证券研究报告 医药生物 证券分析师 刘闯 S1350524030002 liuchuang@huayuanstock.com 市场表现： -30% -20% -10% 0% 10% 20% 30% 40% 2023-092023-102023-112023-122024-012024-022024-032024-042024-052024-062024-072024-08 三诺生物 沪深300 相关研究 1.《三诺生物 (300298.SZ)：CGM 海 外发力在即，掘金百亿美元市场》， 2024.04.18 公司点评 2024 年 9 月 4 日 三诺生物（300298.SZ） 买入（维持） ——业绩表现稳健，CGM 潜力可期 投资要点： ➢ 公司事件：三诺生物发布 2024 年中期业绩公告，合并报表口径下 24H1 实现收入 21.3 亿元 （同比+6.26%），归母净利润 2.0 亿元（同比+12.61%），扣非归母 1.8 亿元（同比-10.38%）； 24Q2 实现收入 11.2 亿元（同比-0.53%），归母净利润 1.2 亿元（同比+0.78%），扣非归 母 1.0 亿元（同比-25.42%）。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a revenue of 2.133 billion yuan for H1 2024, representing a year-on-year growth of 6.26%. The net profit attributable to the parent company was 197 million yuan, up 12.61% year-on-year, while the net profit excluding non-recurring items decreased by 10.38% to 178 million yuan [2][6] - The core business showed steady growth, with the blood glucose monitoring segment generating 1.552 billion yuan in revenue, a year-on-year increase of 12.74%. The overseas subsidiaries also improved significantly, with Trividia achieving a revenue of 31.22 million yuan, marking a turnaround from a loss [2][6] - The company is continuously upgrading its products in the Continuous Glucose Monitoring (CGM) field, with new products being registered and approved in various countries, indicating a positive outlook for overseas business operations [6] Financial Performance Summary - For H1 2024, the company achieved a gross margin of 55.2%, an increase of 3.97 percentage points year-on-year. The net profit margin was 9.26%, up 2.43 percentage points year-on-year [6] - The company expects revenues for 2024-2026 to be 4.632 billion, 5.238 billion, and 5.912 billion yuan, with year-on-year growth rates of 14.11%, 13.08%, and 12.88% respectively. The net profit for the same period is projected to be 415 million, 528 million, and 680 million yuan, with growth rates of 46.05%, 27.15%, and 28.77% respectively [6][7]

证券研究报告·公司点评报告·医疗器械 三诺生物（300298） 2024 半年报点评：海外进展不断突破，经营 持续向好 2024 年 08 月 30 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|---------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 3952 | 4059 | 4630 | 5288 | 6093 | | 同比（ % ） | 67.38 | 2.69 | 14.06 | 14.22 | 15.23 | | 归母净利润（百万元） | 446.51 | 284.40 | 412.26 | 523.78 | 621.61 | | 同比（ % ） | 315.09 | (36.31) | 44.96 | 27.05 | 18.68 | | EPS- 最新摊薄（元 / 股） | 0.79 | 0.5 ...

