公 司 点 评 报 告 ＃assAuthor＃ ＃相关报告 relatedReport＃ 黄翰漾 huanghanyang@xyzq.com.cn S0190519020002 增持 ( ＃ investSug gestionCh ange＃ 维持 ） 投资要点 ＃summary＃ ⚫ 2023 年业绩符合预期，常规业务显著恢复：2023 年，公司实现营业收入 27.65 亿元，同比-51.33%。分业务来看，1）传染病业务收入 9.52 亿元，同比-75.82%， 主要原因是新冠相关收入大幅减少，但常规传染病业务如呼吸道、血液传染 病检测等产品呈现显著恢复性增长；2）慢病管理检测业务收入 11.19 亿元， 同比+19.11%，国内院端诊疗需求恢复趋势明显，公司化学发光平台采取管式 发光、单人份发光双线并行战略，2023 年实现快速增长，其中特色项目血栓 六项同比实现接近翻倍增长；3）毒品检测业务收入 3.31 亿元，同比+12.68%， 公司持续深化北美毒检市场研产销一体化建设，并新增获得了多项毒检产品 的准入认证，进一步丰富了产品线；4）优生优育检测业务收入 2.67 亿元， 同比+10.08%。 ⚫ ...

关于公司开展外汇套期保值业务的可行性分析报告 一、公司开展外汇套期保值业务的目的 为有效防范公司及全资、控股子公司（以下简称"子公司"）开展境外业务 等所产生外币收付汇结算等过程中外币汇率大幅波动的风险，提高外汇资金使用 效率，公司及子公司拟与有关政府部门批准、具有相关业务经营资质的金融机构 开展外汇套期保值业务。公司开展的外汇套期保值业务与生产经营紧密相关，能 进一步提高应对外汇波动风险的能力，更好地规避和防范外汇汇率波动风险，增 强财务稳健性。 二、外汇套期保值业务的基本情况 （一）主要涉及币种及业务品种 广州万孚生物技术股份有限公司 公司及子公司拟开展的外汇套期保值业务只限于从事与公司实际经营业务 所使用的主要结算货币相同的币种，主要外币币种为美元。 公司拟开展的外汇套期保值业务主要为远期结售汇业务。 （二）业务规模及投入资金来源 根据实际需求情况，公司及子公司本次批准发生的外汇套期保值业务总额不 超过 3,000 万美元（或等值其他货币）。在上述额度范围内，资金累计使用。 公司开展外汇套期保值业务投入的资金来源为公司的自有资金。 （三）开展外汇套期保值业务期限及授权 鉴于外汇套期保值业务与公司的经营密 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a significant decline in revenue and net profit for 2023, with total revenue of 2.765 billion yuan, down 51.33%, and net profit of 488 million yuan, down 59.26% [5] - The company has achieved strong growth in its conventional business and made breakthroughs in new platforms and projects, including receiving FDA emergency use authorization for its COVID-19, H1N1, and H3N2 test kits [5][6] - The company is expected to maintain steady growth in the coming years, with projected net profits of 655 million yuan, 846 million yuan, and 1.043 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 34.2%, 29.2%, and 23.3% [8] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 2.765 billion yuan, with a year-on-year decline of 51.33%. The net profit was 488 million yuan, down 59.3% [9] - The company’s revenue from infectious disease testing was 952 million yuan, down 75.82%, while chronic disease management revenue increased by 19.11% to 1.119 billion yuan [6][9] - The company’s gross margin improved to 62.6% in 2023, with expectations for further increases in the following years [9] Business Segments - The infectious disease testing segment saw a significant decline, but conventional infectious disease businesses showed recovery and growth [6] - The chronic disease management segment is experiencing a clear recovery trend in the domestic hospital market, with rapid growth in the chemiluminescence platform and expansion in overseas markets [6] - The drug abuse testing segment achieved revenue of 331 million yuan, up 12.68%, while the prenatal and reproductive health testing segment grew by 10.08% to 267 million yuan [6][9] Future Outlook - The company is expected to continue its growth trajectory with the launch of new products and upgrades to existing ones, supported by further channel development [8] - The projected revenue for 2024 is estimated at 3.270 billion yuan, with a year-on-year growth of 18.3% [9] - The company is positioned to benefit from its established advantages in overseas market access and channel development, with products exported to over 150 countries [7]

