证券研究报告 | 公司动态点评 2024 年 11 月 03 日 诺禾致源（688315.SH） 盈利能力边际改善，全球本土化稳步推进 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|------------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | | | | | | | | | | 营业收入（百万元） | 1,926 | 2,002 | 2,174 | 2,445 | 2,766 | 股票信息 | | | 增长率 yoy （ % ） | 3.2 | 4.0 | 8.6 | 12.5 | 13.1 | | | | 归母净利润（百万元） | 177 | 178 | 195 | 222 | 259 | 行业 | 医药 | | ...

证券研究报告 | 季报点评 gszqdatemark 2024 11 04 年 月 日 诺禾致源（688315.SH） Q3 经营稳健，海外本地化布局持续加码 诺禾致源发布 2024 年三季度报告。2024Q1-Q3，实现营业收入 15.19 亿元，同比增长 6.31%；归母净利润 1.34 亿元，同比增长 7.33%；扣非 后归母净利润 1.12 亿元，同比增长 7.26%。2024Q3，实现营业收入 5.23 亿元，同比增长 4.68%；归母净利润 5653 万元，同比增长 12.52%；扣 非后归母净利润 4570 万元，同比增长 0.03%。 观点：Q3 经营稳健，期间费用率改善及公允价值变动损益增加驱动利润 端增速快于收入端。德国、日本实验室成立，加码海外本地化布局，提升 全球服务能力。Falcon 系统迭代升级，全面提升全球实验室生产效能。 Q3 经营稳健，利润端增速快于收入端主要系期间费用率改善及公允价值 变动损益增加影响。2024Q3 经营稳健，利润端增速快于收入端，主要系 期间费用率同比下降 2.40pct；公允价值变动损益同比增加 1128 万元，导 致扣非端增速不及归母端。盈利能力持续提 ...

参 与 单 位 名 称 民生证券：朱凤萍；东吴证券：张坤等 72 人。 及人员姓名 证券代码：688315 证券简称：诺禾致源 北京诺禾致源科技股份有限公司投资者关系活动记录表 编号：014 | --- | --- | --- | |-------------------|----------------------------|---------------------------------| | | | | | | £ 特定对象调研 □分析师会议 | | | 投 资 者 关 系 活 | □ 媒体采访 | 业绩说明会 | | 动类别 | □ 新闻发布会 □路演活动 | | | | £ 现场参观 | | | | □ | 其他 （请文字说明其他活动内容） | | --- | --- | --- | |-------------------|------------------------------------------|------------------------| | 时间 | 2024 年 10 月 24 日（周四） | 21：00-22 ： 00 | | 地点 | 公司会议室 | | | | 董 ...

主要是分享这些本地实验室的服务能力我们还会再结合我们的产品撤走我们的产品规划去增加新的品类去满足更多的客户需求这个是我们目前海外的实验室的考虑另外整个产能上就是 现在这个阶段刚才我在分享的时候也说过就是处于一个旅进设备的一个切换阶段整个海外的整个Nova就是我们原来的Nova 6000和现在的Apple Watch基本上这个Nova 6000就是在海外实验室基本上是退出已经退出的一个状态那我们基本上现在就切到这个Apple WatchApple Watch这个也是目前还在查货阶段嘛基本上这个在这个 一到九月三个季度到现在看的话基本上三个季度看的话基本上也到五成到六成那个水平吧大概是这样的谢谢明白非常清楚我一点没有其他问题了下面有请问8939的三规则进行提问谢谢 - 喂 请问可以听到您的声音吗?- 可以- 您好 我是现场征券的医药研究员乔嘉宁- 然后我这边的话主要是想跟公司请教两个小一点的问题- 一个的话就是我们的比较小型的业务- 就单细胞侧序和质谱这一块大概前三季度的一个业务体量和一个增长情况是什么样的- 然后另外第二个问题的话 其实我们也看到现在国内的话也是因为有江西江州的一些影响的话企业的投融资情况也开始 ...

