Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company's performance in 2024 met expectations, with a revenue of 4.535 billion yuan (up 15.41% year-on-year) and a net profit of 1.828 billion yuan (up 10.57% year-on-year). The growth is steady and aligns with forecasts [5] - In Q1 2025, the company achieved a revenue of 1.125 billion yuan (up 10.12% year-on-year) and a net profit of 438 million yuan (up 2.65% year-on-year). The domestic performance faced pressure due to inter-provincial alliance procurement policies, while overseas business continued to grow steadily [5] - The company has adjusted its profit forecasts for 2025-2026 and added a new forecast for 2027, expecting net profits of 2.049 billion yuan, 2.488 billion yuan, and 3.004 billion yuan for 2025, 2026, and 2027 respectively [5] - The company's overseas revenue reached 1.684 billion yuan in 2024 (up 27.67% year-on-year), accounting for 37% of total revenue, indicating strong growth in international markets [7] Financial Summary - In 2024, the company reported total revenue of 4.535 billion yuan, with a year-on-year growth of 15.4%. The net profit for the same year was 1.828 billion yuan, reflecting a growth of 10.6% [8] - The projected revenues for 2025, 2026, and 2027 are 5.126 billion yuan, 6.150 billion yuan, and 7.380 billion yuan respectively, with expected year-on-year growth rates of 13.0%, 20.0%, and 20.0% [8] - The company's gross margin is projected to be 71.0% in 2025, with a slight increase to 71.9% by 2027 [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is experiencing rapid growth in overseas business and optimizing its global installed structure [5] - Revenue forecasts for 2025-2027 are projected at 51.63 billion, 59.61 billion, and 69.28 billion RMB, with year-on-year growth rates of 13.84%, 15.45%, and 16.22% respectively [6] - Net profit attributable to the parent company for the same period is expected to be 20.12 billion, 23.43 billion, and 27.38 billion RMB, with growth rates of 10.06%, 16.41%, and 16.85% respectively [6] - The current price-to-earnings (P/E) ratios are 21x, 18x, and 15x for the years 2025, 2026, and 2027 [6] Financial Performance Summary - In 2024, the company achieved a revenue of 45.35 billion RMB (yoy +15.41%) and a net profit of 18.28 billion RMB (yoy +10.57%) [8] - For Q1 2025, the company reported a revenue of 11.25 billion RMB (yoy +10.12%) and a net profit of 4.38 billion RMB (yoy +2.65%) [8] - The company’s gross margin for 2024 was 72.26%, a slight decrease of 0.86 percentage points year-on-year, primarily due to an increase in the sales proportion of large and medium-sized instruments [8] - The company plans to continue increasing its investment in chemiluminescence and in vitro diagnostic products, with the launch of higher throughput instruments [8] Market Position and Strategy - The company has established operational systems in 14 core countries overseas, with significant sales growth in the Indian market, which exceeded 200 million RMB in 2024 [8] - The domestic revenue reached 28.43 billion RMB in 2024, with a year-on-year growth of 9.32%, driven by the promotion of high-speed instruments and production lines [8] - The company aims to enhance its market share in large medical institutions, achieving a coverage rate of 44.93% in tertiary hospitals by the end of 2024 [8]

事项： 2024年公司实现营业收入45.35亿元，同比+15.41%；实现归母净利润18.28亿元，同比+10.57%。2024年 公司拟向全体股东每10股派发现金红利13元（含税）。25Q1公司实现营业收入11.25亿元，同比 +10.12%；实现归母净利润4.38亿元，同比+2.65%。 平安观点： 国内在多重压力下保持稳健增长趋势，海外表现亮眼。公司坚定全球发展战略，持续开拓国内和海外市 场。具体来看： 风险提示：1）产品销售不及预期；2）装机推广不及预期；3）政策影响等风险。 国内市场方面，2024年全年公司国内市场实现营业收入28.43亿元，同比+9.32%。公司延续大客户营销 策略，通过高速化学发光免疫分析仪MAGLUMI X8、MAGLUMI X6 及流水线产品 SATLARS T8 的推 广，持续拓展国内大型医疗终端；2024年公司国内市场完成化学发光免疫分析仪装机 1,641 台，大型机 装机占比达到 74.65%。截至24年末，公司产品服务的三级医院数量达到 1,732 家，三级医院覆盖率为 44.93%（依据 2024 年 8 月国家卫健委发布的《2023 年我国卫生健康事业发展统计公报 ...

