证券研究报告 | 季报点评 gszqdatemark 2024 11 08 年 月 日 诺唯赞（688105.SH） 新品放量+海外拓展带动收入稳健增长，盈利能力不断提升 诺唯赞发布 2024 年三季度报告。2024Q1-Q3，实现营业收入 9.86 亿元， 同比增长 13.42%；归母净利润 1816 万元，同比增长 123.77%；扣非后归母 净利润-2982 万元，同比增长 78.60%。2024Q3，实现营业收入 3.37 亿元， 同比增长 12.87%；归母净利润 200 万元，同比下滑 57.55%；扣非后归母净 利润-1453 万元，同比增长 30.88%。 观点：新产品上量+海外市场开拓驱动收入端稳健增长，降本增效推动毛利率 提升。GLP-1 下游需求旺盛，带动生物医药板块高增，生命科学业务增长态 势良好，国际业务逐渐成为第二成长曲线。公司战略聚焦下游大单品，呼吸道 病原体、AD 血检、微流控产品进展顺利，打开长期增长空间。 Q3 收入端稳健增长，降本增效推动毛利率提升。随着新产品上量和海外市场 开拓，Q3 收入端实现稳健增长。2024Q3 毛利率为 69.97%（（同比+1.64pct）， ...

编号：2024-11-1 证券简称：诺唯赞 证券代码：688105 南京诺唯赞生物科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | |---------------------------------------------------------|------------------------------------------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

总理黄总就公司近期的一个经营和延期的一个发展做一个深入的交流那下面就先听公司领导就三级报的一个经营情况然后以及目前方面业务线的一个情况做一个介绍 好的首先还是非常感谢各位投资人的对公司的关心和关注然后也感谢各位全场老师的主持和平时的这个沟通交流工作那么今天主持还是我先给大家简单的介绍一下我们战地报的财务的和各板块的这个经营的情况然后后面由曹总对我们重点的几块业务近期的一些发展和今年以及未来几年的这个规划做一个介绍 那么首先2023年的Q3我们看到在整个的外部大环境没有发生太大的变化包括市场的需求 行业的竞争等变化Q3整体和Q2环比来看没有太大的变化那么Q3我们整体实现了营业收入3.37亿元那么相比去年同比增长大概在13%左右我们前三季度实现了营业收入9.86亿元那么同比增长也在接近14%左右的这样一个水平 那么我们的业务呢还是用三块业务三个板块来构成我们拆弯看一下可以更直观的了解一下我们各板块以及各客户群的一些变化情况那么首先在生命科学也是我们收入最最最大的这个这里面这个板块Q3我们实现了2.6亿元的这样的一个收入那么同意增长在14%左右当然Q3是深刻 放到全年来看因为七八月份是高校的这个暑假所以在全年里面环 ...

诺唯赞（688105.SH） 生物制品 证券研究报告/公司点评报告 2024 年 10 月 31 日 执业证书编号：S0740519040001 Email：zhujq@zts.com.cn 执业证书编号：S0740518010004 Email：xiemq@zts.com.cn 分析师：于佳喜 执业证书编号：S0740523080002 报告摘要 事件：公司发布 2024 年三季度报告，2024 年前三季度公司实现营业收入 9.86 亿元， 同比增长 13.42%，实现归母净利润 0.18 亿元，同比增长 123.77%；实现扣非归母净 利润-0.30 亿元，同比增长 78.60%。 分季度来看：2024 年单三季度公司实现营业收入 3.37 亿元，同比增长 12.87%，2024 年单三季度实现归母净利润 0.02 亿元，同比下降 57.55%；实现扣非归母净利润-0.15 亿元，同比增长 30.88%，得益于海外市场的快速突破以及国内多款新品的拉动，公 司单季度收入维持良好增速。 费用端：公司 2024 前三季度销售费用率 34.21%，同比下降 3.70pp；管理费用率 16.47%，同比下降 3.4 ...

