Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company is expected to see a profit turning point due to high profitability and gradual release of profit elasticity, despite a slight decline in gross margin to 70.22% in 2024 [2] - The company has a strong cash flow generation capability, with a net cash flow from operating activities of 133 million yuan in 2024, indicating good operational quality [3] - The company is positioned to benefit from domestic substitution trends and has built a unique "product + service" platform, which is expected to drive growth in the coming years [4] Summary by Sections Profitability - The gross margin for 2024 is projected at 70.22%, down 7.85 percentage points year-on-year, primarily due to the lower margin impact from the consolidation of Fuli Instruments. The core products, chromatography fillers and chromatography media, maintain a gross margin of 81.56%, with a slight year-on-year decline of 2.39 percentage points [2] - The company’s high R&D investment has led to a sufficient reserve of new products, which can help mitigate risks from intensified market competition [2] Operational Quality - The net cash flow from operating activities for 2024 is expected to be 133 million yuan, reflecting a year-on-year increase of 5.99%, indicating sustained operational quality [3] - The accounts receivable turnover days for 2024 are 117 days, shortened by approximately 14 days year-on-year, while the first quarter of 2025 shows an increase to 145 days, likely due to a higher proportion of longer-term instrument products [3] Earnings Forecast and Valuation - The company is expected to achieve revenues of 966 million yuan in 2025, growing by 23.44% year-on-year, and a net profit attributable to shareholders of 139 million yuan, representing a growth of 68.00% [4] - The projected earnings per share (EPS) for 2025 is 0.34 yuan, with a price-to-earnings (P/E) ratio of 66 times based on the closing price on May 8, 2025 [4]

Group 1 - The company reported a revenue of 782 million yuan for 2024, representing a year-on-year growth of 33.33%, with a net profit attributable to the parent company of 83 million yuan, up 20.82% year-on-year [1] - In Q1 2025, the company achieved a revenue of 189 million yuan, a year-on-year increase of 22.39%, and a net profit attributable to the parent company of 29 million yuan, up 72.98% year-on-year [1] - The core business of chromatography fillers and media generated a revenue of 451 million yuan in 2024, with a year-on-year growth of 10.20% [2] Group 2 - The newly added chromatography analysis instruments and accessories contributed a revenue of 154 million yuan, primarily from the consolidation of the acquired company Fuli Instruments [2] - The market for chromatography fillers is expanding, with a current domestic market penetration rate of only about 10%, indicating significant potential for domestic substitution [3] - The company has established strategic cooperation agreements with five major clients, resulting in a sales volume of 224 million yuan, accounting for 50% of the revenue from chromatography fillers [3] Group 3 - The company is evolving into a leading domestic supplier of chromatography fillers, consumables, and instruments, driven by underlying technology [4] - Revenue projections for 2025-2027 are 977 million yuan, 1.17 billion yuan, and 1.37 billion yuan, with net profits of 134 million yuan, 203 million yuan, and 290 million yuan respectively [4] - The current stock price corresponds to a PE ratio of 67, 45, and 31 times for 2025-2027 [4]

Core Viewpoint - Nanwei Technology has been covered for the first time with a "Buy" rating and a target price of 29.2 yuan, indicating strong growth potential in the domestic market for chromatography materials and instruments [1]. Financial Performance - In 2024, the company achieved revenue of 782 million yuan, a year-on-year increase of 33.33%, and a net profit attributable to shareholders of 83 million yuan, up 20.82%. The non-recurring net profit was 66 million yuan, showing a significant growth of 108.55% [2]. - For Q1 2025, the company reported revenue of 189 million yuan, a year-on-year increase of 22.39%, and a net profit attributable to shareholders of 29 million yuan, up 72.98%. The non-recurring net profit was 25 million yuan, reflecting an 85.28% increase [2]. Business Segments - The core business of chromatography fillers and media generated revenue of 451 million yuan in 2024, a growth of 10.20%. The revenue from large molecule chromatography media was 249 million yuan, flat year-on-year, while small molecule chromatography fillers saw a 16.13% increase to 165 million yuan [3]. - The newly added chromatography analysis instruments and accessories contributed 154 million yuan, primarily from the acquisition of Fuli Instruments. Revenue from protein chromatography systems and accessories decreased by 33.41% to 40 million yuan, while liquid chromatography columns and sample pretreatment products increased by 26.15% to 73 million yuan [3]. Market Dynamics - The chromatography filler market is expanding, driven by the growth of biopharmaceuticals and peptide drugs. Currently, the market is dominated by imported manufacturers, with domestic market share at only about 10%. The emphasis on cost reduction and supply chain security is accelerating domestic substitution [4]. - The company has established a comprehensive product layout and has gained recognition from leading domestic pharmaceutical companies. In 2024, the number of customers increased to 792, with strategic cooperation agreements signed with five new clients [4]. Investment Outlook - The company is evolving into a leading domestic supplier of chromatography fillers, consumables, and instruments, benefiting from ongoing domestic substitution and a robust project pipeline. Revenue projections for 2025-2027 are 977 million, 1.17 billion, and 1.37 billion yuan, with net profits of 134 million, 203 million, and 290 million yuan respectively [5].

