Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company's profitability has improved, and the order situation continues to show high growth. For the first nine months of 2024, the company reported a revenue of 2.125 billion yuan, a year-on-year decline of approximately 30%, with a net profit attributable to shareholders of -206 million yuan [1]. - In Q3 2024, the company achieved a revenue of 773 million yuan, representing a year-on-year growth of about 11%, and a quarter-on-quarter growth of 14.65%. Excluding the impact of large orders, the year-on-year growth reached approximately 29% [1]. - The report highlights that the small molecule CDMO orders are growing rapidly, and the formulation CDMO business has shown outstanding growth [1]. Financial Performance Summary - For the first nine months of 2024, the small molecule API CDMO business revenue was 1.968 billion yuan, a year-on-year decline of about 33%, but a growth of approximately 3% when excluding large orders. The backlog of unexecuted orders increased by over 40% year-on-year, indicating future order delivery potential [1]. - The formulation CDMO business revenue was 101 million yuan, with a year-on-year growth of about 65% [1]. - The overall gross margin for the company was approximately 23%, with the overseas market gross margin at about 35% and the domestic market gross margin at -8% [1]. - The report notes that new businesses have a short-term negative impact on the financial statements, with a net profit impact of approximately -166 million yuan for the first nine months of 2024 [1]. Earnings Forecast and Investment Advice - Due to changes in the investment environment, the earnings forecast for the company has been adjusted. The expected net profits for 2024-2026 are -206 million yuan, 131 million yuan, and 197 million yuan, with growth rates of -177.3%, turning positive, and 49.8% respectively [1][2]. - The report suggests that the company is expected to benefit from industry trends, with revenue likely to maintain high growth in the coming years, and profit growth is anticipated to accelerate due to improvements in capacity utilization and operational efficiency [1].

Summary of the Conference Call for Boteng Co., Ltd. Company Overview - The conference call pertains to Boteng Co., Ltd., which has released its 2024 annual report and ESG report on March 29, 2024 [1] Financial Performance - In 2024, the company achieved revenue of 3.01 billion RMB, a decline from 3.67 billion RMB in 2023, primarily due to the impact of large orders delivered in 2023 [2] - The company reported a net loss attributable to shareholders of 288 million RMB, marking its first loss since going public [2] - Excluding the impact of large orders, the company's revenue actually increased by 14% year-over-year [3] - The company's gross margin showed an upward trend in 2024, although new business segments had lower margins due to being in the cultivation phase [4] Business Segments - The chemical segment, when excluding large orders, saw a revenue increase of 13% in 2024 [3] - New business segments, including nucleic acid macromolecules and ADCs, experienced a 35% increase [3] - The company’s expenses were reduced by approximately 20% compared to previous years due to cost-cutting measures [5] Regional Performance - Revenue in the U.S. region declined due to a one-time impact, while Europe and Asia-Pacific regions showed growth [4] - The Asia-Pacific region achieved a growth rate of 35% [4] Strategic Initiatives - The company is undergoing a strategic transformation, focusing on enhancing customer satisfaction, which scored 9.2 out of 10 [7] - The company has made significant progress in cost reduction and efficiency improvements, with a global integrated marketing organization established [8] - The company has initiated a transformation in core business processes, improving order-to-cash cycles [9] New Business Development - The small molecule API segment reported revenue exceeding 500 million RMB, with a project count increase of 25 projects year-over-year [10] - The company has made strides in gene and cell therapy projects, achieving significant milestones in R&D and clinical trials [12] - The company has established new production capabilities in Shanghai, enhancing service capacity [13] Global Expansion - The company is focusing on global expansion, particularly in the U.S. and Europe, with revenue growth of 9% in the U.S. [13] - New capabilities in GNP and high-potency APIs have been developed to meet customer demands [13] Future Outlook - The company plans to enhance management capabilities in overseas subsidiaries and continue to improve operational efficiency [16] - The focus will be on providing customized global solutions to meet customer needs in a changing environment [16] Conclusion - Overall, Boteng Co., Ltd. is navigating a challenging environment with strategic initiatives aimed at cost reduction, efficiency improvement, and global expansion while addressing the impacts of previous large orders and market conditions [2][5][16]