Revenue and Profit - Revenue for the third quarter was RMB 336.64 million, a year-on-year increase of 12.87%[4] - Net profit attributable to shareholders of the listed company for the third quarter was RMB 1.997 million, a year-on-year decrease of 57.55%[4] - Total operating income for the first three quarters of 2024 was 985,911,100.96 yuan, an increase of 13.4% compared to 869,295,118.00 yuan in the same period of 2023[16] - Net profit for the first three quarters of 2024 was 17,011,556.32 yuan, a significant improvement from a net loss of 77,716,085.16 yuan in the same period of 2023[17] - Revenue for the first three quarters of 2024 reached 821.81 million yuan, a 15.2% increase compared to 713.40 million yuan in the same period of 2023[27] - Operating profit for the first three quarters of 2024 was 68.67 million yuan, a decrease of 18.2% from 83.95 million yuan in the same period of 2023[29] - Net profit for the first three quarters of 2024 was 74.18 million yuan, a 9.2% decrease compared to 81.69 million yuan in the same period of 2023[29] R&D and Expenses - R&D investment for the third quarter was RMB 72.02 million, a year-on-year decrease of 3.31%[4] - R&D expenses for the first three quarters of 2024 were 214,506,896.82 yuan, a 12.9% decrease from 246,376,539.96 yuan in the same period of 2023[16] - Total operating costs for the first three quarters of 2024 were 1,019,731,337.69 yuan, a 3.1% increase from 989,192,793.58 yuan in the same period of 2023[16] Assets and Liabilities - Total assets at the end of the reporting period were RMB 4.897 billion, a year-on-year decrease of 13.63%[4] - The company's monetary funds decreased significantly from 1,966,889,660.18 to 75,427,367.98[11] - Trading financial assets increased from 1,513,997,492.96 to 2,399,551,298.76[11] - Accounts receivable rose from 351,654,190.83 to 488,276,778.08[11] - Inventory increased from 346,248,153.48 to 375,570,547.45[11] - Total current assets decreased from 4,230,257,556.92 to 3,426,142,028.36[13] - Fixed assets decreased from 476,296,393.58 to 454,358,295.38[13] - Total non-current assets decreased from 1,515,914,981.54 to 1,471,335,988.35[13] - Short-term borrowings decreased from 1,133,961,526.05 to 456,776,139.73[13] - Accounts payable decreased from 146,816,201.02 to 83,306,770.71[13] - Total assets decreased from 5,746,172,538.46 to 4,897,478,016.71[13] - Total liabilities as of the end of the third quarter of 2024 were 959,428,364.16 yuan, a 44.1% decrease from 1,716,892,136.48 yuan at the end of the same period in 2023[15] - Total equity attributable to the parent company as of the end of the third quarter of 2024 was 3,939,299,368.85 yuan, a 2.2% decrease from 4,029,387,759.53 yuan at the end of the same period in 2023[15] - Total assets as of the end of the third quarter of 2024 were 4,897,478,016.71 yuan, a 14.8% decrease from 5,746,172,538.46 yuan at the end of the same period in 2023[15] - The company's monetary funds decreased to 42.70 million yuan from 1.83 billion yuan at the beginning of the period[23] - Accounts receivable increased to 553.41 million yuan from 410.52 million yuan at the beginning of the period[23] - Total assets decreased to 5.37 billion yuan from 5.72 billion yuan at the beginning of the period[25] - Short-term borrowings decreased to 456.78 million yuan from 876.79 million yuan at the beginning of the period[25] - Total liabilities decreased to 1.07 billion yuan from 1.38 billion yuan at the beginning of the period[26] - Shareholders' equity decreased to 4.30 billion yuan from 4.33 billion yuan at the beginning of the period[26] Cash Flow - The net cash flow from operating activities for the third quarter was negative RMB 25.74 million[4] - Cash received from sales of goods and services in the first three quarters of 2024 was 832,587,259.39 yuan, a 34.8% decrease from 1,277,346,901.36 yuan in the same period of 2023[19] - Cash flow from operating activities for the first three quarters of 2024 was 899,549,997.16 yuan, a 33.7% decrease from 1,356,086,403.17 yuan in the same period of 2023[19] - Net cash flow from operating activities was -99.99 million yuan, a decrease of 18.59 million yuan compared to the previous period[21] - Net cash flow from investing activities was 194.21 million yuan, compared to -909.43 million yuan in the previous period[21] - Net cash flow from financing activities was -867.58 million yuan, compared to 408.27 million yuan in the previous period[22] - Cash flow from operating activities for the first three quarters of 2024 was -294.83 million yuan, a significant decline from 262.48 million yuan in the same period of 2023[31] - Cash flow from investing activities for the first three quarters of 2024 was 222.95 million yuan, a notable improvement from -770.88 million yuan in the same period of 2023[31] - Cash flow from financing activities for the first three quarters of 2024 was -593.41 million yuan, compared to 163.99 million yuan in the same period of 2023[32] - The company's cash and cash equivalents at the end of the third quarter of 2024 were 42.69 million yuan, a sharp decrease from 762.60 million yuan at the end of the same period in 2023[32] Earnings Per Share and Shareholders - The company's basic earnings per share (EPS) for the third quarter was RMB 0.006, a year-on-year decrease of 42.41%[6] - The company's diluted earnings per share (EPS) for the third quarter was RMB 0.005, a year-on-year decrease of 46.10%[6] - The company's total number of ordinary shareholders at the end of the reporting period was 7,709[7] - Basic earnings per share for the first three quarters of 2024 were 0.05 yuan, compared to a loss per share of 0.19 yuan in the same period of 2023[18] - Basic earnings per share for the first three quarters of 2024 were 0.19 yuan, down from 0.20 yuan in the same period of 2023[30] Non-Recurring Items - The company's non-recurring gains and losses for the third quarter amounted to RMB 16.52 million[5] Return on Equity - The weighted average return on equity (ROE) for the third quarter was 0.05%, a decrease of 0.07 percentage points year-on-year[4]

