证 券 研 究 报 告 医药生物 ——2023 年受海外子公司拖累，2024Q1 超预期 | --- | --- | |---------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 03 月 31 日 | | 每股净资产（元） | 5.51 | | 资产负债率 % | 39.66 | | 总股本/ 流通 A 股（百万） | 564/455 | | 流通 B 股/H 股（百万） | -/- | 05-0406-0407-0408-0409-0410-0411-0412-0401-0402-0403-0404-04 -40% -20% 0% 20% 三诺生物 沪深300指数（收益率） 《三诺生物（300298）点评：短期受子公 司 拖 累 ， 看 好 公 司 第 二 成 长 曲 线 》 2024/01/29 《三诺生物（300298）点评：业绩符合预 期，公司 CGM 稳步推进》 2023/10/25 陈烨远 A0230521050001 chenyy@swsresearch.com ...

三诺生物传感股份有限公司 关于回购公司部分股份的进展公告 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 | 证券代码：300298 | 证券简称：三诺生物 | 公告编号：2024-039 | | --- | --- | --- | | 债券代码：123090 | 债券简称：三诺转债 | | 1、公司未在下列期间内回购公司股份： （1）自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项 发生之日或者在决策过程中，至依法披露之日内； （2）中国证监会规定和深圳证券交易所规定的其他情形。 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 2023 年 8 月 7 日召开第 五届董事会第四次会议和第五届监事会第四次会议，审议并通过《关于回购公司 部分股份方案的议案》，独立董事就本次回购事项发表了同意的独立意见，同意 公司使用自有资金不低于人民币 8,000 万元且不超过人民币 15,000 万元（均含本 数），以集中竞价交易的方式回购公司部分社会公众股份，用于员工持股计划或 者股权激励。回购价格不超过人民币 35.00 元/股（含），实施期限自董事会审议 通 ...

中信证券股份有限公司 关于三诺生物传感股份有限公司 2023年度持续督导培训情况的报告 深圳证券交易所： （七）培训对象：公司实际控制人、董事、监事、高级管理人员及其他相关 人员等 （八）培训内容： 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）根据《深圳证 券交易所上市公司自律监管指引第 13 号——保荐业务》（以下简称"保荐工作指 引"）对三诺生物传感股份有限公司（以下简称"三诺生物"、"公司"）进行了 2023 年度持续督导培训，报告如下： 一、本次持续督导培训的基本情况 （一）保荐机构：中信证券股份有限公司 （二）保荐代表人：邵才捷、王栋 （三）协办人：彭博 （四）培训时间：2024 年 4 月 17 日 （五）培训地点：湖南省长沙市三诺生物会议室现场和远程视频会议 （六）培训人员：邵才捷 （本页无正文，为《中信证券股份有限公司关于三诺生物传感股份有限公司 2023 保荐机构通过现场授课的方式对公司实际控制人、董事、监事、高级管理人 员及其他相关人员进行了培训，本次培训重点介绍了我国资本市场近况、新公司 法调整的重点事项、新"国九条"解析、上市公司被采取监管措施的典型案例及 关注要点等专题 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6][27]. Core Insights - The company achieved a revenue of 40.59 billion RMB in 2023, a year-on-year increase of 3%, while the net profit attributable to the parent company was 2.84 billion RMB, a decrease of 36% [23]. - The blood glucose monitoring business showed stable growth, with a revenue of 28.73 billion RMB, up 6% year-on-year, and an overall gross margin of 54.39%, an increase of 1.2 percentage points [23]. - The company has successfully registered its Continuous Glucose Monitoring (CGM) products in seven regions globally, indicating strong potential for future growth [23]. Summary by Sections Financial Performance - Revenue for 2022 was 28.14 billion RMB, with a growth rate of 19.15%, while the projected revenue for 2024 is 49.02 billion RMB, reflecting a growth rate of 20.78% [9]. - The net profit for 2022 was 431 million RMB, with a significant increase of 300.56% compared to the previous year, but a projected decrease of 36.31% in 2023 [9]. - The diluted earnings per share (EPS) for 2024 is expected to be 0.872 RMB, with a projected growth rate of 73.11% [9]. Market Position - The company has a comprehensive domestic distribution network, covering over 3,500 hospitals and more than 220,000 pharmacies, while also expanding its presence in international markets [23]. - The company’s products are registered in 85 countries, showcasing its global reach and potential for recovery in sales [23]. Research and Development - The company invested 3.56 billion RMB in R&D in 2023, accounting for 8.78% of total revenue, indicating a commitment to innovation [23]. - The third-generation direct electronic transfer technology developed by the company has shown industry-leading performance metrics [23].

