5月13日，三诺生物今日收盘22.46元，上涨2.09%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到39.92倍，创13天以来新低，总市值126.73亿元。 来源：金融界 从行业市盈率排名来看，公司所处的医疗器械行业市盈率平均50.06倍，行业中值36.80倍，三诺生物排 名第80位。 资金流向方面，5月13日，三诺生物主力资金净流出1111.43万元，近5日总体呈流出状态，5日共流出 830.40万元。 序号股票简称PE(TTM)PE(静)市净率总市值(元)80三诺生物39.9238.843.83126.73亿行业平均 50.0645.924.67106.84亿行业中值36.8038.232.4947.95亿1天益医疗-1755.47-3006.931.8722.37亿2澳华内 镜-607.09304.494.8663.98亿3诺唯赞-411.11-486.242.2687.98亿4爱朋医疗-375.90285.574.5330.84亿5博晖 创新-326.83518.633.4947.95亿6硕世生物-135.76-1983.751.2239.71亿7奥精医疗-124.17-182.00 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is experiencing rapid growth in Continuous Glucose Monitoring (CGM) despite short-term pressure on overseas subsidiary performance due to high base effects [4][5] - The traditional business remains stable, while CGM revenue growth exceeds 50%, indicating strong market demand [5] - The company is making steady progress in overseas commercialization, particularly in Europe and the Middle East, with expectations for continued growth starting in 2025 [5] Financial Summary - Revenue projections for the company are as follows: - 2023: 4,059 million RMB - 2024: 4,443 million RMB (growth of 9.47%) - 2025E: 4,927 million RMB (growth of 10.89%) - 2026E: 5,478 million RMB (growth of 11.19%) - 2027E: 6,102 million RMB (growth of 11.38%) [4][6] - Net profit forecasts are: - 2023: 284 million RMB - 2024: 326 million RMB (growth of 14.73%) - 2025E: 416 million RMB (growth of 27.55%) - 2026E: 499 million RMB (growth of 19.98%) - 2027E: 625 million RMB (growth of 25.09%) [4][6] - Earnings per share (EPS) estimates are: - 2023: 0.50 RMB - 2024: 0.58 RMB - 2025E: 0.74 RMB - 2026E: 0.88 RMB - 2027E: 1.11 RMB [4][6] Market Performance - The company's stock closed at 21.54 RMB, with a market capitalization of approximately 12,154.28 million RMB and a circulating market value of 9,807.14 million RMB [2][5] - The company has a debt-to-asset ratio of 35.76% and a net asset value per share of 5.86 RMB [2]

| 证券代码：300298 | 证券简称：三诺生物 | 公告编号：2025-035 | | --- | --- | --- | | 债券代码：123090 | 债券简称：三诺转债 | | 三诺生物传感股份有限公司 2、股东大会的召集人：经公司第五届董事会第十七次会议决议，由公司董 事会召集召开。 3、会议召开的合法、合规性：本次股东大会的召集、召开符合有关法律法 规、深圳证券交易所业务规则和《公司章程》的规定。 4、会议召开的日期、时间： 关于召开2024年年度股东大会的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 三诺生物传感股份有限公司（以下简称"公司"）于 2025 年 4 月 21 日在巨 潮资讯网（www.cninfo.com.cn）上刊登了《关于召开 2024 年年度股东大会的通 知》（公告编号：2025-027），公司将于 2025 年 5 月 14 日（星期三）下午 14:30 召开 2024 年年度股东大会，本次股东大会采用现场投票与网络投票相结合的方 式召开。现将会议有关事项公告提示如下： 一、召开会议的基本情况 1、股东大会 ...

Core Viewpoint - The company emphasizes its commitment to innovation and sustainable growth in the diabetes management sector, despite recent stock price fluctuations and market challenges [1][4][5]. Financial Performance - In 2024, the company achieved a revenue of 4.44 billion yuan, a year-on-year increase of 9.47%, and a net profit attributable to shareholders of 326.29 million yuan, up 14.73% [1]. - In Q1 2025, the company reported a revenue of 1.04 billion yuan, a 2.76% increase year-on-year, but a net profit of 72.12 million yuan, down 10.90% compared to the previous year [1][8]. Industry Outlook - The global adult diabetes patient population is projected to reach 853 million by 2050, with China accounting for approximately 148 million patients in 2024, representing 25% of the global total [1]. - The demand for blood glucose monitoring products is expected to rise significantly due to the aging population and increasing health management awareness in developing countries [1][2]. Product Development and Strategy - The company is focused on building a comprehensive diabetes management ecosystem through innovative products like Continuous Glucose Monitoring (CGM) systems and partnerships with healthcare institutions [2][3]. - The CGM product line is a strategic focus for the company, with expected revenues of 200-300 million yuan in 2024 [3][4]. Market Position and Competition - The domestic CGM market is experiencing rapid growth, with the company actively expanding its market share and optimizing its product offerings [6][7]. - The company is committed to maintaining its leadership position in the diabetes monitoring sector through continuous innovation and service enhancement [6][7]. Shareholder Engagement - The company has implemented multiple share repurchase plans to enhance shareholder value and market confidence, with a total repurchase amounting to approximately 64.1 million yuan as of April 30, 2025 [1][4][5]. - The management acknowledges the importance of investor communication and aims to improve transparency and information disclosure [1][4].

