公 医药 司 2024年04月 15日 报 新产业(300832.SZ) 告 国内销售结构持续优化，海外试剂如期放量 推荐（维持） 事项： 公司发布2023年年报，全年实现营收39.30亿元（yoy +29.0%）。实现归母净 股价：65.81 元 利润16.54亿元（yoy +24.5%），扣非归母净利润为15.47亿元（yoy +24.7%）。 符合市场预期。 公 主要数据 公司发布分红预案，每 10 股派发现金红利 10.00元（含税），占净利润比重达 司 47.5%。 行业 医药 平安观点： 年 公司网址 www.snibe.com 大股东/持股 西藏新产业投资管理有限公司  2023 年业绩保持高速增长。2023 年公司实现营收 39.30 亿元（yoy 报 /26.88% +29.0%），其中国内市场主营业务营收为26.01亿元（yoy +25.5%）；海 点 实际控制人 翁先定 外市场主营业务营收为13.19亿元（yoy +36.2%）。在海外毛利率提升的 总股本(百万股) 786 评 流通A股(百万股) 698 带动下，主营业务毛利率同比提升2.7pct至73.2%。2023年公司销售费 流 ...

业绩简评 2024 年 4月 11 日，公司发布 2023年业绩公告，2023年公司实现 营业收入39.30 亿元（+29%），实现归母净利润16.54 亿元（+25%）， 扣非归母净利润15.47 亿元（+25%）。4Q23 单季度公司实现营业收 入 10.22 亿元（+36%），归母净利润4.67 亿元（+16%），扣非归母 净利润4.46 亿元（+15%）。 经营分析 大型仪器比例提升，奠定试剂增速基础。按产品划分，公司试剂收 入 28.58 亿元（+31%），仪器收入 10.61 亿元（+27%）。按地区划 分，国内市场收入26.08 亿元（+26%），海外市场收入 13.22 亿元 人民币(元) 成交金额(百万元) （+36%），其中海外试剂类产品收入占海外主营业务收入的比重达 86.00 1,400 58%，同比增加 6.91pct。2023 年国内市场完成了全自动化学发光 79.00 1,200 1,000 仪器装机1465 台，大型机装机占比为63%；2023 年，海外市场共 72.00 800 65.00 计销售全自动化学发光仪器3564 台，中大型仪器占比提升至57% 600 58.00 ...

[Table_StockInfo] 买入 2024年 04月 13日 （维持） 证券研究报告•2023年年报点评 当前价： 65.81元 新 产 业（300832） 医药生物 目标价： ——元（6个月） 海内外双轮驱动，业绩符合预期 投资要点 西南证券研究发展中心 Ta b事le_件S：um公m司a发ry]布 2023年年报，2023年收入 39.3亿元（+29.0%），归母净利润 [分Ta析bl师e_：Au杜th向or阳] 16.5亿元（+24.5%）；2023Q4收入 10.2亿元（+36.2%），归母净利润 4.7亿 执业证号：S1250520030002 元（+15.8%），四季度利润增速低于收入增速主要因 2022Q4 股权激励费用冲 电话：021-68416017 回，增高了约8千万元利润，造成去年同期利润基数较大。 邮箱：duxy@swsc.com.cn  2023年业绩保持高速增长。分地区来看，公司持续开拓国内和海外市场，实现 [T相ab对le指_Q数u表ot现eP ic] 海内外双高增长，2023年国内收入为 26.1亿元（+25.9%），海外收入为 13.2 新产业 沪深300 亿元（ ...

股 票 研 究 [Table_industryInfo] 医药/必需消费 [ Table_Main[新ITnaf 产bol]e 业_Ti(tl3e]0 0832) [评Tab级le_：Inv est] 增持 上次评级： 增持 业绩符合预期，国内外高端客户持续突破 目标价格： 80.70 上次预测： 80.70 公 ——2023年报点评 当前价格： 65.81 司 丁丹(分析师) 赵峻峰(分析师) 2024.04.15 更 0755-23976735 0755-23976629 [交Ta易bl数e_M据a rket] 新 dingdan@gtjas.com zhaojunfeng@gtjas.com 证书编号 S0880514030001 S0880519080017 52周内股价区间（元） 51.18-82.92 报 总市值（百万元） 51,708 告 本报告导读： 总股本/流通A股（百万股） 786/698 业绩符合预期，国内市场大型机及流水线推广持续拓展大型医疗终端客户，海外区域 流通 B股/H股（百万股） 0/0 流通股比例 89% 管理模式和本地化运营带动海外业务保持快速增长态势。维持增持评级。 日均 ...