[Table_Summary] [Table_Rank] 评级： 买入 [Table_Authors] 王斌 首席分析师 SAC 执证编号：S0110522030002 wangbin3@sczq.com.cn 电话：86-10-81152644 [Table_Chart] 市场指数走势（最近 1 年） -0.5 0 0.5 1 7-Sep19-Nov 31-Jan 13-Apr 25-Jun 6-Sep 诺唯赞 沪深300 资料来源：聚源数据 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 19.18 | | 一年内最高 / 最低价（元） | 41.39/17.48 | | 市盈率（当前） 市净率（当前） | 291.75 1.93 | | 总股本（亿股） | 4.00 | | 总市值（亿元） | 76.72 | | 资料来源：聚源数据 | | 相关研究 [Table_OtherReport] 诺唯赞：常规业务高速增长，创新和国 际化助力长期发 ...

常规上游业务拐点已现，ad 血检、glp-1 中间体业务带来新增长点 诺唯赞（688105）/医疗器械 证券研究报告/公司点评 2024 年 9 月 3 日 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

常规上游业务拐点已现，ad 血检、glp-1 中间体业务带来新增长点 诺唯赞（688105）/医疗器械 证券研究报告/公司点评 2024 年 9 月 3 日 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

2024 年 08 月 29 日 诺唯赞(688105.SH) 整体业绩显著改善，AD 系列诊断产品 有望迎来商业化 事件： 2024 年 8 月 28 日，公司发布 2024 年中期报告。2024 年上半年公 司实现营业收入 6.49 亿元，同比增长 13.70%；实现归母净利润 1,616 万元，同比扭亏为盈；实现扣非归母净利润-1,529 万元，亏损幅度收 窄。单季度来看，2024 年 Q2 公司实现营业收入 3.47 亿元，同比增 长 29.37%，环比 2024 年 Q1 增长 15.30%；实现归母净利润 1,094 万元，同比扭亏为盈；实现扣非归母净利润 66 万元，同比扭亏为盈。 整体业绩显著改善，各事业部经营稳健。 2024 年 H1 公司整体业绩显著改善：从收入端来看，根据公司官方公 众号披露，如果剔除去年同期新冠相关收入的影响，2024 年 H1 公司 常规业务收入同比增长约 21%；从利润端来看，2024 年 H1 公司已经 实现扭亏为盈，考虑到股权激励计划存在摊销费用，我们推测公司实 际实现的经营性利润可能更为可观。从组织架构来看，公司旗下各事 业部经营稳健。 1） 生命科学事业部： ...

公司代码：688105 公司简称：诺唯赞 南京诺唯赞生物科技股份有限公司 2024 年半年度报告 南京诺唯赞生物科技股份有限公司 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告"第三节 管理层讨论与分析"之"五、风险因素"中说明了可能对公司产 生重大不利影响的风险因素，敬请投资者注意投资风险。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人曹林、主管会计工作负责人毕文新及会计机构负责人（会计主管人员）沈凯声明： 保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、经营计划、发展战略等前瞻性陈述，不构成公司对投资者的 实质承诺，敬请投资者注意投资风险。 九、 是否存在被控股股东及其他关联方非经营 ...