Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [5][6]. Core Views - The company's IVD (In Vitro Diagnostics) business shows steady growth, with a reported revenue of 857 million yuan for the first three quarters of 2024, representing a year-on-year increase of 5.89%. The net profit attributable to shareholders reached 257 million yuan, up 25.62% year-on-year [1][2]. - The company has launched a new round of stock option incentives aimed at attracting and retaining talent, reflecting long-term confidence in its operations. The incentive plan targets a revenue growth rate of 23% for 2024, 46% for 2025, and 69% for 2026 [1][2]. Financial Summary - For the first three quarters of 2024, the IVD business revenue was 678 million yuan, a 19% increase year-on-year, with domestic and international revenues growing by 15% and 26%, respectively [1][2]. - The comprehensive gross profit margin improved by 3.48 percentage points to 69.89% due to a higher proportion of IVD reagent sales [1][2]. - The company forecasts revenues of 1.243 billion yuan, 1.501 billion yuan, and 1.732 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 405 million yuan, 489 million yuan, and 580 million yuan [2][3][4]. Key Financial Metrics - The report projects an EPS of 0.95, 1.14, and 1.35 for 2024, 2025, and 2026, respectively, with a PE ratio of 18 times based on the closing price on November 11, 2024 [2][3]. - The company's net profit margin is expected to increase to 32.57% in 2024, with a projected growth rate of 23.23% [4]. Market Position - The company is positioned to benefit from the ongoing trend of import substitution in the IVD sector, particularly in its glycosylated hemoglobin business, which is gaining market share due to strong competitiveness [1][2]. - The international IVD business is anticipated to expand further with the introduction of high-end glycosylated models and enhanced marketing efforts [1][2].

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。 重要风险提示： ● 深圳普门科技股份有限公司（以下简称"公司"或"普门科技"）中 国银行基本账户部分资金人民币 1,704,766.75 元被冻结，冻结金额占公司最近 一期经审计净资产的 0.09%，占公司最近一期经审计货币资金的 0.13%。 ● 除上述冻结金额外，以上银行账户内的其他资金可正常周转使用，公 司其他账户不存在使用受限制等异常情况。不会对公司正常生产经营造成重大 不利影响。 深圳普门科技股份有限公司于2024年11月8日收到广东省深圳市龙华区人民 法院作出的（2024）粤0309民诉前调20427号《民事裁定书》，普门科技中国银 行基本账户被冻结人民币1,704,766.75元，具体情况如下： | 一、银行账户部分资金被冻结的基本情况 | | --- | 证券代码：688389 证券简称：普门科技 公告编号：2024-081 深圳普门科技股份有限公司 关于银行账户部分资金被冻结的公告 公司将依法主张自身合法权益，采取相关法律措施，力争尽快处理该案纠 纷，尽早解 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][5][11] Core Views - The company reported steady revenue growth with Q3 2024 revenue reaching 267 million (+6.4%) and net profit attributable to shareholders at 85.54 million (+21.51%) [1] - The gross margin improved to 70% in Q3 due to product mix optimization, while the selling expense ratio decreased to 14.3%, indicating potential for continued profitability improvement [1] - The in vitro diagnostics (IVD) business saw revenue of 678 million in the first three quarters of 2024, a year-on-year increase of 19%, with domestic and international segments growing by 15% and 26% respectively [2] - The launch of the luminescent assembly line is expected to enhance reagent sales, and international market efforts are being strengthened to improve competitiveness [2] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 267 million (+6.4%) and net profit of 85.54 million (+21.51%) [1] - For the first three quarters of 2024, total revenue was 857 million (+5.89%) and net profit was 257 million (+25.62%) [1] - The company adjusted its revenue forecasts for 2024-2026 to 1.33 billion, 1.71 billion, and 2.18 billion respectively, with growth rates of 16%, 28%, and 28% [3] Business Segments - The IVD segment's revenue for the first three quarters of 2024 was 678 million, with domestic revenue at 442 million (+15%) and international revenue at 237 million (+26%) [2] - The clinical medical business faced challenges due to a high base in 2023, resulting in a slight decline, while the skin aesthetics business grew by 8% [2] Market Outlook - The promotion of the luminescent assembly line and international market expansion are expected to create further growth opportunities for the company [2]

证券代码：688389 证券简称：普门科技 编号：2024-017 深圳普门科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-----------------------|-----------------------------------------|----------------------------------------------------------| | | 特定对象调研 | □分析师会议 | | 投资者关系活动 | □媒体采访 | □业绩说明会 | | 类别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | 其他 (电话会议 ) | | | 参与单位及人员 | 共 8 家机构， 9 位参与人员 | | | 时间 | 2024 年 11 月 5 日、 6 日、 | 7 日 | | 地点 | 线上电话会议、深圳南山 | | | 上市公司接待人 员姓名 | 董事会秘书：路曼 | | | | | 除前期已披露的投资者关系活动交流内容外，本次新增主要 | | | 互动交流内容如下： | | | | 1 | 、大发光仪器在海外市场的拓展情况 ...