| 证券代码：300482 | 证券简称：万孚生物 公告编号：2024-036 | | --- | --- | | 债券代码：123064 | 债券简称：万孚转债 | 广州万孚生物技术股份有限公司 关于公司向银行申请综合授信并为经销商和子公司融资提供担保的 补充公告 本公司及其董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 广州万孚生物技术股份有限公司（以下简称"公司"或"万孚生物"）因开展日 常经营业务所需，提出了《关于公司向银行申请综合授信并为经销商和子公司融 资提供担保的议案》，该议案已经公司第四届董事会第二十八次会议和第四届监 事会第二十一次会议审议通过。公司于 2024 年 4 月 22 日在巨潮资讯网 （www.cninfo.com.cn）披露了《关于公司向银行申请综合授信并为经销商和子 公司融资提供担保的公告》（2024-025），现对上述公告中"相关方情况介绍""审 批程序"等内容信息进行补充,补充后具体内容如下（补充部分见楷体加粗字体）： 一、本次申请综合授信并为经销商和子公司融资提供担保的情况： 广州万孚生物技术股份有限公司（以下简称"公司"或" ...

| 证券代码：300482 | 证券简称：万孚生物 | 公告编号：2024-035 | | --- | --- | --- | | 债券代码：123064 | 债券简称：万孚转债 | | 广州万孚生物技术股份有限公司 关于美国子公司呼吸道三联家庭自测 OTC 产品 获得美国 FDA EUA 授权的公告 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。 广州万孚生物技术股份有限公司（以下简称"万孚生物"或"公司"）美国 全资子公司 Wondfo USA Co.,Ltd（以下简称"美国子公司"）近日收到 U.S. Food & Drug Administration（美国食品药品监督管理局，以下简称 "FDA"）通知，万 孚生物美国子公司的新型冠状病毒、甲型流感病毒及乙型流感病毒三联家庭检测 试剂盒（OTC 版）WELLlife™ COVID-19 / Influenza A&B Home Test 获得 FDA 的应急使用授权（EUA），具体信息如下： | ™ WELLlife | COVID | | | 年 2024 | 4 | 针对呼吸道传染病症表现 5 天内 ...

证 券 研 究 报 告 公司公告，美国子公司"WONDFO USA CO.,LTD"的新型冠状病毒、甲型流 感病毒及乙型流感病毒三联检测试剂盒 WELLlife COVID-19/Influenza A&B Test 获得 FDA 的应急使用授权（EUA）。公司本次获批的呼吸道三联检产品针 对呼吸道传染病症表现 5 天内的前鼻腔样本，定性检测和区分甲乙型流感病 毒或新型冠状病毒，属于 Point of Car（POC）专业用途。 评论： 生物医药Ⅲ 2024 年 04 月 24 日 邮箱：zhengchen@hcyjs.com 执业编号：S0360520110002 证券分析师：李婵娟 邮箱：lichanjuan@hcyjs.com 执业编号：S0360520110004 《万孚生物（300482）2023 年报&2024 年一季报 点评：四大业务稳步发展，常规业务恢复性增长》 2024-04-23 《万孚生物（300482）2023 年三季报点评：国内 业务稳健增长，海外新技术平台导入持续推进》 2023-11-01 《万孚生物（300482）2023 年半年报点评：常规 业务实现恢复性高增长，四大业务条线 ...

