证券代码：603882 证券简称：金域医学 公告编号：2024-055 广州金域医学检验集团股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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： 问题征集方式：投资者可于 2024 年 9 月 13 日中午 12:00 前访问网址 h ttps://eseb.cn/1hzIJbOqWg8 进行会前提问，或将相关问题通过电子邮件 的形式发送至公司董事会办公室邮箱：sid@kingmed.com.cn。本公司将在 业绩说明会上对投资者普遍关注的问题进行统一回答。 广州金域医学检验集团股份有限公司（以下简称"公司"）已于 2024 年 8 月 31 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公 司 2024 年半年度的经营成果、财务状况，公司计划于 2024 年 9 月 14 日 15:00-16:00 举行 2024 年半年度业绩说明会（以下简称"业绩说明会"），就投 资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以网络文字互 ...

2024 年 09 月 01 日 评级 买入 | --- | --- | |-----------------------|-------------| | 当前价格（元） | 27.51 | | 52 周价格区间（元） | 25.01-68.64 | | 总市值（百万） | 12895.90 | | 流通市值（百万） | 12809.97 | | 总股本（万股） | 46877.20 | | 流通股（万股） | 46564.80 | | | | 涨跌幅比较 金域医学 医疗服务 -57% -37% -17% 3% 23% | --- | --- | --- | --- | |-------------------|---------|---------|--------| | 2023-09 2023-12 | 2024-03 | 2024-06 | | | % | 1M | 3M | 12M | | 金域医学 | 3.89 | -18.78 | -55.46 | | | | | | 医疗服务 -1.60 -12.71 -45.43 吴号 分析师 执业证书编号: S0530522050003 wuhao58@ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a revenue of 3.881 billion yuan in the first half of 2024, a year-on-year decrease of 9.92%. The net profit attributable to shareholders was 89.65 million yuan, down 68.53% year-on-year [10] - The company experienced a quarter-on-quarter improvement in performance, with a significant growth in high-end testing services, which accounted for 54% of total revenue in H1 2024, up 1.02 percentage points year-on-year [10] - The company is accelerating its digital transformation and building an AI ecosystem for medical testing, enhancing service efficiency and quality [10] Financial Performance Summary - In H1 2024, the company achieved a gross margin of 34.76% and a net margin of 2.15%. The low profit margins were primarily due to lower-than-expected demand for routine testing and credit impairment losses of 296 million yuan [10] - The company’s revenue for Q2 2024 was 2.040 billion yuan, a year-on-year decrease of 6.91%, but showed a quarter-on-quarter increase of 10.77% [10] - The forecast for revenue from 2024 to 2026 is 8.752 billion yuan, 9.966 billion yuan, and 11.395 billion yuan, with year-on-year growth rates of 2.49%, 13.86%, and 14.35% respectively [11] Earnings Forecast and Valuation - The projected net profit for 2024, 2025, and 2026 is 491 million yuan, 934 million yuan, and 1.216 billion yuan, with growth rates of -23.67%, 90.11%, and 30.24% respectively [11] - The earnings per share (EPS) are expected to be 1.05 yuan, 1.99 yuan, and 2.59 yuan for the years 2024, 2025, and 2026 [11] - The company is expected to benefit from the increasing outsourcing rate in the medical testing industry, leading to stable growth in performance [10][11]

Investment Rating - The report maintains a "Recommend" rating for the company [6] Core Views - The company's profitability rebounded in Q2 2024, with a significant improvement in operating conditions compared to Q1 2024 [1] - Revenue growth is expected to turn positive starting from Q3 2024, driven by lower growth base, industry consolidation, and optimized competitive landscape [1] - The impact of credit impairment provisions on the company's performance is expected to gradually diminish [1] - The company is leveraging technological innovation and digital transformation to enhance efficiency and quality, with 92 new projects launched in H1 2024 and over 4,000 testing items available [2] Financial Performance - In H1 2024, the company reported revenue of RMB 3.881 billion (-9.92% YoY), net profit attributable to shareholders of RMB 90 million (-68.53% YoY), and operating cash flow of RMB 34 million (-90.31% YoY) [1] - In Q2 2024, revenue was RMB 2.040 billion (-6.91% YoY), with net profit attributable to shareholders of RMB 108 million (-19.92% YoY) and operating cash flow of RMB 173 million (+28.99% YoY) [1] - The company's gross margin in Q2 2024 improved to 37.17%, up 5.08 percentage points QoQ [1] - Excluding the impact of credit impairment provisions, the company's net operating profit margin in Q2 2024 was 11.84% [1] Technological Innovation and Digital Transformation - The company launched 92 new projects in H1 2024, covering key disease areas such as kidney, infection, neurology, hematology, and endocrinology [2] - The company has developed a medical testing industry large model application called "Xiao Yu Yi" and is actively exploring the construction of a medical testing data element infrastructure [2] - The company has automated access and cleaning of medical testing data, with a total volume exceeding 23PB, including over 12PB of gene sequencing results [2] Financial Forecasts - The report forecasts the company's revenue for 2024-2026 to be RMB 8.134 billion, RMB 9.293 billion, and RMB 10.503 billion, respectively [7] - Net profit attributable to shareholders is expected to be RMB 609.69 million, RMB 905 million, and RMB 1.209 billion for 2024-2026, respectively [7] - EPS for 2024-2026 is projected to be RMB 1.30, RMB 1.93, and RMB 2.58, respectively [7] - The current stock price corresponds to a PE ratio of 21x, 14x, and 10x for 2024-2026 [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The core business of the company is stable and shows positive growth, driven by innovation and high-quality development results [1] - The company has reported a decline in revenue and net profit for the first half of 2024, attributed to external factors such as medical regulations and market competition [2][4] - Despite short-term challenges, the company is expected to benefit from long-term reforms in the healthcare system, which may enhance the willingness of hospitals to outsource testing services [1][2] Summary by Relevant Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 38.81 billion yuan, a year-on-year decrease of 9.92% [2] - The net profit attributable to shareholders was 0.90 billion yuan, down 68.53% year-on-year, while the net profit after deducting non-recurring items was 0.74 billion yuan, a decrease of 72.76% [2] - The company’s revenue for 2023 is projected to be 8.54 billion yuan, with a decline expected in 2024 and 2025 [2][9] Business Segments - The company’s core medical testing business remains stable, with significant growth in innovative specialty testing products [1] - The company has seen a 182% increase in revenue from its infection testing segment and a 234% increase in its high-end medical testing services [2][4] - The proportion of high-end technology platform business has increased by 5.81 percentage points year-on-year, indicating a shift towards more advanced medical testing solutions [2] Market Position and Strategy - The company is positioned as a leading player in the third-party medical testing service industry, maintaining relative stability in its overall performance despite external pressures [1][2] - The company is actively pursuing digital transformation and integrating artificial intelligence into its medical testing services, enhancing service quality and efficiency [1][2] - The company has established partnerships with various healthcare institutions, expanding its reach and service capabilities [1][2]

| --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | 证券研究报告 | | | 公司研究 | | | [Table_ReportType] 公司点评报告 | | | [Table_StockAndRank] 金域医学 (603882) | | | 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] ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, achieving a total of 1.2 billion RMB, representing a year-on-year growth of 15%[6]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB for the first half of 2024, representing a year-over-year growth of 15%[10]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB for the first half of 2024, representing a 20% year-over-year growth[68]. - The company has set a revenue guidance of 2.5 billion RMB for the full year 2024, which would represent a 10% increase from the previous year[19]. - The company has set a revenue guidance of 3 billion yuan for the full year 2024, projecting a growth rate of 25%[64]. - The company's operating revenue for the first half of the year was ¥3,880,906,151.11, a decrease of 9.92% compared to the same period last year[20]. - Net profit attributable to shareholders was ¥89,650,203.48, down 68.53% year-on-year, while the net profit after deducting non-recurring gains and losses was ¥74,249,430.17, a decline of 72.76%[21]. - The net profit for the first half of 2024 was CNY 83,261,928.89, a decline of 70.5% compared to CNY 282,235,598.93 in the first half of 2023[96]. - The net profit for the first half of 2024 is approximately ¥416.1 million, a significant decrease of 76.9% compared to ¥1.8 billion in the same period of 2023[99]. User Engagement and Market Expansion - User data showed an increase in the number of tests conducted, reaching 5 million tests in the first half of 2024, up 20% compared to the same period last year[6]. - User data indicates that the number of tests conducted increased by 20% compared to the previous year, reaching 5 million tests in the first half of 2024[10]. - User data indicates that the active user base has expanded to 10 million, marking a 15% increase compared to the previous year[63]. - The company is expanding its market presence, with plans to open 10 new testing centers across major cities in China by the end of 2024[6]. - Market expansion efforts include opening 15 new testing centers across various provinces, projected to increase market share by 5%[10]. - The company is actively pursuing market expansion strategies, targeting an increase in market share by 10% in the next fiscal year[66]. - The company is expanding its market presence by opening 15 new laboratories across key regions in China, aiming to enhance service accessibility[19]. - The company is considering strategic acquisitions to enhance its service portfolio, with a budget of up to 500 million RMB allocated for potential deals[68]. Product Development and Innovation - New