Performance Overview - In 2024, the company achieved a total revenue of 4.535 billion, representing a year-on-year increase of 15% [1] - The net profit attributable to shareholders was 1.828 billion, up 11% year-on-year, while the net profit excluding non-recurring items was 1.720 billion, also up 11% [1] - In Q4 2024, the company reported revenue of 1.121 billion, a 10% increase year-on-year, but the net profit attributable to shareholders decreased by 5% to 445 million [1] - In Q1 2025, revenue was 1.125 billion, a 10% increase year-on-year, with net profit attributable to shareholders at 438 million, up 3% [1] Operational Analysis - The company experienced stable growth in annual performance, with an increasing proportion of high-end models [2] - Domestic revenue reached 2.843 billion in 2024, a 9.32% increase, with 1,641 units of chemiluminescence immunoassay analyzers installed, and large machines accounting for 74.65% of installations [2] - Overseas revenue was 1.684 billion, a significant increase of 27.67%, with 4,017 units sold and high-end models making up 67.16% of sales [2] - In Q1 2025, domestic revenue faced pressure due to inter-provincial alliance procurement policies, showing only a 0.11% increase, while overseas business maintained a strong growth rate of 27.03% [2] R&D and Innovation - The company invested 454 million in R&D in 2024, accounting for 10% of total revenue [3] - The high-throughput MAGLUMI X10 chemiluminescence immunoassay analyzer was launched in February 2024, enhancing user experience [3] - The fully automated nucleic acid detection analysis system, Molecision R8, received EU market access approval in March 2024, with domestic registration ongoing [3] Profit Forecast and Valuation - The company forecasts net profits attributable to shareholders of 2.148 billion, 2.648 billion, and 3.209 billion for 2025-2027, representing year-on-year growth rates of 18%, 23%, and 21% respectively [4] - The current price corresponds to a PE ratio of 19, 16, and 13 for the years 2025, 2026, and 2027 [4]

Core Insights - The 2025 Cross-Strait Youth Employment and Entrepreneurship Development Exchange Conference and Industry Cooperation Promotion Conference are key events aimed at enhancing collaboration between Sichuan and Taiwan, focusing on new opportunities for integration and development [3][11] Industry Cooperation - Sichuan's economic scale has surpassed 6 trillion yuan, making it a prime destination for Taiwanese businesses looking to invest in mainland China's western region [4][10] - The region's diverse industrial base, including significant production in sectors like white liquor, solar energy, and electronics, provides a strong foundation for Taiwanese companies to explore [6][10] - Future cooperation is expected to focus on high-tech industries such as electronic information, artificial intelligence, and biopharmaceuticals, leveraging Taiwan's technological advantages and Sichuan's manufacturing capabilities [6][10] Youth Engagement - The conference highlighted the availability of 6,793 internship and employment opportunities for Taiwanese youth in Sichuan, showcasing the province's commitment to attracting young talent [7][8] - Various support measures have been implemented by Sichuan to facilitate Taiwanese youth's participation in cultural, educational, and entrepreneurial activities, enhancing the province's appeal [8][10] Strategic Vision - The collaboration between Taiwan and Sichuan is viewed as a "win-win" scenario, with both regions benefiting from their respective strengths in technology, manufacturing, and market access [10] - The theme of the conference, "Cultivating New Momentum for Development through Integration," emphasizes the importance of deepening ties and fostering mutual growth between the two regions [10][11]

Group 1 - Anhui provincial state-owned enterprises (SOEs) maintain strong performance, ranking in the top tier nationally with total assets of 4.8 trillion yuan, operating income of 249.3 billion yuan, and total profit of 21.7 billion yuan in Q1 2023 [1] - Significant progress in restructuring and integration in sectors such as culture and tourism, port and shipping, and coal, with key initiatives including the establishment of Anhui Cultural Tourism Investment Holding Group and strategic restructuring of coal-related entities [1] - Continuous double-digit growth in R&D investment for four consecutive years, with over 240 high-level innovation platforms established [1] Group 2 - By 2025, Anhui plans to enhance state capital investment in technological innovation, focusing on quantum information, fusion energy, and deep space exploration [2] - Development of a digital transformation action plan for provincial enterprises to promote high-end, intelligent, and green development in key industries [2] - Emphasis on emerging industries such as new materials, new energy, intelligent connected vehicles, high-end equipment, integrated circuits, and biomedicine [2]

Group 1 - The number of intellectual property disputes is increasing in emerging industries and technologies, with significant growth in cases related to high-end equipment manufacturing, new energy, biopharmaceuticals, biotechnology, and agricultural machinery [1] - In 2024, the Heilongjiang Provincial Court accepted 3,665 intellectual property first-instance cases and concluded 3,508 cases, achieving a resolution rate of 95.7% [1] - By the end of 2024, Heilongjiang Province will have 48,707 invention patents, representing a year-on-year growth of 5.55%, with a high-value invention patent ownership rate of 5.7 per 10,000 people, up 11.11% [3] Group 2 - The Heilongjiang Provincial Court has strengthened intellectual property protection in key areas and technologies, establishing a circuit trial point at Daqing Oilfield to resolve over 10 patent infringement disputes involving more than 10 million yuan [3] - The newly introduced Heilongjiang Provincial Intellectual Property Protection Regulations will take effect on April 26, 2025, featuring a series of institutional designs tailored to the province's strategic emerging industries and future industries [3][4] - The regulations encourage and support the transformation and application of scientific and technological achievements by establishing specialized institutions that integrate technology transformation and intellectual property operations [4]

