| 证券代码：300298 | 证券简称：三诺生物 | 公告编号：2024-073 | | --- | --- | --- | | 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 关于控股股东部分股份质押的公告 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"）于近日接到公司控股股东、 实际控制人李少波先生的通知，获悉其所持有本公司的部分股份办理了质押业务， 现将有关情况说明如下： | | 是否为控股 | 本次质押 | 占其所 | 占公司 | 是否为限售股 | 是否为 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 股东或第一 | 数量 | 持股份 | 总股本 | （如是，注明限 | 补充质 | 质押 | 质押 | 质权人 | 质押用途 | | 名称 | 大股东及其 | | | | | | 起始日 | 到期日 | | | | | 一致行动人 | （股） | 比例 | ...

| 证券代码：300298 | 证券简称：三诺生物 | 公告编号：2024-072 | | --- | --- | --- | | 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 关于预计触发可转债转股价格向下修正条件的提示性公告 | | | 2、债券代码：123090 债券简称：三诺转债 3、转股价格：34.61元/股 4、转股期限：2024年6月25日至2026年12月20日 5、自2024年9月23日至2024年10月31日，三诺生物传感股份有限公司（以下 简称"公司"或"三诺生物"）股票已有10个交易日的收盘价低于当期转股价格 的80%（即27.69元/股），预计将触发《三诺生物传感股份有限公司创业板向不特 定对象发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）规定 的"三诺转债"转股价格向下修正条件。如后续触发转股价格向下修正条件，公 司将根据相关法律法规和《募集说明书》的规定及时履行审议程序和信息披露义 务。敬请广大投资者注意投资风险。 一、可转换公司债券基本情况 （一）可转债发行上市情况 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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 3.18 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 4.8%, while the net profit attributable to shareholders decreased by 19.7% to 260 million yuan [1][2] - The increase in sales expenses and higher R&D investments have negatively impacted profits, despite an improvement in gross margin [2][3] - The company is a leader in the blood glucose monitoring industry, with its new Continuous Glucose Monitoring (CGM) product experiencing rapid growth and overseas commercialization progressing steadily [3] Financial Performance Summary - For Q1, Q2, and Q3 of 2024, the revenues were 1.01 billion yuan, 1.12 billion yuan, and 1.05 billion yuan, with year-on-year growth rates of 14.9%, -0.5%, and +2.1% respectively [1] - The gross margin for the first three quarters of 2024 was 55.2%, with quarterly margins of 50.7%, 59.2%, and 55.4% [2] - The company’s net profit forecast for 2024-2026 is adjusted to 350 million yuan, 470 million yuan, and 660 million yuan, with growth rates of 22.8%, 34.5%, and 40.2% respectively [3][4] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 44x, 32x, and 23x respectively [3] - The company’s revenue is expected to grow from 4.34 billion yuan in 2024 to 5.77 billion yuan in 2026, with corresponding growth rates of 6.84% and 14.79% [4][5]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 32 CNY, while the current price is 27.84 CNY [1]. Core Insights - The company's revenue for the first three quarters of 2024 reached 3.182 billion CNY, reflecting a growth of 4.83%, while the net profit attributable to the parent company was 255 million CNY, down 19.71% [1]. - In Q3 2024, the revenue was 1.049 billion CNY, an increase of 2.05%, but the net profit dropped significantly by 59.44% to 58 million CNY [1]. - The decline in profit is attributed to increased expense ratios, particularly in sales and R&D related to Continuous Glucose Monitoring (CGM) products [2]. - The CGM products are experiencing strong sales growth, with over 300,000 units sold during the "618" shopping festival, ranking first in sales [2]. - The company has made progress in international markets, with CGM products approved in multiple countries and launched on platforms like eBay and Amazon [2]. Financial Summary - The projected net profits for 2024, 2025, and 2026 are 390 million CNY, 470 million CNY, and 570 million CNY respectively, with year-on-year growth rates of 35.5%, 21.9%, and 21.9% [2][3]. - The earnings per share (EPS) are expected to be 0.68 CNY, 0.83 CNY, and 1.01 CNY for the years 2024, 2025, and 2026 [3]. - The total revenue forecast for 2024, 2025, and 2026 is 4.351 billion CNY, 5.009 billion CNY, and 5.780 billion CNY, with growth rates of 7.2%, 15.1%, and 15.4% respectively [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 3.182 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 4.83%, while the net profit attributable to shareholders was 255 million yuan, down 19.71% year-on-year [1] - In Q3 2024, the company's revenue was 1.049 billion yuan, a year-on-year increase of 2.05%, but the net profit attributable to shareholders fell by 59.44% to 58 million yuan [1] - The company is focusing on expanding its Continuous Glucose Monitoring (CGM) business, with significant investments in sales and R&D to support growth [1][2] - The overseas subsidiary Trividia has remained profitable, and the CGM products are expected to enhance profitability upon their launch in the U.S. market [1] Financial Performance Summary - For 2024-2026, the company is projected to achieve revenues of 4.317 billion yuan, 4.875 billion yuan, and 5.446 billion yuan, with growth rates of 6.4%, 12.9%, and 11.7% respectively [2][4] - The net profit attributable to shareholders is expected to be 357 million yuan, 473 million yuan, and 616 million yuan for the same period, with growth rates of 25.4%, 32.5%, and 30.4% respectively [2][4] - The earnings per share (EPS) are forecasted to be 0.63 yuan, 0.84 yuan, and 1.09 yuan for 2024, 2025, and 2026, corresponding to price-to-earnings (P/E) ratios of 44x, 33x, and 25x [2][4]

