2024年04月28日 公 司点评 公 买入 / 维持 司 新产业(300832) 研 究 昨收盘:70.15 新产业点评报告：24Q1 利润快速增长，盈利能力稳定提升 事件：4 月 26 日，公司发布 2024 年第一季度报告：实现营业收入 ◼ 走势比较 10.21亿元，同比增长16.62%；归母净利润4.26亿元，同比增长20.04%； 扣非净利润 3.99 亿元，同比增长 25.49%；经营性现金流量净额 2.62 亿 50% 太 34% 元，同比增长45.73%。 平 18% 洋 国内仪器装机受短暂性压制，今年有望逐季恢复 2% 证 (14%)72/4/32 9/7/32 02/9/32 2/21/32 31/2/42 62/4/42 分地区来看，公司2024年第一季度国内市场主营业务收入同比增长 券 12.17%，我们预计主要是医疗行业整顿行动使得招标采购活动出现延期 (30%) 股 所致，但是我们预计推迟的采购在未来仍将逐季释放；海外市场主营业务 份 新产业 沪深300 收入同比增长24.95%，依旧维持了高速增长。 有 ◼ 股票数据 分产品来看，第一季度公司试剂收入同比增长 26.42%；仪器类 ...

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 79 yuan, compared to the current price of 70.15 yuan [2]. Core Insights - The company reported Q1 2024 revenue of 1.021 billion yuan, representing a year-on-year increase of 16.62%, and a net profit attributable to shareholders of 426 million yuan, up 20.04% [2]. - The international business continues to grow, with a 24.95% increase in overseas revenue, while domestic revenue grew by 12.17% [2]. - The reagent business has seen a significant increase, with a 26.42% year-on-year growth, while instrument product revenue declined by 3.86% [2]. - The overall gross margin improved to 73.84%, an increase of 5.16 percentage points, attributed to the higher proportion of high-margin reagent business [2]. - The company launched a new laboratory automation line and received FDA approval for its MAGLUMI X3 analyzer and vitamin D assay, enhancing its competitiveness in overseas markets [2]. Financial Summary - For 2024, the company is expected to achieve a net profit of 2.076 billion yuan, a growth of 25.5%, with EPS projected at 2.64 yuan [3][9]. - Revenue forecasts for 2024, 2025, and 2026 are 4.93 billion yuan, 6.26 billion yuan, and 7.90 billion yuan, respectively, with corresponding growth rates of 25.5%, 26.9%, and 26.3% [3][9]. - The company’s total assets are projected to reach 10.448 billion yuan by 2024, with a debt ratio of 7.12% [6][9].

[Table_Header] 公司点评●医疗器械 2024 年 04 月 27 日 [Table_Title] [Table_StockCode] 一季度业绩符合预期，海外保持较好增长 新产业（300832） [Table_InvestRank] --2024 年一季报业绩点评 推荐 (维持) 核心观点： 分析师 [⚫T able事_S件um：m公ar司y]发 布 2024 年一季度报告，2024 年一季度实现营业收入 10.21 亿 [程Ta培b le_Authors] 元（+16.62%），归母净利润 4.26 亿元（+20.04%），扣非净利润 3.99 亿元 ：021-20257805 （+25.49%），经营性现金流 2.62亿元（+45.73%）。 ：chengpei_yj@chinastock.com.cn ⚫ 一季度业绩符合预期，海外业务保持快速增长。分地区来看，1）国内： 分析师登记编码：S0130522100001 2024Q1 国内主营业务收入同比增长 12.17%，预计主要受到行业经营环境变 化，以及院端诊疗量释放不及预期的影响；2）海外：2024Q1主营业务收入 研究助理：孟熙 ...

