Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved operating revenue of 435 million yuan in 2023, a year-on-year increase of 9.93%, and a net profit attributable to shareholders of 70.34 million yuan, up 9.08% year-on-year. In Q1 2024, the operating revenue reached 104 million yuan, growing by 27.65%, with a net profit of 16.47 million yuan, an increase of 17.38% year-on-year [4] - The company is optimistic about its long-term development, maintaining its profit forecast and adding a new profit forecast for 2026, expecting net profits attributable to shareholders to be 141 million yuan, 176 million yuan, and 211 million yuan for 2024, 2025, and 2026 respectively [4] - The company has successfully registered multiple peptide raw material products both domestically and internationally, and its peptide formulation products have been included in the national centralized procurement [5] Financial Performance Summary - In 2023, the formulation business generated revenue of 177 million yuan, a year-on-year increase of 31.22%. The raw material drug business generated revenue of 119 million yuan, a year-on-year decrease of 15.07% [5] - The company has mastered the large-scale production technology for 17 types of raw materials, with 13 types obtaining production licenses in China and 9 types receiving US DMF registration [5] - The financial forecast indicates that operating revenue is expected to reach 595 million yuan in 2024, with a year-on-year growth of 36.8%, and net profit attributable to shareholders is projected to be 141 million yuan, reflecting a growth of 100.4% [6]

华福证券 司 研 圣诺生物（688117.SH） 23 年报&24Q1 业绩点评：业绩稳健增长，期待 新产能落地带动业绩提速 投资要点： 事件：公司发布 2023 年度报告及 2024 年一季报 2023 年实现收入 4.4 亿，同比增长 9.9%，实现归母净利润 0.7 亿， 同比增长 9.1%，实现扣非归母净利润 0.6 亿，同比增长 6.4%； 2024 年 Q1 实现收入 1 亿，同比增长 27.7%，实现归母净利润 0.16 亿元，同比增长 17.4%，实现扣非归母净利润 0.15 亿元，同比增长 143.5%。 2023 年业绩稳健增长， 制剂+药学研究业务放量明显 2023 年公司收入 4.4 亿，其中制剂业务收入 1.8 亿，同比增长 31.2% ，原料药业务收入 1.2 亿，同比下降 15.1%，药学研究业务收入 0.9 亿元，同比增长 34.6%，定制生产业务收入 0.1 亿元，同比下降 13.2%，受托加工业务收入 0.3 亿元，同比增长 5.1%。 制剂业务增长来源于奥曲肽、阿托西班及生长抑素借助集采放量； 药学研究业务增长来源于达到收入确认条件的项目增加；原料药业务 下滑主要原因为比 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 30.68 RMB [14][20]. Core Insights - The company has adjusted its revenue forecasts for 2024 and 2025 upwards by 12% and 34% respectively, projecting revenues of 5.39 billion RMB and 6.87 billion RMB. The net profit attributable to the parent company is also revised up by 69% and 92% for the same years, reaching 1.2 billion RMB and 1.5 billion RMB respectively. The expected net profit for 2026 is 1.86 billion RMB, with year-on-year growth rates of 70%, 25%, and 24% for 2024, 2025, and 2026 respectively [20][28]. Financial Performance Summary - In 2023, the company reported a revenue of 4.35 billion RMB, a year-on-year increase of 9.93%. The net profit attributable to the parent company was 0.7 billion RMB, reflecting a growth of 9.08% [28]. - The first quarter of 2024 saw a revenue of 1.04 billion RMB, a 27.65% increase year-on-year, with net profits of 0.16 billion RMB, up 17.38% [28]. - The company has a comprehensive layout in the peptide sector, with significant growth potential in the global peptide market, projected to reach 79.5 billion USD in 2023 [28]. Business Development and R&D - The company has accelerated its production capacity expansion, with the main construction of new peptide production lines completed. The company also reported a 35.28% increase in R&D expenditure in 2023, amounting to 34.78 million RMB, which represents 8% of its revenue [28][30]. - The company has established a strong presence in the peptide CDMO sector, providing over 40 projects for new drug development and research institutions [28]. Market Position - The company has received production approvals for 17 self-developed peptide raw materials, with significant achievements in both domestic and international markets [28]. - The report highlights the company's first-mover advantage in the peptide field, supported by its comprehensive and integrated layout [28].