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company's revenue for Q1-Q3 2024 is 2.125 billion, a year-on-year decline of 30.02%, with a net profit attributable to shareholders of -206 million [2]. - In Q3 alone, revenue reached 773 million, showing a year-on-year growth of 10.73% and a quarter-on-quarter increase of 14.65%, with a net profit of -36 million, indicating a reduction in losses [2]. - The report highlights that traditional business has resumed growth, while emerging businesses are gradually ramping up, leading to improved profitability and a significant increase in orders on hand [2]. Summary by Sections Financial Performance - For Q1-Q3 2024, excluding the impact of large orders, revenue grew by 6% year-on-year, and in Q3, it grew by 29% year-on-year when excluding large orders [2]. - The small molecule API CDMO revenue for Q1-Q3 2024 was 1.968 billion, with a growth of approximately 3% after excluding large orders [2]. - New business segments, including small molecule formulation CDMO, generated 101 million in revenue, a year-on-year increase of about 65% [2]. - The gross margin for Q1-Q3 2024 was 23.3%, down 22.7 percentage points year-on-year, primarily due to high-margin large orders delivered in the same period last year and capacity ramp-up effects [2]. Order Growth and Strategic Partnerships - As of Q3 2024, the small molecule API CDMO business has seen orders on hand increase by over 40% year-on-year, ensuring performance growth [2]. - In October 2024, the company entered into a strategic cooperation agreement with CRO Yinos, enhancing resource integration for high-quality, efficient end-to-end services [2]. Valuation and Price Target - The report adjusts the EPS forecast for 2024-2025 to -0.41 and 0.30 (previously 1.01 and 1.22), and introduces a 2026 EPS forecast of 0.80 [2]. - The target price is revised down to 23.70 from 34.75, based on a comparable company PB valuation of 2.37X for 2025 [2].

证券代码：300363 证券简称：博腾股份 博腾股份投资者关系活动记录表 编号：00520241025 | --- | --- | --- | |-----------------------|--------------------------------------------------------------------------|------------------------------------------------------------| | 投资者关系活动类 \n别 | □媒体采访 \n□新闻发布会 □路演活动 \n□现场参观 \n□其他 | □特定对象调研 □分析师会议 \n□业绩说明会 \n■电话通讯 | | | | 东北证券、华西证券、开源证券、申万宏源证券、平安证券、中 | | | | 泰证券、中金公司、平安证券、海通证券、民生证券、国盛证 | | | | 券、兴业证券、太平洋证券、浙商证券、长江证券、招商证券、 | | | | 天风证券、东方证券、华泰证券、华创证券、西部证券、野村东 | | 参与单位名称及人 | | 方国际证券、博道基金、广发基金、泰康基金、长盛基金、东海 ...

