Investment Rating - The report maintains a "Buy" rating for the company [4][9]. Core Views - The company has shown steady growth in Q3, with performance meeting expectations. Rapid growth in overseas markets and pharmaceutical business is noted, alongside successful progress in innovative products [2][4]. - The target price has been raised to 31.16 CNY, up from the previous forecast of 24.61 CNY, reflecting significant improvements in cost reduction and efficiency [4][9]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 848 million CNY, representing a year-on-year increase of 19.84%. The net profit attributable to shareholders was 227 million CNY, up 30.82% [9]. - The gross margin for Q1-3 2024 was 84.74%, an increase of 1.14 percentage points. The net profit margin improved to 26.80%, up 2.25 percentage points [9]. - The company’s EPS forecasts for 2024, 2025, and 2026 have been adjusted to 0.82 CNY, 1.03 CNY, and 1.28 CNY respectively, up from previous estimates [9][10]. Innovation and Product Development - The company has made significant strides in innovation, with several products receiving regulatory approval. Notably, a gene testing kit for FGFR2 was approved in Japan, and a PCR11 gene product for lung cancer was approved domestically [9]. - The company has also entered the special review process for an HRD testing kit, which is expected to enhance its competitive edge in the oncology diagnostics market [9]. Market Position and Valuation - The company’s market capitalization is approximately 10.05 billion CNY, with a current share price of 25.22 CNY [5]. - The company’s price-to-earnings ratio is projected to be 38 times for 2024, indicating a strong valuation compared to peers [11].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved revenue of RMB 848 million in the first three quarters of 2024, a year-on-year increase of 20% [1] - Net profit attributable to the parent company was RMB 227 million, up 31% year-on-year [1] - In Q3 2024, revenue reached RMB 305 million, a 23% increase year-on-year, with net profit attributable to the parent company surging 78% to RMB 83.41 million [1] - The company's gross margin in Q3 2024 was 84.0%, up 0.4 percentage points year-on-year, while the net profit margin increased by 8.5 percentage points to 27.4% [1] - The company has 27 self-developed tumor gene detection products approved in China, with several being the only approved products in the domestic market [1] - R&D expenses in the first three quarters of 2024 were RMB 164 million, a 9.03% increase year-on-year [1] Financial Performance - The company's revenue is expected to grow from RMB 1.244 billion in 2024E to RMB 1.836 billion in 2026E, with a compound annual growth rate of 20.89% [4] - Net profit attributable to the parent company is projected to increase from RMB 321 million in 2024E to RMB 486 million in 2026E, with a growth rate of 22.33% [4] - The company's ROE is expected to rise from 16.45% in 2024E to 18.35% in 2026E [4] - The P/E ratio is forecasted to decrease from 29.52 in 2024E to 19.50 in 2026E, indicating potential undervaluation [4] Product and Market Position - The company's products have gained recognition in international markets, with ROS1 and PCR-11 gene detection products approved in Japan and included in local medical insurance [1] - The company has established dual R&D centers in Xiamen and Shanghai, focusing on PCR, NGS, IHC, and FISH technology platforms [1] - The company's products have consistently demonstrated high accuracy and usage rates in both domestic and international quality evaluations [1] Analyst Consensus - The company has received 18 "Buy" ratings and 14 "Overweight" ratings in the past six months, indicating strong market confidence [6] - The average market rating score is 1.67, which falls within the "Overweight" range [6]

证券代码：300685 证券简称：艾德生物 公告编号：2024-070 厦门艾德生物医药科技股份有限公司 第四届董事会第二次会议决议公告 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"） 第四届董事会第二次会议于2024年10月21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7人，实到董事7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10月18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。 公司严格按照相关规定，并根据自身实际情况，完成了2024年第三季度报 告的编制及审议工作。公司董事、高级管理人员就该报告签署了书面确认意见。 本议案已经公司董事会审计委员会审议通过。 2024年第三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。 三、备查文件 公司第四届董事会第二次会议决议。 特 ...

二、监事会会议审议情况 1、审议通过《2024年第三季度报告》 表决结果：3票赞成，0票反对，0票弃权，本议案获表决通过。 证券代码：300685 证券简称：艾德生物 公告编号：2024-071 厦门艾德生物医药科技股份有限公司 第四届监事会第二次会议决议公告 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"） 第四届监事会第二次会议于2024年10月21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10月18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持。 经审核，监事会认为董事会编制和审核的公司2024年第三季度报告的程序 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。 2024年第三季度报告具体内容详 ...