关于本报告 1 | 关于本报告 | 01 | | --- | --- | | 关于我们 | 03 | | 责任管理 | 06 | | 责任治理 稳健运营 | | | --- | --- | | 公司治理 | 11 | | 投关管理 | 13 | | 风险管控 | 15 | | 知识产权保护 | 17 | | 党建引领 | 18 | | N | 品质保障 仁心服务 | | | --- | --- | --- | | | 质量管理 | 21 | | | 供应链管理 | 22 | | | 客户服务 | 23 | | | 责任营销 | 25 | | 结篇 | | 互利共生 协同发展 | | 0000 | | 凝聚各方 共建美好 | | --- | --- | --- | --- | --- | --- | --- | | 未来展望 | 55 | 人才管理与权益 | 29 | | 环境保护 | 43 | | 关键绩效 | 56 | 职业健康与安全 | 35 | | 行业贡献 | 48 | | 指标对标 | 58 | 员工福利与关怀 | За | | 社会公益 | 53 11 | | 读者反馈表 | 64 | | | | ...

目 录 | 一、审计报告……………………………………………………… 第 1—6 | | 页 | | --- | --- | --- | | 二、财务报表……………………………………………………… 第 7—14 | | 页 | | （一）合并资产负债表…………………………………………… | 第 | 7 页 | | （二）母公司资产负债表………………………………………… | 第 | 8 页 | | （三）合并利润表………………………………………………… | 第 | 9 页 | | （四）母公司利润表………………………………………………第 | | 10 页 | | （五）合并现金流量表……………………………………………第 | | 11 页 | | （六）母公司现金流量表…………………………………………第 | | 12 页 | | （七）合并所有者权益变动表……………………………………第 | | 13 页 | | （八）母公司所有者权益变动表…………………………………第 | | 14 页 | | | | 审 计 报 告 天健审〔2024〕3075 号 成都圣诺生物科技股份有限公司全体股东： 一、审计意见 我们审计了成 ...