Investment Rating - The report maintains a "Recommended" rating for the company [15] Core Views - The company experienced a slight revenue increase in 2023, with a total revenue of 4.06 billion yuan, representing a growth of 2.69%. However, the net profit decreased significantly by 36.31% to 284.4 million yuan due to increased R&D and market investment in core products [12][15] - The company's Continuous Glucose Monitoring (CGM) products are expected to see rapid growth, with projected domestic sales reaching 300-500 million yuan in 2024, driven by improved product recognition and channel development [12][15] - The overseas subsidiaries are showing continuous improvement, contributing to the company's position as the fourth largest blood glucose meter manufacturer globally, with sales in over 100 countries [12][15] Financial Summary - The company forecasts revenue growth rates of 14.11%, 13.94%, and 13.64% for 2024, 2025, and 2026, respectively [12] - The projected net profit for 2024-2026 is expected to be 444.4 million yuan, 561.0 million yuan, and 703.2 million yuan, with growth rates of 55.98%, 26.41%, and 25.40% respectively [12][15] - The earnings per share (EPS) are projected to be 0.79 yuan, 0.99 yuan, and 1.25 yuan for the years 2024, 2025, and 2026 [12][15]

Investment Rating - The report maintains a "Buy" rating for the company [4][3]. Core Views - The company is positioned as a leading domestic player in the Continuous Glucose Monitoring (CGM) market, with expected sales growth following the launch of its CGM products in 2023, projecting sales revenue of approximately 800 million in 2023 and a target of 300 to 500 million in 2024 [1][3]. - The company has been developing CGM products since 2008, and the recent approval of its new products is anticipated to drive performance growth [1]. - The company has achieved significant international milestones, including CE certification for its CGM products in 2023 and plans to submit an FDA application in 2024, indicating potential for overseas market expansion [11]. Financial Summary - The company reported revenues of 4.059 billion and a net profit of 284 million for 2023, with a year-over-year revenue growth of 2.69% [10]. - The forecast for net profit is adjusted to 445 million for 2024 and 525 million for 2025, reflecting a decrease of 17.6% and 21.6% respectively from previous estimates [3]. - The company’s revenue from blood glucose monitoring (BGM) reached 2.873 billion in 2023, with a year-over-year growth of 6.21% [19]. Growth Projections - The company expects to achieve profitability by 2025, with the second-generation CGM products anticipated to enhance its product lineup [1]. - The projected revenue growth rates for the next few years are 12.78% for 2024, 13.79% for 2025, and 14.68% for 2026 [12]. - The company’s earnings per share (EPS) is forecasted to increase from 0.50 in 2023 to 1.11 by 2026 [12].

Investment Rating - The report maintains a "Buy" rating for the company, citing confidence in the future growth of its CGM (Continuous Glucose Monitoring) products [13] Core Views - The company achieved revenue of 4.059 billion yuan in 2023, a year-on-year increase of 2.69%, and net profit attributable to the parent company of 284.4 million yuan, a year-on-year decrease of 36.31% [2] - The overseas subsidiary Trividia, which was impacted by U.S. healthcare policy changes, showed significant improvement in the second half of 2023 and is expected to turn profitable in 2024, reducing impairment risks [2] - The company's CGM product achieved sales exceeding 100 million yuan in its first year of launch, with strong potential for domestic and international market expansion [2] - The company's traditional BGM (Blood Glucose Monitoring) business remains stable, with a projected revenue growth of 10-15% in 2024 [2] - The company's cost control measures have been effective, with reductions in sales, management, and R&D expense ratios in Q1 2024 [2] Financial Performance and Forecasts - Revenue is expected to grow from 4.059 billion yuan in 2023 to 6.093 billion yuan in 2026, with a compound annual growth rate (CAGR) of 14.06% to 15.23% [2] - Net profit attributable to the parent company is forecasted to increase from 284.4 million yuan in 2023 to 621.61 million yuan in 2026, with a CAGR of 44.96% to 18.68% [2] - EPS (Earnings Per Share) is projected to rise from 0.50 yuan in 2023 to 1.10 yuan in 2026 [2] - The company's P/E ratio is expected to decrease from 45.97 in 2023 to 21.03 in 2026, reflecting improved profitability [2] CGM Product Development - The company's CGM product, utilizing third-generation direct electron transfer technology, has achieved MARD (Mean Absolute Relative Difference) values of 8.71% and 7.45%, positioning it as a leader in the industry [2] - The company has obtained registrations for its CGM product in seven regions, including the UK and Italy, and is progressing with clinical trials in the U.S., with FDA approval expected by Q2-Q3 2025 [2] Traditional Business and Cost Management - The company's traditional BGM business is expected to grow steadily, with a focus on higher-margin products [2] - In Q1 2024, the company reduced its sales, management, and R&D expense ratios to 24.66%, 6.49%, and 9.43%, respectively, reflecting effective cost management [2] Valuation and Market Position - The company's current market capitalization corresponds to a P/E ratio of 32/25/21X for 2024-2026, indicating a favorable valuation relative to its growth prospects [2] - The company's CGM product is well-positioned to capture market share in both domestic and international markets, leveraging its established BGM market presence and product advantages [2]