| 序 号 | 产品名称 | 上市编号 | 获批时间 | | 监管类别 | 预期用途 | | --- | --- | --- | --- | --- | --- | --- | | 1 | MAGLUMI X3 Fully-auto | | | | | | | | chemiluminescence | | | | | 该全自动化学发光免疫 | | | immunoassay analyzer | K232587 | 2024 年 | 4 月 | ClassⅠ | 分析仪预期用于对临床 | | | | | 11 日 | | | | | | 全自动化学发光免疫分析仪 | | | | | 样本进行体外评估。 | | | MAGLUMI X3 | | | | | | | 2 | MAGLUMI 25-OH Vitamin D | | 2024 年 | 4 月 | | 该试剂盒用于体外定量 测定人血清和血浆中 | | | | | | | | 25- 羟 基 维 生 素 D | | | 25-羟基维生素 D 测定试剂盒 | K232587 | | | ClassⅡ | （25-OH VD）的含量， | | | | | ...

[Table_Header] 公司点评●医疗器械 2024 年 04 月 13 日 [Table_Title] [Table_StockCode] 业绩符合预期，国内外业务保持高速增长 新产业(300832) [Table_InvestRank] --2023 年年报业绩点评 推荐 (维持) 核心观点： 分析师 ⚫[T able事_S件um：m公a司ry]发 布 2023年年度报告，公司 2023年全年实现营业收入 39.30亿 [程Ta培b le_Authors] 元（+28.97%），归母净利润 16.54 亿元（+24.53%），扣非净利润 15.47 亿元 ：021-20257805 （+24.72%），经营性现金流 14.18 亿元（+47.37%）；2023Q4 实现营业收入 ：chengpei_yj@chinastock.com.cn 10.22亿元（+36.16%），归母净利润 4.67亿元（+15.77%），扣非净利润 4.46 分析师登记编码：S0130522100001 亿元（+14.98%）。 ⚫ 国内：高速机顺利推广，带动试剂销量稳步提升。2023年公司国内主营业 研究助理：孟熙 ...

2024年04月13日 公司研究●证券研究报告 新产业（ ） 公司快报 300832.SZ 医药 | 医疗器械Ⅲ 公司业绩稳定增长，海外拓展持续完善 投资评级 增持-A(维持) 股价(2024-04-12) 65.81元 投资要点 事件：公司发布2023年年度报告，2023年实现营收39.30亿元（+29%，同比增 交易数据 速，下同）；归母净利润16.54亿元（+25%）；扣非归母净利润15.47亿元（+25%）； 总市值（百万元） 51,708.15 2023Q4单季度，公司实现营收10.22亿元（+36%），实现归母净利润4.67亿元 流通市值（百万元） 45,959.94 （+16%），实现扣非归母净利润4.46亿元（+15%）。 总股本（百万股） 785.72 流通股本（百万股） 698.37 国内大型医疗终端拓展成效显著，试剂收入及单机产出快速提升。2023年国内营 12个月价格区间 81.80/52.00 收26.01 亿元（+26%），其中国内仪器类业务收入随着大型发光仪器及流水线相 关产品销量的增加带动国内仪器类产品收入同比增长 34%，高于国内业务整体增 一年股价表现 速；国内试剂业务 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 12 日 新 产业(300832.SZ) 证券研究报告 新产业年报点评：国内外业务各具亮 医疗器械 投资评级 买入-A 点，引领化学发光国产替代浪潮 维持评级 6 个月目标价 79.56元 事件：新产业发布 2023 年年度报告，业绩符合预期 股价 (2024-04-11) 66.43元 2023 年度，公司实现营业收入39.30 亿元，同比增长28.97%；归母 净利润 16.54亿元，同比增长24.53%；扣非归母净利润15.47 亿元， 交易数据 同比增长24.72%。2023 年度，公司综合毛利率为73.15%，同比增长 总市值(百万元) 52,195.30 2.65 个百分点，主要得益于高毛利大型仪器销售占比以及海外试剂 流通市值(百万元) 46,394.52 收入占比的双提升。分开看，试剂毛利率89.28%，同比上升 0.27 个 总股本(百万股) 785.72 百分点，仪器毛利率29.70%，同比上升 6.60 个百分点；2023 年公司 流通股本(百万股) 698.40 净利率为42.08%，同比下降 1. ...