Financial Performance - Revenue for Q3 2024 reached 304.95 million yuan, a 22.53% increase year-over-year[3] - Net profit attributable to shareholders in Q3 2024 was 83.41 million yuan, up 77.58% year-over-year[3] - Basic earnings per share for Q3 2024 were 0.21 yuan, a 75% increase year-over-year[3] - Weighted average return on equity for Q3 2024 was 4.92%, up 2.08 percentage points year-over-year[3] - Total operating revenue increased to 847,967,831.38 yuan, up 19.8% compared to the previous year's 707,591,539.73 yuan[15] - Net profit attributable to the parent company's owners increased to 1,174,863,865.61 yuan, up 16.6% from 1,007,161,728.46 yuan[14] - Net profit attributable to parent company shareholders increased to RMB 227.27 million, up 30.8% YoY from RMB 173.73 million[16] - Revenue from sales of goods and services reached RMB 810.77 million, up 14.1% YoY from RMB 710.55 million[18] - Basic earnings per share increased to RMB 0.57, up 29.5% YoY from RMB 0.44[16] - Total comprehensive income increased to RMB 227.33 million, up 31.1% YoY from RMB 173.43 million[16] Cash Flow and Investments - Operating cash flow for the first three quarters of 2024 was 240.28 million yuan, an 11.63% increase year-over-year[3] - Investment cash flow for the first three quarters of 2024 improved by 84.88% year-over-year, primarily due to reduced cash outflows for financial investments[6] - The company's net cash flow from financing activities in the first three quarters of 2024 decreased by 108.79% year-over-year, mainly due to increased share repurchases[6] - Operating cash flow increased to RMB 240.28 million, up 11.6% YoY from RMB 215.25 million[18] - Investment cash outflow decreased to RMB 440.12 million, down 33.0% YoY from RMB 657.38 million[18] - Cash and cash equivalents at the end of the period increased to RMB 252.96 million, up 29.5% YoY from RMB 195.34 million[19] - Cash paid for employee compensation increased to RMB 237.96 million, up 11.6% YoY from RMB 213.15 million[18] - Cash paid for taxes increased to RMB 68.51 million, up 67.7% YoY from RMB 40.84 million[18] Assets and Liabilities - Total assets as of Q3 2024 stood at 2.04 billion yuan, a 5.21% increase from the end of the previous year[3] - Total assets reached 2,035,595,020.59 yuan, a 5.2% increase from 1,934,881,553.02 yuan[13] - Monetary funds grew to 736,841,008.77 yuan, up 33.3% from 552,789,166.67 yuan[12] - Accounts receivable increased to 573,843,961.58 yuan, up 9.8% from 522,446,717.63 yuan[12] - Inventory rose to 37,320,993.03 yuan, a 29.7% increase from 28,782,648.84 yuan[12] - Total current assets reached 1,743,106,265.64 yuan, up 7.6% from 1,620,471,886.98 yuan[12] - Total liabilities decreased to 227,134,222.05 yuan, down 1.9% from 231,560,646.94 yuan[13] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 18,844[8] - Forward Investment (Hong Kong) Limited holds 22.01% of the shares, totaling 87,701,616 shares[8] - Hong Kong Securities Clearing Company Limited holds 8.01% of the shares, totaling 31,911,806 shares[8] - Xiamen Yixiang Investment Partnership holds 5.03% of the shares, totaling 20,026,900 shares[8] - Xiamen Keying Investment Partnership holds 4.98% of the shares, totaling 19,866,146 shares[8] - Lin Zuohua holds 1.69% of the shares, totaling 6,741,471 shares, including 4,670,703 shares through a margin trading account[9] - The total number of restricted shares at the end of the period is 4,897,930, with 62,000 shares released and 900 shares added during the period[10] - The company's restricted shares include 4,327,500 shares held by 386 core management and technical (business) personnel under the 2023 restricted stock incentive plan[10] - Share repurchases in the first three quarters of 2024 increased by 164.74% year-over-year, totaling 136.78 million yuan[6] Operating Costs and Expenses - Operating costs rose to 596,597,050.32 yuan, a 14.1% increase from 522,953,544.65 yuan in the previous year[15] - R&D expenses grew to 164,361,893.33 yuan, up 9.0% from 150,754,888.33 yuan in the previous year[15] Government Subsidies and Other Income - Government subsidies for the first three quarters of 2024 totaled 11.40 million yuan, a 43.38% decrease year-over-year[6] - Fair value change income increased to RMB 6.41 million, up 24.3% YoY from RMB 5.16 million[16]

证券代码：300685 证券简称：艾德生物 公告编号：2024-069 厦门艾德生物医药科技股份有限公司 关于公司产品进入创新医疗器械特别审查程序的公告 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。 厦门艾德生物医药科技股份有限公司（以下简称"公司"）自主研发的产 品于近日进入国家药品监督管理局医疗器械技术审评中心创新医疗器械特别审 查程序，现将相关情况公告如下： 三、风险提示 公司仍需按照有关要求开展注册申请工作，医疗器械产品从注册申请到获 批上市存在不确定性；且公司尚无法预测该产品若获得医疗器械注册证后对公 司未来业绩的影响。敬请广大投资者谨慎决策，注意防范投资风险。公司将严 格按照相关规定，及时履行信息披露义务。 一、产品的基本信息 二、产品情况及对公司的影响 HRD试剂盒是PARPi（靶向多聚ADP-核糖聚合酶抑制剂）新药治疗的伴 随诊断产品。PARPi新药是一类用于以BRCA基因为核心的多基因多位点变异 肿瘤的靶向药物，覆盖卵巢癌、前列腺癌、乳腺癌、胰腺癌等多癌种，使用前 需要检测HRD状态。公司HRD试剂盒是国内首款进入"创新医疗器械"程序 的H ...