Core Viewpoint - The company announced a cash dividend plan for the fiscal year 2024, proposing a distribution of 1.3 yuan per share, totaling approximately 1.021 billion yuan, which represents 55.86% of its net profit, marking the sixth cash distribution since its listing [1][2]. Financial Performance - The company reported a revenue of 4.535 billion yuan for the fiscal year, reflecting a year-on-year growth of 15.41% [2]. - The net profit reached 1.828 billion yuan, with a year-on-year increase of 10.57% [2]. - Basic earnings per share were reported at 2.3271 yuan, and the weighted average return on equity was 22.85% [2]. Dividend History - The company has a history of cash distributions since its listing, with the following details: - 2024: 10 shares for 13 yuan (total 1.021 billion yuan, dividend yield 1.85%) [2] - 2023: 10 shares for 10 yuan (total 786 million yuan, dividend yield 1.63%) [2] - 2022: 10 shares for 7 yuan (total 550 million yuan, dividend yield 1.51%) [2] - 2021: 10 shares for 6 yuan (total 472 million yuan, dividend yield 0.89%) [2] - 2020: 10 shares for 10 yuan (total 412 million yuan, dividend yield 0.62%) [2] - 2020 (interim): 10 shares for 15 yuan (total 619 million yuan, dividend yield 0.97%) [2] Market Activity - The stock experienced a net outflow of 12.258 million yuan from major funds today, with a total outflow of 34.114 million yuan over the past five days [2]. - The latest margin financing balance for the stock was reported at 854 million yuan, with a decrease of 8.9404 million yuan over the past five days, representing a decline of 1.04% [3]. Industry Comparison - Within the pharmaceutical and biotechnology sector, 248 companies have announced their 2024 dividend plans, with WuXi AppTec leading with a total cash distribution of 7.692 billion yuan [3]. - Other notable companies include Yunnan Baiyao and Aier Eye Hospital, with cash distributions of 2.114 billion yuan and 1.4887 billion yuan, respectively [3].

公司于 2024 年 9 月 9 日召开 2024 年第二次临时股东大会完成董事会换届 选举，本人因任期届满，不再担任公司独立董事职务以及董事会相关专门委员会 委员职务，现将 2024 年度本人担任独立董事的履职情况报告如下： 一、独立董事的基本情况 (一)独立董事工作履历、专业背景及兼职情况 本人张清伟，1975 年出生，中国国籍，无境外居永久留权，法学硕士。2005 年 1 月至 2007 年 9 月在广东君言律师事务所担任律师；2007 年 10 月至 2012 年 7 月在北京市竞天公诚（深圳）律师事务所任律师、合伙人；2012 年 7 月至 2015 年 7 月在北京国枫凯文（深圳）律师事务所任律师、合伙人；2015 年 7 月至 2019 年 7 月，任北京市大成（深圳）律师事务所律师、合伙人；2019 年 7 月至今任广 东信达律师事务所合伙人。2012 年 8 月至 2018 年 9 月，2020 年 4 月至 2024 年 9 月，担任公司独立董事。 (二) 独立性说明 深圳市新产业生物医学工程股份有限公司 2024 年度独立董事述职报告 各位股东及股东代表： 本人（张清伟）作为深圳市新产业 ...

公司于 2024 年 9 月 9 日召开 2024 年第二次临时股东大会完成董事会换届 选举，本人被选举当选公司第五届董事会独立董事，现将 2024 年度本人担任独 立董事的履职情况报告如下： 一、独立董事的基本情况 (一)独立董事工作履历、专业背景及兼职情况 本人支毅，1979 年出生，中国国籍，无境外居留权，法学硕士。2007 年 10 月至 2017 年 5 月，执业于北京市竞天公诚律师事务所，其中 2010 年起为合伙 人。2017 年 6 月起至今，执业于北京市天元（深圳）律师事务所，任合伙人。 2018 年 9 月至 2020 年 4 月，2024 年 9 月至今，担任公司独立董事。 (二) 独立性说明 深圳市新产业生物医学工程股份有限公司 2024 年度独立董事述职报告 各位股东及股东代表： 本人（支毅）作为深圳市新产业生物医学工程股份有限公司（以下简称"公 司"）的独立董事，在任职期间严格按照《公司法》《证券法》《上市公司独立 董事管理办法》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市 公司自律监管指引第 2 号——创业板上市公司规范运作》相关法律、法规、规范 性文件及《公司章程》 ...