股 票 研 究 证 券 研 究 报 告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------|-------|-------|--------------------------------------------|-------|---------------|---------------|---------------|---------------| | [Table_OtherInfo] [Table_Industry] 模型更新时间： 2024.04.24 | | | [Table_Forcast] 财务预测（单位：百万元） | | | | 艾德生物 | (300685) | | | | | 损益表 | | 2022A | 2023A | 2024E | 2025E | | 股票研究 | | | 营业总收入 | | 842 | 1,044 | 1,275 | 1,552 | | 必需消费 | | | 营业成 ...

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[Table_InvestInfo] 投资评级 优于大市 维持 肿瘤基因检测行业规范发展，合规龙头企 业多方受益 [Table_Summary] 投资要点： [Table_MainInfo] 公司研究/医药与健康护理/生物科技 证券研究报告 艾德生物（300685）公司年报点评 2024 年 04 月 24 日 市场表现 [Table_QuoteInfo] -44.88% -35.88% -26.88% -17.88% -8.88% 0.12% 2023/4 2023/7 2023/10 2024/1 艾德生物 海通综指 分析师:余文心 事件：公司发布 2023 年年报，实现营业收入 10.44 亿元（+23.91%），归母 净利润 2.61 亿元（-0.86%），扣非归母净利润 2.39 亿元（+52.21%），2022 年公司完成 SDC2 产品的技术转让，产生了资产处置收益。分季度来看，单 Q4 实现营业收入 3.36 亿元（+38.28%），归母净利润 8775 万元（+121.68%）， 扣非归母净利润 8495 万元（+137.24%）。 检测试剂收入快速增长，药企合作持续深入。分业务来看，202 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its long-term development [3][7]. Core Insights - The company achieved a revenue of 233 million yuan in Q1 2024, representing a year-on-year growth of 19.53%. The net profit attributable to the parent company was 64 million yuan, up 12.01% year-on-year, while the net profit excluding non-recurring items reached 57 million yuan, marking a 26.44% increase [1][14]. - The company continues to invest in research and development, with R&D expenses reaching 48 million yuan in Q1 2024, a 30.75% increase year-on-year. The company has also added two new invention patents and is advancing multiple products through the NMPA approval process [2][14]. - The company is recognized as a leader in the domestic tumor companion diagnosis industry, benefiting from technological barriers and product advantages. The forecasted net profits for 2024-2026 are 315 million, 379 million, and 454 million yuan, respectively, with corresponding P/E ratios of 28, 23, and 19 times [3][14]. Summary by Sections Financial Performance - In Q1 2024, the company reported a revenue of 233 million yuan, a 19.53% increase from the previous year. The net profit attributable to the parent company was 64 million yuan, reflecting a 12.01% year-on-year growth, while the net profit excluding non-recurring items was 57 million yuan, up 26.44% [1][14]. - The company’s revenue is projected to grow from 1,259 million yuan in 2024 to 1,835 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 20.66% [4]. Research and Development - R&D expenses in Q1 2024 reached 48 million yuan, a 30.75% increase year-on-year. The company has filed for multiple product approvals, including PCR-11 gene and HRD products, which are expected to enhance its product line and competitiveness [2][14]. Profit Forecast and Valuation - The company’s net profit forecasts for 2024, 2025, and 2026 are 315 million, 379 million, and 454 million yuan, respectively. The current price corresponds to P/E ratios of 28, 23, and 19 times for the respective years, indicating a favorable valuation given its market position [3][4].

证券研究报告 | 2024年04月22日 单四季度收入同比增长 38%，坚持以院内市场为主赛道 | --- | --- | --- | --- | --- | --- | |---------------------|-------|-------|-------|-------|-------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 842 | 1,044 | 1,297 | 1,581 | 1,908 | | (+/-%) | -8.2% | 23.9% | 24.3% | 21.8% | 20.7% | | 净利润(百万元) | 264 | 261 | 326 | 405 | 495 | | (+/-%) | 10.1% | -0.9% | 24.8% | 24.1% | 22.3% | | 每股收益（元） | 0.66 | 0.66 | 0.82 | 1.02 | 1.24 | | EBIT Margin | 17.8% | 26.3% | 26.4% | 27.6% | 28.4% | | 净资产收益率（R ...