Summary of Conference Call Records Company and Industry Overview - The conference call primarily discusses the performance of **Bodeng Co.** in the **biotechnology and pharmaceutical industry** for Q3 2024, highlighting revenue growth and operational adjustments. Key Points and Arguments Financial Performance - **Revenue Growth**: Bodeng Co. reported an **11% year-over-year revenue growth** for Q3 2024. Excluding the impact of large orders from the previous year, the revenue growth was **29%** year-over-year [1][2]. - **Loss Reduction**: The company has successfully narrowed its losses, attributed to operational efficiency measures and cost control strategies [1][2]. - **Revenue for the Year**: For the first nine months of 2024, the total revenue was **2.152 billion** (21.52 billion) CNY, reflecting a **30% decline** year-over-year. However, excluding large orders, there was a **6% growth** [1][2]. - **Market Stability**: The domestic market remains stable, while the overseas market has shown growth when excluding large orders [1][2]. Business Segments and New Initiatives - **CDMO Business**: The small molecule CDMO segment has seen a growth rate of over **40%** [5]. - **New Business Losses**: The company reported a loss of **45 million** (4.5 million) CNY in the gene cell therapy segment, a **30% reduction** compared to the previous year [2]. - **Gross Margin Improvement**: Gross margins have gradually improved due to efficiency measures and a recovery in production utilization rates [2]. Market Environment and Demand - **External Environment**: The external business environment is improving, with a positive outlook on funding and demand in the pharmaceutical sector, particularly in oncology and autoimmune diseases [3][4]. - **Supply Chain Trends**: There is a noticeable trend of demand diversification, with some demand returning to Western markets due to geopolitical factors [3][4]. - **Globalization Strategy**: The company’s early globalization efforts are yielding benefits, with ongoing projects in Slovenia and the U.S. [4]. Strategic Partnerships and Future Outlook - **Strategic Collaborations**: The company has formed a strategic partnership with **Innos** to enhance service offerings in drug development and project management [13][16]. - **Future Growth**: The company is optimistic about future revenue growth driven by a strong order backlog and market demand, with expectations of double-digit growth [14][15]. Operational Efficiency - **Cost Control**: The company is focused on controlling operational costs while improving gross margins through better product mix and delivery structures [15][16]. - **Production Capacity Utilization**: Current production capacity utilization is around **60%**, with some facilities operating at higher levels due to new project introductions [5][6]. Challenges and Risks - **Market Competition**: The domestic market remains competitive, with pricing pressures noted, particularly in the context of ongoing market share expansion efforts [12][14]. - **Regulatory Environment**: The impact of the **Biological Safety Act** is assessed to be minimal for Bodeng Co., allowing for continued operational stability [3]. Additional Important Insights - **Long-term Strategy**: The company is committed to expanding its capabilities in new modalities and enhancing its presence in overseas markets, with a focus on maintaining competitive advantages [17]. - **Investment in R&D**: Continuous investment in research and development is emphasized to support future growth and innovation in product offerings [17]. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of Bodeng Co.'s current performance, market dynamics, and strategic direction.

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a recovery in revenue growth in Q3, with a 10.73% year-on-year increase and a 14.65% quarter-on-quarter increase, despite a 30.02% decline in revenue year-to-date [4][5] - The net loss for Q3 narrowed to -36.39 million yuan, indicating an improvement compared to Q2 [4] - The company is experiencing steady growth in its small molecule CDMO business, with a significant increase in unfulfilled orders [5] - New business segments, including formulation and CGT, are also showing promising growth, with substantial increases in new order amounts [6] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 2.125 billion yuan, down 30.02% year-on-year, but with a 6% increase when excluding major orders [4] - The Q3 revenue was 773 million yuan, with a gross margin of 31.09%, reflecting a 9.28 percentage point increase from the previous quarter [4] - The projected net profit for 2024-2026 is revised to -251 million, 61 million, and 153 million yuan respectively, with EPS estimates of -0.46, 0.11, and 0.28 yuan [4] - The company’s small molecule API business saw a revenue increase of 42% year-on-year, indicating a recovery trend [5] Business Segment Performance - The small molecule API CDMO business generated 1.968 billion yuan in revenue, down approximately 33% year-on-year, but grew by 3% when excluding major orders [5] - The formulation and CGT businesses reported revenues of 101 million and 40 million yuan respectively, with year-on-year growth rates of 65% and 27% [6] - The number of signed orders in the formulation business increased by 40% year-on-year, while CGT business saw a remarkable 188% increase in new signed orders [6]

Investment Rating - The report maintains a "Recommended" rating for the company [1][3] Core Views - The company has seen a recovery in order growth, leading to improved revenue and a reduction in losses [1][3] - The core business has accelerated order signing, with a more than 40% increase in small molecule CDMO orders since Q1 2024, contributing to a revenue of 7.73 billion yuan in Q3, a 10.73% increase year-on-year [3][4] - The gross margin for Q3 improved to 31.09%, continuing a trend of quarterly improvement, driven by higher-value projects and better cost distribution [3][4] - The company is expected to return to profitability by 2025, supported by industry environment improvements and recovery in profitability [3][4] Financial Summary - Q3 revenue reached 7.73 billion yuan, up 10.73% year-on-year, while the net profit attributable to the parent company was -0.36 billion yuan, a decrease of 187.72% [3][4] - The gross margin for Q3 was 31.09%, up from 15.84% in Q1 and 21.81% in Q2 [3][4] - The company adjusted its profit forecasts for 2024-2026 to -2.22 billion yuan, 1.34 billion yuan, and 4.10 billion yuan respectively [3][4] - The projected revenue for 2024 is 3.046 billion yuan, with a year-on-year decline of 16.9%, followed by a recovery in 2025 and 2026 [4][7]

