Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company's revenue for 2024 reached 1.378 billion yuan, a year-on-year increase of 7.15%, while the net profit attributable to the parent company was -18 million yuan, a year-on-year increase of 74.5% [1][2]. - The growth in revenue is driven by the successful launch of new life science products and the expansion into overseas markets, while the profit growth outpaced revenue growth mainly due to a decrease in asset impairment losses [2][3]. - The company is actively pursuing a strategic transformation focusing on downstream major products, with successful advancements in respiratory, Alzheimer's disease blood testing, and GLP-1 businesses, which opens up long-term growth potential [1][3]. Financial Performance Summary - In 2024, the life sciences segment achieved a revenue growth of approximately 19%, with overseas revenue reaching 101 million yuan, a year-on-year increase of about 122% [3]. - The gross profit margin for 2024 was 69.97%, with a slight decrease of 1.08 percentage points year-on-year [2]. - The company expects revenues of 1.517 billion, 1.742 billion, and 2.011 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 10.1%, 14.8%, and 15.4% [4][5]. Business Segment Insights - The overseas business significantly contributed to growth, with a gross margin of 81%, which is higher than the domestic market [3]. - The company has strategically focused on major downstream products, achieving certifications for several respiratory products and making progress in the commercialization of the GLP-1 business [3]. Earnings Forecast - The forecast for net profit attributable to the parent company for 2025, 2026, and 2027 is 97 million, 121 million, and 151 million yuan, respectively, with substantial growth expected in 2025 at 634.1% year-on-year [4][5].

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 17 年 月 日 诺唯赞（688105.SH） 生科海外业务表现亮眼，聚焦下游大单品打开成长天花板 诺唯赞发布 2024 年年度报告。2024 年实现营业收入 13.78 亿元，同比 增长 7.15%；归母净利润-1809 万元，同比增长 74.50%；扣非后归母净 利润-8322 万元，同比增长 56.82%。分季度看，2024Q4 实现营业收入 3.92 亿元，同比下滑 5.93%；归母净利润-3625 万元，同比下滑 767.24%； 扣非后归母净利润-5340 万元，同比增长 0.02%。 观点：生命科学新产品上量+海外市场开拓驱动收入端稳健增长，利润端 增速好于收入端主要系资产减值损失下降所致。公司积极推进战略转型， 向下游大单品拓展，呼吸道、AD 血检、GLP-1 业务推进顺利，打开长期 成长空间。 2024 年收入端稳健增长，利润端增速好于收入端主要系资产减值损失下 降所致。2024 年公司生命科学板块新产品线业务、国际业务快速增长，驱 动收入端稳健增长。利润端表现好于收入端，主要系通过多项举措加强采 购、生产、库存等多环 ...

Investment Rating - The report does not explicitly state an investment rating for the synthetic biology industry Core Insights - The synthetic biology sector is experiencing a global technological revolution, providing innovative solutions to major challenges such as health, climate change, and food security, as highlighted by the National Development and Reform Commission's "14th Five-Year Plan for Bioeconomic Development" [4] - The Huazhong Securities synthetic biology index, which includes 58 companies across various sectors, has seen a decline of 9.66% recently, underperforming compared to the Shanghai Composite Index [5][17] Industry Market Dynamics - The synthetic biology sector's stocks have performed poorly recently, with a 9.66% drop, ranking 32nd among sectors [17] - The top five gainers in the synthetic biology sector include: - Novozymes (+27%) - Shandong Heda (+10%) - Yaxiang Co. (+10%) - Pro Pharma (+3%) - Huafeng Chemical (+2%) [18] - The top five losers include: - Xinri Hengli (-18%) - Kasei Biotech (-12%) - Yabao Chemical (-9%) - Berry Genomics (-7%) - Weilan Bio (-6%) [22] Company Business Developments - Anhui Pucan has launched the world's largest CO₂-based polycarbonate production facility, with an annual capacity of 50,000 tons, expected to generate sales of 1.5 billion yuan [23] - Huafeng Chemical plans to acquire two subsidiaries to integrate its polyurethane supply chain, with projected revenues exceeding 6.4 billion yuan in 2024 [23] - Tianchen Company signed a contract for a 100,000 tons/year bioethanol project in Egypt, marking its first venture into the North African market [24] - Kosemet announced a partnership with Shanghai Xinhai Biotechnology to develop bio-synthesized retinol for skincare products [25] Industry Financing Tracking - The synthetic biology sector has seen accelerated financing, with nearly 100 companies completing new funding rounds since the beginning of 2025 [28] - Zhongsheng Suyuan Biotechnology completed a B round financing of 235 million yuan, focusing on iPSC-derived cell therapies [28] - Korean company INTAKE raised approximately 9.2 million USD in a C round financing to develop precision fermentation proteins [29] Company R&D Directions - Jinbo Biotech received approval for its recombinant type III human collagen injection product, marking a breakthrough in high-end medical aesthetics [31] - CellX's mushroom protein received FDA GRAS certification, allowing it to enter the U.S. market [31] - MycoTechnology's truffle sweet protein product received FEMA GRAS certification, showcasing advancements in natural flavoring solutions [32] - Nourish Ingredients and Cabio Biotech successfully commercialized a precision fermentation fat product, enhancing the flavor of plant-based products [34]