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The report increases the earnings forecast for 2024-2026, expecting revenues of 4.711 billion, 5.495 billion, and 6.384 billion yuan, with growth rates of 16.1%, 16.7%, and 16.2% respectively. The net profit attributable to the parent company is projected to be 450 million, 576 million, and 720 million yuan, with growth rates of 58.3%, 28.0%, and 24.9% respectively. The EPS is expected to be 0.80, 1.02, and 1.28 yuan, corresponding to PE ratios of 29x, 23x, and 18x for the same periods. The company is deeply engaged in the blood glucose monitoring field, with stable growth in BGM business and initial profitability in CGM, which is expected to launch in the US market in 2025, indicating high long-term growth potential [2][4]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 4.059 billion yuan, a year-on-year increase of 2.7%. The net profit attributable to the parent company was 284 million yuan, down 36.3% year-on-year. The gross margin was 54.1% [5]. - For Q1 2024, the company reported a revenue of 1.014 billion yuan, a year-on-year increase of 14.92%, and a net profit of 81 million yuan, up 35.51% year-on-year [3]. Business Segments - The BGM business remains stable, with a revenue of 2.872 billion yuan in 2023, a year-on-year growth of 6.21%. The company holds over 50% of the retail market for blood glucose meters in China, covering more than 3,500 hospitals and over 220,000 pharmacies [3][4]. - The CGM business, launched in April 2023, is expected to generate sales of 300-500 million yuan in 2024, with a target to become the market leader in China by 2025. The company is also pursuing international expansion, having received CE certification for its CGM products and working towards FDA approval for the US market by 2025 [4][5].

SINOCARE SOCIAL RESPONSIBILITY REPORT 2023 三诺生物 企业社会责任报告 2023 年度 目 录 CONTENTS | 报告说明 | 03 恪守对员工的承诺 | | --- | --- | | | 员工规模与结构 | | 数说2023 | 企业文化 | | 董事长致辞 | 人才引进 | | | 人才发展 | | 走进三诺 | 薪酬福利 | | | 沟通渠道 | | 公司简介 | 员工健康与安全 | | 公司大事记 | | | 公司品牌传播 | | | 企业荣誉 可持续发展战略 | | | | 业绩回报 | 02 恪守对用户的承诺 04 恪守对股东、合作伙伴和社会的承诺 2024年社会责任承诺 公司治理结构 合作伙伴 社会公益 科技创新与发展 零售渠道 医院渠道 基层医疗 线上平台 国际市场 智能制造与绿色生产 质量体系 数智化未来 三诺全球 《三诺生物传感股份有限公司2023年度社会责任报告》（以下简称"本报告"）是三诺生物传感股份有限公司 及控股子公司2023年度履行社会责任的整体报告，展现了公司在环境、社会和公司治理等责任领域的实践和绩 效，反映了公司在回馈股东、赋 ...

三诺生物传感股份有限公司 2023年度募集资金存放与使用情况的专项报告 三诺生物传感股份有限公司（以下简称"公司"）根据中国证监会《上市公 司监管指引第 2 号——上市公司募集资金管理和使用的监管要求（2022 年修订）》、 《深圳证券交易所创业板股票上市规则》、《深圳证券交易所上市公司自律监管指 引第 2 号——创业板上市公司规范运作》等法律、法规及相关格式指引的规定， 现将公司 2023 年度募集资金存放与使用情况报告如下： 一、募集资金基本情况 （一）募集资金金额及到账时间 1、2018年重组配套募集资金基本情况 1、2018年重组配套募集资金以前年度使用金额情况 2023 年度以前实际使用募集资金 448,838,573.30 元，截至 2022 年 12 月 31 日，募集资金专户实际余额为 53,275,581.13 元。 | 项目 | 金额（单位：元） | | --- | --- | | 募集资金总额 | 502,649,986.28 | | 减：各项发行费用 | 16,737,999.73 | | 募集资金净额 | 485,911,986.55 | | 减：置换前期自筹资金投入 | 18,02 ...