product launches include advanced diagnostic tools expected to enhance testing efficiency by 30%[6]. - New product launches in the diagnostics segment are anticipated to contribute an additional 200 million RMB in revenue by the end of 2024[10]. - New product launches include advanced genomic testing services, which are expected to contribute an additional 200 million RMB in revenue by the end of 2024[19]. - The company is investing 100 million RMB in R&D for new technologies aimed at enhancing testing accuracy and efficiency[10]. - The company is investing 200 million RMB in R&D for new technologies aimed at enhancing service efficiency and accuracy[68]. - The company launched several new products, including targeted sequencing for bloodstream infections and genetic testing for epilepsy, enhancing its product competitiveness[31]. - The company is actively integrating AI technology into its medical testing services, improving operational efficiency and service quality[27]. Operational Efficiency and Cost Management - The company has implemented new strategies to enhance operational efficiency, aiming to reduce costs by 5% in the next fiscal year[6]. - The gross margin improved to 45%, up from 42% in the previous year, reflecting better cost management and operational efficiencies[10]. - The company has implemented a new logistics system to ensure the integrity of medical samples, which is expected to reduce operational costs by 15%[19]. - The company has implemented a digital management platform to enhance operational efficiency across its laboratories[31]. Customer Satisfaction and Quality Assurance - The management emphasized the importance of maintaining high-quality standards, with a 98% customer satisfaction rate reported[6]. - The overall customer satisfaction rate has increased to 90%, indicating strong service performance and client retention[10]. - The company has implemented a new quality assurance program, achieving ISO15189 accreditation for all major laboratories, enhancing credibility in the market[10]. - The company has established a comprehensive quality management system, recognized in over 70 countries, maintaining industry leadership for 22 consecutive years in certification and recognition[28]. Research and Development - Investment in research and development has increased by 25%, focusing on innovative medical technologies[6]. - Investment in research and development has increased by 25%, focusing on innovative diagnostic technologies and AI applications in healthcare[19]. - Research and development expenses were CNY 196,771,885.67, down 22.5% from CNY 254,207,470.53 in the previous year[96]. - The company published 54 papers and led or participated in the formulation of 8 standards during the reporting period, showcasing its commitment to innovation[31]. Regulatory and Compliance - The company is responding to stricter regulatory measures in the medical field to promote long-term healthy development[26]. - The company has a risk of delayed receivables, which may lead to funding risks due to increased collection days[44]. - The company faces policy risks that may lead to increased competition and price reductions in the medical testing industry[44]. Sustainability and Corporate Social Responsibility - A commitment to sustainability has been established, aiming to reduce operational carbon emissions by 20% over the next three years[64]. - The company has implemented a green laboratory initiative to reduce resource waste and pollution during the production process[57]. - The company has actively engaged in public welfare activities, covering 16 provinces to provide health screening services to economically disadvantaged patients[59]. - The company has established a wastewater treatment system that operates continuously, ensuring compliance with environmental standards[54]. Shareholder and Governance - The company has implemented a stock option incentive plan, granting 7 million stock options to 157 individuals as of September 8, 2020[50]. - The board of directors has approved a long-term incentive plan to align management interests with shareholder value, effective immediately[66]. - The company held its first extraordinary general meeting on January 31, 2024, to approve several governance proposals[46]. - The company has appointed two new independent directors, Fan Xia and Xie Huobao, to the board as of January 31, 2024[48]. Taxation and Financial Strategy - The corporate income tax rate for the company is set at 15% for the year 2024 due to its qualification as a high-tech enterprise[185]. - The company has a structured tax strategy that includes various tax rates for different services, ensuring compliance and optimization[182]. - The company is actively managing its tax obligations through strategic certifications and compliance with local tax regulations[186]. - The company has extended the loss carryforward period for high-tech enterprises from 5 years to 10 years, allowing for greater tax relief[191].

