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： 对公司当期业绩的影响：本次签订合同属于成都圣诺生物科技股份有限 公司（以下简称"公司"）全资子公司成都圣诺生物制药有限公司（以下简称"圣 诺制药"）日常经营行为，若合同顺利实施，将有利于提升公司的持续盈利能力， 对公司业务发展及经营业绩将产生积极的影响。 合同履行中的重大风险及重大不确定性： 合同双方均具有良好的履约能力，但在合同履行过程中，如遇外部宏观环境 重大变化、国家有关政策调整以及其他不可预见或不可抗力等因素，可能存在合 同无法如期或全面履行的风险。合同履行周期较长，可能存在原材料及人力成本 上升等因素造成毛利率下降的风险。 证券代码：688117 证券简称：圣诺生物 公告编号：2024-042 成都圣诺生物科技股份有限公司 关于全资子公司签订日常经营重大合同的公告 （二）合同对方当事人情况 公司将充分关注外部环境、市场与行业的变化，审慎决策，同时不断提高管 理水平、完善内部控制机制、强化风险管理，积极防范和应对上述风险。公司董 事会将积极关注该事项的 ...

Investment Rating - The report assigns a "Buy-B" rating for the company, indicating a positive outlook for its stock performance in the coming months [1]. Core Views - The company is positioned as a leading player in the peptide industry, with steady growth driven by the increasing demand for GLP-1 peptide raw materials. The report highlights the company's ongoing investment in research and development, as well as its expanding production capacity for peptide raw materials [1][3]. Summary by Sections Company Performance - In the first half of 2024, the company reported revenue of 199 million yuan, representing a year-on-year increase of 14.4%. The net profit attributable to shareholders was 22 million yuan, up 8.1%, while the net profit excluding non-recurring items surged by 106.6% to 19 million yuan. Operating cash flow also increased by 56.0% to 26 million yuan [1]. Market Data - As of September 10, 2024, the company's stock closed at 28.73 yuan, with a year-to-date high of 34.40 yuan and a low of 16.46 yuan. The company has three R&D products registered for approval and is actively working on 18 projects [1]. Financial Projections - The company expects its revenue to grow from 568 million yuan in 2024 to 854 million yuan in 2026, with year-on-year growth rates of 30.6%, 24.0%, and 21.2% respectively. Net profit is projected to increase from 101 million yuan in 2024 to 153 million yuan in 2026, with growth rates of 42.9%, 24.7%, and 22.3% respectively [3][4]. Valuation Metrics - The report provides various financial metrics, including a projected P/E ratio decreasing from 32.1 in 2024 to 21.0 in 2026, and a P/B ratio declining from 3.4 to 2.7 over the same period. The company's gross margin is expected to decrease slightly from 61.7% in 2024 to 60.3% in 2026 [3][6]. Research and Development - The company has significantly increased its R&D expenditure, which reached 24 million yuan in the first half of 2024, marking an 80.9% increase. This investment is aimed at developing new peptide formulations and expanding its product pipeline [1][4]. Market Expansion - The company is expanding its product offerings in various therapeutic areas, including digestion, immunity, oncology, diabetes, obstetrics, and aesthetic medicine. The demand for GLP-1 raw materials is expected to drive further growth in the company's raw material and domestic formulation businesses [1][3].

证券代码：688117 证券简称：圣诺生物 公告编号：2024-041 成都圣诺生物科技股份有限公司 关于签署境外《投资合作协议》的自愿性披露公告 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。 重要内容提示： 成都圣诺生物科技股份有限公司（以下简称"公司"）拟出资 3,000.00 万元人民币，认购东非坦桑尼亚联合共和国（以下简称"坦桑尼亚"）Africa Bio Chem Co.Ltd（以下简称"目标公司"）的 22.78%股权。 本次交易不构成关联交易，亦不构成《上市公司重大资产重组管理办法》 规定的重大资产重组。无需提交公司董事会、股东大会审议。 风险提示： 1、本次对外投资事项尚需获得中国境外投资主管机关、外汇管理机关等相 关政府机关的备案或审批，最终是否获批存在不确定性的风险。 2、目标公司所在地的法律法规、商业和文化环境等与中国存在差异，未来 可能存在一定的人才、技术和管理方面的风险。 3、境外投资合作过程中可能面临宏观经济及行业政策变化、市场竞争等不 确定因素的影响，存在一定的市场风险、经营风险、管理风险等 ...