公司回购股份的时间、回购股份数量及集中竞价交易的委托时间段等均符合 《深圳证券交易所上市公司自律监管指引第 9 号—回购股份》等相关规定。 证券代码：300685 证券简称：艾德生物 公告编号：2024-068 厦门艾德生物医药科技股份有限公司 关于回购股份进展的公告 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。 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"） 于2024年2月26日召开2024年第一次临时股东大会，审议通过了《关于以集中竞 价交易方式回购公司股份的议案》。根据本次回购方案，公司拟使用自有资金以 集中竞价方式回购股份用于注销并减少公司注册资本；回购资金总额为不低于人 民币10,000万元且不超过人民币20,000万元，具体回购资金金额以回购实施完成 时实际回购的金额为准；回购股份的实施期限为自公司股东大会审议通过本次回 购方案之日起12个月内。具体内容详见公司于2024年2月26日刊登在巨潮资讯网 的《回购报告书》。 根据《深圳证券交易所上市公司自律监管指引第 9 号—回购股份》等相关规 定，现将公司回购股份的进展情况公告 ...

厦门艾德生物医药科技股份有限公司 关于公司完成工商变更登记并换发营业执照的公告 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。 厦门艾德生物医药科技股份有限公司（以下简称"公司"）于2024年7月29 日召开第三届董事会第二十次会议、2024年8月14日召开2024年第二次临时股 东大会，分别审议通过《关于变更注册资本并修改<公司章程>的议案》。具体内 容详见公司分别于2024年7月30日、2024年8月14日刊登在中国证监会指定的 创业板信息披露网站的相关公告。 近日，公司完成了相关变更登记手续，并取得了厦门市市场监督管理局换发 的《营业执照》，具体信息如下： 证券代码：300685 证券简称：艾德生物 公告编号：2024-067 统一社会信用代码：9135020066474298XL 经营范围：一般项目：技术服务、技术开发、技术咨询、技术交流、技术转 让、技术推广；第一类医疗器械生产；第一类医疗器械销售；第二类医疗器械销 售；药物检测仪器销售。（除依法须经批准的项目外，凭营业执照依法自主开展 经营活动）许可项目：第二类医疗器械生产；第三类医疗器械生产；第三 ...

证券代码：300685 证券简称：艾德生物 公告编号：2024-066 厦门艾德生物医药科技股份有限公司 关于回购股份比例达到 1%的进展公告 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。 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"） 于2024年2月26日召开2024年第一次临时股东大会，审议通过了《关于以集中竞 价交易方式回购公司股份的议案》。根据本次回购方案，公司拟使用自有资金以 集中竞价方式回购股份用于注销并减少公司注册资本；回购资金总额为不低于人 民币10,000万元且不超过人民币20,000万元，具体回购资金金额以回购实施完成 时实际回购的金额为准；回购股份的实施期限为自公司股东大会审议通过本次回 购方案之日起12个月内。具体内容详见公司于2024年2月26日刊登在巨潮资讯网 的《回购报告书》。 根据《深圳证券交易所上市公司自律监管指引第 9 号—回购股份》等相关规 定，回购股份占公司总股本的比例每增加百分之一的，应当在事实发生之日起三 个交易日内予以披露。现将公司回购股份的进展情况公告如下： 一、回购股份的进展情况 截止 ...

证券代码：300685 证券简称：艾德生物 公告编号：2024-065 厦门艾德生物医药科技股份有限公司 关于公司获得医疗器械注册证的公告 一、医疗器械注册证的具体情况 二、对公司的影响 该产品系2021年日本获批产品PCR-11基因的国内版本，全面覆盖非小细 胞肺癌临床诊疗指南中推荐的必检基因，凭借更高的检测成功率和检出阳性率、 更短的报告时间，获得国内外广泛认可，是礼来、安进、默克、诺华、海和等 国内外知名药企重磅靶向药物的伴随诊断。该产品在日本已获批7个伴随诊断 标签、对应16种靶向药物，并纳入日本医保。 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。 厦门艾德生物医药科技股份有限公司（以下简称"公司"）于近日获得由 国家药品监督管理局颁发的《中华人民共和国医疗器械注册证》，具体情况如 下： | 产品名称 | 人EGFR/ALK/ROS1/MET基因突变检测试剂盒(多重荧光 PCR法) | | --- | --- | | 注册分类 | III类 | | 注册证编号 | 国械注准20243401710 | | 注册证有效期 | 2024年9月5日-2029 ...