Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The implementation of fertility policies and asset restructuring is expected to strengthen the company's R&D capabilities [3] - The company plans to acquire 65% of Ouyi Biological, which is anticipated to enhance its foundational research strength in synthetic biology [7] - Revenue for Q1-Q3 2024 reached 387 million, a year-on-year increase of 19.2%, while net profit attributable to the parent company increased by 38.9% and 59.7% for the non-deducted and deducted cases respectively [3] Financial Performance Summary - For Q3 2024, revenue was 126 million, a slight increase of 0.2% year-on-year, but net profit attributable to the parent company decreased by 37.4% and 31.2% for the non-deducted and deducted cases respectively [3] - The company has adjusted its net profit forecasts for 2024-2026 to 124 million, 154 million, and 194 million respectively, with corresponding EPS forecasts of 0.74, 0.92, and 1.15 [3] - The current stock price corresponds to PE ratios of 28.4, 22.8, and 18.2 for the years 2024, 2025, and 2026 respectively [3] Market and Business Outlook - Domestic demand for milk powder is expected to improve in the medium to long term due to the implementation of fertility policies [7] - The international market is anticipated to recover in Q4 2024, with order rhythms returning to normal [7] - The company is facing challenges in international business due to shipping factors, but long-term growth is expected post the expiration of patents held by competitors [5][6]

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.10.29 ——嘉必优 2024 年三季报点评 [table_Authors]訾猛(分析师) 021-38676442 zimeng@gtjas.com 登记编号S0880513120002 | --- | --- | |----------------------|--------------------| | | | | 闫清徽 ( 分析师 ) | 陈力宇 ( 分析师 ) | | 021-38031651 | 021-38677618 | | yanqinghui@gtjas.com | chenliyu@gtjas.com | | S0880522120004 | S0880522090005 | 收入结构致毛利率承压，拟收购欧易生物 嘉必优(688089) 家庭及个人用品 [Table_Industry] /必需消费 | --- | --- | --- | |--------------- ...

证券代码：688089 证券简称：嘉必优 公告编号：2024-037 嘉必优生物技术（武汉）股份有限公司 一、停牌原因及工作安排 关于筹划重大资产重组的停牌公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 证券停复牌情况：适用 因筹划重大资产重组事项,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | | 停牌起始 | | 停牌期 | 停牌终 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 日 | | 间 | 止日 | | | 688089 | 嘉必优 | A 股 | 停牌 | 2024年10 | | | | | | | | | | 月 29 | 日 | | | | 嘉必优生物技术（武汉）股份有限公司（以下简称"公司"、"本公司"）正在 筹划以发行股份及支付现金方式购买上海欧易生物医学科技有限公司（以下简称 "欧易"或"交易标的"）控制权，同时拟募集配套资金（以下简称"本次交 ...

Financial Performance - The company's revenue for Q3 2024 was ¥126,315,510.03, representing a year-over-year increase of 0.20%[2] - The net profit attributable to shareholders for Q3 2024 was ¥16,001,222.04, a decrease of 37.42% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was ¥12,555,040.31, down 31.24% year-over-year[2] - Basic earnings per share for Q3 2024 were ¥0.10, a decrease of 33.33% year-over-year[2] - The net profit attributable to shareholders for the year-to-date period increased by 38.86% compared to the same period last year, driven by higher revenue[6] - Net profit attributable to shareholders of the parent company was CNY 83,890,213.15, compared to CNY 60,414,285.96 in the previous year, marking an increase of 38.7%[17] - The company’s total comprehensive income for the period was CNY 81,174,237.89, compared to CNY 57,112,887.27 in the same period last year, an increase of 42.2%[19] Research and Development - The total R&D investment for Q3 2024 was ¥12,411,114.41, an increase of 19.61% compared to the same period last year, accounting for 9.83% of revenue[3] - Research and development expenses increased to CNY 34,296,787.91, compared to CNY 28,210,281.12, representing a growth of 21.6%[16] - Research and development expenses increased to ¥29,138,534.05 in the first three quarters of 2024, compared to ¥24,260,199.05 in the same period of 2023, reflecting a 20% increase[27] Assets and Liabilities - The company's total assets as of the end of Q3 2024 were ¥1,664,593,510.41, reflecting a 3.30% increase from the end of the previous year[3] - The company's total current assets amount to 672,288,659.48 RMB, a decrease from 708,777,769.17 RMB in the previous period[13] - Non-current assets total 992,304,850.93 RMB, compared to 902,714,862.84 RMB previously, showing an increase of approximately 9.93%[13] - Total liabilities increased to CNY 123,189,945.80 from CNY 117,601,481.29, indicating a rise of 4.5%[15] - The total liabilities of the company amounted to ¥184,245,091.24, an increase from ¥170,821,631.13 in the previous year[26] - The company's total equity reached ¥1,557,366,961.56, up from ¥1,503,874,633.61 in the previous year, indicating a growth of approximately 3.6%[26] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥105,805,187.55, a significant increase of 320.30% compared to the same period last year[6] - Operating cash inflow for the first three quarters of 2024 reached CNY 456.46 million, a 26.67% increase from CNY 360.42 million in the same period of 2023[21] - The net cash flow from operating activities for the first three quarters of 2024 was ¥106,241,108.31, significantly higher than ¥20,021,419.84 in the same period of 2023[30] - Cash flow from financing activities resulted in a net outflow of CNY 28.06 million, an improvement from a net outflow of CNY 42.10 million in the same period last year[23] Shareholder Information - Total number of common shareholders at the end of the reporting period is 7,578[9] - The largest shareholder, Wuhan Xiwang Biological Engineering Co., Ltd., holds 74,340,000 shares, accounting for 44.17% of total shares[9] - The company has not reported any significant changes in shareholder relationships or agreements among the top shareholders[10] Operational Insights - There are no applicable reminders for investors regarding the company's operational situation during the reporting period[11] - The company reported non-recurring gains of ¥3,446,181.72 for Q3 2024, with total non-recurring gains for the year-to-date period amounting to ¥18,328,079.96[5] - The company reported a decrease in other comprehensive income, with a net amount of CNY 12,019.08 compared to a loss of CNY 14,131.82 in the previous year[19] - The company recorded a significant increase in other income, which rose to ¥8,762,039.67 from ¥2,906,263.86 in the previous year[27]

