Investment Rating - The report assigns a "Buy" rating to the company, indicating that the investment return is expected to outperform the market benchmark index by more than 15% over the next 6-12 months [9][15] Core Viewpoints - The company has a clear strategic positioning as an IVD platform enterprise, with continuous expansion of its product lines through acquisitions [2][11] - The company is expected to benefit from synergies with its major shareholder, including channel expansion, R&D support, and cross-sector M&A resources [12][20] - The company's financial performance is projected to grow steadily, with revenue and net profit expected to increase significantly from 2024 to 2026 [3][12] Financial Projections - Revenue is forecasted to grow from 1,741.6 million in 2023 to 2,618.3 million in 2026, with a CAGR of 13.4% [3] - Net profit attributable to shareholders is expected to increase from 523.7 million in 2023 to 876.6 million in 2026, with a CAGR of 16.0% [3] - The company's ROE is projected to improve from 14.1% in 2023 to 16.0% in 2026, indicating enhanced profitability [3] Operational Highlights - The company has strengthened its biochemical product line and entered new diagnostic sectors through acquisitions [2] - The major shareholder's continuous increase in shareholding demonstrates confidence in the company's value and growth potential [19] - The company's gross margin is expected to remain stable at around 74% from 2023 to 2026, reflecting strong pricing power [3] Valuation Metrics - The company's PE ratio is projected to decline from 17.36 in 2023 to 10.37 in 2026, indicating improving valuation attractiveness [3] - The EV/EBITDA ratio is expected to decrease from 13.05 in 2023 to 8.35 in 2026, suggesting a more favorable valuation [3] - The company's EPS is forecasted to grow from 0.89 in 2023 to 1.49 in 2026, reflecting strong earnings growth potential [3]

证券代码：300406 证券简称：九强生物 公告编号：2024-050 债券代码：123150 债券简称：九强转债 北京九强生物技术股份有限公司 关于2024年第二季度可转换公司债券转股情况的公告 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。 特别提示： 1、"九强转债"（债券代码：123150）的转股期限为 2023 年 1 月 6 日至 2028 年 6 月 29 日；最新有效的转股价格为 17.35 元/股。 2、2024 年第二季度，"九强转债"未发生转股情况。 3、截至 2024 年第二季度末，公司剩余可转债为 11,210,259 张，剩余票面 总金额为 1,121,025,900 元人民币。 根据《深圳证券交易所创业板股票上市规则》和《深圳证券交易所上市公司 自律监管指引第 15 号——可转换公司债券》的有关规定，北京九强生物技术股 份有限公司（以下简称"公司"）现将 2024 年第二季度可转换公司债券转股及 公司总股本变化情况公告如下： 一、可转换公司债券发行及上市情况 （一）可转债发行情况 经中国证券监督管理委员会《关于同意北京九强生物技术 ...

2022年北京九强生物技术股份有限公司创 业板向不特定对象发行可转换公司债券 2024年跟踪评级报告 CSCI Pengyuan Credit Rating Report 地址：深圳市深南大道 7008 号阳光高尔夫大厦三楼 电话: 0755-82872897 传真：0755-82872090 邮编: 518040 网址：www.cspengyuan.com 中鹏信评【2024】跟踪第【649】号 01 2022年北京九强生物技术股份有限公司创业板向不特定对象发行可 转换公司债券2024年跟踪评级报告 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人 员与评级对象不存在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告 遵循了真实、客观、公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的 合法性、真实性、准确性和完整性作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组 织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不 ...