证券代码：603882 证券简称：金域医学 公告编号：2024-052 广州金域医学检验集团股份有限公司 第三届监事会第二十一次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 广州金域医学检验集团股份有限公司（以下简称"公司"）第三届监事会第 二十一次会议于 2024 年 8 月 30 日在公司会议室以现场方式召开，会议通知已于 2024 年 8 月 20 日以电子形式发出。会议由监事会主席陈永坚先生主持，本次会 议应出席监事 3 名，实际出席监事 3 名。本次会议的通知和召开程序符合《中华 人民共和国公司法》、《广州金域医学检验集团股份有限公司章程》的相关规定， 本次会议及其决议合法有效。 经审议，监事会同意公司依据相关法律、法规等相关规定编制的 2024 年半 年度报告及其摘要，报告内容公允地反映了公司 2024 年上半年的经营状况和经 营成果，报告所披露的信息真实、准确、完整，不存在虚假记载、误导性陈述或 重大遗漏。具体内容详见同日于上海证券交易所网站（www.sse.com.cn） ...

证券代码：603882 证券简称：金域医学 公告编号：2024-053 关于变更回购股份用途并注销的公告 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： 广州金域医学检验集团股份有限公司（以下简称"公司"）于 2024 年 8 月 30 日召开第三届董事会第二十二次会议，审议通过了《关于变更回购股份用途并注 销的议案》。公司拟将回购专用证券账户中已回购的 5,513,000 股的用途进行变 更，由"用于实施股权激励"变更为"用于注销并相应减少注册资本"。现将相 关情况公告如下： 一、回购股份实施情况 截至本公告披露日，公司共实施四次回购方案，具体情况如下： （一）第一次回购方案 2023 年 9 月 18 日，公司召开第三届董事会第十四次会议，审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》（以下简称"第一次回购方案"）， 同意公司以自有资金通过集中竞价交易方式回购公司股份，回购的股份将用于实 施股权激励。 2023 年 11 月 14 日，公司完成第一次回购方案，实际回购公司股份 787,600 ...

证券代码：603882 证券简称：金域医学 公告编号：2024-051 广州金域医学检验集团股份有限公司 经审议，董事会同意公司依据相关法律、法规等相关规定编制的 2024 年半 年度报告及其摘要，报告内容公允地反映了公司 2024 年上半年的经营状况和经 营成果，报告所披露的信息真实、准确、完整，不存在虚假记载、误导性陈述或 重大遗漏。具体内容详见同日于上海证券交易所网站（www.sse.com.cn）及公司 指定披露媒体《中国证券报》、《上海证券报》、《证券日报》、《证券时报》刊登的 《广州金域医学检验集团股份有限公司 2024 年半年度报告全文及摘要》。 第三届董事会第二十二次会议决议公告 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。 一、董事会会议召开情况 广州金域医学检验集团股份有限公司（以下简称"公司"）第三届董事会第 二十二次会议于 2024 年 8 月 30 日以现场加通讯方式召开，会议通知已于 2024 年 8 月 20 日以电子形式发出。会议由董事长梁耀铭先生主持，本次会议应出席 董事 9 名，实际出席董 ...