| 回购方案首次披露日 | 年 月 日 2024 28 | 8 | | --- | --- | --- | | 回购方案实施期限 | 董事会审议通过后 12 个月内 | | | 预计回购金额 | 1,500 万元-3,000 万元（含） | | | 回购用途 | □减少注册资本 | | | | 用于员工持股计划或股权激励 □用于转换公司可转债 | | | | □为维护公司价值及股东权益 | | | 累计已回购股数 | 万股 0 | | | 累计已回购股数占总股本比例 | 0% | | | 累计已回购金额 | 万元 0 | | | 实际回购价格区间 | 0 元/股~0 元/股 | | 重要内容提示： 一、回购股份的基本情况 关于以集中竞价交易方式回购公司股份的进展公告 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、准确性和完整性依法承担法律责任。 证券代码：688089 证券简称：嘉必优 公告编号：2024-035 嘉必优生物技术（武汉）股份有限公司 2024 年 8 月 27 日，公司召开第三届董事会第二十一次会议，审议通过了《关 于以集中竞价交易方式 ...

嘉必优（688089.SH） 海外市场贡献 1H24 业绩增量，ARA 增长势头较为强劲 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|------------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（首次评级） | | | 营业收入（百万元） | 433 | 444 | 571 | 712 | 868 | 股票信息 | | | 增长率 yoy （ % ） | 23.4 | 2.4 | 28.7 | 24.6 | 22.0 | | | | 归母净利润（百万元） | 64 | 91 | 136 | 165 | 206 | 行业 | 食品饮料 | | 增长率 yoy （ % ） | -49.9 | 41.9 | 49.1 | 20.9 | 25. ...

证券代码：688089 证券简称：嘉必优 公告编号：2024-033 嘉必优生物技术（武汉）股份有限公司 关于参加 2024 年半年度生物制品专场集体业绩说明会的公告 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： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络文字互动 投资者可于 2024 年 9 月 17 日(星期二)16:00 前通过邮件形式将需要了解 和关注的问题提前发送至公司邮箱 zqb@cabio.cn。公司将在说明会上对投资者普 遍关注的问题进行回答。 嘉必优生物技术（武汉）股份有限公司(以下简称"公司")已于 2024 年 8 月 28 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 2024 年半年度经营成果、财务状况，公司计划于 2024 年 9 月 18 日 14:00-16:00 参加由上海证券交易所主办的 2024 年半年度生物制品专场集体业绩说明会，就 投资者关心的问题进行交流。 一、说明会类型 本次投资者 ...

证券代码：688089 证券简称：嘉必优 公告编号：2024-034 嘉必优生物技术（武汉）股份有限公司 关于以集中竞价交易方式回购公司股份的回购报告书 相关股东是否存在减持计划 经问询，公司董监高、控股股东、实际控制人及其一致行动人、回购提议人、 持股 5%以上股东在未来 3 个月、未来 6 个月暂无减持公司股份的计划。若上述 人员未来拟实施股份减持计划，公司将按相关规定及时履行信息披露义务。 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、准确性和完整性依法承担法律责任。 重要内容提示： 嘉必优生物技术（武汉）股份有限公司（以下简称"公司"）拟以集中竞价 交易方式回购部分公司已发行的人民币普通股（A 股），主要内容如下： 1、拟回购股份的用途：本次回购的股份拟在未来适宜时机用于实施股权激 励计划，并在股份回购实施结果暨股份变动公告日后三年内予以转让；若公司未 能在本次股份回购实施结果暨股份变动公告日后三年内转让完毕，尚未转让的回 购股份将予以注销。如国家对相关政策作调整，则按调整后的政策施行； 2、回购股份的资金总额：本次回购的资金总额不低于人民币 1 ...

证券代码：688089 证券简称：嘉必优 公告编号：2024-032 嘉必优生物技术（武汉）股份有限公司(以下简称"公司")于 2024 年 8 月 27 日召开了第三届董事会第二十一次会议，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》。具体内容详见公司于 2024 年 8 月 28 日在上海 证券交易所网站(www.sse.com.cn)披露的《嘉必优生物技术（武汉）股份有限公司 第三届董事会第二十一次会议决议公告》（公告编号：2024-028）、《嘉必优生物技 术（武汉）股份有限公司关于以集中竞价交易方式回购公司股份方案的公告》（公 告编号：2024-031）。 嘉必优生物技术（武汉）股份有限公司 | 序号 | 股东名称 | 持股数量 （股） | 持股比例 （%） | | --- | --- | --- | --- | | 1 | 武汉烯王生物工程有限公司 | 74,340,000 | 44.17 | | 2 | 中国工商银行股份有限公司－前海开源 | 3,487,478 | 2.07 | | | 新经济灵活配置混合型证券投资基金 | | | | 3 | 刘国永 | 2,547,503 | ...