证券代码：688389 证券简称：普门科技 公告编号：2024-080 深圳普门科技股份有限公司 关于 2024 年股票期权激励计划授予登记完成的公告 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、准确性和完整性承担法律责任。 重要内容提示： 根据 2024 年 9 月 26 日召开的深圳普门科技股份有限公司（以下简称"公司" 或"普门科技"）2024 年第一次临时股东大会的授权，公司于 2024 年 9 月 26 日召开第三届董事会第十一次会议、第三届监事会第十次会议，审议通过了《关 于向激励对象授予股票期权的议案》。根据中国证监会《上市公司股权激励管理 办法》以及上海证券交易所、中国证券登记结算有限责任公司上海分公司有关规 定，公司完成了 2024 年股票期权激励计划（以下简称"本激励计划"）的授予 登记工作，现将有关情况公告如下： 一、本激励计划已履行的相关审批程序 1、2024 年 9 月 9 日，公司召开了第三届董事会第十次会议，审议通过了《关 于〈公司 2024 年股票期权激励计划（草案）〉及其摘要的议案》《关于〈公司 2024 年股票期权激 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that Pumen Technology (688389.SH) has shown strong performance in its overseas and IVD (in vitro diagnostics) business, with a net profit margin improvement [1] - The company reported a revenue of 857 million yuan for the first three quarters of 2024, representing a year-over-year increase of 5.89%, and a net profit of 257 million yuan, up 25.62% year-over-year [4] - The international business has seen significant growth, with a year-over-year revenue increase of 19.11% in the first three quarters, while the domestic revenue grew by 1.19% [4] - The IVD segment has performed particularly well, with domestic revenue growth of 15.17% and international revenue growth of 25.74% [4] - The company has maintained strong profitability, with a gross margin of 69.89% and a net profit margin of 29.89% for the first three quarters of 2024 [4] Financial Performance Summary - The company achieved a revenue of 2.67 billion yuan in Q3 2024, a year-over-year increase of 6.45%, and a net profit of 860 million yuan, up 21.51% year-over-year [4] - The projected revenues for 2024-2026 are 1.294 billion yuan, 1.498 billion yuan, and 1.736 billion yuan, respectively, with corresponding net profits of 406 million yuan, 484 million yuan, and 580 million yuan [5][6] - The company’s gross margin is expected to improve from 68.4% in 2024 to 69.8% in 2026, while the net profit margin is projected to increase from 31.3% to 33.3% over the same period [8] Growth and Development - The company has launched its fourth consecutive stock incentive plan, indicating confidence in long-term growth, with revenue and net profit growth targets set at 23% and 19% for 2024-2026, respectively [5] - The report emphasizes the company's commitment to R&D innovation and product line expansion, particularly in the chemical luminescence and rehabilitation sectors, which are expected to drive continued growth [5]

Investment Rating - The report maintains a "Recommend" rating for Pumen Technology with a target price of 21 CNY, compared to the current price of 17.23 CNY [1] Core Views - Pumen Technology's Q3 2024 performance met expectations, with IVD (In Vitro Diagnostics) business maintaining rapid growth [1] - The company's international business continues to grow at a high rate, with international market revenue reaching 253 million CNY (+19.11%) in Q1-Q3 2024, accounting for 29.5% of total revenue [2] - IVD business shows strong growth both domestically and internationally, with domestic IVD revenue at 442 million CNY (+15.17%) and international IVD revenue at 237 million CNY (+25.74%) in Q1-Q3 2024 [2] - The company's profitability has improved, with Q3 2024 gross margin reaching 70.07% (+0.98pct) and net profit margin at 32.05% (+3.97pct) [2] - A new incentive plan was released in September 2024, demonstrating confidence in future growth, with performance targets of 23%, 46%, and 69% revenue or net profit growth for 2024-2026 compared to 2023 [2] Financial Performance - Q1-Q3 2024 revenue reached 857 million CNY (+5.89%), with net profit attributable to shareholders of 257 million CNY (+25.62%) [1] - Q3 2024 revenue was 267 million CNY (+6.45%), with net profit attributable to shareholders of 86 million CNY (+21.51%) [1] - The company's 2024-2026 net profit is forecasted to be 410 million, 490 million, and 590 million CNY, representing growth rates of 23.8%, 19.9%, and 20.5% respectively [2] - EPS for 2024-2026 is projected to be 0.95, 1.14, and 1.37 CNY, with corresponding P/E ratios of 18, 15, and 13 times [2] Business Development - The company has established subsidiaries in Russia and Indonesia to enhance localized marketing capabilities [2] - Pumen Technology has launched innovative products, including a new generation 25-hydroxyvitamin D assay kit using small molecule sandwich technology and the LifoLas 8000 and LifoLas 9000 automated immunoassay systems [2] Financial Projections - Revenue for 2024-2026 is projected to be 1.245 billion, 1.438 billion, and 1.721 billion CNY, with growth rates of 8.7%, 15.5%, and 19.7% respectively [3] - Gross margin is expected to improve from 65.8% in 2023 to 71.5% in 2026 [6] - ROE is forecasted to increase from 18.3% in 2023 to 20.5% in 2026 [6]

