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]

三诺生物：前三季度净利润2.55亿元 同比下降19.71% 财联社10月23日电，三诺生物发布2024年第三季 度报告，前三季度实现营业收入31.82亿元，同比增长4.83%；归属于上市公司股东的净利润2.55亿元， 同比下降19.71%。 第三季度实现营业收入10.49亿元，同比增长2.05%；归属于上市公司股东的净利润5785.67万元，同比 下降59.44%。 查看公告原文 ...

三诺生物传感股份有限公司 第五届监事会第十一次会议决议公告 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"）第五届监事会第十一次会 议于 2024 年 10 月 23 日（星期三）上午 10 时在公司会议室以现场方式召开。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： （一）审议并通过《关于公司 2024 年第三季度报告的议案》 经审核，监事会认为：公司编制和审议《2024 年第三季度报告》的程序合法 合规，符合国家法律法规、规范性文件和中国证监会、深圳证券交易所的有关规 定，报告内容真实、准确、完整，不存在任何虚假 ...

| 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 ...

Financial Performance - Revenue for the third quarter of 2024 was RMB 1,049,008,911.45, an increase of 2.05% year-over-year[3] - Net profit attributable to shareholders of the listed company for the third quarter of 2024 was RMB 57,856,718.51, a decrease of 59.44% year-over-year[3] - Total operating revenue for the first three quarters of 2024 reached 3,182,048,562.89 yuan, a 4.8% increase compared to the same period last year[23] - Net profit attributable to the parent company's shareholders was 255,342,147.59 yuan, a 19.7% decrease compared to the same period last year[24] - Basic earnings per share decreased by 19.3% to 0.4605 yuan compared to the same period last year[24] - Net profit attributable to the parent company's owners increased to RMB 1,100,794,523.60 from RMB 920,121,591.90 at the beginning of the period[22] Assets and Liabilities - Total assets as of September 30, 2024, were RMB 5,933,439,064.87, an increase of 0.11% compared to the end of the previous year[3] - Total assets amounted to RMB 5,933,439,064.87, with total liabilities of RMB 2,358,236,382.43 and total equity of RMB 3,575,202,682.44[22] - Accounts receivable increased to RMB 527,201,805.17 from RMB 478,219,714.39 at the beginning of the period[20] - Inventory increased to RMB 681,094,723.03 from RMB 632,445,438.98 at the beginning of the period[20] - Short-term borrowings decreased to RMB 69,544,556.74 from RMB 89,880,671.68 at the beginning of the period[21] - Long-term borrowings decreased significantly to RMB 65,312,625.00 from RMB 438,202,375.00 at the beginning of the period[22] - The company's monetary funds increased to RMB 795,422,346.70 from RMB 786,037,973.76 at the beginning of the period[20] Investments and Projects - The company's investment in the iPOCT Industrial Park Phase III project increased by 67.69% compared to the beginning of the year, reaching RMB 180,160,186.03[6] - As of September 30, 2024, the company had invested RMB 998,132,500 in fundraising projects, with interest income of RMB 22,486,500, and the funds have been fully utilized according to regulations[19] Expenses and Costs - Financial expenses decreased by 32.86% to RMB 19,164,610.70, mainly due to reduced interest accrual by the subsidiary Xinnuo Health Industry Investment Co., Ltd[7] - Credit impairment losses increased by 152.47% to RMB -22,132,977.44, primarily due to increased bad debt provisions for accounts receivable by the subsidiary Trividia Health, Inc[7] - Asset impairment losses increased by 65.58% to RMB -4,578,492.42, mainly due to inventory write-downs by subsidiaries Trividia Health, Inc. and Polymer Technology Systems, Inc[7] - Non-operating income decreased by 115.55% to RMB -39,274.11, mainly due to the refund of customer deposits by the parent company[7] - Non-operating expenses decreased by 78.56% to RMB 2,527,082.93, primarily due to reduced legal fees paid by the subsidiary Trividia Health, Inc[7] - Operating costs for the first three quarters of 2024 were 2,922,130,369.96 yuan, a 5.9% increase year-over-year[23] - R&D expenses increased by 13.5% year-over-year to 278,469,037.83 yuan[23] - Sales expenses rose by 17.6% to 842,261,617.67 yuan compared to the same period last year[23] Cash Flow - Cash received from investment recovery increased by 659.10% to RMB 265.68 million, mainly due to the recovery of structured deposits and proceeds from the disposal of equity in Chengdu Smart Technology Co., Ltd. and Zhejiang Nuotai Health Technology Co., Ltd.