Investment Rating - The report initiates coverage with a "Buy" rating for the company [1][2][164]. Core Insights - The company is a leading player in the chemical luminescence in vitro diagnostics sector in China, benefiting from both domestic and international growth drivers [1][14]. - High-margin reagents are the primary source of profit for the company, with the X8 series instruments contributing significantly to testing volume [1][2]. - The domestic market for in-hospital testing is increasingly concentrated in tertiary hospitals, which are expected to capture a larger share of the domestic replacement market [1][2][32]. Summary by Sections Company Overview - The company, established in 1995, specializes in the research, production, and sales of automated chemical luminescence immunoassay instruments and reagents, holding a market share of 5.2% in 2021 [1][14]. - As of H1 2024, the company has achieved a coverage rate of 60.2% in domestic tertiary hospitals and serves medical terminals in 155 countries and regions [1][14]. Market Dynamics - The in vitro diagnostics (IVD) industry in China is experiencing a shift towards tertiary hospitals, which are expected to account for approximately 70% of the in-hospital testing market by 2023 [1][24][32]. - The chemical luminescence market in China has a low domestic replacement rate of about 30%, indicating significant growth potential as domestic companies increase their market share [1][76]. Financial Projections - Revenue projections for the company are estimated at CNY 46.2 billion, CNY 55.3 billion, and CNY 66.0 billion for 2024E, 2025E, and 2026E respectively, with a compound annual growth rate (CAGR) of 19.5% for net profit [2][164]. - The company’s net profit is projected to reach CNY 19.2 billion, CNY 23.2 billion, and CNY 28.1 billion over the same period [2][164]. Competitive Position - The company has a strong competitive position in the high-end market, with the X8 and T8 series instruments expected to capture significant market share in domestic replacements [1][14][32]. - The introduction of the SATLARS T8 automated sample processing system is anticipated to enhance the company's competitiveness in tertiary hospitals [1][123]. Valuation - The company's current PE-TTM is 29.21, indicating a stable valuation level that is considered low, with potential for upward movement as the market stabilizes [2][166].

Core Viewpoint - The approval of China Communications Construction Company's issuance of technology innovation perpetual bonds marks the first issuance of such bonds by a central enterprise on the Sci-Tech Innovation Board, indicating a significant step in enhancing financing channels for technology innovation companies [1] Group 1: Growth of Sci-Tech Bonds - Since the comprehensive launch of Sci-Tech bonds in May 2022, the issuance quantity and scale have been rapidly increasing, with 1,111 bonds issued in 2023, totaling approximately 1.12 trillion yuan, representing growth rates of 41.35% and 45.01% respectively compared to the previous year [2][3] - The issuance period of Sci-Tech bonds has lengthened significantly, with 410 bonds (36.90% of total) having a maturity of five years or more, accounting for 39.17% of the total issuance scale [2] Group 2: Factors Driving Issuance - Multiple factors contribute to the continuous increase in Sci-Tech bond issuance, including supportive policies, optimized issuance conditions, and changing investor preferences [3] - Regulatory measures such as the "green channel" have improved issuance efficiency, while abundant market liquidity and declining interest rates have reduced financing costs for enterprises [3] - The current low-interest environment has encouraged enterprises to issue bonds, with the high-quality credentials of Sci-Tech bond issuers attracting investor interest [3] Group 3: Support for Technology Innovation - The rapid development of the Sci-Tech bond market provides more financing channels for technology innovation companies and opportunities for traditional enterprises to upgrade [4] - The primary sectors for bond issuance include construction, manufacturing, mining, public utilities, and transportation, with significant issuance scales in these industries [4] Group 4: Use of Proceeds - The funds raised through Sci-Tech bonds are primarily used for repaying existing debts, supplementing working capital, equity investments, and technology innovation project construction [5][6] - The unique use of funds for equity investments in technology innovation projects is gaining popularity among issuers, indicating a shift towards supporting early-stage and growth-stage technology companies [5] Group 5: Economic Impact - The targeted use of funds for technology innovation enhances enterprises' capabilities, promotes the transformation of technological achievements, and drives industrial upgrades and economic development [7] - There is a need to lower the issuance threshold for small and medium-sized private technology enterprises, as they often struggle to obtain high ratings, which limits their access to the Sci-Tech bond market [7] - The continued growth of Sci-Tech bond issuance is expected to attract more social funds into the technology innovation sector, thereby enhancing economic vitality and promoting high-quality economic development [7]

