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].

Summary of the Conference Call Company and Industry Involved - The conference call is organized by multiple financial institutions including CICC, CITIC Securities, Dongfang Guojin, Sheng Wan Hongyuan, and Kaiyuan Securities, focusing on Tosta's 2024 annual report and first-level reporting exchange meeting [1] Core Points and Arguments - The call features a presentation by the company's board secretary, Mr. Xie, who discusses the company's performance in the previous year and outlook for 2024 [1] Other Important but Possibly Overlooked Content - The conference highlights the collaboration among various financial institutions in analyzing Tosta's financial results and future prospects, indicating a strong interest in the company's performance [1]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 37 yuan [7][27]. Core Insights - The company has shown steady development across its four main business lines, with a recovery in conventional business growth. The revenue for 2023 was 2.765 billion yuan, reflecting a year-on-year decrease of 51.33%, while the net profit attributable to shareholders was 488 million yuan, with a year-on-year decrease of 59.26% [7][27]. - The infectious disease testing business has seen a recovery, with revenue of 9.52 billion yuan, a year-on-year decline of 75.82%. However, conventional businesses like respiratory and blood-borne infectious disease testing have shown recovery, particularly with significant growth in influenza testing sales due to a rise in respiratory diseases in 2023 [7][27]. - The chronic disease management testing business has expanded both domestically and internationally, achieving a revenue growth of 19.11% year-on-year, driven by a recovery trend in domestic hospital diagnosis and treatment [7][27]. - The drug abuse testing business has maintained a strong core customer base, with revenue of 1.12 billion yuan, a year-on-year increase of 12.68%. The company has successfully stabilized its core customer base in the North American drug testing market through optimized R&D processes and enhanced local marketing [7][27]. - The reproductive health testing business has focused on providing comprehensive solutions domestically and accelerating product iterations overseas, achieving a revenue growth of 10.08% year-on-year [7][27]. Financial Summary - The company expects net profits attributable to shareholders for 2024, 2025, and 2026 to be 652 million yuan, 851 million yuan, and 1.086 billion yuan, respectively, with year-on-year growth rates of 33.8%, 30.5%, and 27.5% [7][27]. - The projected earnings per share (EPS) for the same years are 1.38 yuan, 1.80 yuan, and 2.30 yuan, with corresponding price-to-earnings (P/E) ratios of 19, 14, and 11 [7][27]. - The total revenue forecast for 2024, 2025, and 2026 is 3.359 billion yuan, 4.112 billion yuan, and 5.045 billion yuan, with year-on-year growth rates of 21.5%, 22.4%, and 22.7% [7][27].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 26.73 CNY per share, compared to the current price of 22.10 CNY [10]. Core Insights - The company's revenue for 2023 was 2.765 billion CNY, reflecting a year-over-year decline of 51.33%. However, the gross margin improved to 62.61%, up by 10.79 percentage points. The net profit attributable to shareholders was 488 million CNY, down 59.26% year-over-year, primarily due to a decline in unconventional business, while conventional business showed strong growth [7][8]. - In Q1 2024, the company reported revenue of 861 million CNY, a year-over-year increase of 3.54%, and a net profit of 218 million CNY, up 7.2% year-over-year, with a gross margin of 66.3% [7]. - The company achieved strategic breakthroughs in two major areas: (1) In the chemiluminescence field, it launched the high-speed FC-9000 series and the desktop FC-2000 fully automated chemiluminescence immunoassay analyzers, covering routine and specialty testing categories. (2) In the molecular diagnostics field, it developed an automated nucleic acid amplification analysis system and launched various testing kits [7]. Financial Summary - The company's financial performance shows a significant drop in revenue from 5.681 billion CNY in 2022 to 2.765 billion CNY in 2023, with a projected recovery to 3.484 billion CNY in 2024, representing a growth rate of 26.0% [9]. - The net profit is expected to recover from 488 million CNY in 2023 to 631 million CNY in 2024, with a growth rate of 29.4% [9]. - The earnings per share (EPS) is projected to increase from 1.10 CNY in 2023 to 1.34 CNY in 2024, with a price-to-earnings (P/E) ratio of 20 times for the 2024 estimate [8][9].

| 证券代码：300482 | 证券简称：万孚生物 公告编号：2024-034 | | --- | --- | | 债券代码：123064 | 债券简称：万孚转债 | 上述产品获得美国 FDA EUA 授权，将进一步增加公司销售产品的品种，对 公司美国市场的发展具有正面影响，公司未来会积极推动相关产品的销售，为广 大股东创造更大的价值。上述产品实际销售情况取决于未来市场推广效果，目前 尚无法预测产品对公司未来营业收入的影响，敬请投资者注意投资风险。 特此公告。 广州万孚生物技术股份有限公司董事会 2024 年 4 月 22 日 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检产品获得美国 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"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，美国子公司的新型冠状 病毒、甲型流感病毒 ...