[8] - Cash received from investment income decreased by 37.01% to RMB 727,531.17, primarily due to cash dividends received from Zhejiang Nuotai Health Technology Co., Ltd. in the previous period[8] - Cash received from the disposal of fixed assets, intangible assets, and other long-term assets increased by 235.39% to RMB 103,749.00, mainly due to increased cash recovery from the disposal of fixed assets[8] - Total cash inflow from investment activities increased by 638.90% to RMB 267.38 million, primarily due to increased cash received from investment recovery[8] - Cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets decreased by 36.23% to RMB 166.04 million, mainly due to reduced investment by the parent company compared to the same period last year[8] - Cash paid for investments increased by 471.43% to RMB 200.00 million, primarily due to increased purchases of structured deposits and other financial products by the parent company[8] - Net cash flow from financing activities decreased by 88.39% to RMB 94.49 million, mainly due to reduced cash received from borrowings and other financing activities[8] - Net cash flow from operating activities was 403,166,205.32 yuan, a 1.6% decrease year-over-year[25] - Cash received from selling goods and providing services was 3,181,478,797.82 yuan, a 2.4% increase compared to the same period last year[25] - Cash paid for employee compensation and benefits was 827,353,070.99 yuan, a 2.4% increase year-over-year[25] - Cash outflow for the purchase of fixed assets, intangible assets, and other long-term assets decreased by 36.2% to 166,036,824.52 yuan[25] - Investment cash outflow totaled 366,036,824.52, a decrease from 295,358,036.35 in the previous period[26] - Net cash flow from investment activities was -98,660,426.17, an improvement from -259,172,080.51[26] - Cash inflow from financing activities was 94,488,083.34, significantly lower than 814,024,020.41 in the previous period[26] - Net cash flow from financing activities was -279,286,544.41, an improvement from -337,367,079.28[26] - The net increase in cash and cash equivalents was 11,330,032.80, compared to a net decrease of -184,856,894.76 in the previous period[26] - The ending balance of cash and cash equivalents was 790,996,448.57, up from 625,659,807.31[26] Shareholder and Equity Information - The company's largest shareholder, Li Shaobo, holds 25.29% of the shares, totaling 142,685,648 shares, with 107,014,236 shares under restricted sale[9] - The second-largest shareholder, Che Hongli, holds 21.94% of the shares, totaling 123,806,943 shares, all of which are unrestricted[9] - The company's actual controller changed to Li Shaobo after the termination of the "Consistent Action Agreement" with Che Hongli on January 18, 2019[10] - China Bank Co., Ltd. - Huabao CSI Medical ETF holds 11,650,902 shares, accounting for 2.06% of the total shares[11] - The company repurchased 10,420,787 shares, accounting for 1.85% of the total shares, with a total repurchase amount of RMB 253,558,050.23[12] - Li Shaobo holds 107,014,236 restricted shares, accounting for a significant portion of the company's total shares[13] - The company repurchased 3,421,500 shares, accounting for 0.61% of the total shares, with a total repurchase amount of RMB 84,972,866.00[16] - The company's repurchase account holds 10,420,787 shares, accounting for 1.85% of the total shares[16] - The company's total share capital is 564,265,375 shares[12][16] - The highest repurchase price was RMB 29.637 per share, and the lowest was RMB 13.443 per share[12] - The company's repurchase plan was completed with a total repurchase amount of RMB 253,558,051.23[16] Fundraising and Convertible Bonds - The company issued 5,000,000 convertible bonds with a total face value of RMB 500,000,000, and as of September 30, 2024, 4,984,224 bonds remain unconverted[17] - The convertible bonds have a conversion price of RMB 34.61 per share[17] - The company raised a total of RMB 502,649,986.28 through a private placement of 27,987,193 shares at RMB 17.96 per share, with a net amount of RMB 485,911,986.55 after deducting issuance costs[18] - The company issued RMB 500,000,000 in convertible bonds, with a net amount of RMB 490,033,873.32 after deducting issuance costs[18] Government Subsidies and Non-Recurring Gains - The company's government subsidies for the reporting period amounted to RMB 7,772,642.00, contributing to non-recurring gains[4]