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 | | | | | ...

证券研究报告 三诺生物 (300298 CH) 费用强化影响短期利润，期待 4Q 改善 投资评级(维持): 买入 华泰研究 季报点评 2024 年 10 月 24 日│中国内地 医疗器械 公司 1-3Q24 实现收入/归母净利 31.82/2.55 亿元（yoy+4.8%/-19.7%），其 中 3Q24 实现收入/归母净利 10.49/0.58 亿元（yoy+2.1%/-59.4%），3Q24 利润端同比有所下滑主因公司加大研发投入（美国 CGM 注册临床费用、国 内 CGM 迭代费用等）及销售推广投入。考虑公司 BGM 核心主业发展良好， CGM 国内及欧盟市场销售持续放量，我们看好公司 24 年业绩保持向好发 展，维持"买入"。 BGM 主业收入平稳增长，海外子公司经营持续改善 1）血糖监测系统：我们推测若剔除心诺健康并表及 CGM 销售贡献，公司 BGM 业务 1-3Q24 收入同比平稳增长。考虑糖尿病患者血糖监测需求刚性 且公司品牌力业内领先，看好公司 BGM 业务 24 全年延续向上发展势头；2） PTS：我们推测 1-3Q24 实现净利润超 100 万美元，考虑 PTS 血脂及糖化 血红蛋白检测 ...

来源：公司年报、国金证券研究所 买入(维持评级) 公司点评 证券研究报告 三季度收入端平稳增长，费用投入提 业绩简述 2024 年 10 月 23 日，公司发布 2024 年三季度报告：2024 年前三 季度公司实现收入 31.82 亿元，同比+5%；归母净利润 2.55 亿元， 同比-20%；实现扣非归母净利润 2.31 亿元，同比-32%； 2024Q3 公司实现收入 10.49 亿元，同比+2%；归母净利润 5786 万 元，同比-59%；实现扣非归母净利润 5318 万元，同比-62%。 经营分析 收入端稳步增长，销售费用率提升明显。三季度公司收入端实现 稳步增长，利润下滑主要与费用投入增加相关。公司 Q3 销售费用 率达到 27.3%，同比+4.0pct，预计针对 CGM 产品及海外市场推广 力度增加，在保持以血糖监测产品为核心的慢性病快速检测业务 的第一曲线持续稳定增长的同时，努力培育和促进以 CGM 为基础 的第二曲线快速成长。 重视创新研发投入，产品维持较强竞争力。公司前三季度投入研 发费用 2.78 亿元，同比+13%，研发费用率达到 8.75%。血糖监测 产品方面，公司 CGMS 产品"三 ...

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 ...

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]

编号：2024-10-01 证券代码：300298 证券简称：三诺生物 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投资者关系活动记录表 | --- | --- | --- | |-----------------------------|---------------------------------------------------|------------------------------------------------------------------| | | □ 特定对象调研 | □ 分析师会议 | | 投资者关系活动 | □ 媒体采访 | □ 业绩说明会 | | 类别 | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | 其他（"湖南辖区 | 2024 年度投资者网上集体接待日"活动） | | 参与单位名称及 | 投资者均可登陆"全景路演"网站（ | https://ir.p5w.net ），或关注微信公众 | | 人员姓名 | 号：全景财经，或下载全景路演 | APP 互动交流 | | 时间 | 2024 年 10 月 10 日 | ...

证券代码：300298 证券简称：三诺生物 公告编号：2024-064 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 关于参加湖南辖区2024年度投资者 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，使广大投资者能更深入全面地了解公司情 况，三诺生物传感股份有限公司（以下简称"公司"）将参加由中国证券监督管理 委员会湖南监管局、湖南省上市公司协会与深圳市全景网络有限公司联合举办的"湖 南辖区2024年度投资者网上集体接待日"活动，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演APP，参与本 次互动交流，活动时间为2024年10月10日（星期四）14:00-17:00。 届时公司副总经理、董事会秘书郑霁耘女士等相关人员将在线就公司业绩、公 司治理、发展战略、经营状况、融资计划、股权激励和可持续发展等投资者关心的 问题，与投资者进行沟通与交流。 欢迎广大投资者 ...

华福证券 三诺生物（300298.SZ） 利润端核心受子公司信用减值影响，核心品种稳 健增长 投资要点： 事件：公司发布 2024 年半年报，2024H1 实现收入 21.3 亿（同比+6.3%）， 归母净利润 2.0 亿（同比+12.6%），扣非归母净利润 1.8 亿（同比-10.4%）； 2024Q2：实现收入 11.2 亿（同比-17%），归母净利润 1.2 亿（同比+8.3%）， 扣非归母净利润 1.0 亿（同比-25.2%）； 司财报 核心产品稳健增长，血脂、经营品拖累收入增速。分业务来看，24H1 血糖监测 15.5 亿（同比+12.7%），毛利率为 61.3%。一方面 23H2 公司推行 降本增效，美国子公司 Trividia 毛利实现较大改善；另一方面公司持续开 拓东南亚、非洲、中东等主要市场，国际收入显著提升。其他业务层面， 糖尿病营养基本持平；血脂检测 1.2 亿（同比-20.9%），经营品 3793 万 （-52.7%）。分区域，24H1 国内 12 亿（+5.7%），美国 6.9 亿（+2.4%）。控 股子公司心诺健康营业收入 5.4 亿元，对公司净利润影响为 2214 万元。 利润端 ...

[Table_Main] 证券研究报告 | 公司点评 三诺生物(300298.SZ) 2024 年 09 月 06 日 投资要点 相关研究 | --- | --- | |---------------------------------------------------------------------|------------------| | 三诺生物 买入（维持） | 中报点评：主业稳 | | 所属行业：医药生物 / 医疗器械 定增长，看好 当前价格 ( 元 ) ： 24.77 | 持续放量 | 证券分析师 周新明 资格编号：S0120524060001 邮箱：zhouxm＠tebon.com.cn 市场表现 -23% -11% 0% 11% 23% 34% 46% 2023-09 2024-01 2024-05 三诺生物 沪深300 | --- | --- | --- | --- | |--------------------------------|-----------|-----------|-----------| | | | | | | | | | | | 沪深 300 对比 绝对涨幅 ...

证 券 研 究 报 告 三诺生物（300298）2024 年中报点评 推荐（维持） CGM 产品持续放量，海外子公司实现盈利 目标价：32 元 当前价：23.05 元 事项： 公司发布 24 年中报，营业收入 21.33 亿元（+6.26%），归母净利润 1.97 亿元 （+12.61%），扣非净利润 1.78 亿元（-10.38%）。24Q2，营业收入 11.19 亿元 （-0.53%），归母净利润 1.17 亿元（+0.78%），扣非净利润 1.01 亿元（-25.42%）。 评论： 血糖监测业务稳定增长。分产品看，24H1 公司血糖监测系统收入 15.52 亿元 （+12.74%），iPOCT 监测系统收入 0.88 亿元（+5.89%），血脂检测系统收入 1.22 亿元（-20.86%），糖化血红蛋白检测系统收入 1.20 亿元（+37.67%），血 压计收入 0.62 亿元（+2.20%），经营品收入 0.38 亿元（-52.72%），糖尿病营 养、护理等辅助产品收入 1.34 亿元（+0.02%）。血糖监测系统业务实现稳健增 长。 中美以外区域收入增速较快。分地域看，2024H1 国内收入 12. ...