Financial Performance - The company's operating revenue for 2023 reached ¥3,929,655,726.27, an increase of 28.97% compared to ¥3,046,955,734.50 in 2022[12]. - The net profit attributable to shareholders for 2023 was ¥1,653,653,244.98, reflecting a growth of 24.53% from ¥1,327,918,359.24 in the previous year[12]. - The net cash flow from operating activities increased by 47.37% to ¥1,418,292,417.91 in 2023, up from ¥962,391,435.81 in 2022[12]. - Basic earnings per share for 2023 were ¥2.1054, a rise of 24.53% compared to ¥1.6907 in 2022[12]. - The total assets of the company at the end of 2023 amounted to ¥8,222,488,843.69, representing a 17.22% increase from ¥7,014,554,339.23 at the end of 2022[12]. - The company's net assets attributable to shareholders increased by 17.89% to ¥7,544,400,237.20 at the end of 2023, compared to ¥6,399,494,567.56 at the end of 2022[12]. - The company reported a quarterly revenue of ¥1,042,919,865.85 in Q3 2023, with a net profit of ¥436,705,461.37 for the same quarter[13]. - The company received government subsidies amounting to ¥34,457,938.61 in 2023, up from ¥27,570,121.57 in 2022[16]. - The weighted average return on equity for 2023 was 23.72%, an increase of 1.83 percentage points from 21.89% in 2022[12]. - The company reported a total of ¥106,337,747.50 in non-recurring gains and losses for 2023, compared to ¥87,313,132.64 in 2022[16]. Market Expansion and Strategy - The company has a comprehensive strategy for market expansion, including establishing subsidiaries in various countries such as India, Pakistan, and Mexico[5]. - The company is actively pursuing strategic partnerships and potential acquisitions to bolster its market position and expand its product range[6]. - The company has established 10 overseas subsidiaries to enhance its international market presence[25]. - The company aims to increase market share in response to the implementation of centralized procurement policies in 25 provinces, which may impact pricing[28]. - The company is focusing on expanding its product categories to meet the evolving needs of medical institutions[30]. - The company has expanded its overseas market presence, currently selling products to 152 countries and regions, with plans to implement a regional management model for better service quality[103]. - The company plans to increase the number of overseas installations to boost reagent revenue, focusing on key markets such as the EU and the US for further development[105]. Research and Development - The company has made significant investments in research and development to enhance its product pipeline and technological capabilities[6]. - The company has established four major technology platforms for in vitro diagnostic product development, including nano magnetic microspheres and fully automated diagnostic instruments[31]. - The company is currently developing 21 reagent projects, with several already submitted for regulatory review[45]. - The company has developed new products aimed at improving diagnostic capabilities and addressing clinical challenges through innovative technologies[49]. - The company is committed to continuous product and technology innovation to contribute to global health[27]. Product Offerings and Innovations - The company is focused on advancing its product offerings in in vitro diagnostics, including biochemical, immunological, and molecular diagnostics[6]. - The company has 199 reagent products available globally, with 188 having obtained EU market access, making it one of the most comprehensive suppliers in the industry[26]. - The MAGLUMI X8 instrument achieved a testing speed of 600 tests per hour, while the upcoming MAGLUMI X10 will further improve efficiency[26]. - The company has obtained CE certification for some nucleic acid detection reagents, enhancing its product offerings in molecular diagnostics[32]. - The company has developed reagents for various clinical applications, including infectious diseases, cardiovascular markers, and tumor markers, with a focus on auxiliary diagnosis[48]. Governance and Compliance - The company emphasizes the importance of accurate and complete financial reporting, with all board members present for the report's review[1]. - The company has established a complete governance structure including a shareholders' meeting, board of directors, supervisory board, and management team, ensuring compliance with relevant laws and regulations[123]. - The board of directors