Revenue and Profit - Q3 revenue reached 773.16 million yuan, a year-on-year increase of 10.73%[2] - Net profit attributable to shareholders was -36.39 million yuan, a year-on-year decrease of 187.72%[2] - Revenue for the first nine months of 2024 was RMB 2.125 billion, a decrease of approximately 30% year-over-year, but a 6% increase after excluding the impact of large orders[13] - Q3 2024 revenue was RMB 773 million, an 11% year-over-year increase, and a 29% increase after excluding the impact of large orders[13] - Small molecule API CDMO business revenue for the first nine months of 2024 was RMB 1.968 billion, a 33% decrease year-over-year, but a 3% increase after excluding large orders[13] - Small molecule drug product CDMO business revenue for the first nine months of 2024 was RMB 101 million, a 65% year-over-year increase[13] - Gene and cell therapy CDMO business revenue for the first nine months of 2024 was RMB 40.02 million, a 27% year-over-year increase[13] - Overseas customer revenue for the first nine months of 2024 was RMB 1.548 billion, a 37% decrease year-over-year, but a 10% increase after excluding large orders[13] - Domestic market revenue for the first nine months of 2024 was RMB 578 million, a 2% decrease year-over-year[13] - Gross margin for the first nine months of 2024 was approximately 23%, with overseas market gross margin at 35% and domestic market gross margin at -8%[13] - Net profit attributable to shareholders for the first nine months of 2024 was RMB -206 million, a significant year-over-year decline[13] - Total operating income decreased from 3.037 billion to 2.125 billion, a decline of 30.02%[18] - Net profit turned from a profit of 362.44 million to a loss of 266.86 million[18] - Net profit attributable to parent company shareholders was -206.43 million yuan, compared to 451.86 million yuan in the same period last year[19] - Comprehensive income attributable to parent company shareholders was -211.65 million yuan, compared to 446.32 million yuan in the same period last year[19] - Basic earnings per share were -0.38 yuan, compared to 0.83 yuan in the same period last year[19] Assets and Liabilities - Total assets decreased by 4.93% to 8.92 billion yuan compared to the end of the previous year[2] - Total assets decreased from 9.384 billion to 8.922 billion, a decline of 4.92%[16] - Total liabilities decreased from 3.284 billion to 3.369 billion, an increase of 2.58%[16] - Total equity decreased from 6.100 billion to 5.553 billion, a decline of 8.97%[17] Cash Flow - Operating cash flow for the first nine months was 243.37 million yuan, a year-on-year decrease of 74.07%[2] - Cash flow from operating activities was 243.37 million yuan, a decrease from 938.41 million yuan in the same period last year[20] - Cash flow from investing activities was -429.35 million yuan, compared to -890.12 million yuan in the same period last year[21] - Cash flow from financing activities was -380.14 million yuan, compared to -477.02 million yuan in the same period last year[21] - Net cash received from sales of goods and services was 2.07 billion yuan, a decrease from 3.88 billion yuan in the same period last year[20] - Cash paid for employee compensation was 894.30 million yuan, a decrease from 1.18 billion yuan in the same period last year[21] - Cash paid for taxes was 90.63 million yuan, a decrease from 232.97 million yuan in the same period last year[21] - Net increase in cash and cash equivalents was -569.54 million yuan, compared to -409.47 million yuan in the same period last year[21] Expenses and Costs - R&D expenses decreased by 37.34% to 266.46 million yuan compared to the same period last year[6] - Financial expenses increased by 281.20% to 40.96 million yuan due to reduced interest income and increased borrowing costs[6] - Income tax expenses decreased by 144.40% to -31.31 million yuan due to reduced profitability[6] - Total operating costs decreased from 2.627 billion to 2.401 billion, a decline of 8.60%[18] - R&D expenses decreased from 425.22 million to 266.46 million, a decline of 37.34%[18] - Sales expenses increased from 107.47 million to 112.96 million, an increase of 5.11%[18] - Management expenses decreased from 437.65 million to 331.79 million, a decline of 24.19%[18] - Financial expenses increased from -22.60 million to 40.96 million[18] Accounts Receivable and Prepaid Expenses - Accounts receivable financing increased by 136.20% to 14.34 million yuan due to an increase in bank acceptance bills[4] - Prepaid expenses increased by 39.01% to 64.92 million yuan due to higher prepayments for materials[4] - Contract liabilities increased by 44.91% to 83.32 million yuan due to higher advance payments from customers[4] Sales and Tax Refunds - Sales revenue from goods and services decreased by 46.70% to 2,070,137,497.35 yuan compared to the same period last year[7] - Tax refunds received decreased by 28.57% to 124,371,555.76 yuan due to reduced export tax refunds[7] - Cash received from other operating activities decreased by 62.49% to 149,274,510.55 yuan due to reduced recovery of other receivables[7] - Cash paid for goods and services decreased by 48.60% to 943,060,833.65 yuan due to reduced payments for procurement[7] - Cash paid for taxes decreased by 61.10% to 90,633,429.60 yuan due to reduced tax payments[7] - Cash paid for other operating activities decreased by 36.88% to 172,427,619.62 yuan due to reduced operating expenses[7] - Cash paid for construction of fixed assets and intangible assets decreased by 54.19% to 414,943,956.26 yuan due to reduced investments[7] - Cash received from borrowings decreased by 72.63% to 171,978,876.46 yuan due to reduced new bank loans[7] - Cash paid for debt repayment decreased by 62.53% to 156,456,966.74 yuan due to reduced bank loan repayments[8] - Cash paid for dividends and interest decreased by 49.86% to 309,720,426.98 yuan due to reduced dividend distributions[8] Guidance and Future Outlook - The company maintains its full-year revenue growth guidance (excluding large orders) based on the delivery schedule of existing orders[13]