证券研究报告：医药生物 | 公司深度报告 2024 年 8 月 30 日 公司基本情况 总股本/流通股本（亿股）1.12 / 1.12 总市值/流通市值（亿元）33 / 33 52 周内最高/最低价 32.68 / 17.70 资产负债率(%) 33.1% 市盈率 46.10 第一大股东 四川赛诺投资有限公司 股票投资评级 买入|首次覆盖 个股表现 -33% -27% -21% -15% -9% -3% 3% 9% 15% 21% 2023-08 2023-11 2024-01 2024-04 2024-06 2024-08 圣诺生物 医药生物 资料来源：聚源，中邮证券研究所 最新收盘价（元） 29.04 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 圣诺生物(688117) 深耕多肽二十余载，产能与订单有望进入加速爬坡 阶段 ⚫ 深耕多肽领域二十余载，产业链布局完善 公司是国内多肽类药物领先企业，主业包括药学研究和定制生产 服务，自主研发、生产和销售多肽类仿制药原料药和制剂产品，在多 肽行业国内外高景气度的背景下，公司自身多肽产 ...

大股东持股的基本情况 证券代码：688117 证券简称：圣诺生物 公告编号：2024-040 成都圣诺生物科技股份有限公司 关于持股 5%以上股东减持股份计划公告 本公司董事会、全体董事及相关股东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： 截止本公告披露日，成都圣诺生物科技股份有限公司（以下简称"公司"） 股东乐普（北京）医疗器械股份有限公司（以下简称"乐普医疗"）持有公司股 份 6,161,445 股，占公司总股本的 5.5013%。上述股份来源于公司首次公开发行 前取得的股份且已于 2022 年 6 月 6 日起上市流通。 减持计划的主要内容 公司于近日收到股东乐普医疗出具的《关于股东减持计划的告知函》,因股 东自身资金需求，乐普医疗拟通过集中竞价、大宗交易的方式减持其持有的公司 股份合计不超过 2,240,000 股，即不超过公司总股本的 2%。拟通过集中竞价方 式减持的部分，自本公告披露之日起 15 个交易日之后的 3 个月内进行, 且任意 连续 90 个自然日内减持的股份总数不超过公司股份总数的 1%；拟通过大宗 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1]. Core Views - The company is a pioneer in the peptide field with a comprehensive industry chain layout, capitalizing on the historical opportunity presented by GLP-1 [1]. - The global peptide market is expanding, particularly in weight loss and diabetes management, indicating significant potential for GLP-1 related peptide drugs [1]. - The company has a strong technical reserve and first-mover advantage in the research and production of GLP-1 series peptide drugs, with continuous growth in its API and CDMO businesses [1]. - The inclusion of multiple formulations in national procurement is expected to drive revenue growth through price-volume trade-offs [1]. - The company’s CDMO business is expected to grow steadily, supported by its core technical advantages and integrated R&D production capabilities [1]. Summary by Sections 1. Company Overview - The company has been focused on the peptide field for over 20 years, providing a range of services including API, formulations, and CDMO services [14]. - It has developed advanced core technologies and accumulated extensive R&D experience in peptide drug development and production [14]. 2. Financial Performance - The company’s revenue has shown steady growth, with a CAGR of 14.41% from 2017 to 2023, increasing from 1.94 billion to 4.35 billion [23]. - In the first half of 2024, the company achieved a revenue of 1.99 billion, representing a year-on-year increase of 14.44% [23]. 3. Market Potential - The GLP-1 peptide drug market is expected to grow significantly due to the expiration of patents for several major products, creating opportunities in the peptide generic drug market [1][14]. - The company has a well-established layout in the peptide drug field, with several products being the first generics in China [1][14]. 4. CDMO Business Growth - The CDMO segment has seen revenue growth from 0.50 billion in 2017 to 1.24 billion in 2023, indicating a robust demand for contract development and manufacturing services [1][23]. 5. Profitability Forecast - The company’s net profit is projected to reach 0.92 billion, 1.16 billion, and 1.51 billion for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 31X, 24X, and 19X [1][2].