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company reported a revenue of 3.182 billion yuan for the first three quarters of 2024, a year-on-year increase of 4.83%, while the net profit attributable to shareholders was 255 million yuan, down 19.71% year-on-year. The Q3 revenue was 1.049 billion yuan, with a year-on-year growth of 2.05%, but the net profit dropped 59.44% year-on-year, slightly below market expectations [1]. - The traditional blood glucose monitoring (BGM) business is experiencing stable growth, with an estimated contribution of approximately 200 million yuan from Continuous Glucose Monitoring (CGM) sales. The company has established a strong position in the industry over the past two decades, and the BGM business is expected to maintain steady growth in 2024 [1]. - The CGM products, which were officially launched in 2023, are expected to see significant sales growth, with a sales target of 300 to 500 million yuan for 2024 and potential profitability in 2025. The company has been developing CGM products since 2008 and is positioned to benefit from the industry's expansion [1]. - The company is also making strides in international markets, with its CGM products receiving CE certification in 2023 and plans to submit an FDA application in 2024. The overseas subsidiaries are showing signs of improvement, and profitability is anticipated for the year [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 3.182 billion yuan, a 4.83% increase year-on-year, while the net profit attributable to shareholders was 255 million yuan, down 19.71% year-on-year. The Q3 revenue was 1.049 billion yuan, with a year-on-year growth of 2.05%, and the net profit was 58 million yuan, down 59.44% year-on-year [1]. - The revenue growth rate for the years 2022 to 2026 is projected to be 19.15%, 44.26%, 7.87%, 10.37%, and 10.77% respectively, while the net profit growth rates are expected to be 300.56%, -34.00%, 18.63%, 27.62%, and 27.70% respectively [3]. Profit Forecast and Valuation - The profit forecast for 2024 to 2026 has been revised down to 340 million, 430 million, and 550 million yuan respectively, reflecting a decrease of 24.1%, 17.9%, and 12.5% from previous estimates. Despite this, the company is recognized as the leading domestic brand in blood glucose monitoring, and international expansion into mature markets is anticipated [2].

上 市 公 司 证 券 研 究 报 告 医药生物 2024 年 10 月 24 日 三诺生物 (300298) ——短期费用率提高，看好公司 CGM 海内外进展 | --- | --- | --- | |-------|------------------------------------|-------------------------------| | | 市场数据： | 2024 年 10 月 24 日 | | | 收盘价（元） | 27.97 | | | 一年内最高/最低（元） | 35.46/19.19 | | | 市净率 | 5.2 | | | 息率（分红/股价） | 0.72 | | 流通 | A 股市值（百万元） | 12,736 | | | 上证指数/深证成指 | 3,280.26/10,441.75 | | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|------------------------| | | | | 基础数据 : 2024 | 年 09 月 30 日 | | | | | ...