股票代码：300363 股票简称：博腾股份 公告编号：2024-057 号 重庆博腾制药科技股份有限公司 第五届董事会第二十八次临时会议决议公告 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。 2、审议通过《关于审计委员会 2024 年第 3 季度工作总结暨第 4 季度工作 计划的议案》； 表决结果： 8 票同意， 0 票反对， 0 票弃权 3、审议通过《关于全资子公司向银行申请综合授信暨公司提供连带责任担 保的议案》。 同意全资子公司上海飞腾医药科技有限公司向招商银行股份有限公司上海 闵行支行申请不超人民币 5,000 万元的综合授信额度，并由公司提供连带责任担 保，担保总额度不超过人民币 5,500 万元；同意全资子公司上海博腾智汇生物制 药有限公司向招商银行股份有限公司上海自贸区支行申请不超过人民币 3,000 万 元的综合授信额度，并由公司提供连带责任担保，担保总额度不超过人民币 3,100 万元。 重庆博腾制药科技股份有限公司（以下简称"公司"）第五届董事会第二十 八次临时会议于 2024 年 10 月 24 日（星期四）以通讯会议方式召开，会议通知 ...

股票代码：300363 股票简称：博腾股份 公告编号：2024-059 号 重庆博腾制药科技股份有限公司 关于为全资子公司向银行申请综合授信提供担保的公告 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。 1、被担保人一 企业名称：上海飞腾医药科技有限公司 法定代表人：陈晖 企业住所：上海市闵行区北斗路 188 号 1 幢 成立时间：2008 年 10 月 15 日 注册资本：6,200 万元人民币 一、贷款及担保情况概述 为满足重庆博腾制药科技股份有限公司（以下简称"公司"）全资子公司上 海飞腾医药科技有限公司（以下简称"上海飞腾"）日常运营发展及资金规划需 要，上海飞腾拟向招商银行股份有限公司上海闵行支行（以下简称"闵招行"） 申请综合授信额度不超过人民币 5,000 万元，授信品种包括流动资金贷款、银行 承兑汇票、国内保函、国内信用证等，授信期限 36 个月，担保方式为公司提供 连带责任担保，担保总额度不超过人民币 5,500 万元（包含贷款本金及相关债权 利息费用）。 为支持公司全资三级子公司上海博腾智汇生物制药有限公司（以下简称"博 腾智汇"）日常运营发 ...