但其实不影响未来的终局和它的一个成长性今天我们也非常高兴邀请到公司的董秘张总和曹总监丁总来解析一季度和展望20年的一个全年我话不多说我们把时间交给董事领导谢谢张总下面的话就由我来代表公司管理层跟关心新产业的各位投资者记录整体的经营情况做一下回复 其实一季度整体公司还是面临一些国内这边政策环境影响的因素但是其实我们也看到在疫情期间的干扰因素其实分年度呈现还是比较明显的 所以除了呈现一季度的数据之外我们其实也把二一年到二四年整体的这样的一个复合增长率的情况拿出来也供投资人可以更客观的看待公司近三年的一个发展虽然说整体上一季度我们的仪器的发货和装机受到了一些影响但是总体来看的话我们其实近三年的营收的复合增长率还是达到了二十四的水平 然后规模利润的话其实这几年一直持续在优化结构销售世纪的占比也是逐年提升所以规模的经济润的复合增长率其实达到了36%那么扣费后的规模的经济润就完成经营层面的话复合增速是到了40%其实整体这三年从一季度来看其实增长的开年还是可以的 所以我们觉得可能今年一季度只是说仪器因为大的环境因素的发货有一些影响但是对于公司现在目前的这样的一个成长态势来讲应该只是一个短时间的一个扰动而且我们后面也会分析国 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved a revenue of 1.021 billion yuan in Q1 2024, representing a year-on-year growth of 16.62%. The net profit attributable to the parent company was 426 million yuan, up 20.04% year-on-year, while the net profit excluding non-recurring items reached 399 million yuan, growing by 25.49% [1][2]. - The company continues to focus on its large machine strategy, with significant contributions from reagent sales, which grew by 26.42% year-on-year. The sales/installations of the fully automated chemiluminescence instrument MAGLUMIX8 reached 220 units in Q1 2024 [2]. - R&D investment increased by 21.96% year-on-year to 101 million yuan, accounting for 9.93% of revenue. The company launched new products, including the SATLARS T8 laboratory pipeline, which is expected to boost reagent sales and support long-term revenue growth [2]. - The overseas business saw a substantial increase, with main business revenue growing by 24.95% year-on-year. The company has established 10 wholly-owned subsidiaries in key international markets, enhancing its global market presence [2]. Summary by Relevant Sections Financial Performance - Q1 2024 revenue: 1.021 billion yuan, up 16.62% YoY - Q1 2024 net profit: 426 million yuan, up 20.04% YoY - Q1 2024 net profit excluding non-recurring items: 399 million yuan, up 25.49% YoY [1][2]. Revenue and Profit Forecast - Revenue forecast for 2024-2026: 4.939 billion yuan (2024E), 6.201 billion yuan (2025E), 7.781 billion yuan (2026E) - Net profit forecast for 2024-2026: 2.073 billion yuan (2024E), 2.627 billion yuan (2025E), 3.295 billion yuan (2026E) - EPS forecast for 2024-2026: 2.64 yuan (2024E), 3.34 yuan (2025E), 4.19 yuan (2026E) [3]. Valuation Metrics - Current price: 68.40 yuan - PE ratios for 2024-2026: 26 (2024E), 20 (2025E), 16 (2026E) [4][5].

华福证券 体外诊断 2024年04月25日 公 司 新产业（ ） 300832.SZ 买入（维持评级） 研 究 2024 年一季报点评：业绩符合预期，夯实全年高 当前价格： 68.40元 增长 目标价格： 80.09元 基本数据 投资要点： 总股本/流通股本(百万股) 785.72/698.37 流通A股市值(百万元) 47,768.72 每股净资产(元) 10.14  公司发布2024年一季报，业绩增长符合预期。 资产负债率(%) 7.12 一年内最高/最低价(元) 83.50/49.86 公司24Q1营收10.2亿元（+17%）,归母净利润4.3亿元（+20%）， 扣非4.0亿元（+25%）。 一年内股价相对走势 公  收入结构变化提升综合毛利率，Q1利润表现亮眼。 司 收入方面：分地区来看，国内：主营收入同比+12.17%；海外：主 财 营收入同比+24.95%；国内增速较低预计系高基数与渠道库存调节叠加 报 所致；海外维持快速增长。 点 评 分产品来看，24Q1试剂收入同比+26.42%，仪器收入同比-3.86%； 我们预计仪器下滑系行业政策因素导致。 Q1国内外X8 实现销售/装 机220台。 ...

