Group 1: Investor Meeting Overview - The investor meeting took place on April 9, 2024, with both onsite and online participation from various institutions including CITIC Securities and GF Fund [1] - The meeting was attended by the company's board member, deputy general manager, and board secretary Zhao Xin'an [1] Group 2: Market Demand and Product Strategy - Demand from university clients has been recovering quickly as normal teaching and research activities resume, leading to an increase in their proportion [2] - The acquisition of Source Leaf Biology will enhance Aladdin's biochemical reagent product line, addressing existing gaps and creating a synergistic relationship [2] Group 3: Policy Support and Financial Aspects - The People's Bank of China has introduced a re-lending policy for technological innovation and equipment upgrades, with a quota of CNY 500 billion and an interest rate of 1.75%, aimed at boosting investment in technology-oriented SMEs [3] - Aladdin primarily operates on a prepayment model for most customers, with short payment terms and a small accounts receivable scale, ensuring good cash flow [4] Group 4: Industry Comparison and Sales Strategy - Aladdin's SKU count is significantly lower compared to foreign brands, which have larger product ranges due to their longer establishment periods [5] - The company will continue to focus on an e-commerce model while providing direct sales services to large clients, with a dual approach of direct sales and distribution through dealers [6] Group 5: Industry Growth and R&D Investment - In 2023, China's R&D expenditure reached CNY 332.78 billion, an increase of 8.1% from the previous year, with an R&D intensity of 2.64% of GDP, up by 0.09 percentage points [6] - The increase in R&D funding is expected to drive higher sales of consumables in the reagent industry, indicating a long-term growth potential [7] Group 6: Disclosure Statement - The meeting did not involve any information that requires mandatory disclosure [7]

法律声明 上 市 公 司 基础化工 ——业绩稳定增长，外延并购持续赋能 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 08 日 | | 收盘价（元） | 15 | | 一年内最高/ 最低（元） | 41.11/10.1 | | 市净率 | 2.9 | | 息率（分红 / 股价） | - | | 流通 A 股市值（百万元） | 2972 | | 上证指数/深证成指 | 3047.05/9394.61 | | --- | --- | |----------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2023 年 12 月 31 日 | | 每股净资产（元） | 5.23 | | 资产负债率 % | 31.16 | | 总股本 / 流通 A 股（百万） | 198/198 | | 流通 B 股/H 股（百万） | -/- | 04-1005-100 ...

证券代码：688179 证券简称：阿拉丁 转债代码：118006 转债简称：阿拉转债 上海阿拉丁生化科技股份有限公司 接待投资者调研活动记录 一、机构调研情况 调研时间：2024年4月3日 调研形式：线上交流 参与交流来访的机构投资者： 鹏华基金、东方红资管 接待人员： 董事、副总经理、董事会秘书赵新安 ...

证券代码：688179 证券简称：阿拉丁 转债代码：118006 转债简称：阿拉转债 上海阿拉丁生化科技股份有限公司 接待投资者调研活动记录 一、机构调研情况 调研时间：2024年4月1日、2024年4月2日 调研形式：线上交流 参与交流来访的机构投资者： 南方基金、财通资管、华商基金 接待人员： 董事、副总经理、董事会秘书赵新安 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for 2023 reached 403 million yuan, a year-on-year increase of 6.55%, while the net profit attributable to shareholders was 85.83 million yuan, a year-on-year decrease of 7.48%. The fourth quarter showed a revenue of 120 million yuan, a year-on-year increase of 6.79% and a quarter-on-quarter increase of 23.40% [1][2] - The company is focusing on independent research and development to expand its product line and strengthen channel construction, which is expected to open up future growth opportunities. The acquisition of Shanghai Yuanye Biotechnology for approximately 181 million yuan is anticipated to enrich the product line in biochemical reagents and enhance market influence [2][3] - The company has adjusted its profit forecasts for 2024-2025 due to a slowdown in downstream demand, now expecting net profits of 111 million yuan, 137 million yuan, and 165 million yuan for 2024, 2025, and 2026 respectively [1][3] Financial Summary - In 2023, the company invested approximately 51.25 million yuan in R&D, a year-on-year increase of 31.65%, with R&D personnel reaching 187, accounting for 33.04% of total employees [2] - The gross profit margin for 2023 was 60.2%, an increase of 3.62 percentage points year-on-year, while the net profit margin was 21.3%, an increase of 2.11 percentage points year-on-year [3] - The company's earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.56 yuan, 0.69 yuan, and 0.83 yuan respectively, with corresponding P/E ratios of 27.3, 22.2, and 18.4 [1][3]