| 证券代码：300482 | 证券简称：万孚生物 | 公告编号：2024-033 | | --- | --- | --- | | 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 关于召开 2023 年度股东大会通知的更正公告 本公司及董事会全体成员保证信息披露内容的真实、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"）于 2024 年 4 月 22 日 在巨潮资讯网上披露了《关于召开 2023 年度股东大会的通知》（公告编号 2024- 031），经核查发现，原公告召开会议的基本情况中股权登记日时间有误，现将相 关内容更正如下： | 更正前 | | | | | | 更正后 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股权登记日：2023 | 年 | 5 | 月 | 13 | 日 | 股权登记日：2024 | 年 | 5 | 月 | 13 | 日 | | （星期一） | | | | | | ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 861,092,255.54, representing a 3.54% increase compared to CNY 831,629,122.23 in the same period last year[16]. - Net profit attributable to shareholders for Q1 2024 was CNY 218,334,248.48, up 7.20% from CNY 203,678,161.27 year-on-year[16]. - The company reported a basic earnings per share of CNY 0.49, up 6.52% from CNY 0.46 in the same period last year[16]. - Net profit for the current period was ¥220,443,620.50, representing a 9.1% increase from ¥202,212,680.82 in the previous period[28]. - The total comprehensive income for the current period was ¥220,857,097.78, up from ¥202,604,008.04 in the previous period[28]. Cash Flow and Liquidity - The net cash flow from operating activities improved significantly to CNY 113,224,704.67, a 151.07% increase compared to a negative cash flow of CNY -221,701,390.44 in the previous year[16]. - The company reported a net cash inflow from financing activities of CNY 692,085,292.40 for the first quarter, a turnaround from a net outflow of CNY 200,348,519.87 in the same period last year[49]. - Cash and cash equivalents increased by 39.29% to CNY 1,170,447,525.51, primarily due to the proceeds from a private placement[7]. - Cash and cash equivalents at the end of the first quarter reached CNY 1,169,728,156.09, compared to CNY 748,525,744.53 at the end of the previous year, indicating a significant increase of approximately 56.2%[49]. - The company's cash and cash equivalents position remains strong, supporting ongoing operational and strategic initiatives[24]. Assets and Liabilities - Total assets at the end of Q1 2024 reached CNY 6,673,949,590.10, marking a 15.63% increase from CNY 5,771,717,185.26 at the end of the previous year[16]. - Guangzhou Wanfeng Biotechnology Co., Ltd. reported a total liability of CNY 1,149,478,142.84 as of March 31, 2024, a decrease from CNY 1,157,093,084.26 in the previous period[24]. - The company's total equity increased to CNY 5,524,471,447.26 from CNY 4,614,624,101.00, reflecting a growth in shareholder value[24]. - The total number of shares outstanding increased to 471,966,578.00 from 444,515,598.00, indicating a potential increase in market capitalization[24]. - The company's total current assets rose to CNY 4,050,347,276.26, up from CNY 3,233,336,220.02, marking an increase of about 25.3%[40]. Investment and Expenses - The company recorded a significant increase in investment income, which rose by 81.08% to CNY 2,955,606.08 compared to CNY 1,632,214.98 in the previous year[7]. - The company experienced a decrease in financial expenses, which improved by 155.96% to CNY -7,251,461.78, attributed to increased foreign exchange gains[7]. - Research and development expenses increased to ¥105,547,760.15, up from ¥94,403,973.82, indicating a focus on innovation[27]. - The company raised ¥690,599,990.10 from investment activities, indicating strong capital inflow[30]. Shareholder Information - The number of shares held by major shareholders includes Guangzhou Huayin Tianyue Equity Investment Fund Management Co., Ltd. with 49,195,579 shares, representing 11.07% of the total share capital[20]. - The company’s major shareholders, Li Wenmei and Wang Jihua, hold a combined 33.17% of the total shares, with Li owning 22.01% and Wang 11.16%[52].

广州万孚生物技术股份有限公司 2023年度独立董事（陈锦棋先生）述职报告 本人担任广州万孚生物技术股份有限公司（以下简称"公司"）的第四届 董事会独立董事，本人严格按照《中华人民共和国公司法》、《中华人民共和 国证券法》、《深圳证券交易所创业板股票上市规则》、《上市公司自律监管 指引第2号——创业板上市公司规范运作》、《上市公司独立董事管理办法》、 《广州万孚生物技术股份有限公司章程》等相关法律法规和公司规章制度的规 定和要求办事，以认真、勤恳、独立、审慎的态度对待每一项工作，切实履行 作为独立董事和专业委员会的职责，充分发挥独立董事的作用和价值，切实维 护公司与中小股东的权益。现将本人2023年度的履职情况作如下总结： 一、2023年度履职概况 （一）出席董事会及股东大会情况 2023年度，公司共召开了十一次董事会会议和两次股东大会会议。十一次 董事会会议为第四届董事会第十六次会议至第四届董事会第二十六次会议，两 次股东大会会议分别为2022年年度股东大会、2023年第一次临时股东大会。本 人积极参加公司召开的董事会与股东大会，认真审议董事会的各项议案，与经 营管理层保持充分沟通，以谨慎的态度行使表决权。在 ...

广州万孚生物技术股份有限公司章程修订案（2024 年 4 月） 广州万孚生物技术股份有限公司（以下简称"公司"）向特定对象发行的 27,450,980 股股份已于 2024 年 4 月 8 日上市。公司发行的可转换公司债券从 2022 年 4 月 1 日至 2024 年 3 月 31 日，公司可转债共计转股 9,900 股。2020 年 限制性股票激励计划首次及预留授予部分第三个解除限售/归属期公司层面业绩 考核未达标，公司决定回购注销一类限制性股票 429,000 股。基于以上情况，公 司注册资本及现时股份总数进行相应调整，就《广州万孚生物技术股份有限公司 章程》部分条款进行了修订，具体修订条款如下: 广州万孚生物技术股份有限公司 2024 年 4 月 19 日 | 条款 | 修订前 | 修订后 | | --- | --- | --- | | 第六条 | 公司注册资本为人民币 444,310,138 元。 | 公司注册资本为人民币 471,342,018 元。 | | 第十九条 | 公司现时股份总数为 444,319,941 股。 | 公司现时股份总数为 471,342,018 股。 | 本次《公司章程》修 ...