三诺生物传感股份有限公司投资者关系活动记录表 编号：2024-08-01 投资者关系活动 类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他（请文字说明其他活动内容） 参与单位名称及 人员姓名 华泰证券：代雯、高鹏、杨昌源；兴业证券：孙媛媛、黄翰漾、董晓洁； 国金证券：袁维、何冠洲；国盛证券：张金洋、杨芳、王震；中信证券： 陈竹、宋硕、沈睦钧；中信建投：贺菊颖、王在存、李虹达；中金公司： 张琎、朱言音、刘雅馨；华源证券：刘闯；方正证券：周超泽、窦慧敏； 德邦证券：周新明；国联证券：郑薇、许津华；华安证券：谭国超、李 婵；华创证券：郑辰、李婵娟、张良龙；光大证券：王明瑞、吴佳青；华 福证券：盛丽华、王艳、黄冠群；民生证券：王班、朱凤萍；申万宏源证 券：张静含、陈烨远；银河证券：程培、孟煕；东吴证券：朱国广、赵骁 上市公司接待 人员姓名 副总经理、董事会秘书：郑霁耘 证券事务代表：许卉雨 投资者关系活动 主要内容介绍 一、董事会秘书郑霁耘女士简单介绍公司2024年上半年主要经营情况 2024年上半年，公司坚定围绕全球领先的糖尿病数字管理专家战略 和全年经营计划 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's H1 2024 performance met market expectations, with revenue of 2.133 billion yuan, a year-on-year increase of 6.26%, and a net profit of 197 million yuan, up 12.61% [1][2]. - The traditional blood glucose monitoring (BGM) business showed steady growth, with revenue of 1.552 billion yuan in H1 2024, reflecting a year-on-year increase of 12.74% [2]. - The Continuous Glucose Monitoring (CGM) products are expected to see significant sales growth, with a sales target of 300 to 500 million yuan for 2024 and potential profitability by 2025 [2]. - The company is positioned as a leading domestic player in the CGM market, having begun R&D in 2008 and recently launching new products [2]. - International expansion is anticipated, with the company aiming to enter major EU markets and submit an FDA application for its CGM products in 2024 [2]. Summary by Sections Financial Performance - H1 2024 revenue was 2.133 billion yuan, with a 6.26% increase year-on-year; Q2 revenue was 1.119 billion yuan, down 0.53% year-on-year [1]. - The net profit for H1 2024 was 197 million yuan, a 12.61% increase year-on-year, while Q2 net profit was 117 million yuan, up 0.78% year-on-year [1][2]. Business Segments - The BGM segment achieved revenue of 1.552 billion yuan in H1 2024, with a year-on-year growth of 12.74% [2]. - The CGM segment, which launched in 2023, is projected to generate sales of 300 to 500 million yuan in 2024, with expectations for profitability by 2025 [2]. International Expansion - The company has received CE certification for its CGM products and plans to enter major EU markets in 2024, with an FDA application submission also planned for 2024 [2]. - The overseas subsidiaries Trividia and PTS reported net profits of 31.22 million yuan and 9.27 million yuan, respectively, in H1 2024, indicating a positive trend in operations [2]. Earnings Forecast and Valuation - The forecast for net profit from 2024 to 2026 is 450 million yuan, 530 million yuan, and 630 million yuan, respectively [2]. - The company is recognized as the leading domestic brand in blood glucose monitoring, with promising international business prospects, justifying the "Buy" rating [2].

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Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved a revenue of 2.133 billion RMB in the first half of 2024, representing a year-on-year increase of 6%. The net profit attributable to shareholders was 197 million RMB, up 13% year-on-year, while the non-recurring net profit decreased by 10% to 178 million RMB [2] - The blood glucose monitoring products showed stable growth with a significant increase in gross margin, reaching 61.32%, up 5.16 percentage points year-on-year. The company is focusing on both its core chronic disease rapid testing business and the growth of its Continuous Glucose Monitoring (CGM) products [2] - The company invested 171 million RMB in R&D, accounting for 8.02% of total revenue, indicating a commitment to innovation and product development [2] - The subsidiary Trividia showed improved profitability, contributing 543 million RMB in revenue and a net profit of 22.14 million RMB, benefiting from its FDA and CE certified products [2] Summary by Sections Performance Overview - In Q2 2024, the company reported revenue of 1.119 billion RMB, a slight decrease of 0.5% year-on-year, with a net profit of 117 million RMB, up 1% year-on-year. The non-recurring net profit fell by 25% to 101 million RMB [2] Revenue Breakdown - The blood glucose monitoring system generated 1.552 billion RMB in revenue, a year-on-year increase of 12.74%. Revenue by region includes 1.201 billion RMB from China (up 5.73%), 695 million RMB from the US (up 2.35%), and 237 million RMB from other regions (up 23.19%) [2] Future Projections - The company forecasts net profits of 470 million RMB, 635 million RMB, and 756 million RMB for 2024, 2025, and 2026 respectively, with growth rates of 65%, 35%, and 19% [2]