Investment Rating - The report does not explicitly state an investment rating for the synthetic biology industry Core Insights - The synthetic biology sector is experiencing a global revolution, integrating into economic and social development to address major challenges such as health, climate change, and food security. The National Development and Reform Commission has issued the "14th Five-Year Plan for Bioeconomic Development," indicating a trillion-yuan market potential in the bioeconomy [4] Industry Market Dynamics - The synthetic biology index decreased by 9.66% to 1437.31 during the week of April 5-11, 2025, underperforming compared to the Shanghai Composite Index, which fell by 1.62%, and the ChiNext Index, which dropped by 4.21% [5][17] - The top five performing companies in the synthetic biology sector during this period were: - Novozymes (+27%) - Shandong Heda (+10%) - Yaxing Co. (+10%) - Pro Pharma (+3%) - Huafeng Chemical (+2%) [18] - The bottom five performing companies were: - Xinri Hengli (-18%) - Kasei Biotech (-12%) - Yaborn Chemical (-9%) - Berry Genomics (-7%) - Blue Biological (-6%) [22] Company Business Developments - Anhui Pucan launched the world's largest CO₂-based polycarbonate production facility, with an annual capacity of 50,000 tons, expected to generate sales of 1.5 billion yuan [23] - Huafeng Chemical plans to acquire two subsidiaries to integrate the polyurethane supply chain, with projected combined revenue exceeding 6.4 billion yuan in 2024 [23] - Tianchen Company signed a contract for a 100,000 tons/year bioethanol project in Egypt, marking its first venture into the North African market [24] Industry Financing Tracking - Synthetic biology companies are accelerating financing, with nearly 100 firms completing new rounds of funding since the beginning of 2025. Zhongsheng Suyuan Biotechnology raised 235 million yuan in its B round, focusing on iPSC-derived cell therapies [28][29] Company R&D Directions - Jinbo Biotech received approval for its recombinant type III human collagen injection product, marking a breakthrough in high-end medical aesthetics [31] - CellX's mushroom mycelium protein received FDA GRAS certification, allowing entry into the U.S. market [31] - MycoTechnology's truffle sweet protein ClearHT received FEMA GRAS certification, showcasing advancements in natural flavoring and health foods [32]

序号股票简称PE(TTM)PE(静)市净率总市值(元)3诺唯赞-558.56-558.562.56101.06亿行业平均 46.4449.384.75102.60亿行业中值30.3929.672.3746.63亿1天益医疗-2730.40-2730.401.7120.31亿2硕世生 物-1866.14-1866.141.1738.55亿4博晖创新-352.86-217.263.8954.16亿5康泰医学-269.6131.632.7552.44亿6 华大基因-201.20220.082.08204.46亿7奥精医疗-110.28-110.281.4119.98亿8睿昂基因-81.33-81.331.2611.76 亿9热景生物-62.30-62.303.43111.65亿10华大智造-53.01-53.013.98317.59亿11中红医疗-49.41- 33.620.7843.99亿 来源：金融界 南京诺唯赞生物科技股份有限公司的主营业务是围绕酶、抗原、抗体等功能性蛋白及高分子有机材料进 行技术研发和产品开发。公司的主要产品是生物试剂、诊断试剂、仪器设备、技术服务、耗材等材料。 最新一期业绩显示，2024年 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.59 CNY [3][6]. Core Insights - The company is experiencing pressure on profitability, but its overseas business is growing rapidly. The revenue for 2024 is projected to be 1.378 billion CNY, reflecting a year-on-year growth of 7.1% [2][9]. - The company has narrowed its losses significantly, with a net profit attributable to the parent company of -0.18 billion CNY in 2024, a reduction of 74.5% compared to the previous year [9]. - The company is actively expanding its overseas market presence, achieving a 121.85% increase in overseas revenue, amounting to 1.01 billion CNY [9]. Financial Performance Summary - Revenue for 2023 was 1.286 billion CNY, with a projected increase to 1.802 billion CNY in 2025, representing a growth rate of 30.8% [5][11]. - The gross profit margin is expected to improve from 69.9% in 2024 to 76.4% in 2025 [5][11]. - The net profit margin is projected to turn positive by 2025, reaching 8.6% [5][11]. - The company’s earnings per share (EPS) are forecasted to recover from -0.05 CNY in 2024 to 0.39 CNY in 2025 [5][11].