Investment Rating - The report assigns an "Outperform" rating for the company [9]. Core Viewpoints - The company has maintained steady growth, with a 5-year CAGR of 17.6% in revenue and 11.7% in net profit [7][33]. - The company is positioned as a leader in the in vitro diagnostic (IVD) industry in China, with a comprehensive product lineup and strategic partnerships enhancing its market position [11][22]. - The IVD market in China is expected to grow significantly, with a projected CAGR of 24.32% from 2020 to 2025, indicating substantial growth potential for the company [39]. Summary by Relevant Sections Company Overview - Beijing Jiukang Biological Technology Co., Ltd. was established in 2001 and specializes in the research, production, and sales of in vitro diagnostic products. It became a publicly listed company in 2014 [11][18]. - The company has a diverse range of diagnostic systems, including biochemical, coagulation, luminescence, blood type, POCT, pathological, and liquid biopsy systems [11][18]. Financial Performance - The company's revenue increased from 774 million yuan in 2018 to 1.742 billion yuan in 2023, with a 5-year CAGR of 17.6%. Net profit rose from 301 million yuan to 524 million yuan during the same period, with a CAGR of 11.7% [7][33]. - Forecasts indicate that revenue will continue to grow, reaching approximately 2.1 billion yuan in 2024 and 2.917 billion yuan in 2026, with net profit expected to grow to 861 million yuan by 2026 [13][54]. Market Position and Strategy - The company has successfully participated in all 46 bidding projects in the liver function biochemical procurement segment, achieving a leading position in several key projects [12][43]. - The strategic investment from China National Pharmaceutical Group has strengthened the company's market position and facilitated comprehensive cooperation in the IVD sector [22][26]. Product Development and Innovation - The company has a robust product pipeline, with ongoing investments in research and development, which reached 163 million yuan in 2023, reflecting a 21.69% CAGR over five years [62][71]. - The company has accelerated the registration of new products, with 294 medical device registration certificates held as of 2023, including 133 products that have received FDA certification [48][72]. Industry Outlook - The IVD industry is rapidly evolving, with the biochemical diagnostics segment being particularly noteworthy due to its established market presence and growth potential [41][64]. - The overall IVD market in China is projected to reach approximately 219.8 billion yuan by 2025, with the segment's share of the total medical device market expected to increase from 14.7% in 2020 to 17.9% in 2025 [63].

证券代码：300406 证券简称：九强生物 公告编号：2024-049 债券代码：123150 债券简称：九强转债 北京九强生物技术股份有限公司 关于取得医疗器械注册证书的公告 北京九强生物技术股份有限公司 董事会 2024年6月26日 | 序 | 产品名称 | 注册证编号 | 注册 | 注册证有效期 | 预期用途 | | --- | --- | --- | --- | --- | --- | | 号 | | | 类别 | | | | | 糖类抗原 72-4 测 | 京 械 注 准 | | 自批准之日起 | 本试剂盒用于体外定量测定 | | 1 | 定试剂盒（胶乳免 | 20242400324 | Ⅱ | 有效期至 2029 | 人血清样本中糖类抗原 72- | | | 疫比浊法） | | | 年 06 月 18 日 | 4（CA72-4)的含量。 | | | 免疫球蛋白 A 测定 | 京 械 注 准 | | 自批准之日起 | 本试剂盒用于体外定量测定 | | 2 | 试剂盒（免疫比浊 | 20242400327 | Ⅱ | 有效期至 2029 | 人血清中免疫球蛋白 A | | | 法) | | | 年 0 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [7][11]. Core Insights - The continuous increase in the shareholding ratio by Guoyao Investment reflects confidence in the company's development and value recognition. Guoyao plans to further increase its stake, which is expected to empower the company and unlock its growth potential [5][15]. - The company has shown strong performance in its financials, with projected net profits for 2024-2026 at 630 million, 763 million, and 920 million RMB respectively, corresponding to a PE ratio of 14, 11, and 10 times [16][17]. Financial Performance Summary - Revenue growth is projected to be 15.27% in 2023, with a steady increase expected in subsequent years, reaching 2,734 million RMB by 2026 [17]. - Net profit is forecasted to grow significantly, with a 34.59% increase in 2023, leading to a net profit of 524 million RMB [17]. - The company's EPS is expected to rise from 0.89 in 2023 to 1.56 in 2026, indicating strong earnings growth [17]. - The return on equity (ROE) is projected to improve from 14.06% in 2023 to 16.40% in 2026, reflecting enhanced profitability [17].