Financial Performance - Revenue for the first quarter of 2024 was RMB 233.29 million, a 19.53% increase compared to the same period last year[5] - Net profit attributable to shareholders of the listed company was RMB 64.20 million, up 12.01% year-on-year[5] - Total revenue for the first quarter of 2024 reached 233.29 million yuan, a 19.5% increase compared to 195.16 million yuan in the same period last year[20] - Net profit for the first quarter of 2024 was 64.20 million yuan, up 12.0% from 57.32 million yuan in the previous year[20] - Operating profit for the first quarter of 2024 stood at 74.95 million yuan, a 14.4% increase from 65.49 million yuan in the same period last year[21] - Basic earnings per share for the first quarter of 2024 were 0.16 yuan, up from 0.14 yuan in the same period last year[22] - Basic earnings per share increased by 14.29% to RMB 0.16[5] Cash Flow - Net cash flow from operating activities increased by 19.27% to RMB 80.58 million[5] - Net cash flow from investment activities was RMB 50.99 million, a significant improvement from a net outflow of RMB 88.18 million in the same period last year[10] - Cash flow from operating activities for the first quarter of 2024 was 256.34 million yuan, a 19.2% increase compared to 215.06 million yuan in the previous year[24] - Operating cash inflow totaled 273.69 million yuan, an increase from 231.65 million yuan in the previous period[25] - Operating cash outflow was 193.11 million yuan, up from 164.10 million yuan[25] - Net cash flow from operating activities reached 80.58 million yuan, compared to 67.56 million yuan[25] - Investment cash inflow was 200.32 million yuan, significantly higher than 106.43 million yuan[25] - Net cash flow from investment activities was 50.99 million yuan, a turnaround from -88.18 million yuan[25] - Net cash flow from financing activities was -6.26 million yuan, an improvement from -13.39 million yuan[26] - The net increase in cash and cash equivalents was 122.67 million yuan, compared to a decrease of 37.80 million yuan[26] - Ending cash and cash equivalents balance stood at 323.75 million yuan, up from 205.80 million yuan[26] - Cash paid for employee compensation and benefits was 91.08 million yuan, an increase from 80.23 million yuan[25] - Cash paid for taxes and fees was 19.65 million yuan, up from 11.35 million yuan[25] Expenses and Costs - R&D expenses rose by 30.75% to RMB 48.36 million, primarily due to increased share-based payment expenses[9] - Management expenses increased by 36.28% to RMB 20.20 million, mainly due to higher share-based payment expenses[9] - Research and development expenses for the first quarter of 2024 were 48.36 million yuan, a 30.8% increase compared to 36.99 million yuan in the previous year[21] Assets and Liabilities - Total assets at the end of the reporting period were RMB 1.97 billion, a 2.04% increase from the end of the previous year[5] - The company's equity attributable to shareholders of the listed company increased by 4.01% to RMB 1.77 billion[5] - Total assets as of the end of the first quarter of 2024 were 1.97 billion yuan, a slight decrease from 1.93 billion yuan at the end of the previous quarter[17][18] - Total liabilities for the first quarter of 2024 were 202.78 million yuan, a decrease from 231.56 million yuan at the end of the previous quarter[18] - The company's monetary funds at the end of the period amounted to 706,466,702.80 yuan, an increase from 552,789,166.67 yuan at the beginning of the period[16] - The company's trading financial assets at the end of the period amounted to 382,407,725.81 yuan, a decrease from 469,121,238.93 yuan at the beginning of the period[16] - The company's accounts receivable at the end of the period amounted to 504,358,880.07 yuan, a decrease from 522,446,717.63 yuan at the beginning of the period[16] - The company's inventory at the end of the period amounted to 31,527,239.07 yuan, an increase from 28,782,648.84 yuan at the beginning of the period[16] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 18,425[11] - Forward Investment (Hong Kong) Limited holds 22.00% of the shares, totaling 87,701,616 shares[11] - Hong Kong Securities Clearing Company Limited holds 14.08% of the shares, totaling 56,135,019 shares[11] - Xiamen Yixiang Investment Partnership holds 5.02% of the shares, totaling 20,026,900 shares[11] - Xiamen Keying Investment Partnership holds 4.98% of the shares, totaling 19,866,146 shares[11] - The National Social Security Fund 406 Portfolio holds 4.48% of the shares, totaling 17,866,370 shares[11] Government Subsidies - Government subsidies received during the period decreased by 47.71% to RMB 6.22 million[9]

证券代码：300685 证券简称：艾德生物 公告编号：2024-025 特此公告。 1、审议通过《2024年第一季度报告》 表决结果：3票赞成，0票反对，0票弃权，本议案获表决通过。 经审核，监事会认为董事会编制和审核的公司2024年第一季度报告的程序 符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了 公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 三、备查文件 公司第三届监事会第十七次会议决议。 厦门艾德生物医药科技股份有限公司 第三届监事会第十七次会议决议公告 本公司及监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。 一、监事会会议召开情况 厦门艾德生物医药科技股份有限公司（以下简称"公司"或"艾德生物"） 第三届监事会第十七次会议于2024年4月22日在厦门市海沧区鼎山路39号公司 会议室以通讯和现场表决相结合的方式召开，会议应到监事3人，实到监事3人， 符合公司章程规定的法定人数。本次会议通知于2024年4月19日以电子邮件等 形式发出，会议的通知和召开符合《公司法》与《公司章程》的规定。本次会议 由公司监事会主席王弘宇先生主 ...