consists of 7 members, including 3 independent directors, fulfilling legal and regulatory requirements[126]. - The company maintains independence from its controlling shareholder, with no interference in decision-making or operational activities, ensuring the protection of other shareholders' interests[125]. - The company has a robust internal control system and governance structure, ensuring compliance with the Shenzhen Stock Exchange's regulations[124]. Investor Relations - The company engaged in multiple investor communications, including phone calls and on-site visits, with various institutions from January to February 2023[116]. - The frequency of interactions suggests a proactive approach to investor relations, with multiple engagements occurring weekly[116]. - The company is likely focusing on enhancing its market presence and investor confidence through these discussions[116]. - The company is expected to disclose its 2023 annual report on May 31, 2023, providing detailed financial performance and strategic insights[117]. - The company is committed to transparency and regular updates to investors regarding its financial health and strategic initiatives[117]. Environmental Responsibility - The company reported a significant increase in water recovery volume, achieving approximately 19,397 cubic meters in 2023, which represents a growth of about 119% compared to 2022[191]. - The company reduced its air conditioning electricity consumption by 10%, saving approximately 786,000 kWh per year by adjusting the temperature settings[188]. - The company has implemented measures to reduce carbon emissions, aligning with national "dual carbon" policies[188]. - The company has actively promoted the use of biodegradable packaging materials to minimize environmental impact[192]. - The company reported no environmental violations or administrative penalties during the reporting period[186]. Shareholder Returns and Dividends - The company plans to distribute a cash dividend of 10 RMB per 10 shares to all shareholders, based on the total share capital as of the close of trading on the day before the dividend announcement[2]. - The total cash dividend amount for 2022 is 785,718,785 RMB, which represents 100% of the distributable profit[172]. - The company has a profit distribution policy that aligns with relevant laws and regulations, ensuring transparency and fairness[173]. - The company is dedicated to increasing shareholder returns through continuous cash dividends[122]. - The company has not made any changes to its profit distribution policy during the reporting period[168]. Challenges and Risks - The company is facing risks in new product development due to high costs and lengthy R&D cycles, which could lead to project failures if not managed properly[110]. - The domestic in vitro diagnostic industry is experiencing intense competition, particularly from multinational companies that dominate the high-end market[113]. - The company is closely monitoring regulatory changes in the medical sector to adjust its operational strategies accordingly[109]. - The company is enhancing its management of distributors to mitigate risks associated with mismanagement and legal issues[112]. Human Resources and Talent Management - The total number of employees at the end of the reporting period was 2,627, with a decrease compared to the previous year[163]. - The company has established a competitive salary and bonus system, combining short-term and long-term incentives to attract and retain talent[165]. - The professional composition of employees includes 839 production personnel, 526 sales personnel, and 693 R&D personnel, among others[164]. - The company emphasizes continuous internal talent development to align with strategic goals and operational needs[166]. - The company plans to enhance its human resources system to attract and retain talent, fostering a strong corporate culture and employee engagement[108].

[Table_Page] 年报点评|医疗器械 证券研究报告 [新Table_产Title] 业（300832.SZ） [公Tab司le_I评nves级t] 买入 当前价格 66.43元 业绩符合预期，海外试剂业务增长稳健 合理价值 71.84元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-12  业绩端符合预期。根据公司 23 年年报，公司实现营业收入 39.3 亿元 [相Tab对le_P市icQ场uote表] 现 （YOY+28.97%）；归母净利润为 16.54 亿元（YOY+24.53%）；毛利 率72.96%（YOY+2.7pp），系海外试剂业务收入占比不断提升导致。 42% 29% 业绩增速快系受23年7月底开始的国家政策净化商业环境，加快市场 16% 增速步伐；集采政策驱动公司提高市场集中度；公司品牌影响力驱动海 4% 外业务增长。根据 wind，公司 23 单 Q4 实现营业收入 10.22 亿元 -9%04/23 06/23 08/23 10/23 12/23 02/24 04/24 （YOY+36.16%），归母净利润4.67亿元（YOY+ ...