各位领导朋友大家午安我是怀念星谷李慧感谢大家在这个老时间给我们继续来探讨一下关于星谷的一些话题那由于最近这个星谷上的数量确实比较少啊所以我们本期呢继续和大家聊一聊从中期的角度来说可能值得我们大家去关注的一些星谷和刺青的主题方向 那本期呢想要跟大家聊聊轻量化材料的那个主题那我们都知道现在市场上关注热度最高的可能就是飞行汽车机器人那同时呢新能源车的这个热度也持续不减 那对于飞行器车机器人训练员车来说可能都落不开这个天然化材料这个话题对于车这个训练车来说更为轻便的这个材料可能会能够带来一个更好的一个我们说能效那可能更为这个更高的一个续航里程 那对于飞行汽车还有说机器人来说那氢氧化材料可能就决定了他们的这个安全性以及说他们的这个的这个可靠的一个续航的一个能力吧那我们今天呢给大家来汇报一下就是 整个的这个氢氧化材料的一些主要的目前市场上存在的一些主要的氢氧化材料的内容以及说他们目前的一个发展的状况以及依据目前这些氢氧化材料呢可能值得我们大家去关注的一些氢氧化材料的相关的新股或者执行的一个主要标的吧那首先呢我们在说氢氧化材料的时候我们首先肯定会问一个问题 那到底目前市面上哪些材料是氢量化的材料到底哪些氢量化的材料呢可能是 ...

Investment Rating - The investment rating for the company is "Recommended (Maintain)" [2][5] Core Views - The company achieved a revenue of 1.021 billion yuan in Q1 2024, representing a year-over-year increase of 16.6%. The net profit attributable to the parent company was 426 million yuan, up 20.0% year-over-year, exceeding market expectations [4][5] - The domestic market's main business revenue grew by 12.2% year-over-year, while the overseas market's main business revenue increased by 25.0% [4] - The company's reagent revenue rose by 26.42% year-over-year, while instrument product revenue declined by 3.86%. The gross margin improved by 5.2 percentage points to 73.8% due to the strong growth of high-margin reagents [4][5] - The company maintains a stable expense ratio for sales, management, and R&D, with slight increases in each category [4] Financial Performance Summary - For Q1 2024, the company reported a revenue of 1.021 billion yuan, with a year-over-year growth of 16.6%. The net profit attributable to the parent company was 426 million yuan, reflecting a year-over-year increase of 20.0% [4] - The company's EPS forecasts for 2024-2026 are 2.62 yuan, 3.26 yuan, and 3.96 yuan respectively [5][6] - The gross margin is projected to improve gradually, reaching 75.9% by 2026 [6][9] - The company has maintained a strong installation number domestically and internationally, which is expected to drive reagent volume and optimize gross margins [5] Market and Competitive Position - The company is benefiting from the ongoing optimization of its domestic and overseas installation structure, which is expected to support reagent volume growth and gradual improvement in gross margins [5] - The average annual output of the company's high-speed machines has not been significantly affected by the ongoing medical anti-corruption measures [5]