Investment Rating - The investment rating for the company is maintained as "Buy" [1][5]. Core Views - The company reported revenue and net profit of 318.2 million and 25.5 million RMB for the first three quarters of 2024, representing a year-over-year change of +4.8% and -19.7% respectively. The decline in profit is attributed to increased R&D and sales promotion expenses [1]. - The core business of Blood Glucose Monitoring (BGM) is developing well, and sales of Continuous Glucose Monitoring (CGM) products are expanding in both domestic and EU markets, leading to a positive outlook for the company's performance in 2024 [1][2][3]. Summary by Sections Financial Performance - For 1-3Q24, the company achieved a gross margin of 55.2%, an increase of 2.2 percentage points year-over-year. The sales, management, and R&D expense ratios were 26.5%, 10.3%, and 8.8% respectively [4]. - The company expects to achieve revenue of 4.279 billion RMB in 2024, with a projected EPS of 0.57 RMB [6][11]. Business Segments - The BGM business showed stable growth, with expectations for continued upward momentum in 2024 due to strong demand for blood glucose monitoring among diabetes patients [2]. - The CGM products performed well in the domestic market, with sales exceeding 200 million RMB in the first three quarters of 2024. The company anticipates sales to exceed 300 million RMB in 2024 [3]. Profitability and Valuation - The company has adjusted its revenue expectations for the blood glucose monitoring system and increased its sales and R&D expense forecasts. The target price for 2025 is set at 34.30 RMB, based on a PE ratio of 48x [5][9].

Investment Rating - The report maintains a "Buy" rating for the company [2][9] Core Insights - The company reported steady revenue growth in Q3 2024, with total revenue reaching 3.182 billion RMB, a year-on-year increase of 5%. However, net profit attributable to shareholders decreased by 20% to 255 million RMB, and the non-recurring net profit fell by 32% to 231 million RMB [2] - In Q3 2024, the company achieved revenue of 1.049 billion RMB, up 2% year-on-year, but net profit dropped by 59% to 57.86 million RMB, with non-recurring net profit down 62% to 53.18 million RMB [2] - The increase in sales expense ratio to 27.3% in Q3, up 4.0 percentage points year-on-year, is attributed to increased marketing efforts for CGM products and overseas market expansion [2] - The company invested 278 million RMB in R&D in the first three quarters, a 13% increase year-on-year, with an R&D expense ratio of 8.75% [2] - The CGM product "iCan" has received regulatory approval in multiple countries, and the clinical trial for FDA registration is nearing completion, indicating potential for rapid market expansion [2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total revenue of 3.182 billion RMB, with a 5% increase year-on-year. The net profit attributable to shareholders was 255 million RMB, down 20% year-on-year, and the non-recurring net profit was 231 million RMB, down 32% year-on-year [2] - Q3 2024 revenue was 1.049 billion RMB, a 2% increase year-on-year, while net profit decreased by 59% to 57.86 million RMB, and non-recurring net profit fell by 62% to 53.18 million RMB [2] Operational Analysis - The sales expense ratio increased significantly to 27.3% in Q3, reflecting a 4.0 percentage point rise year-on-year, driven by enhanced marketing for CGM products and overseas market initiatives [2] - The company is focusing on maintaining growth in its core chronic disease rapid testing business while fostering rapid growth in its CGM-based product line [2] Research and Development - The company allocated 278 million RMB to R&D in the first three quarters, marking a 13% increase year-on-year, with an R&D expense ratio of 8.75% [2] - The CGMS product "三诺爱看" has received registrations in various countries, and the new generation CGM product's domestic registration application has been accepted [2] Future Outlook - The company expects net profits for 2024-2026 to be 403 million RMB, 536 million RMB, and 641 million RMB, representing year-on-year growth rates of 42%, 33%, and 20% respectively [2] - The current price corresponds to a PE ratio of 39, 30, and 25 for the years 2024, 2025, and 2026 respectively, supporting the "Buy" rating [2]

| 证券代码：300298 | 证券简称：三诺生物 | 公告编号：2024-068 | | --- | --- | --- | | 债券代码：123090 | 债券简称：三诺转债 | | （一）审议并通过《关于公司 2024 年第三季度报告的议案》 经审议，公司董事会认为：公司《2024 年第三季度报告》的编制和审议程序 符合相关法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反 映了公司 2024 年第三季度的财务状况、经营成果和现金流量，不存在任何虚假 记载、误导性陈述或者重大遗漏。 三诺生物传感股份有限公司 第五届董事会第十二次会议决议公告 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。 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"）第五届董事会第十二次会 议于 2024 年 10 月 23 日（星期三）上午 9 时在公司会议室以现场结合通讯方式 召开。本次会议的通知已于 2024 年 10 月 20 日通过书面或电子邮件方式送达全 体董事。应出席本次会议的董事 7 人，实际出席本次会议的董事 7 人，分别为李 少波先生（兼任 ...