民生证券股份有限公司 二、保荐机构和保荐代表人发现的问题及整改情况 | 序号 | 工作情况 | 持续督导情况 | | --- | --- | --- | | | 建立健全并有效执行持续督导工作制 度，并针对具体的持续督导工作制定相 | 保荐机构已建立健全并有效执行了持续督 | | 1 | | 导制度，并制定了相应的工作计划。 | | | 应的工作计划。 | | | | 根据中国证监会相关规定，在持续督导 | | | | 工作开始前，与上市公司或相关当事人 | 保荐机构已与公司签订《保荐协议》，该协 | | 2 | 签署持续督导协议，明确双方在持续督 | 议明确了双方在持续督导期间的权利和义 | | | 导期间的权利义务，并报上海证券交易 | 务，并报上海证券交易所备案。 | | | 所备案。 | | | | 通过日常沟通、定期回访、现场检查、 | 保荐机构通过日常沟通、定期或不定期回 | | 3 | 尽职调查等方式开展持续督导工作。 | 访、现场办公及走访等方式，对公司开展持 | | | | 续督导工作。 | | | 持续督导期间，按照有关规定对上市公 | | | | 司违法违规事项公开发表声明的，应于 | ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1]. Core Viewpoints - The company focuses on core technology development, creating a full industry chain platform for peptide CDMO, raw materials, and formulations. It has a strong management team with extensive industry experience and a stable core technical team [4][11]. - The peptide market is rapidly developing, with significant growth potential in both domestic and global markets. The company is well-positioned to benefit from this expansion [20][22]. - The company has a robust financial outlook, with projected net profits showing substantial growth over the next few years [6][34]. Summary by Sections Company Overview - The company, established in 2001, specializes in peptide synthesis and modification technologies, providing a range of services including research, production, and sales of peptide raw materials and formulations [4][11]. - The management team is experienced, with the chairman being one of the earliest experts in the peptide drug field, and the core team members have over 15 years of experience [15][19]. Market Performance - The global peptide drug market has shown a compound annual growth rate (CAGR) of 8.17% from 2010 to 2018, with expectations for a CAGR of 7.9% leading to a market size of $49.5 billion by 2027 [20][22]. - The domestic peptide market is expanding rapidly, with significant opportunities for growth driven by supportive policies for innovative drug development [22][24]. Financial Projections - Revenue is expected to grow from 435 million yuan in 2023 to 576 million yuan in 2024, representing a year-on-year growth of 32.5% [6]. - The projected net profits for 2024, 2025, and 2026 are 111 million yuan, 146 million yuan, and 184 million yuan, respectively, indicating growth rates of 58.1%, 31.6%, and 26.0% [6][34]. Business Segments - The company operates in three main segments: peptide CDMO, raw materials, and formulations, leveraging its technological advantages to provide high-quality services [4][11]. - The CDMO market for peptides is expected to grow significantly, with the company positioned to capture a share of this expanding market [27][30]. Competitive Landscape - The company ranks second in the number of peptide raw material registrations in China, indicating a strong competitive position in the domestic market [22][23]. - The peptide drug market is characterized by high barriers to entry, with significant growth potential, particularly in emerging markets [20][22].

· [Table_Title] 评级：买入（首次） 市场价格：23.89 元 [Table_Finance] 公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 395.72 435.02 563.39 732.99 968.79 增长率 yoy% 2.38% 9.93% 29.51% 30.10% 32.17% 净利润（百万元） 64.48 70.34 102.14 138.62 177.53 增长率 yoy% 5.28% 9.08% 45.21% 35.72% 28.07% 每股收益（元） 0.58 0.63 0.91 1.24 1.59 每股现金流量 0.85 0.76 1.00 0.44 0.43 净资产收益率 7.80% 7.99% 10.64% 12.62% 13.92% P/E 41.49 38.04 26.20 19.30 15.07 PEG 7.86 4.19 0.58 0.54 0.54 P/B 3.24 3.04 2.79 2.44 2.10 备注：截止 2024 年 8 月 7 日 分析师：祝嘉琦 执业证书编号：S074051904 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown steady growth in its main business of APIs and formulations, with expectations for new capacity release [2] - The company reported a revenue of 199 million yuan for 1H24, a year-on-year increase of 14.44%, and a net profit attributable to shareholders of 22 million yuan, up 8.14% year-on-year [2] - The company’s formulation sales increased by 48.27% year-on-year, primarily due to successful bids for injection growth hormone and atosiban in June 2023 [2] - The company has completed the main construction of several projects, including a production line for 395 kg of peptide APIs, which is expected to drive future performance growth [2] Financial Summary - The company is projected to achieve revenues of 599 million yuan, 783 million yuan, and 882 million yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 37.6%, 30.8%, and 12.6% [4][5] - The net profit attributable to shareholders is expected to reach 121 million yuan, 150 million yuan, and 184 million yuan for the same years, with growth rates of 71.4%, 24.6%, and 22.3% respectively [4][5] - The gross margin is projected to be 63.4% in 2024, decreasing slightly to 60.3% by 2026 [4][7] - The company’s return on equity (ROE) is expected to improve from 12.0% in 2024 to 13.7% in 2026 [4][7] Operational Highlights - The company has made significant progress in capacity construction, with new production capabilities expected to enhance growth opportunities [2] - The company has established a strong service advantage across the entire industry chain, with over 40 projects in peptide innovative drug CDMO services [2] - Two peptide innovative drugs have been approved for market, and one is in the production application stage, with 20 others in clinical trials [2]