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 14.91 RMB [8]. Core Views - The continuous increase in the shareholding ratio by Guoyao Investment reflects confidence in the company's development and value recognition [2][5]. - Guoyao Investment plans to further increase its stake in the company, with a minimum investment of 30 million RMB from June 25, 2024, to December 24, 2024, indicating a commitment to empower the company for future growth [2][4]. - The collaboration between the company and Guoyao Group is expected to leverage advantages in channels and cross-sector mergers, potentially establishing the company as a key player in Guoyao Group's IVD industrial platform [2][5]. Financial Summary - The company’s projected net profit for 2024-2026 is 630 million, 763 million, and 920 million RMB, respectively, with corresponding P/E ratios of 14, 11, and 10 times [6]. - Revenue is expected to grow from 1,511 million RMB in 2022 to 2,734 million RMB in 2026, with a compound annual growth rate (CAGR) of approximately 16.53% [7][18]. - The net profit margin is projected to increase from 25.8% in 2022 to 33.6% in 2026, indicating improving profitability [18].

本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 持股 5%以上的股东中国医药投资有限公司（以下简称"增持主体"）计划自 2024 年 6 月 25 日至 2024 年 12 月 24 日，通过集中竞价交易、大宗交易等法律 法规允许的方式增持公司股票，计划增持公司股份金额不少于 3000 万元（含） 人民币（含 2024 年 6 月 25 日已增持部分），增持所需资金为自有资金。 北京九强生物技术股份有限公司（以下简称"九强生物"或"公司" ）于 2024 年 6 月 25 日收到增持主体出具的《中国医药投资有限公司关于北京九强生 物技术股份有限公司股份增持情况及拟继续增持股份的函》，增持主体基于对公 司未来持续稳定发展的信心以及对公司价值的认可，计划自 2024 年 6 月 25 日至 2024 年 12 月 24 日，通过集中竞价交易、大宗交易等法律法规允许的方式增持 公司股票，计划增持公司股份金额不少于 3000 万元（含）人民币（含 2024 年 6 月 25 日已增持部分），增持所需资金为自有资金。具体情况如下： 一、计划增持主体的基本情况 1、计划增持主体：持股 5% ...

| 证券代码：300406 | 证券简称：九强生物 公告编号：2024-047 | | --- | --- | | 债券代码：123150 | 债券简称：九强转债 | 北京九强生物技术股份有限公司 关于持股 5%以上股东持股比例变动超过 1%的公告 持股 5%以上的股东中国医药投资有限公司保证向本公司提供的信息内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 北京九强生物技术股份有限公司（以下简称"公司"）于 2024 年 6 月 25 日收到持股 5%以上股东中国医药投资有限公司（以下简称"国药投资"）的 《中国医药投资有限公司关于北京九强生物技术股份有限公司股份增持情况 及拟继续增持股份的函》，国药投资于 2022 年 12 月 28 日至 2024 年 6 月 24 日通过深圳证券交易所交易系统以集中竞价方式增持公司股份合计 6,311,800 股，占公司目前有表决权股份比例（扣除公司回购专用证券账户中 的股份数，下同）的 1.08%。现将本次权益变动的具体情况公告如下： | 1.基本情况 | | | | | --- | - ...

| 证券代码: | 300406 | 证券简称: | 九强生物 | 公告编号:2024-045 | | --- | --- | --- | --- | --- | | 债券代码: | 123150 | 债券简称: | 九强转债 | | 北京九强生物技术股份有限公司 创业板向不特定对象发行可转换公司债券 2024 年付息公告 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。 特别提示： 1、"九强转债"（债券代码：123150）将于 2024 年 7 月 1 日按照面值支付第 二年利息，每 10 张"九强转债"（面值 1,000.00 元）利息为 5.00 元（含税）。 2、债权登记日：2024 年 6 月 28 日。 3、付息日：2024 年 7 月 1 日（因 2024 年 6 月 30 日为非交易日，按规定顺 延至 2024 年 7 月 1 日）。 4、除息日：2024 年 7 月 1 日（因 2024 年 6 月 30 日为非交易日，按规定顺 延至 2024 年 7 月 1 日）。 5、"九强转债"票面利率：第一年 0.3%、第二年 0.5%、第三年 1. ...