Revenue and Profit Performance - Revenue for the third quarter reached RMB 522.53 million, a year-on-year increase of 4.68%[2] - Net profit attributable to shareholders of the listed company was RMB 56.53 million, up 12.52% year-on-year[2] - Total revenue for the first three quarters of 2024 reached 1,519,180,271.23 yuan, a 6.3% increase compared to 1,429,077,493.84 yuan in the same period of 2023[12] - Net profit attributable to the parent company's shareholders in the first three quarters of 2024 was 134,455,987.69 yuan, up 7.3% from 125,274,300.39 yuan in the same period of 2023[13] - Revenue for the first three quarters of 2024 reached RMB 782,690,005.45, a 3.1% increase compared to RMB 758,972,944.97 in the same period of 2023[21] - Net profit for the first three quarters of 2024 was RMB 82,183,129.91, a 12% decrease from RMB 93,362,569.63 in the same period of 2023[22] - Sales revenue from goods and services in the first three quarters of 2024 reached 1,439,494,547.64, a slight increase from 1,403,886,793.48 in the same period of 2023[15] - Sales revenue from goods and services in the first three quarters of 2024 was RMB 504,413,959.15, a 32.9% decrease from RMB 751,927,811.58 in the same period of 2023[23] R&D Investment and Expenses - R&D investment for the quarter was RMB 32.27 million, a decrease of 22.34% compared to the same period last year[4] - R&D investment accounted for 6.18% of total revenue, a decrease of 2.15 percentage points year-on-year[4] - R&D expenses for the first three quarters of 2024 decreased by 15.5% to 77,094,646.26 yuan from 91,241,514.74 yuan in the same period of 2023[12] - R&D expenses increased by 24.4% to RMB 51,675,155.49 in the first three quarters of 2024, compared to RMB 41,544,982.76 in the same period of 2023[21] Assets and Liabilities - Total assets at the end of the reporting period were RMB 3.48 billion, a decrease of 3.16% compared to the end of the previous year[4] - Equity attributable to shareholders of the listed company was RMB 2.43 billion, down 1.22% from the end of the previous year[4] - Total assets decreased to 3,480,803,196.01 RMB as of September 30, 2024, compared to 3,594,420,954.11 RMB at the end of 2023[10] - Total liabilities as of the end of Q3 2024 were 1,031,170,984.68 yuan, a decrease of 8.0% compared to 1,120,583,995.29 yuan at the end of Q3 2023[11] - The company's total equity attributable to the parent company's shareholders was 2,427,467,254.85 yuan at the end of Q3 2024, a slight decrease of 1.2% from 2,457,457,998.48 yuan at the end of Q3 2023[11] - Total assets as of September 30, 2024, were 2,693,094,271.74, a decrease from 2,790,423,592.94 at the end of 2023[19] - Total liabilities as of September 30, 2024, were 573,206,904.83, down from 587,220,292.68 at the end of 2023[19] - Total assets as of the end of Q3 2024 were RMB 2,693,094,271.74, a 3.5% decrease from RMB 2,790,423,592.94 at the end of Q3 2023[20] - Equity attributable to shareholders as of the end of Q3 2024 was RMB 2,119,887,366.91, a 3.8% decrease from RMB 2,203,203,300.26 at the end of Q3 2023[20] Cash Flow and Liquidity - Cash and cash equivalents decreased to 358,203,095.52 RMB from 704,728,527.91 RMB at the end of 2023[9] - Net cash flow from operating activities in the first three quarters of 2024 was 38,855,244.60, compared to 37,155,098.63 in the same period of 2023[16] - Cash received from investments in the first three quarters of 2024 was 1,728,418,905.84, up from 1,346,812,462.99 in the same