Group 1: Event Overview - The investor relations activity involved 32 institutions with a total of 63 participants [1] - The event took place from November 4 to November 29, 2024, at the New Industry Biomedical Building, Shenzhen [1] - The main attendees included the Chairman and General Manager, Rao Wei, and the Deputy General Manager and Secretary of the Board, Zhang Lei, along with Lu Yuning [1] Group 2: Activity Types - The types of activities included on-site visits, analyst meetings, media interviews, performance briefings, news releases, and roadshows [1] - Other activities mentioned were strategy meetings with various financial institutions [1] Group 3: Content of the Meeting - The main content of the investor relations activity did not include any new major communication beyond previously disclosed information [1]

证券代码：300832 证券简称：新产业 公告编号：2024-093 深圳市新产业生物医学工程股份有限公司 关于获得医疗器械注册证的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 近日，深圳市新产业生物医学工程股份有限公司（以下简称"公司"）收到 了广东省药品监督管理局颁发的 1 项《医疗器械注册证》。具体情况如下： | 产品名称 | 注册 分类 | 注册证编号 | | | 注册证有效期 | | | 适用范围 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 补体 C3 测定试剂 盒（免疫透射比浊 | Ⅱ类 | 粤械注准 | 2024 | 年 | 11 月 | 21 | 日至 | 本试剂盒用于体外定量 测定人血清和血浆中补 体 C3（C3）的含量。临 | | 法） | | 20242401551 | 2029 | 年 | 月 11 | 日 20 | | 床上用于补体低下或相 | | | | | | | | | | 关免疫缺陷性疾病的辅 | | | | | | | | | | 助诊断。 ...

证券代码：300832 证券简称：新产业 公告编号：2024-092 深圳市新产业生物医学工程股份有限公司 关于获得医疗器械注册证的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 近日，深圳市新产业生物医学工程股份有限公司（以下简称"公司"）收到 了广东省药品监督管理局颁发的 1 项《医疗器械注册证》。具体情况如下： 特此公告。 深圳市新产业生物医学工程股份有限公司 一、 获证产品的具体情况 环孢霉素也称为环孢素 A（CyclosporineA,CsA），是一种免疫抑制剂，主要 用于预防和治疗器官移植后的排斥反应，以及治疗某些自身免疫性疾病，在对炎 症性肠病或肾病综合征治疗中均占有重要位置。根据 2023 年版《免疫药物临床 药学专家共识》，免疫抑制剂药动学个体差异大、影响药物代谢因素复杂、治疗 窗窄、药物不良反应多，通过对监测 CsA 血药浓度，使治疗药物浓度保持在合 理的区间，制定最佳给药方案，从而提高药物疗效，尽量避免或减少毒副作用， 减少不良反应的发生。 此次公司在国内取得《医疗器械注册证》的产品环孢霉素测定试剂盒（磁微 粒化学发光法）创新性使用 ...

新产业：公司获得环孢霉素测定试剂盒（磁微粒化学发光法）医疗器械注册证 财联社11月21日电，新 产业公告，公司收到广东省药品监督管理局颁发的1项《医疗器械注册证》，产品名称为环孢霉素测定 试剂盒（磁微粒化学发光法），注册分类为Ⅱ类，注册证有效期为2024年11月15日至2029年11月14日。 该产品用于体外定量测定人全血样本中环孢霉素的浓度，临床上用于环孢霉素血药浓度的监测。 查看公告原文 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4][6] Core Insights - The company has shown steady growth, with a 17.41% year-on-year increase in revenue for the first three quarters of 2024, reaching 3.414 billion yuan. The net profit attributable to shareholders increased by 16.59% to 1.384 billion yuan, while the net profit excluding non-recurring items grew by 20.80% to 1.331 billion yuan [4][5] - The domestic market revenue grew by 13.60%, while overseas market revenue surged by 25.16%. The sales of the MAGLUMI X8 automated chemiluminescence instrument reached 795 units in the first three quarters, with a cumulative total of 3,448 units sold by the end of Q3 2024 [5][6] - The company is well-positioned in the chemiluminescence market, with a competitive edge in R&D and sales channels. The earnings per share (EPS) forecasts for 2024-2026 are 2.51 yuan, 3.07 yuan, and 3.76 yuan, respectively, with corresponding price-to-earnings ratios of 26.7, 21.8, and 17.9 [6][7] Financial Summary - For 2024, the company is projected to achieve revenue of 4.715 billion yuan, a 20% increase from the previous year, and a net profit of 1.971 billion yuan, reflecting a 19.2% growth [7][8] - The gross margin is expected to remain stable at around 72.7%, with a return on equity (ROE) projected to increase to 22.6% by 2024 [7][8] - The company’s total assets are estimated to grow from 8,222 million yuan in 2023 to 9,504 million yuan in 2024, indicating a strong asset base [8][9]

