| 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].

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].