Financial Performance - The company's operating revenue for Q1 2024 was ¥1,021,430,174.73, representing a 16.62% increase compared to ¥875,859,175.30 in the same period last year[4] - Net profit attributable to shareholders was ¥426,221,043.84, up 20.04% from ¥355,067,920.04 year-on-year[4] - The total profit reached RMB 486.48 million, an increase of 19.97% compared to the same period last year[17] - Net profit attributable to shareholders was RMB 426.22 million, up 20.04% year-on-year[17] - Basic earnings per share for Q1 2024 were ¥0.5425, compared to ¥0.4522 in Q1 2023, indicating a growth of 20%[24] Cash Flow and Liquidity - The net cash flow from operating activities increased by 45.73% to ¥261,740,277.69, compared to ¥179,610,145.96 in the previous year[10] - The cash flow from operating activities was ¥926,490,723.18, up from ¥784,330,529.36 in the previous year, indicating a growth of 18.1%[26] - Cash and cash equivalents at the end of the period totaled CNY 1,027,068,268.06, compared to CNY 699,418,197.44 at the end of the previous period[28] - The company paid CNY 277,834,631.31 to employees, which is an increase of 21.4% compared to CNY 228,794,099.93 in the previous period[27] Assets and Liabilities - The total assets at the end of the reporting period were ¥8,574,960,297.26, a 4.29% increase from ¥8,222,488,843.69 at the end of the previous year[4] - Current liabilities decreased to ¥526,326,559.82 from ¥591,480,341.29, a reduction of 11%[21] - The company’s total liabilities decreased to ¥610,451,130.26 from ¥678,088,606.49, a decline of 10%[21] - The company's cash and cash equivalents at the end of Q1 2024 amounted to RMB 1,028.41 million, down from RMB 1,048.27 million at the beginning of the quarter[19] Revenue Breakdown - Domestic market revenue grew by 12.17%, while overseas market revenue increased by 24.95%[17] - The company reported a 26.42% increase in reagent revenue, while instrument product revenue declined by 3.86%[17] - Sales of the MAGLUMI X8 fully automated chemiluminescence instrument reached 220 units in Q1 2024[17] Expenses - Management expenses increased by 40.36% to ¥29,280,027.63, primarily due to higher employee compensation and depreciation[9] - The company reported a significant increase in research and development expenses, which amounted to ¥101,455,514.48 in Q1 2024, compared to ¥83,186,812.28 in Q1 2023, representing a growth of 22%[22] Investment Activities - Investment income rose by 49.27% to ¥18,188,377.43, attributed to changes in financial product returns[9] - Total cash inflow from investment activities was CNY 1,610,286,258.34, down 43.3% from CNY 2,840,462,613.25 in the prior period[27] - The net cash flow from investment activities was -CNY 277,676,044.43, a decrease from CNY 41,107,370.59 in the previous period[27] - The cash outflow for investment activities was CNY 1,887,962,302.77, a decrease from CNY 2,799,355,242.66 in the prior period[27] Other Financial Metrics - The weighted average return on equity rose to 5.49%, an increase of 0.09 percentage points from 5.40%[4] - The company experienced a 127.15% increase in credit impairment losses, amounting to -¥8,200,733.96, compared to -¥3,610,205.92 in the previous year[9] - The number of ordinary shareholders at the end of the reporting period was 16,458[11]

4.本次会议由董事长饶微主持，部分公司监事和高级管理人员列席会议。 5.经全体与会董事确认，本次会议的召集、召开以及审议程序符合《公司法》 《公司章程》和《公司董事会议事规则》等有关规定，会议形成的决议合法、有 效。 证券代码：300832 证券简称：新产业 公告编号：2024-032 深圳市新产业生物医学工程股份有限公司 第四届董事会第十四次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，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 1.本次董事会会议通知已于 2024 年 4 月 22 日以电子邮件方式送达各位董 事。 2.本次董事会于 2024 年 4 月 25 日上午 10:00 以现场结合通讯表决的方式召 开，现场会议地址为深圳市坪山区坑梓街道锦绣东路 23 号新产业生物大厦 21 楼 董事会议室。 3.本次董事会应出席董事 7 名，实际出席董事 7 名；其中董事翁鹤鸣、李旭、 王岱娜、伍前辉、张清伟以通讯表决方式出席会议；没有董事委托其他董事代为 出席或缺席本次会议，与会董事以记名投票表决方式对会议审议议案进行了表决。 二、 董事会会议审议情况 经全体与 ...