Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's Q3 revenue showed steady growth, but profits declined due to fluctuations in gross margin and increased expense ratios [1][2] - The company is actively cultivating its second growth curve with CGM products, with the second-generation product expected to be approved soon and overseas markets showing promising potential [1][3] - The company has a strong presence in retail, clinical, and grassroots markets, laying a solid foundation for product expansion [4] Financial Performance - In Q1-Q3 2024, the company achieved revenue of RMB 3.182 billion, a YoY increase of 4.83%, but net profit attributable to shareholders declined by 19.71% to RMB 255 million [1] - In Q3 2024, revenue was RMB 1.049 billion, up 2.05% YoY, while net profit attributable to shareholders dropped 59.44% to RMB 57.86 million [1] - Gross margin in Q3 2024 was 55.38%, down 1.28 percentage points YoY, with sales expense ratio rising to 27.26% and R&D expense ratio increasing to 10.23% [2] CGM Product Development - The company launched its first CGM product domestically in 2023 and is advancing its second-generation product, which has been submitted for NMPA registration and is expected to be approved by the end of 2024 or early 2025 [3] - The second-generation CGM product features an integrated design, improving portability and user comfort [3] - The company has obtained registration certificates for CGM products in multiple countries, including China, Indonesia, the EU, and the UK, and is progressing with FDA clinical trials in the US [3] Market Expansion - The company holds nearly 50% of the retail market share, with over 22 million users and partnerships with more than 4,000 distributors and nearly 600 chain pharmacies [4] - In the clinical market, the company's products cover 30 provinces and are used in 3,500 hospitals above the secondary level, with over 1,200 hospitals utilizing its in-hospital glucose management system [4] - The company has expanded its reach to over 2,000 grassroots medical institutions and provides products and services to more than 9,000 community and township hospitals [4] Financial Forecast - Revenue for 2024-2026 is projected to be RMB 4.254 billion, RMB 4.796 billion, and RMB 5.492 billion, with YoY growth rates of 4.8%, 12.7%, and 14.5%, respectively [4] - Net profit attributable to shareholders is expected to grow by 17.1%, 20.6%, and 23.3% over the same period, reaching RMB 333 million, RMB 402 million, and RMB 495 million, respectively [4] - The company's P/E ratios for 2024-2026 are estimated at 44X, 36X, and 29X [4] Valuation Metrics - The company's P/E ratio is 32.5X for 2022, 51.0X for 2023, and projected to decrease to 43.6X, 36.1X, and 29.3X for 2024-2026 [5] - The P/B ratio is 4.9X for 2022 and 2023, with projections of 4.6X, 4.2X, and 3.8X for 2024-2026 [5]

| 证券代码：300298 | 证券简称：三诺生物 | 公告编号：2024-074 | | --- | --- | --- | | 债券代码：123090 | 债券简称：三诺转债 | | 二、财务资助进展情况 根据心诺健康资金使用需求，公司于2024年11月4日分别与心诺健康签署了 《借款合同》，与李少波先生签署了《保证合同》，由公司向心诺健康提供财务 资助人民币22,100万元，李少波先生按其对心诺健康的持股比例（45%）为公司 本次财务资助提供保证担保。《借款合同》主要内容如下： 1、签署主体 甲方（出借人）：三诺生物传感股份有限公司 乙方（借款人）：长沙心诺健康产业投资有限公司 2、借款用途 三诺生物传感股份有限公司 关于向控股子公司提供财务资助的进展公告 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。 一、财务资助情况概述 三诺生物传感股份有限公司（以下简称"公司"）分别于2024年4月24日召 开第五届董事会第十次会议、第五届监事会第九次会议，于2024年5月21日召开 2023年年度股东大会，审议并通过《关于向控股子公司提供财务资助的议案》， 为解 ...

公司研究 三诺生物（300298）业绩点评 % 1 个月 3 个月 12 个月 相对收益 -7 2 -16 绝对收益 -1 17 -6 注：相对收益与沪深 300 相比 证券研究报告 2024 年 10 月 30 日 湘财证券研究所 营收平稳增长，费用提升影响利润 核心要点： 相关研究： 前三季度营收同比增长 4.38%，归母净利同比下降 19.71% 近期公司发布了 2024 年三季报，前三季度公司实现营业收入 31.82 亿元， 同比增长 4.83%，归母净利润 2.55 亿元，同比下降 19.71%，扣非净利润 2.32 亿元，同比下降 31.73%。 单季度看，2024Q3 实现营业收入 10.49 亿元，同比增长 2.05%，归母净利 润 0.58 亿元，同比下降 59.44%，扣非净利润 0.53 亿元，同比下降 62.06%。 销售费用提升明显，毛利率与净利率均有所下降 2024 年前三季度公司销售费用率 26.47%，同比上升 2.87 pct，预计与 CGM 业务在国内加大拓展所致。管理费用率为 19.02%，同比提升 0.55 pct，财 务费用率 0.60%，同比下降 0.34 pct， ...

| 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 | | | | | ...