北京市中伦（深圳）律师事务所 关于深圳普门科技股份有限公司 2021 年及 2023 年股票期权激励计划相关事项的 法律意见书 二〇二四年十月 北京市中伦（深圳）律师事务所 关于深圳普门科技股份有限公司 2021 年及 2023 年股票期权激励计划相关事项的 法律意见书 5．本所及本所律师同意公司在其为实行本次注销及行权事项所制作的文件中 引用本法律意见书的相关内容，但公司作上述引用时，不得因引用而导致法律上 的歧义或曲解，本所有权对上述相关文件的相应内容再次审阅并确认。 致：深圳普门科技股份有限公司 北京市中伦（深圳）律师事务所接受深圳普门科技股份有限公司（以下简称 "普门科技"或"公司"）的委托，担任普门科技实施 2021 年股票期权激励计划、 2023 年股票期权激励计划相关事宜的专项法律顾问。本所律师根据《中华人民共 和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下 简称"《证券法》"）、中国证券监督管理委员会（以下简称"中国证监会"） 发布的《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《上海 证券交易所科创板股票上市规则》等有关法律、法规、规范性文件和《深圳普门 ...

深圳普门科技股份有限公司 监事会对第三届监事会第十一次会议相关事项 的核查意见 规和规范性文件的有关规定。 综上所述，监事会同意公司注销 2021 年股票期权激励计划首次授予部分股 票期权合计 3,532,115 份，同意注销 2023 年股票期权激励计划部分股票期权合计 1,090,000 份；同意符合 2021 年股票期权激励计划首次授予股票期权第三个行权 期行权条件的 220 名激励对象在规定的行权期内采取自主行权的方式行权；同意 符合 2023 年股票期权激励计划第一个行权期行权条件的 165 名激励对象在规定 的行权期内采取自主行权的方式行权。 深圳普门科技股份有限公司监事会 2024 年 10 月 14 日 （以下无正文） 深圳普门科技股份有限公司（以下简称"公司"）监事会依据《中华人民共 和国公司法》《中华人民共和国证券法》《上市公司股权激励管理办法》《上海证 券交易所科创板股票上市规则》《科创板上市公司自律监管指南第 4 号——股权 激励信息披露》等相关法律、法规和规范性文件以及《公司章程》等有关规定， 对公司第三届监事会第十一次会议的相关事项进行审核，发表核查意见如下： 一、公司本次因 23 ...

证券代码：688389 证券简称：普门科技 公告编号：2024-078 深圳普门科技股份有限公司 关于2021年股票期权激励计划首次授予股票期权 第三个行权期自主行权实施公告 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： ●股票期权拟行权数量：419.80万份； ●行权股票来源：公司向激励对象定向发行公司A股普通股股票； ●行权安排：本次股票期权行权期限自自主行权审批手续办理完毕之日始至 2025年10月10日止（根据手续办理情况，实际可行权期限为2024年11月8日至2025 年10月10日止，行权日须为交易日）。 一、股权激励计划批准及实施情况 （一）股票期权激励计划方案及履行程序 公司于2021年9月制定并实施了《深圳普门科技股份有限公司2021年股票期 权激励计划（草案）》，合计向激励对象授予1,600.00万份股票期权。其中首次 授予部分合计向334名激励对象授予1,438.00万份股票期权，行权价格为每股 21.00元，有效期为自股票期权授予之日起至激励对象获授的股票期权全部行权 或注销完毕之 ...