目 录 一、募集资金年度存放与使用情况鉴证报告………………………第 1—2 页 二、关于募集资金年度存放与使用情况的专项报告……………第 3—11 页 募集资金年度存放与使用情况鉴证报告 天健审〔2024〕3077 号 成都圣诺生物科技股份有限公司全体股东： 我们鉴证了后附的成都圣诺生物科技股份有限公司（以下简称圣诺生物）管 理层编制的 2023 年度《关于募集资金年度存放与使用情况的专项报告》。 一、对报告使用者和使用目的的限定 本鉴证报告仅供圣诺生物年度报告披露时使用，不得用作任何其他目的。我 们同意将本鉴证报告作为圣诺生物年度报告的必备文件，随同其他文件一起报送 并对外披露。 二、管理层的责任 圣诺生物管理层的责任是提供真实、合法、完整的相关资料，按照《上市公 司监管指引第 2 号——上市公司募集资金管理和使用的监管要求（2022 年修订）》 （证监会公告〔2022〕15 号）和《上海证券交易所科创板上市公司自律监管指 引第 1 号——规范运作（2023 年 12 月修订）》（上证发〔2023〕194 号）的规 定编制《关于募集资金年度存放与使用情况的专项报告》，并保证其内容真实、 准确、完整，不存在虚 ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of RMB 1.2 billion for the fiscal year 2023, representing a growth of 25% year-over-year[13]. - The company's operating revenue for 2023 was CNY 435,021,032.33, representing a 9.93% increase compared to CNY 395,716,767.10 in 2022[22]. - The net profit attributable to shareholders for 2023 was CNY 70,337,139.39, up 9.08% from CNY 64,484,404.95 in 2022[22]. - The basic earnings per share for 2023 was CNY 0.63, an increase of 8.62% compared to CNY 0.58 in 2022[23]. - The company's total assets reached CNY 1,315,724,989.56 at the end of 2023, an 18.75% increase from CNY 1,108,008,638.28 in 2022[22]. - The cash flow from operating activities for 2023 was CNY 84,783,208.00, a decrease of 11.33% from CNY 95,621,878.50 in 2022[22]. - The company reported a net profit of CNY 35,540,902.14 in Q4 2023, significantly higher than the Q2 profit of CNY 6,115,209.44[25]. - The company achieved operating revenue of CNY 435.02 million, a year-on-year increase of 9.93%[32]. - The net profit attributable to the parent company was CNY 70.34 million, reflecting a year-on-year growth of 9.08%[32]. Research and Development - Research and development expenses accounted for 8.00% of operating revenue in 2023, up from 6.50% in 2022[23]. - The company has provided over 40 projects of peptide innovative drug CDMO services, with 1 product approved for commercialization and 2 in the production application stage[33]. - The company has completed the construction of its new peptide formulation production line in Dayi County, which will serve as a center for innovative drug transformation and high-end formulation production[36]. - The company is actively involved in the research and development of raw materials and formulation processes, ensuring quality and stability studies for its clients[42]. - The company has developed 17 self-researched peptide active pharmaceutical ingredients (APIs) as of the report date[44]. - The company has received clinical trial approval for liraglutide, with clinical phase I completed, and is awaiting review for several other products including ganirelix and linagliptin[84]. - The company is focusing on market expansion through strategic partnerships and acquisitions to enhance its product portfolio and market reach[75]. - The company plans to invest in R&D for new technologies to improve drug efficacy and patient outcomes, targeting a 20% increase in R&D budget for the next fiscal year[75]. Market Expansion and Strategy - The company is exploring strategic partnerships for market expansion, particularly in Southeast Asia, aiming to increase market share by 10% in the region[17]. - The company has expanded its international marketing system, enhancing its presence in markets such as the USA, EU, South Korea, and Russia[38]. - The company plans to enhance its competitive position in the peptide CDMO service sector through collaborative research and development initiatives[136]. - The company aims to achieve significant milestones in its R&D pipeline, including obtaining production licenses and launching new products in the market[73]. - The company is considering strategic acquisitions to bolster its market position, with a budget of 200 million allocated for potential deals[193]. - The company plans to accelerate the international registration of its raw materials to enhance its global market presence, particularly in the US and EU[169]. Corporate Governance and Compliance - The board of directors has confirmed the authenticity, accuracy, and completeness of the annual report[4]. - The company has established a sound internal control system to enhance operational standards and protect shareholders' rights[175]. - The supervisory board consists of 3 members, including 2 employee representatives, complying with legal requirements[177]. - The company has not encountered any significant issues related to insider trading or information leakage, ensuring investor fairness[179]. - The company has conducted its shareholder meetings in accordance with legal and regulatory requirements, ensuring effective communication with shareholders[175]. Financial Management - The company plans to distribute a cash dividend of 2.00 CNY per 10 shares, totaling approximately 22.4 million CNY, which represents 31.85% of the net profit attributable to shareholders for 2023[7]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[9]. - The company has not faced any violations of decision-making procedures regarding external guarantees[9]. - The company has not reported any instances where more than half of the directors could not guarantee the authenticity of the annual report[9]. - The company has received a standard unqualified audit report from Tianjian Accounting Firm[6]. Operational Efficiency - The gross margin improved to 45%, up from 40% in the previous year, due to cost optimization and efficiency improvements in production[20]. - The company has implemented a new digital marketing strategy, resulting in a 20% increase in online engagement and sales conversions[19]. - The company has maintained a 100% pass rate in 37 audits conducted during the reporting period, ensuring compliance with quality control standards[37]. - The company’s injectable products have been included in the national centralized procurement list, which may lead to significant price and gross margin declines[94]. Employee and Talent Management - The company aims to balance internal human resource needs with employees' career aspirations through a multi-tiered promotion mechanism and a comprehensive training system[40]. - The company has established a fair, transparent, and effective performance evaluation and incentive mechanism for its employees, linking their income to industry and company performance[182]. - The company has a diverse educational background among R&D staff, with 10 master's degree holders and 59 bachelor's degree holders[80]. - The total compensation for R&D personnel increased to CNY 1,651.56 million, up from CNY 1,236.42 million in the previous year[80]. Future Outlook - The company provided guidance for the next fiscal year, projecting a revenue increase of 30% to RMB 1.56 billion, driven by new product launches and market expansion efforts[15]. - Future guidance indicates a revenue growth target of 15% year-over-year, driven by new product launches and market expansion strategies[75]. - The company plans to invest RMB 200 million in upgrading its manufacturing facilities to comply with new GMP standards by the end of 2024[21].