| 证券代码：688179 | 证券简称：阿拉丁 | 公告编号：2024-020 | | --- | --- | --- | | 转债代码：118006 | 转债简称：阿拉转债 | | 上海阿拉丁生化科技股份有限公司 可转债转股结果暨股份变动公告 本公司董事会及全体董事保证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： 一、可转债发行上市概况 经中国证券监督管理委员会证监许可〔2022〕72 号文同意注册，公司于 2022 年 3 月 15 日向不特定对象发行了 387.40 万张可转换公司债券，每张面值 100 元，发行总额 38,740.00 万元。发行方式采用向公司在股权登记日（2022 年 3 月 14 日，T-1 日）收市后登记在册的发行人原股东优先配售，原股东优先配售 后余额部分（含原股东放弃优先配售部分）通过上交所交易系统网上向社会公众 投资者发行，余额全部由保荐机构（主承销商）包销。 累计转股情况：上海阿拉丁生化科技股份有限公司（以下简称"公司"） 向不特定对象发行可转换公司债券"阿拉转债"自 2022 年 9 月 2 ...

2024 年 03 月 31 日 公司研究 评级：买入(首次覆盖) 最近一年走势 2023Q4 单季度，公司实现营业收入 1.20 亿元，同比+6.79%，环比 +23.40%；实现归母净利润为 0.31 亿元，同比+14.35%，环比+31.00%； 扣非后归母净利润 0.32 亿元，同比+24.58%，环比+42.97%；销售毛利 率为61.66%，同比+3.62个pct，环比+1.96 个pct；销售净利率为25.93%， 同比+2.11 个 pct，环比+1.50 个 pct；2023Q4 季度末，公司存货金额为 4.42 亿元，同比+18.07%，环比-5.69%；经营活动现金流净额为 0.62 亿 元，同比由负转正，环比+277.84%。 相对沪深 300 表现 2024/03/29 表现 1M 3M 12M 阿拉丁 8.7% -20.9% -42.7% 沪深 300 0.6% 3.1% -11.7% 投资要点: 国海证券研究所 请务必阅读正文后免责条款部分 科研试剂种类较多，工艺复杂。近年来，科研试剂需求逐步向高纯 试剂、标注物质等专用试剂发展。2023 年，公司持续加大研发投入， 不断扩充产品 ...

Investment Rating - The report assigns a "Strong Buy" rating for the company, indicating that the stock is expected to outperform the market by more than 20% in the next six months [31]. Core Views - The company has shown steady revenue growth, with a reported revenue of 400 million yuan in 2023, representing a year-on-year increase of 6.6%. However, the net profit attributable to shareholders decreased by 7.5% to 86 million yuan [4][24]. - The acquisition of Yuan Ye Biological is expected to enhance the company's product line and drive future revenue growth, with projected revenue and profit increases of 25.9% and 44.2%, respectively, post-acquisition [6][29]. - The life sciences segment has experienced a decline in demand, while the high-end chemicals segment has achieved robust growth, with a revenue increase of 14.7% to 210 million yuan in 2023 [1][4]. Summary by Sections Financial Performance - The company reported a total revenue of 400 million yuan in 2023, with a net profit of 86 million yuan, reflecting a decrease of 7.5% year-on-year. The adjusted net profit was 83 million yuan, down 3.3% [4][24]. - Quarterly revenue showed a recovery trend, with Q1 to Q4 revenues of 90 million, 100 million, 100 million, and 120 million yuan, respectively [24]. Revenue Forecast - The company forecasts earnings per share (EPS) of 0.72 yuan, 0.92 yuan, and 1.15 yuan for 2024, 2025, and 2026, respectively [5][26]. - Revenue growth is expected to accelerate, with projected increases of 26% in 2024 and 23% in both 2025 and 2026 [26][29]. Segment Analysis - The high-end chemicals segment achieved a revenue of 210 million yuan in 2023, growing by 14.7%, while the life sciences segment saw a revenue of 96 million yuan, declining by 11% due to reduced industry demand [1][4]. - The experimental consumables segment reported a revenue of 8 million yuan, with a growth rate of 15% [1]. Acquisition Impact - The acquisition of Yuan Ye Biological for 181 million yuan is anticipated to broaden the product portfolio and enhance revenue streams, with a commitment from Yuan Ye to achieve a minimum of 33 million, 40 million, and 47 million yuan in net profit for 2024, 2025, and 2026, respectively [6][29].

证券代码：688179 证券简称：阿拉丁 转债代码：118006 转债简称：阿拉转债 上海阿拉丁生化科技股份有限公司 接待投资者调研活动记录 一、机构调研情况 调研时间：2024年3月28日、2024年3月29日 调研形式：线上交流 参与交流来访的机构投资者： 嘉实基金、易方达基金、富达基金(香港)有限公司、博时基金、国联基金、申 万宏源、中金公司、华宝基金、中泰证券、中信建投、西部证券、中信证券、 东北证券、永赢基金、浙商证券、东吴证券、华安证券、百年保险资产、北京 ...

