.22 billion yuan and an operating cash flow of 1.47 billion yuan [1]. - The projected revenues for 2024 to 2026 are 50.49 billion yuan, 60.70 billion yuan, and 72.85 billion yuan respectively, with expected net profits of 1.55 billion yuan, 1.94 billion yuan, and 2.39 billion yuan [3][4]. - The gross margin is expected to remain stable, with slight fluctuations projected over the next few years [3]. Business Growth Drivers - The company has entered over 6,700 secondary hospitals, including more than 2,200 tertiary hospitals, capturing 61.90% of the total tertiary hospital market in China [1]. - The overseas business has shown robust growth, with a revenue increase of 60.53% in 2023, reaching 2.09 billion yuan [1]. - The company’s R&D investment was 6.56 billion yuan in 2023, accounting for 14.77% of revenue, indicating a strong commitment to innovation and product development [1][4]. Future Outlook - The company is expected to continue its strong growth trajectory, with projected net profit growth rates of 27.56%, 24.85%, and 23.21% for 2024, 2025, and 2026 respectively [2][3]. - The report highlights the potential for further market penetration and revenue growth driven by the expansion of its product offerings and the increasing demand for domestic alternatives in the healthcare sector [1][2].

安图生物23年报及24一季报交流240419原文 2024年04月19日11:36 发言人100:00 防二道贩子搬运转卖 发言人200:24 设运转卖， 昨天晚上公司的这个财报发布出来之后，相信大家的关注度非常高。我们可以看到2023年，公司的业绩 非常平稳。2024年的一季度的业绩，应该是比大家想象的要更好一些。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这个经营状态，以及对2024年全年的一个展望。今天的交流，首先请黄总跟各 位介绍一下年报以及一报的一个业绩经营情况。后面接下来请与会的各家券商分析师老师先跟向公司管 理层提问。最后再如果有没有时间的话，请线上投资者提问。好的，方总，首先请您大概介绍一下业绩 情况。 发言人301:42 好的，各位投资者，各位家长朋友，大家早早上好。业绩的一年报和一季报的经营情况，我估计大家都 看到了。去年的收入去年那个收入和利润，今年的收入，一季报的利润和收入都大家都知道了，我就不 再耽误大家时间，我把可能个别代理，个别很个别投资者没有看到我们的今天那个就是几个拆分情况。 发言人302:06 更多内容关注” 搬运转卖， 发言人302:23 核酸点的实际是1740万 ...