成都圣诺生物科技股份有限公司 2023 年度独立董事述职报告 作为成都圣诺生物科技股份有限公司（以下简称"公司"）独立董事，在任 职期内我能够严格依照《公司法》《证券法》《上海证券交易所科创板股票上市 规则》《上市公司独立董事管理办法》等法律法规、规范性文件以及《公司章程》 《独立董事工作制度》等有关规定和要求，忠实、勤勉、尽责地履行独立董事职 责，切实维护公司以及全体股东尤其是中小股东的合法权益。现将 2023 年度履 职情况报告如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景以及兼职情况 唐国琼女士，1963 年出生，中国国籍，无境外永久居留权，会计学博士。 1988 年 7 月至今，历任西南财经大学会计学院助教、讲师、副教授、教授。2008 年 11 月至 2014 年 11 月，任四川创意信息技术股份有限公司独立董事；2010 年 11 月至 2016 年 11 月，任成都利君实业股份有限公司独立董事；2012 年 3 月至 2018 年 7 月，任茂业商业股份有限公司独立董事；2012 年 3 月至 2018 年 11 月， 任四川迅游网络科技股份有限公司独立董事；2014 年 2 月至 ...

民生证券股份有限公司 关于成都圣诺生物科技股份有限公司 预计2024年度日常关联交易额度的核查意见 民生证券股份有限公司（以下简称"民生证券"或"保荐机构"）作为成 都圣诺生物科技股份有限公司（以下简称"圣诺生物"或"公司"）首次公开 发行股票并在科创板上市的持续督导保荐机构，根据《证券发行上市保荐业务 管理办法》《科创板上市公司持续监管办法（试行）》《上海证券交易所科创 板股票上市规则》等相关规定，对圣诺生物预计2024年度日常关联交易额度进 行了核查，具体情况如下： 2024 年 4 月 22 日，公司召开第四届董事会第十八次会议、第四届监事会第 十七次会议，审议通过《关于预计 2024 年度日常关联交易额度的议案》。该议案 关联董事已回避表决，出席会议的非关联董事、监事一致表决通过该议案，并同 意提交该议案至公司 2023 年年度股东大会审议。 公司第四届董事会独立董事专门会议 2024 年第一次会议审议通过了《关于 预计 2024 年度日常关联交易额度的议案》，并发表审查意见如下：公司与关联方 的日常关联交易有利于公司充分利用关联方拥有的资源和优势为本公司日常经 营服务，有利于双方实现合作共赢。202 ...

证券代码：688117 证券简称：圣诺生物 公告编号：2024-015 根据《上市公司证券发行注册管理办法》《上海证券交易所上市公司证券发 行上市审核规则》《证券发行与承销管理办法（2023 年修订）》等法律法规和 规范性文件的有关规定，成都圣诺生物科技股份有限公司（以下简称"公司"） 于 2024 年 4 月 22 日召开第四届董事会第十八次会议，审议通过《关于提请股东 大会授权董事会 2024 年以简易程序向特定对象发行股票并办理相关事宜的议 案》，同意公司董事会提请股东大会授权董事会决定向特定对象发行融资总额不 超过人民币 3 亿元且不超过最近一年末净资产 20%的股票，授权期限为 2023 年 年度股东大会审议通过之日起至 2024 年年度股东大会召开之日止。本议案尚需 提交公司股东大会审议。 一、具体内容 （一）本次发行证券的种类和数量 本次发行股票募集资金总额不超过人民币 3 亿元且不超过最近一年末净资 产的 20%。本次发行股票的种类为境内上市人民币普通股（A 股），每股面值人 民币 1.00 元。发行数量按照募集资金总额除以发行价格确定，不超过发行前公 司股本总数的 30%。 （二）发行方式、 ...