| --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | 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 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 37.53 CNY per share, compared to the current price of 25.01 CNY [4][10]. Core Insights - The company is expected to report a significant decline in net profit for the first half of 2024, with estimates ranging from 80 million to 100 million CNY, representing a year-on-year decrease of 64.89% to 71.91% [2][3]. - The decline in profit is attributed to slower growth in routine testing demand and high fixed costs, leading to lower-than-expected economies of scale. The company's revenue for Q1 2023 was 1.841 billion CNY, down 13.05% year-on-year [2][3]. - The company anticipates a credit impairment loss of approximately 290 million CNY for the first half of 2024, primarily due to long collection cycles for accounts receivable [2][3]. - There is an expected improvement in profitability on a quarter-on-quarter basis, with a projected net profit of 98.64 million to 118.64 million CNY for Q2 2024, indicating a turnaround from a net loss of 18.64 million CNY in Q1 2024 [2][3]. - The company is expected to recover gradually as external conditions improve, supported by its strong market position and long-term profit potential. Forecasted net profits for 2024 to 2026 are 586 million, 822 million, and 1.044 billion CNY, respectively [2][3]. Financial Summary - Revenue for 2022 was 15.476 billion CNY, with a projected decline to 8.550 billion CNY in 2024, reflecting a growth rate of -44.8% [3][9]. - The company's EBITDA is expected to increase from 1.172 billion CNY in 2023 to 1.963 billion CNY by 2026 [3][9]. - The net profit margin is projected to decrease from 18.4% in 2022 to 6.7% in 2024, with a gradual recovery expected thereafter [9]. - The company's P/E ratio is forecasted to decrease from 45.59 in 2023 to 19.99 in 2024, indicating a potential valuation improvement [3][9].

证券代码：603882 证券简称：金域医学 公告编号：2024-050 广州金域医学检验集团股份有限公司 关于子公司向银行申请综合授信额度的公告 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。 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 7 月 10 日召开第三届董事会第二十一次会议，审议通过了《广州金域医学检验集团股份 有限公司关于子公司向银行申请综合授信额度的议案》。 一、子公司向银行申请综合授信额度情况 2 二、董事会意见 公司第三届董事会第二十一次会议以 9 票赞成，0 票反对，0 票弃权，审议 通过了《广州金域医学检验集团股份有限公司关于子公司向银行申请综合授信额 度的议案》。董事会认为本次申请综合授信主要是为了满足公司及子公司的日常 经营需要，公司及子公司经营情况良好，财务风险可控，上述行为不存在损害上 市公司和股东的利益的情形。 1 特此公告！ 广州金域医学检验集团股份有限公司董事会 2024 年 7 月 11 日 为满足公司发展的资金需求，子公司四川金域医学检验中心有限公司计划向 中国 ...

Financial Performance - The company expects a net profit attributable to shareholders for the first half of 2024 to be between 80 million and 100 million yuan, a decrease of 18.48435 million to 20.48435 million yuan compared to the same period last year, representing a year-on-year decline of 64.89% to 71.91%[2] - The expected net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between 65 million and 85 million yuan, down by 18.75746 million to 20.75746 million yuan year-on-year, reflecting a decline of 68.82% to 76.15%[2] - The total profit for the same period last year was 325.9291 million yuan, with a net profit attributable to shareholders of 284.8435 million yuan[4] - The basic earnings per share for the same period last year was 0.61 yuan[4] Reasons for Profit Reduction - The main reasons for the profit reduction include slower-than-expected growth in routine testing demand, high fixed cost investments, and significant credit impairment losses estimated at approximately 290 million yuan for the first half of 2024[5] Earnings Forecast - The company does not foresee any major uncertainties affecting the accuracy of this earnings forecast[6] - The forecast data is preliminary and subject to change, with the final financial data to be disclosed in the official half-year report[6]

证券代码：603882 证券简称：金域医学 公告编号：2024-048 广州金域医学检验集团股份有限公司 关于股东部分股份质押的公告 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: 公司股东圣域钫为梁耀铭先生控制的合伙企业，直接持有公司无限售流通 股股份 21,000,000 股，占公司总股本的 4.48%。本次质押股份 8,580,000 股， 占圣域钫直接持有公司股份数的 40.86%，占公司总股本的 1.83%。 本次股份质押后，公司控股股东、实际控制人梁耀铭先生及其一致行动人 严婷女士、曾湛文先生以及梁耀铭先生控制的圣域钫、鑫镘域、圣铂域及锐致 累计质押 31,130,000 股，占其持有公司股份总数的 18.87%，占公司总股本的 6.64%。 一、上市公司股份质押 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 6 月 24 日获悉广州市圣域钫投资咨询合伙企业（有限合伙）（以下简称"圣域钫"）所持 有本公司的部分股份被质押。具体事项如下： 公司将密切关注相关质押事项的进展，并按 ...

北京市中伦律师事务所 法律意见书 二〇二四年五月 北京市朝阳区金和东路 20 号院正大中心 3 号南塔 22-31 层 邮编：100020 22-31/F, South Tower of CP Center, 20 Jin He East Avenue, Chaoyang District, Beijing l00020, P.R. China 电话/Tel : +86 10 5957 2288 传真/Fax : +86 10 6568 1022/1838 www.zhonglun.com 北京市中伦律师事务所 关于广州金域医学检验集团股份有限公司 2023 年度利润分配涉及的差异化权益分派事项的 法律意见书 致：广州金域医学检验集团股份有限公司 关于广州金域医学检验集团股份有限公司 2023 年度利润分配涉及的差异化权益分派事项的 北京市中伦律师事务所（以下简称"本所"）作为广州金域医学检验集团股 份有限公司（以下简称"公司"）的常年法律顾问，受公司委托，现就公司 2023 年度利润分配涉及的差异化权益分派事项（以下简称"本次差异化权益分派"） 出具本法律意见书。 本所根据《中华人民共和国公司法》（以下简称 ...