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, reaching RMB 1.2 billion, representing a year-on-year growth of 25%[1]. - The company's operating revenue for the first half of 2024 was CNY 2,133,039,651.44, representing a 6.26% increase compared to CNY 2,007,341,216.22 in the same period last year[12]. - The net profit attributable to shareholders for the same period was CNY 197,485,429.08, which is a 12.61% increase from CNY 175,368,479.46 in the previous year[12]. - Basic earnings per share increased by 13.06% to CNY 0.3558 from CNY 0.3147 in the previous year[12]. - The gross margin for the first half of 2024 improved to 45%, up from 40% in the same period last year[47]. - The company reported a significant reduction in financial expenses by 81.16%, down to ¥4,854,331.64 from ¥25,765,230.06, primarily due to the repayment of loans by a subsidiary[76]. - The company reported a total comprehensive income of CNY 184,062,165.69 for the first half of 2024, down from CNY 222,187,185.52 in the same period of 2023[166]. User Growth and Market Expansion - User data indicates that the number of active users of the blood glucose monitoring system has grown to 3 million, a 15% increase compared to the previous year[1]. - The company has provided a positive outlook for the second half of 2024, projecting a revenue growth of 20% to 30%[1]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2025[1]. - The company has captured nearly 50% market share in the domestic blood glucose testing retail market, with over 22 million users and partnerships with more than 4,000 distributors and nearly 600 chain pharmacies[28]. - The company has established a global sales network covering 135 countries and regions, integrating overseas marketing channels through collaborative sales with subsidiaries PTS and Trividia[26]. Research and Development - Research and development expenses increased by 18%, reflecting the company's commitment to innovation and new technology[1]. - The company applied for 23 patents in the first half of 2024, including 5 invention patents, and received 14 new patent authorizations[34]. - The company is focused on integrating IoT and AI applications in its new product development, enhancing its R&D and manufacturing capabilities[37]. - The company is committed to ongoing research and development to expand its product offerings and improve patient outcomes in diabetes care and related health conditions[28][34]. Product Development and Innovation - New product launches include an advanced continuous glucose monitoring system, expected to enhance user experience and accuracy[1]. - The company has developed a multi-indicator testing product system that can currently detect over 70 indicators, expanding from a focus on blood glucose to include blood lipids, glycated hemoglobin, and more[21]. - The company introduced the iCARE-1300 portable multifunctional testing device, integrating three major testing modules to enhance diagnostic capabilities in grassroots medical institutions[33]. - The company launched the "San Nuo Ai Kan" continuous glucose monitoring system, which is the first third-generation sensor technology approved for sale in China, with a personal version MARD value of 8.71% and a hospital version MARD value of 7.45%[33]. - The company is expanding its product line with devices for monitoring blood glucose, blood ketone levels, and advanced glycation end products, enhancing its diabetes management offerings[15][16][18]. Strategic Acquisitions and Partnerships - The company is exploring strategic acquisitions to enhance its product portfolio and market reach[1]. - The company has established a strong collaboration with Trividia and PTS, enhancing global sales and supply chain resources[70]. - The company plans to pursue strategic acquisitions to bolster its product portfolio, aiming for at least two acquisitions by the end of 2024[46]. Risk Management and Compliance - The management highlighted potential risks including regulatory changes and market competition, with strategies in place to mitigate these risks[1]. - The company is actively responding to industry policy changes and enhancing risk management capabilities to mitigate operational risks[99]. - The company emphasizes the importance of quality control and risk management to mitigate potential product liability issues as production scales up[97]. Corporate Governance and Social Responsibility - The company is committed to improving corporate governance and enhancing its ESG management practices to meet investor expectations[103]. - The company actively participates in social responsibility initiatives, donating medical devices to impoverished areas and supporting rural revitalization projects[119]. - The company emphasizes employee welfare by providing various non-monetary benefits, including meals, transportation, and recreational facilities[115]. Financial Management and Investments - The company has committed to invest RMB 975.95 million in various projects, with a cumulative investment of RMB 997.99 million as of the report date[90]. - The company has maintained compliance with regulations regarding the use of raised funds, ensuring prudent and scientific allocation[88]. - The company plans to ensure timely repayment of debts primarily through cash flows generated from its operating activities, indicating a proactive approach to financial management[154]. Employee Engagement and Development - The first phase of the employee stock ownership plan has been successfully implemented, aiming to align employee interests with company performance[1]. - The company has established a digital learning management platform to enhance employee training and development, facilitating clearer career paths[115]. - The company has established a comprehensive talent development system to support its organizational capabilities and foster employee growth[36].

| 证券代码：300298 | 证券简称：三诺生物 | 公告编号：2024-058 | | --- | --- | --- | | 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"）第五届监事会第十次会议 于 2024 年 8 月 28 日（星期三）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 2024 年 8 月 18 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 （一）审议并通过《关于〈公司 2024 年半年度报告全文〉及其摘要的议案》 经审核，监事会认为：公司《2024 年半年度报告》、《 ...

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 | 证券代码：300298 | 证券简称： | 三诺生物 | 公告编号：2024-061 | | --- | --- | --- | --- | | 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"质量回报双提升"行动方案的公告 假记载、误导性陈述或重大遗漏。 2023 年 7 月 24 日，中共中央政治局会议明确提出"要活跃资本市场，提振 投资者信心"，2024 年 1 月 22 日，国务院常务会议强调"大力提升上市公司质 量和投资者价值，要采取更加有力有效措施，着力稳市场、稳信心"。为践行以 投资者为本的发展理念，增强投资者信心，促进公司长远健康可持续发展，三诺 生物传感股份有限公司（以下简称"公司"或"三诺生物"）围绕聚焦主业提升、 强化规范运作、坚持研发创新驱动、重视投资者回报和提升信息披露质量等方面， 制定了"质量回报双提升"行动方案。具体方案如下： 一、聚焦主业，力争成为全球领先的糖尿病数字管理专家 三诺生物成立于 2002 年 8 月，自创立以来，一直秉承"恪守承诺、奉献健 康"的企业 ...