| 证券代码：300298 | 证券简称：三诺生物 公告编号：2025-034 | | --- | --- | | 债券代码：123090 | 债券简称：三诺转债 | 三诺生物传感股份有限公司 关于回购公司部分股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 三诺生物传感股份有限公司（以下简称"公司"）于 2025 年 2 月 20 日召开 第五届董事会第十六次会议和第五届监事会第十二次会议，审议并通过《关于回 购公司部分股份方案的议案》，同意公司使用自有资金及银行回购专项贷款以集 中竞价交易的方式回购公司部分社会公众股份，用于员工持股计划、股权激励或 者用于转换上市公司发行的可转换为股票的公司债券。回购资金总额不低于人民 币 15,000 万元且不超过人民币 30,000 万元（均含本数），回购价格不超过人民币 34.00 元/股（含），实施期限为自董事会审议通过本次回购部分股份方案之日起 12 个月内。回购事项具体内容详见公司分别于 2025 年 2 月 20 日、2025 年 2 月 24 日在巨潮资讯网（www.cninfo.com.cn ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's 2024 revenue reached 4.443 billion yuan, a year-on-year increase of 9.47%, with a net profit attributable to shareholders of 326 million yuan, up 14.73% year-on-year [1] - The sales of Continuous Glucose Monitoring (CGM) products are expected to accelerate, with projected sales of approximately 300 million yuan in 2024 [2][3] - The company has established a global sales network and is expected to see improvements in its overseas subsidiaries, indicating potential for international expansion [3] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 4.443 billion yuan, with a net profit of 326 million yuan and a non-recurring net profit of 295 million yuan [1] - The Q4 revenue was 1.261 billion yuan, showing a year-on-year growth of 23.22%, while Q1 2025 revenue was 1.042 billion yuan, a year-on-year increase of 2.76% [1][2] Business Segments - Blood Glucose Monitoring (BGM) revenue for 2024 was 3.321 billion yuan, reflecting a year-on-year growth of 15.58% [2] - The company anticipates steady growth in its BGM business for 2025, supported by a robust product system and distribution network [2] CGM Product Development - The company is a leading player in the domestic CGM market, with its products launched in 2023 and expected to see significant sales growth [2] - The second-generation CGM products are anticipated to be launched soon, further enhancing the product lineup [2] International Expansion - The company has received CE certification for its CGM products and is in the process of entering markets in Western and Northern Europe [3] - An FDA application for the CGM products has been submitted, with expectations for approval in 2025 [3] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025 is set at 431 million yuan, with a downward adjustment for 2026 to 523 million yuan [3] - The company is recognized as the leading brand in domestic blood glucose monitoring, with promising prospects for international business [3]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 29.64 [6][7]. Core Views - The company reported a revenue of RMB 10.42 million and a net profit attributable to the parent company of RMB 0.72 million in Q1 2025, reflecting a year-on-year growth of 2.8% in revenue but a decline of 10.9% in net profit [1]. - The decline in profit is attributed to the temporary capacity optimization work at the overseas subsidiary PTS, which is expected to return to normal operations in the first half of 2025, leading to improved profit growth in subsequent quarters [1]. - The company’s core business in BGM is performing well, and the commercialization efforts for CGM both domestically and internationally are progressing positively, indicating a favorable outlook for 2025 [1][2]. Summary by Sections Revenue and Profitability - The company’s revenue is projected to grow steadily, with expectations of reaching RMB 4.9 billion in 2025, representing a 10.27% increase from the previous year [10]. - The net profit attributable to the parent company is forecasted to be RMB 440.13 million in 2025, showing a significant year-on-year growth of 34.89% [10]. Business Segments - The BGM business is expected to see stable growth due to the clear demand for blood glucose monitoring among diabetes patients and the company's leading brand strength in the industry [2]. - The PTS segment is anticipated to achieve profitability in 2025 as capacity optimization efforts conclude and market influence continues to grow [2]. - The Trividia segment is also expected to be profitable in 2025, driven by ongoing cost reduction and efficiency improvement initiatives [2]. CGM Commercialization - The CGM products are showing strong sales performance domestically, with an estimated sales revenue of approximately RMB 100 million in Q1 2025, and expectations to reach RMB 400-600 million in total sales for 2025 [3]. - In the European market, the company is actively pursuing medical insurance access and commercial promotion, with positive progress expected in major countries [3]. - The company is in the FDA registration phase for its CGM products in the U.S., with expectations to receive approval in the second half of 2025 [3]. Valuation - The company is valued at a PE ratio of 38x for 2025, compared to the industry average of 28x, reflecting its position as a leader in the domestic blood glucose monitoring market [4]. - The target price remains unchanged at RMB 29.64, indicating potential upside from the current market price [4].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 29.64 RMB [6][7]. Core Views - The company achieved a revenue of 10.42 million RMB and a net profit of 0.72 million RMB in Q1 2025, reflecting a year-over-year growth of 2.8% in revenue but a decline of 10.9% in net profit. The profit decline is attributed to the capacity optimization work at the overseas subsidiary PTS, which is expected to return to normal operations in the first half of 2025, leading to improved profit growth in subsequent quarters [1][2]. - The core business of BGM is performing well, with steady growth expected in 2025 due to strong demand for blood glucose monitoring systems among diabetes patients. The overseas subsidiary PTS is also anticipated to achieve significant profitability in 2025 [2][3]. - The CGM products are seeing positive sales growth domestically, with expectations of reaching sales of 4-6 billion RMB in 2025. The company is actively pursuing market access and commercialization in the EU and is in the FDA registration phase in the US, with approval expected in the second half of 2025 [3][4]. Financial Forecast and Valuation - The earnings per share (EPS) forecast for 2025 is 0.78 RMB, with projected EPS of 0.93 RMB in 2026 and 1.09 RMB in 2027. The company is valued at a price-to-earnings (PE) ratio of 38x for 2025, compared to the industry average of 28x [4][10]. - Revenue projections for the company are 4.9 billion RMB in 2025, with a year-over-year growth rate of 10.27%. The net profit is expected to reach 440.13 million RMB in 2025, reflecting a significant increase of 34.89% compared to the previous year [10][17].