股价与行业-市场走势对比 -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 2022-102022-112022-122022-122023-012023-022023-022023-032023-042023-052023-052023-062023-072023-072023-082023-092023-092023-10 万孚生物 沪深300 投资要点 事件：公司发布 2023 年年报以及 2024 年一季报， 2023 年公司实现营业收入 27.65 亿元，同比下降 51.33%，归母净利润 4.88 亿元，同比下降 59.26%，扣非净利润 4.15 亿元，同比下降 62.46%。2024 年一季度公司实现营业收入 8.61 亿元，同比增长 3.54%， 实现归母净利润 2.18 亿元，同比增长 7.19%，实现扣非净利润 2.09 亿元，同比增长 6.78%。 分季度来看： 2023 年单四季度公司实现收入 7.60 亿元，同比下降 22.72%，归母净 利润 0.88 亿元，扣非净利润 0.78 亿元，去年同期亏损；公司单季度收入有所下降， 主要与医疗反 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a projected 2024 PE of 16x based on the closing price on April 19, 2024 [15] Core Views - The company's conventional infectious disease testing business has shown significant recovery and growth, laying a solid foundation for long-term sustainable growth [1] - The company's chronic disease management testing business achieved revenue of RMB 1.119 billion in 2023, a year-on-year increase of 19.11%, driven by the recovery of the domestic hospital market [2] - The company's drug abuse testing business achieved revenue of RMB 331 million in 2023, a year-on-year increase of 12.68%, with stable core customer groups and rapid growth in North America [3] - The company's prenatal and postnatal testing business achieved revenue of RMB 267 million in 2023, a year-on-year increase of 10.08%, with breakthroughs in key product categories [4] Financial Performance - The company's 2023 revenue was RMB 2.765 billion, a year-on-year decrease of 51.33%, with a net profit attributable to the parent company of RMB 488 million, a year-on-year decrease of 59.26% [25] - In Q1 2024, the company achieved revenue of RMB 861 million, a year-on-year increase of 3.54%, with a net profit attributable to the parent company of RMB 218 million, a year-on-year increase of 7.20% [25] - The company's gross profit margin in 2023 increased by 10.79 percentage points year-on-year to 62.61%, with significant improvements in various business segments [29] - The company's net profit margin in Q1 2024 increased by 1.29 percentage points year-on-year to 25.60% [29] R&D and Innovation - The company invested RMB 422 million in R&D in 2023, accounting for 15.26% of revenue, with breakthroughs in strategic areas such as chemiluminescence, molecular diagnostics, and pathology [13][14] - The company launched new high-speed chemiluminescence immunoassay analyzers and molecular POCT products, which have been widely recognized by top-tier hospitals [13][14] Future Projections - The company's revenue is expected to grow to RMB 3.373 billion, RMB 4.142 billion, and RMB 5.033 billion in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 22%, 21%, and 22% [15] - Net profit attributable to the parent company is expected to grow to RMB 652 million, RMB 881 million, and RMB 1.061 billion in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 34%, 35%, and 21% [15] - The company's EPS is expected to be RMB 1.38, RMB 1.87, and RMB 2.25 in 2024, 2025, and 2026, respectively [15]

增长率 YoY% 88.7% -59.3% 33.8% 30.1% 26.9% 毛利率% 51.8% 62.6% 64.4% 65.0% 65.4% 净资产收益率ROE% 27.6% 10.8% 11.1% 13.0% 14.5% EPS(摊薄)(元) 2.54 1.03 1.38 1.80 2.28 市盈率 P/E(倍) 10.14 24.90 18.62 14.31 11.27 市净率 P/B(倍) 2.80 2.69 2.07 1.86 1.64 [资T料ab来l源e_：Rweipndo，rt信C达lo证s券in研g发] 中心预测 ; 股价为 2024 年 04 月 23 日收盘价 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 4 | --- | --- | |-----------------------------------------------------------------------------------------------------|------------------------------------------------------- ...

Investment Rating - The report maintains a "Recommended" rating for the company [10]. Core Views - The company reported a significant decline in revenue and net profit for 2023, with operating income of 2.765 billion yuan (down 51.33%) and net profit attributable to shareholders of 488 million yuan (down 59.26%) [10][11]. - Despite the apparent decline in performance, the gross margin improved significantly, reaching 62.61% in 2023 (up 10.79 percentage points) and 66.30% in Q1 2024 (up 1.0 percentage point) [10]. - The company has seen a recovery in its regular business, with revenue from chronic disease management increasing by 19.11% in 2023 [10]. - The FDA EUA approval for the company's respiratory triad test is expected to contribute positively to future revenue growth in the U.S. market [10]. Financial Summary - For 2023, the company achieved operating income of 2,764.91 million yuan, with a projected increase to 3,090.50 million yuan in 2024, reflecting a growth rate of 11.78% [11]. - The net profit attributable to shareholders is expected to rise from 487.62 million yuan in 2023 to 655.46 million yuan in 2024, indicating a growth rate of 34.42% [11]. - The gross margin is projected to improve from 62.61% in 2023 to 67.51% in 2024 [11]. - The earnings per share (EPS) is forecasted to increase from 1.03 yuan in 2023 to 1.39 yuan in 2024 [11].