中信证券股份有限公司 关于苏州纳微科技股份有限公司 2024 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在对苏州纳微科技股份有限公司（以下简称"纳微科技""公司" "上市公司"）进行持续督导工作的保荐人，对 2024 年度（以下简称"本持续 督导期间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报告如 下： 一、本次现场检查的基本情况 （一）保荐人 中信证券股份有限公司 （二）保荐代表人 王琦、王栋 （三）现场检查人员 王琦、楚合玉 （四）现场检查时间 2025 年 4 月 25 日 现场检查人员对本持续督导期内公司治理和内部控制情况、信息披露情况、 公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况、募集资 金使用情况、关联交易、对外担保、重大对外投资情况、经营状况等方面进行了 现场检查，具体检查内容详见本报告"二、本次现场检查主要事项及意见"。 1 （六）现场检查手段 本次现场检查的手段主要包括资料查阅、访谈、现场查看等，具体检查手段 详见" ...

苏州纳微科技股份有限公司 2024 年年度股东大会会议资料 证券代码：688690 证券简称：纳微科技 苏州纳微科技股份有限公司 2024年年度股东大会 2024 年年度股东大会会议须知 1 苏州纳微科技股份有限公司 2024 年年度股东大会会议资料 会议资料目录 | 2024 年年度股东大会会议须知 3 | | | --- | --- | | 2024 年年度股东大会会议议程 5 | | | 一、会议时间、地点及投票方式 | 5 | | 二、会议议程 | 5 | | 2024 年年度股东大会会议议案 7 | | | 议案一：关于公司《2024 年年度报告》及摘要的议案 7 | | | 议案二：关于公司 2024 年度财务决算报告和 2025 年度财务预算报告的议案 | 8 | | 议案三：关于公司 2024 年度董事会工作报告的议案 | 11 | | 议案四：关于公司 2024 年度监事会工作报告的议案 | 22 | | 议案五：关于公司 2024 年度独立董事述职报告的议案 | 28 | | 议案六：关于公司 2024 年度利润分配方案的议案 | 29 | | 议案七：关于确认 2024 年度日常关联交易 ...

证券代码：688690 证券简称：纳微科技 公告编号：2025-018 苏州纳微科技股份有限公司 关于参加2024年度科创板创新药行业集体业绩说明会 暨2025年第一季度业绩说明会的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 二、 说明会召开的时间、地点 （一）会议召开时间：2025 年 5 月 8 日(星期四) 下午 15:00-17:00 （二）会议召开地点：上证路演中心（http://roadshow.sseinfo.com） （三）会议召开方式：线上文字互动 三、 参加人员 董事长：江必旺博士 （http://roadshow.sseinfo.com） 会议召开方式：线上文字互动 会议问题征集：投资者可于 5 月 7 日（周三）16:00 前登录上证路演中心 网站首页，点击"提问预征集"栏目进行提问或通过公司投资者关系邮箱 （ir@nanomicro.com）将需要了解和关注的问题提前提供给公司。公司将在文字互 动环节对投资者普遍关注的问题进行回答。 苏州纳微科技股份有限公司（以下简称"公 ...

盈利能力分析 近期纳微科技(688690)发布2025年一季报，证券之星财报模型分析如下： 财务概况 纳微科技(688690)在2025年第一季度实现了营业总收入1.89亿元，同比增长22.39%；归母净利润达到 2921.54万元，同比增长72.98%；扣非净利润为2507.61万元，同比增长85.28%。这表明公司在报告期内 盈利能力有所增强。 成本与费用控制 公司的销售费用、管理费用、财务费用总计为6214.08万元，三费占营收比为32.95%，同比下降了4.98 个百分点。这表明公司在费用控制方面有所改善。 现金流与资产负债 应收账款状况 公司应收账款为2.94亿元，同比增长14.69%。值得注意的是，应收账款与利润的比例达到了354.71%， 建议投资者密切关注应收账款的回收情况，以评估潜在的坏账风险。 商业模式与资本运作 纳微科技的业绩主要依赖于研发及营销驱动。公司自上市以来，累计融资总额为5.52亿元，累计分红总 额为9019.40万元，分红融资比为0.16。这表明公司在资本运作方面较为稳健，但仍需关注其研发投入和 市场推广的效果。 综上所述，纳微科技在2025年第一季度表现出较强的盈利能力和费 ...