period of 2023[16] - Cash paid for investments in the first three quarters of 2024 was 1,816,991,582.58, a decrease from 1,945,405,220.48 in the same period of 2023[16] - Net cash flow from investing activities in the first three quarters of 2024 was -201,744,126.42, an improvement from -675,346,435.49 in the same period of 2023[16] - Net cash flow from financing activities in the first three quarters of 2024 was -175,317,340.10, compared to -11,681,349.21 in the same period of 2023[16] - The company's cash and cash equivalents at the end of September 2024 were 353,516,728.48, down from 691,622,974.60 at the beginning of the year[17] - Operating cash flow for the first three quarters of 2024 was negative RMB 97,968,148.17, a significant decline from positive RMB 204,792,280.07 in the same period of 2023[23] - Investment cash flow for the first three quarters of 2024 was negative RMB 52,490,344.33, an improvement from negative RMB 244,775,672.35 in the same period of 2023[23] - Cash and cash equivalents at the end of Q3 2024 were RMB 70,664,695.55, a 32.3% increase from RMB 53,431,374.21 at the end of Q3 2023[24] Shareholder and Equity Information - The company's largest shareholder, Li Ruiqiang, holds 51.61% of the shares[6] - The company repurchased 11,141,468 shares, representing 2.68% of the total shares outstanding[7] - Basic earnings per share for the quarter were RMB 0.14, an increase of 7.69% year-on-year[4] - Weighted average return on equity (ROE) for the quarter was 2.32%, a decrease of 0.13 percentage points year-on-year[4] - Basic earnings per share for the first three quarters of 2024 were 0.33 yuan, up 6.5% from 0.31 yuan in the same period of 2023[14] - Total comprehensive income for the first three quarters of 2024 was 139,354,190.77 yuan, a decrease of 2.3% compared to 142,659,082.25 yuan in the same period of 2023[14] - Total comprehensive income for the first three quarters of 2024 was RMB 80,243,004.91, a 14.1% decrease from RMB 93,362,569.63 in the same period of 2023[22] Operating Costs and Expenses - Total operating costs for the first three quarters of 2024 were 1,363,364,801.99 yuan, a 4.6% increase compared to 1,302,778,730.53 yuan in the same period of 2023[12] - Sales expenses for the first three quarters of 2024 increased by 11.7% to 298,100,193.95 yuan from 266,907,751.54 yuan in the same period of 2023[12] Non-Recurring Items - Non-recurring gains and losses for the quarter amounted to RMB 10.83 million, primarily driven by financial asset investment gains and government subsidies[5] Inventory and Accounts Receivable - Accounts receivable increased to 743,599,677.50 RMB from 574,150,299.59 RMB at the end of 2023[9] - Inventory decreased to 173,075,253.90 RMB from 181,513,846.76 RMB at the end of 2023[9] - Accounts receivable as of September 30, 2024, were 591,820,078.84, an increase from 378,711,218.34 at the end of 2023[18] Fixed Assets and Contract Liabilities - Fixed assets increased to 706,001,035.78 RMB from 679,881,094.45 RMB at the end of 2023[10] - Contract liabilities decreased to 714,494,420.60 RMB from 754,971,408.46 RMB at the end of 2023[10] Current and Non-Current Assets - Total current assets decreased to 2,399,707,311.01 RMB from 2,519,240,019.22 RMB at the end of 2023[9] - Total non-current assets increased slightly to 1,081,095,885.00 RMB from 1,075,180,934.89 RMB at the end of 2023[10] Accounts Payable - Accounts payable decreased to 134,186,917.52 RMB from 158,972,532.72 RMB at the end of 2023[10]