证券代码：300685 证券简称：艾德生物 公告编号：2024-024 厦门艾德生物医药科技股份有限公司 第三届董事会第十八次会议决议公告 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。 一、董事会会议召开情况 厦门艾德生物医药科技股份有限公司（以下简称"公司"或"艾德生物"） 第三届董事会第十八次会议于2024年4月22日在厦门市海沧区鼎山路39号公司 会议室以通讯和现场表决相结合的方式召开，会议应到董事9人，实到董事9人， 符合公司章程规定的法定人数。公司监事和高级管理人员列席了本次会议。本次 会议通知于2024年4月19日以电子邮件等形式发出，会议的通知和召开符合《公 司法》与《公司章程》的规定。本次会议由公司董事长LI-MOU ZHENG先生主 持。 二、董事会会议审议情况 1、审议通过《2024年第一季度报告》 表决结果：9票赞成，0票反对，0票弃权，本议案获表决通过。 2024年第一季度报告具体内容详见中国证监会指定的创业板信息披露网站。 本议案已经公司董事会审计委员会审议通过。 三、备查文件 2024 年 4 月 23 日 公司第三届董事会第十八 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding 15% over the next 6-12 months [6][14]. Core Insights - The company achieved a revenue of 1.044 billion yuan in 2023, representing a year-on-year growth of 23.91%. The domestic market contributed 785 million yuan, growing by 23.65%, while the international market generated 258 million yuan, with a growth of 24.68%. The net profit attributable to shareholders was 261 million yuan, a slight decrease of 0.86%, but the net profit excluding non-recurring items increased by 52.21% to 239 million yuan [2][22]. - The company has accelerated its global expansion, establishing subsidiaries in Hong Kong, Singapore, and Canada, and forming partnerships with over 100 international distributors. It has localized teams in key overseas markets, enhancing its global footprint [8]. - The company has invested significantly in R&D, with 503 personnel and an R&D expenditure of approximately 203.22 million yuan, accounting for 19.47% of its revenue. It has obtained 26 Class III medical device registrations and 59 invention patents, showcasing its commitment to innovation [24]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 1.044 billion yuan, a 23.91% increase from the previous year. The domestic revenue was 785 million yuan, up 23.65%, while international revenue reached 258 million yuan, growing by 24.68%. The net profit attributable to shareholders was 261 million yuan, down 0.86%, but the net profit excluding non-recurring items rose by 52.21% to 239 million yuan [2][22]. Global Expansion - As of the end of 2023, the company has nearly 70 personnel in its international business and BD teams, collaborating with over 100 international distributors. It has established wholly-owned subsidiaries in Hong Kong, Singapore, and Canada, and a European logistics center in the Netherlands, while forming localized teams in Southeast Asia, the Middle East, Africa, and Latin America [8]. R&D and Innovation - The company has a strong focus on R&D, with 503 employees dedicated to this area and an investment of 203.22 million yuan, which is a 16.44% increase year-on-year. This investment represents 19.47% of its total revenue. The company has launched significant products, including the ADx-SEQ200 Plus high-throughput gene sequencer and the MSI test kit, which is the first pan-cancer immunotherapy companion diagnostic product approved in China [24].

Investment Rating - The investment rating for the company is "Accumulate" [1][3] - The previous rating was also "Accumulate" [1] - The target price has been adjusted to 24.82 from the previous 27.30 [1] Core Insights - The company's performance met expectations, highlighting compliance advantages in the domestic market, rapid growth in in-hospital reagent revenue, and swift international market expansion [1] - The company is expected to continue its rapid growth due to accelerated market access and an expanding network of pharmaceutical partnerships [1] - The company achieved a revenue of 1.044 billion yuan in 2023, representing a year-on-year increase of 23.91% [1] - The net profit attributable to shareholders for 2023 was 261 million yuan, with a significant increase of 121.68% year-on-year [1] Financial Summary - Revenue for 2023 was 1.044 billion yuan, with a net profit of 261 million yuan [1] - The company reported a non-net profit of 239 million yuan, reflecting a year-on-year growth of 52.21% [1] - The earnings per share (EPS) for 2024 and 2025 are forecasted at 0.73 yuan and 0.95 yuan respectively [1] - The company’s total market capitalization is 8,032 million yuan [1] Market Position and Growth - The company has a strong compliance advantage in the domestic market, with in-hospital testing reagent revenue growing over 40% year-on-year [1] - The international market is expanding rapidly, with international sales reaching 258 million yuan, a growth of 24.68% [1] - The company has established local teams in key overseas markets to accelerate market entry [1] Valuation Metrics - The company is valued at a PE ratio of 34X for 2024 [1] - The projected net profit for 2024 is 291 million yuan, with a growth rate of 7% [1] - The company’s return on equity (ROE) is projected to be 15.4% in 2024 [1]