深圳市新产业生物医学工程股份有限公司 关于持股 5%以上股东股份减持计划的预披露公告 持股 5%以上的股东天津红杉聚业股权投资合伙企业（有限合伙）保证向本 公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证本公告内容与信息披露义务人提供的信息一 致。 证券代码：300832 证券简称：新产业 公告编号：2024-091 特别提示： 深圳市新产业生物医学工程股份有限公司（以下简称"公司"或"新产业"） 于近日收到公司持股 5%以上的股东天津红杉聚业股权投资合伙企业（有限合伙） （以下简称"红杉聚业"或"天津红杉"）出具的《关于新产业减持计划的告知 函》。 红杉聚业于 2011 年完成对公司的投资，是公司自设立以来首轮融资中唯一 的创投机构，投资期长达 13 年。红杉聚业持有本公司股份 99,168,437 股（占本 公司总股本的 12.6214%），该部分股份已于 2023 年 5 月 12 日解除限售并上市 流通。红杉聚业计划自本减持计划公告之日起 15 个交易日后的 2 个月内通过大 宗交易方式减持本公司股份不超过公司总股本的 1%（按公司截至告知函出具日 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [4][8]. Core Insights - The company reported a revenue of 34.14 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 17.41%. The net profit attributable to shareholders was 13.84 billion yuan, up 16.59% year-on-year [1]. - The company’s domestic business generated 21.96 billion yuan in revenue, a 13.60% increase year-on-year, while the overseas business saw a revenue of 12.12 billion yuan, growing by 25.16% year-on-year [1]. - The report highlights that the company is facing short-term pressure in the domestic market due to external environmental factors, but the overseas market continues to grow rapidly [1][3]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 12.03 billion yuan, a 15.38% increase year-on-year, with a net profit of 4.80 billion yuan, up 10.02% year-on-year [1]. - The overall gross margin for the first three quarters of 2024 was 72.34%, a slight decrease of 0.06 percentage points compared to the previous year [1]. Revenue Projections - The company’s projected revenues for 2024, 2025, and 2026 are 47.21 billion yuan, 56.70 billion yuan, and 67.62 billion yuan, respectively, with expected growth rates of 20%, 20%, and 19% [4][5]. - The net profit projections for the same years are 20.08 billion yuan, 24.22 billion yuan, and 28.98 billion yuan, with growth rates of 21% for each year [4][5]. Cost Management - The report notes a decrease in the selling expense ratio by 1.33 percentage points to 15.30%, attributed to strict control over domestic sales expenses [3]. - The overall net profit margin for Q3 2024 was reported at 39.93%, reflecting a decrease of 1.95 percentage points year-on-year [3].

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a steady revenue growth with Q3 2024 revenue at 1.203 billion yuan, a year-on-year increase of 15.38%, and a net profit of 480 million yuan, up 10.02% year-on-year [5] - For the first three quarters of 2024, the company achieved a revenue of 3.414 billion yuan, reflecting a year-on-year growth of 17.41%, and a net profit of 1.384 billion yuan, which is a 16.59% increase year-on-year [5] - The company has optimized its installation structure, with 75% of the automated chemical luminescence instruments installed being large machines [6] - The overseas market saw a significant revenue increase of 25% year-on-year, with reagent business revenue growing by 32% in the first three quarters of 2024 [6] Financial Performance Summary - The company’s Q3 2024 gross margin was 71.85%, down 2.51 percentage points year-on-year, while the net profit margin was 39.93%, down 1.94 percentage points year-on-year [5] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 2.56 yuan, 3.18 yuan, and 3.86 yuan respectively, with net profit growth rates of 21.4%, 24.4%, and 21.2% [7] - The company’s total revenue is expected to reach 4.739 billion yuan in 2024, with a year-on-year growth of 20.6% [8] Market Position and Growth Potential - The company is positioned in a high-growth medical device sector, with a focus on expanding its influence in the overseas market, particularly with its SNIBE brand [6][7] - The company is expected to maintain a strong growth trajectory, supported by its product offerings and market expansion strategies [6][7]