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in the coming years [5][12]. Core Insights - The company reported a revenue of 1.042 billion RMB in Q1 2025, showing a year-on-year increase of 2.76%, while the net profit attributable to the parent company was 72.12 million RMB, a decrease of 10.90% year-on-year [3]. - The increase in sales expenses, which rose by 19.57% year-on-year to 289 million RMB, is aimed at promoting the new Continuous Glucose Monitoring (CGM) products domestically and internationally, indicating a focus on innovation and market expansion despite short-term profit pressures [3]. - The second-generation CGM product has been approved, featuring improvements in design and user experience, which is expected to enhance market competitiveness [3]. - A distribution agreement has been signed with A. MENARINI DIAGNOSTICS S.r.l. for exclusive distribution of the CGM systems in over 20 European countries, indicating potential for rapid sales growth in overseas markets [4]. Financial Projections - The projected net profits for the company from 2025 to 2027 are 476 million RMB, 567 million RMB, and 691 million RMB, representing year-on-year growth rates of 46%, 19%, and 22% respectively [5]. - The expected price-to-earnings (P/E) ratios for the years 2025, 2026, and 2027 are 26, 22, and 18 times, respectively, suggesting a favorable valuation outlook [5]. Company Overview - The company’s revenue is projected to grow from 4.059 billion RMB in 2023 to 6.960 billion RMB in 2027, with a compound annual growth rate (CAGR) of approximately 17.69% [10]. - The net profit is expected to recover from a decline in 2023 to 691 million RMB by 2027, reflecting a strong recovery trajectory [10].

| 证券代码：300298 | 证券简称：三诺生物 | 公告编号：2025-032 | | --- | --- | --- | | 债券代码：123090 | 债券简称：三诺转债 | | 三诺生物传感股份有限公司 第五届监事会第十四次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、会议召开情况 三诺生物传感股份有限公司（以下简称"公司"）第五届监事会第十四次会 议于 2025 年 4 月 28 日（星期一）上午 11 时在公司会议室以现场方式召开。本 次会议的通知已于 2025 年 4 月 25 日通过书面或电子邮件方式送达全体监事。应 出席本次会议的监事 3 人，实际出席本次会议的监事 3 人，分别为欧阳柏伸先 生、陈春耕先生和黄绍波先生。本次会议由监事会主席欧阳柏伸先生召集并主持， 公司董事会秘书郑霁耘女士列席了会议。会议的召集、召开符合《公司法》及《公 司章程》《公司监事会议事规则》的规定。 二、会议审议情况 经与会监事认真审议，本次会议以现场表决方式通过如下决议： 经审核，监事会认为：公司编制和审议《2025 年第一季度报告》的程序符 ...