Financial Performance - The company's operating revenue for 2023 was CNY 402.88 million, an increase of 6.55% compared to CNY 378.10 million in 2022[22]. - The net profit attributable to shareholders for 2023 was CNY 85.83 million, a decrease of 7.48% from CNY 92.77 million in 2022[22]. - The basic earnings per share for 2023 was CNY 0.49, reflecting a 6.52% increase from CNY 0.46 in 2022[23]. - The company's total assets at the end of 2023 were CNY 1.51 billion, up 1.81% from CNY 1.48 billion at the end of 2022[22]. - The company's net assets attributable to shareholders increased by 6.32% to CNY 1.04 billion at the end of 2023, compared to CNY 974.80 million at the end of 2022[22]. - The company's comprehensive gross margin for 2023 is 60.20%, maintaining a high level historically[81]. - The company achieved operating revenue of CNY 402.88 million, a year-on-year increase of 6.55%[89]. - Net profit for the period was CNY 85.83 million, a decrease of 7.48% compared to the previous year[89]. Research and Development - Research and development expenses accounted for 12.72% of operating revenue in 2023, an increase of 2.42 percentage points from 10.30% in 2022[23]. - The company applied for 5 new patents during the reporting period, including 3 invention patents and 2 utility model patents[50]. - The number of R&D personnel increased to 187, representing 33.04% of the total workforce, up from 30.00% in the previous period[61]. - Total compensation for R&D personnel reached RMB 3,665.70 million, compared to RMB 2,847.63 million in the prior period, reflecting a significant increase[61]. - The company has developed over 3,200 analytical methods, enhancing its analysis capabilities with advanced instruments[64]. - R&D investment totaled ¥51,246,639.34, a year-on-year increase of 31.65%, accounting for 12.72% of operating income, up from 10.30%[54][55]. Corporate Governance - The company has established a governance structure that includes a shareholders' meeting, board of directors, supervisory board, and senior management[131]. - There were no significant differences between the company's governance and the regulations set by the China Securities Regulatory Commission[131]. - The company has implemented various internal governance rules to ensure orderly management[131]. - The audit committee consists of Huang Zunshun, Lü Shunhui, and Jin Liyin, ensuring oversight of financial reporting[156]. - The remuneration and assessment committee includes Sun Jia, Huang Zunshun, and Gu Weiwei, focusing on executive compensation[157]. Risk Management - The company has detailed various operational risks and corresponding mitigation measures in the report[4]. - The company is exposed to safety production risks due to the hazardous nature of some of its chemical products[86]. - The company faces potential risks from macroeconomic fluctuations that could impact demand from its diverse downstream clients[85]. - The company has a risk of talent team construction inadequacy, which may hinder its ability to keep pace with industry developments[75]. - The company is at risk of core technology leakage due to reliance on a small number of key technical personnel[74]. Market Position and Strategy - The company focuses on the development of organic standards and standard solutions in the field of analytical chromatography, which are essential for quality analysis applications[37]. - The company operates an e-commerce platform (www.aladdin-e.com) for online sales, catering to diverse user needs in the research reagent sector[35]. - The company is recognized as a "Shanghai Enterprise Technology Center" and a "Demonstration Enterprise for Brand Cultivation" by local authorities, enhancing its reputation in the industry[34]. - The company is one of the most comprehensive manufacturers of research reagents in China, focusing on replacing imported products with its "Aladdin" brand[44]. - The company is actively involved in the development of high-end reagents, addressing significant market gaps and reducing reliance on imports[41]. Environmental Responsibility - The company is classified as a key pollutant discharge unit by environmental protection authorities[191]. - The chemical oxygen demand (COD) in wastewater was measured at 367 mg/L, below the standard limit of 500 mg/L[195]. - Total nitrogen in wastewater was recorded at 46.33 mg/L, under the limit of 70 mg/L[195]. - The company generated 41.334 tons of contaminated solid waste in 2023, with a year-end inventory of 3.581 tons[195]. - The company has implemented a comprehensive environmental monitoring plan, including wastewater, waste gas, and noise monitoring[199]. Shareholder Returns - The company plans to distribute a cash dividend of 3.00 RMB per 10 shares, totaling approximately 59.44 million RMB, which represents 69.25% of the net profit attributable to shareholders for the year 2023[5]. - The company intends to increase its total share capital by 79.25 million shares through a capital reserve conversion, raising the total share capital to approximately 277.38 million shares[5]. - The company’s cash dividend policy emphasizes stable returns to investors while ensuring sustainable development[166].