Group 1: Key Points on Kede CNC - Kede CNC's core technology and component procurement do not involve U.S. origin goods, resulting in minimal impact from tariffs [1] - The company focuses on independent research and development of key functional components, achieving self-control over five-axis CNC systems, servo drives, and motors [1] - Orders are driven by both repurchases of old models and the expansion of new products, with a 13% increase in traditional five-axis vertical machining center orders and a 40% repurchase rate for machine tool products [1] - The five-axis horizontal machining centers and five-axis horizontal milling-turning composite machining centers have diverse specifications suitable for processing complex structural parts, significantly enhancing processing efficiency and precision [1] - The blade tip grinding products contribute to increasing the localization rate of aircraft engines, promoting the rapid and high-quality development of core technologies in the aviation industry [1] Group 2: Key Points on Novogene - Novogene's overseas conventional business revenue for 2024 has exceeded 100 million yuan, accounting for 7.4% of total revenue, with significant domestic client supply chain import substitution opportunities expected to drive growth [2] - Import enterprises hold over 50% market share in research and diagnostic clients, with even higher shares in pharmaceutical companies, indicating strong domestic replacement potential [2] - The domestic gross margin has declined due to intensified competition and product structure adjustments, although the sales proportion of new product categories is increasing, with some products maintaining good gross margins [2] - Novogene collaborates comprehensively with BGI in areas such as gene sequencing and D detection, with potential for deeper cooperation in Alzheimer's disease testing in the future [2]

华夏时报（www.chinatimes.net.cn）记者 夏高琴 南京报道 曾借新冠检测试剂实现业绩爆发的生物科技企业诺唯赞（688105.SH），正试图以"半价补贴"的策略抢占进口替代 市场。 4月10日起至4月30日，诺唯赞对新用户首次下单给予产品直降50%优惠。4月11日晚间诺唯赞披露的投资者关系活 动记录中，该司董事长、总经理曹林强调："在这一轮浪潮中，考虑到成本和供应链安全，客户国产替代的主动性 意愿会更强，在这样的外部大环境下，我们进行进口替代的势能大幅增长。" 此番表态背后，是实验室进口仪器设备及试剂耗材因关税导致采购成本及供应链稳定性大打折扣的现实的倒逼。 然而，回到企业本身，其最新披露的2024年年报也暴露多重隐忧。尽管诺唯赞2024年营收微增7.15%至13.78亿 元，其归母净利润仍亏损1809.38万元，经营活动现金流缺口扩大至968万元。在同行业可比企业研发投入普遍维 持增长的态势下，诺唯赞研发费用连续两年下滑，薪酬结构发生分化，高管团队薪酬大幅增加，部分高管薪酬同 比增长超90%，研发人员整体薪酬却在人数增长前提下不升反降。 全线产品降价50% "诺唯赞目前主要有几个客户群，包括 ...

诺唯赞 20250410 2025-04-11 摘要 • 诺唯赞 2024 年生命科学业务营收达 10.3 亿元，国内收入增长 12%，海 外收入激增 122%，整体增长 19%，生物试剂出货量增长超 50%，海外 市场毛利率高达 81%，仪器设备毛利率接近 90%。 • 生物医药业务营收 1.8 亿元，虽技术服务下滑 30%，但 GLP-1 商业化进 展显著，一季度销售额近 5,000 万元，与多家头部客户建立稳定关系，预 示未来增长潜力。 • 诊断业务销售额同比下降 30%至 1.66 亿元，主要因收缩常规 POCT 产品 线，集中资源于呼吸道及 AD 领域，与迈瑞合作落地呼吸道产品商业化， AD 领域完成取证及初步商业化。 • 公司 2024 年归母净利润亏损 1,800 万元，同比减亏 5,000 万元，扣除股 份支付影响后经营性净利润略微盈利，通过控制费用、聚焦研发核心项目 提升运营效率。 • 2024 年生命科学板块净利润约 1.8 亿元，诊断业务亏损 1.2 亿元，主要 因 AD 试剂和仪器研发投入，微流控业务因尚未商业化，研发投入近 6,000 万元。 诺唯赞在生命科学业务方面取得了哪些具体成 ...

Core Viewpoint - In 2024, Novogene achieved a revenue of 1.378 billion RMB, marking a year-on-year growth of 7.15%, while the net profit attributable to the parent company was a loss of 18.09 million RMB, which represents a reduction in losses by 52.86 million RMB compared to the previous year [1][2]. Financial Performance - The total revenue for 2024 was 1,377,898,264.65 RMB, up 7.15% from 1,285,988,243.93 RMB in 2023 [2]. - The net profit attributable to the parent company was -18,093,809.99 RMB, an improvement from -70,956,239.35 RMB in 2023 [2]. - The net profit after deducting non-recurring gains and losses was -83,215,469.70 RMB, compared to -192,739,350.74 RMB in the previous year, indicating a reduction in losses by 110 million RMB [2]. Cash Flow and Assets - The net cash flow from operating activities was -9,681,648.68 RMB, a significant decline of 106.33% from 152,987,968.81 RMB in 2023 [2]. - Total assets decreased by 12.14% to 5,048,663,079.32 RMB from 5,746,172,538.46 RMB in 2023 [2]. Executive Compensation - The total compensation for current and former directors, supervisors, and core technical personnel in 2024 was 10.6682 million RMB, an increase of 20.66% from 8.8418 million RMB in 2023 [2]. - The chairman and general manager, Cao Lin, received a salary of 1.3982 million RMB, reflecting a year-on-year increase of 91.56% [3]. - Other executives also saw significant salary increases, with the vice president Zhang Lijun's salary rising by 97.4% to 1.3291 million RMB [3].