Investment Rating - The report assigns a "Buy" rating for the stock, indicating a strong performance relative to the benchmark index [18]. Core Insights - The core business of the company, specifically chromatography fillers and chromatography media, has shown significant recovery, with overseas business achieving major breakthroughs, indicating promising future growth [3][4]. Financial Performance - In 2024, the company achieved total revenue of 782 million, a year-on-year increase of 33.33%, and a net profit attributable to the parent company of 83 million, up 20.82% [1][9]. - For Q1 2025, the company reported revenue of 189 million, a 22.39% increase year-on-year, and a net profit of 29 million, reflecting a 72.98% growth [1][9]. Business Segmentation - The core business of chromatography fillers and chromatography media generated revenue of 451 million in 2024, a 10.20% increase year-on-year, while other segments contributed additional revenue [4]. - The domestic business accounted for 733 million in revenue, a 30.11% increase, while international revenue reached 47 million, a remarkable 122.19% growth [4]. Profitability and Margins - The overall gross margin for 2024 was 70.22%, a decrease of approximately 7.67 percentage points, primarily due to the consolidation of Fuli Instruments [5]. - The gross margin for chromatography fillers and chromatography media remained high at 81.56%, with fluctuations controlled within 3% [5]. Market Opportunities - The company is positioned to benefit from two major opportunities: commercialization scaling and import substitution, particularly in the context of increasing domestic demand for chromatography materials [10][6]. - The number of customers for chromatography fillers and chromatography media increased to 792 in 2024, with significant sales in both large and small molecule projects [6][7]. Strategic Partnerships - The company has deepened strategic partnerships with key clients, resulting in sales of approximately 224 million from strategic biopharmaceutical clients, accounting for about 49.67% of total sales [7]. Future Projections - Revenue projections for 2025-2027 are estimated at 998 million, 1,235 million, and 1,531 million respectively, with net profits expected to reach 151 million, 231 million, and 312 million [11][9].

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 纳微科技(688690) 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 核心业务明显回暖，面临商业化放大和进口替 代两大机遇 [Table_ReportDate] 2025 年 04 月 25 日 [Table_S 事件：2025 ummar年y]4 月 24 日，公司发布 2024 年年度报告&2025 年第一季度报 告。2024 年公司实现营业收入 7.82 亿元，同比增长 33.33%；实现归母净 利润 0.83 亿元，同比增长 20.82%；实现扣非归母净利润 0.66 亿元，同比 增长 108.55%。2025 年 Q1 公司实现营业收入 1 ...

Core Viewpoint - The company, Suzhou Nanwei Technology Co., Ltd., focuses on the research, production, and sales of high-performance nano-microsphere materials, aiming to become a leading brand in the microsphere industry and break the long-standing foreign monopoly in this field [7][28]. Company Overview - The company specializes in high-performance nano-microsphere materials for applications in biomedicine, flat panel displays, analytical testing, and in vitro diagnostics [7][9]. - It has developed proprietary technologies for precise control over microsphere size, morphology, and surface properties, enabling customized production [8][28]. Business Model - The company operates a complete procurement, production, sales, and R&D system, adapting its business model based on market conditions and customer needs [10][11]. - It employs a direct sales model, engaging with clients from the early stages of product development to provide tailored purification solutions [14][31]. Industry Situation - The biopharmaceutical separation and purification industry is critical, with chromatography technology being the primary method for achieving high purity and yield in biopharmaceutical production [17][20]. - The global biopharmaceutical market is projected to grow significantly, with a compound annual growth rate (CAGR) of 12.20% from 2020 to 2025, driven by advancements in monoclonal antibody products [18][19]. Market Dynamics - The Chinese biopharmaceutical market is expected to reach RMB 811.6 billion by 2025, with a CAGR of 18.6% from 2020 to 2025, indicating strong growth potential [19]. - The demand for domestic high-performance separation and purification materials is increasing due to rising production costs and the need for stable supply chains amid international uncertainties [30][32]. Technological Development - The company has established a comprehensive technology development and industrialization system for microsphere precision preparation, making it one of the few capable of large-scale production of both inorganic and organic high-performance nano-microspheres [28]. - Recent acquisitions, such as that of Fuli Instruments, enhance the company's capabilities in providing integrated analytical solutions [29]. Financial Overview - The company plans to distribute a cash dividend of RMB 0.63 per share, with total cash dividends and share repurchase amounting to RMB 86.24 million, representing 104.10% of the net profit attributable to shareholders for 2024 [4][5].