证券研究报告 | 公司动态点评 2024 年 08 月 26 日 诺禾致源（688315.SH） 业绩保持稳健，全球化布局持续 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|------------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | | | | | | | | | | 营业收入（百万元） | 1,926 | 2,002 | 2,251 | 2,595 | 3,113 | | | | 增长率 yoy （ % ） | 3.2 | 4.0 | 12.4 | 15.3 | 20.0 | 股票信息 | | | 归母净利润（百万元） | 177 | 178 | 203 | 236 | 283 | 行业 | 医药 | | 增长 ...

Wenxin Yu wenxin.yu@htisec.com Wenbin He wenbin.he@htisec.com Lu Meng l.meng@htisec.com Kehan Meng kh.meng@htisec.com [Table_MainInfo] 公司研究/医药与健康护理/医疗保健提供商与服务 证券研究报告 诺禾致源（688315）公司半年报点评 [Table_InvestInfo]国内外平衡发展，毛利率稳步提升 [Table_Summary] 投资要点： 公司 2024 年单 Q2 营业收入 5.28 亿元（同比增长 7.94%），归母净利润 0.51 亿元（同比下滑 3.66%），扣非归母净利润 0.45 亿元（同比增长 16.06%）。 销售毛利率 42.75%（同比增加 0.61 pp），销售净利率 10.11%（同比下降 0.96 pp）。 公司 2024 年上半年营业收入 9.97 亿元（同比增长 7.18%），归母净利润 0.78 亿元（同比增长 3.86%），扣非归母净利润 0.66 亿元（同比增长 12.92%）。 销售毛利率 41.71%（同比增加 0.14 pp）， ...

[Table_MainInfo] 公司研究/医药与健康护理/医疗保健提供商与服务 证券研究报告 诺禾致源（688315）公司半年报点评 2024 年 08 月 20 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------|--------------------| | 股票数据 | | | 08 [ Table_StockInfo 月 19 日收盘价（元） ] | 10.44 | | 52 周股价波动（元） | 9.63-26.60 | | 总股本 / 流通 A 股（百万股） | 416/416 | | 总市值 / 流通市值（百万元） | 4345/4345 | | 相关研究 | | | [Table_ReportInfo] 《国内经营承压， | 海外营收稳中有升》 | | 2024.04.23 | | | 《盈利能力承压，公司单三季度净利率略有下 | | | 滑》 2023.12.25 | | 市场表现 [Table_QuoteInfo] -56.95% -41.95 ...

20230801; 公司点评报告 ·医药行业 业绩企稳恢复,全球本地化布局持续推进 2024 年中报业绩点评 核心观点 ● ● 事件:公司发布 2024年半年度报告,2024年 1~6月实现营业收入9.97亿元 (+7.18%)，归母净利润 0.78 亿元(+3.86%)，扣非净利润 0.66 亿元 (+12.92%),经营性现金流-0.82亿元(由正转负)。2024Q2实现营业收入 5.28 亿元(+7.94%),归母净利润 0.51 亿元(-3.66%),扣非净利润 0.45 亿元(+16.06%),经营性现金流 0.26亿元(+25.65%)。 公司业绩企稳并逐步恢复,全球服务能力及规模持续提升:2024年1-6月, 公司中国大陆业务收入 4.96 亿元(+6.27%),占比 49.73%(+0.44pct), 公司紧跟测序行业发展趋势,引进多台 illumina 新一代测序系统 Novaseq X Plus、华大测序平台 DNBSEQ-T7和 PacBio 大型測序平台 Revio, 全面覆盖 最新测序需求并持续提升测序通量;港澳台及海外地区业务收入 5.01 亿元 (+8.09%),占比50.27% ...

我是农合资源财务总监石家山下面由我代表公司来汇报一下2024年Q2的业绩情况我们公司2024年Q2收入保持增长增速持续提升2024年Q2实现营收5.28亿元同比增长7.94% 本比增速提升1.62个百分点上每年累计实现营收9.97亿元同比增长7.18%公司2024年Q2境外客户收入因美洲区、欧洲区侦探平台逐步稳定我们收入增速逐步恢复 2020Q2的境外客户实现营收2.65亿元同比增长13.91%反比增速提升11.67个百分点上半年境外客户累计实现营收5.01亿元同比增长8.09%但公司总营收比50.26%同比 营收比重上升0.42个百分点公司2024年Q2国内客户因企业内客户信用的收紧短期内增速与波动2024年Q2国内客户实现营收2.64亿元同比增长2.55%上半年累计实现营收4.96亿元 以下整体帧数存在一些差异生命科学类生命科学基础科研服务实现营收1.84亿元同比增长14.66%监控车序平台服务类实现营收2.58亿元同比增长12.66%医学类的 医学研究与技术服务类实现营收0.69亿元同比下降6.8%从客户类型上看仍然以高校和研究机构收入为主2024年Q2整体权重有上升高校研究机构 零收2024年Q2占总 ...