a a l l a m in the manage manage manager and the manage of t 【市场主线】 【龙头板块】机器人 【个股竞价和连板数据（新版）】 题材上，看跌停数量，昨日收盘仍有23只个股跌停，相比起12月18日的10家（17日为127家），修复 力度稍微。更难得一见的是，像粤传媒这种前期人气股全天没打开过涨停（有放量），同时视觉中国也 是连续跌停，这个现象除了用短线情绪还未充分修复来解释，结合昨日二连板个股对应的题材都和此前 主线（消费+AI+机器人）关系不大，资金或许是在这个位置尝试风格切换，因此像昨晚大全、通威减 产的消息反而要开始关注起来了。具体题材上，突出一个"新"，首先是老题材的新瓶装旧酒，比如机器 12月23日下午，宇树科技官方发布消息称：在发布量产一年后，UnitreeB2-W工业轮足，觉醒了更多 极限天赋技能！宇树科技的UnitreeB2-W工业轮足是一款高性能的四足轮足机器人。地面机器人按照产 品形态，可以分为履带式、四足、人形机器人等。开源证券孟鹏飞认为，受军用、民用等需求增长，中 国四足机器人市场需求有望迎来高增，预计2031年销量有望达到39 ...

医药生物/医疗服务 公 司 研 究 泓博医药（301230.SZ） 2024 年 10 月 28 日 前三季度营收稳健增长，利润端阶段性承压 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/28 | | 当前股价 ( 元 ) | 25.66 | | 一年最高最低 ( 元 ) | 54.99/18.41 | | 总市值 ( 亿元 ) | 35.82 | | 流通市值 ( 亿元 ) | 19.72 | | 总股本 ( 亿股 ) | 1.40 | | 流通股本 ( 亿股 ) | 0.77 | | 近 3 个月换手率 (%) | 339.3 | 股价走势图 -60% -40% -20% 0% 20% 40% 2023-10 2024-02 2024-06 泓博医药 沪深300 数据来源：聚源 相关研究报告 《利润端阶段性承压，各子业务新签 订单环比稳健增长—公司信息更新报 告》-2024.9.3 《营收稳健增长，利润端受商业化板 块影响短期承压—公司信息更新报 告》-2024.4 ...

公 司 研 究 | --- | --- | --- | |-------|-----------|-------| | | | | | | | | | | | | | | | | | 日 | 27 | | | | 公司点评 | | | | 买入/维持 | | 泓博医药(301230) 目标价: 昨收盘:25.88 Q3 收入略有波动，短期利润有所承压 ◼ 走势比较 (40%) (26%) (12%) 2% 16% 30% 23/10/2724/1/724/3/1924/5/3024/8/1024/10/21 泓博医药 沪深300 ◼ 股票数据 总股本/流通(亿股) 1.4/0.77 总市值/流通(亿元) 36.13/19.89 12 个月内最高/最低价 (元) 54.99/18.41 相关研究报告 <<收入实现稳定增长，订单环比改善 明显>>--2024-08-28 <>-- 2023-10-27 <<小分子药物设计专家，一站式赋能 新药研发>>--2023-09-27 事件： 10 月 27 日，公司发布 2024 年三季报，2024 年前三季度实现营业收 入 3.91 亿元，同比增长 6.59%，归母净利 ...

Revenue and Profit Performance - Revenue for the third quarter was RMB 125.64 million, a decrease of 3.02% year-over-year[4] - Net profit attributable to shareholders was RMB -732,885.31, a significant decrease of 105.62% year-over-year[4] - Net profit attributable to the parent company decreased to 166.4 million yuan from 186.3 million yuan, a decline of 10.7%[14] - Net profit for the quarter was RMB 15.24 million, with a year-to-date net profit of RMB 45.93 million[16] - Total revenue for the period reached 391.4 million yuan, compared to 367.2 million yuan in the same period last year, representing a 6.6% increase[15] - Sales revenue from goods and services for the quarter was RMB 341.35 million, slightly down from RMB 352.72 million in the same period last year[17] Cash Flow and Financial Position - Operating cash flow for the first nine months was RMB 21.11 million, down 59.97% year-over-year[4] - Operating cash flow for the quarter was RMB 21.11 million, compared to RMB 52.72 million in the same period last year[17] - Investment cash flow improved by 83.63% to RMB -6.94 million, reflecting reduced payments for clinical new drug R&D projects[7] - Investment cash inflow for the quarter was RMB 597.25 million, a decrease from RMB 1 billion in the same period last year[17] - Total cash outflow from financing activities was RMB 130.64 million, with a net cash outflow of RMB 110.99 million[18] - Total cash outflow from investment activities was RMB 590.15 million, compared to RMB 1.66 billion in the same period last year[17] - The company's cash and cash equivalents decreased by RMB 79.99 million during the quarter[18] - Cash and cash equivalents at the end of the quarter were RMB 55.50 million, down from RMB 106.33 million at the end of the previous quarter[18] - Net cash flow from financing activities was -31,198,413.09, a decrease of 340.56% compared to the previous period, mainly due to cash dividends, share repurchases, and clinical new drug R&D expenses[8] Assets and Liabilities - Total assets decreased by 8.67% to RMB 1.36 billion compared to the end of the previous year[4] - Total assets decreased to 1.36 billion yuan from 1.49 billion yuan, a reduction of 8.8%[13] - Current assets declined to 620.5 million yuan from 731.3 million yuan, a 15.1% decrease[12] - Accounts receivable increased to 109.7 million yuan, up 28.3% from 85.5 million yuan in the previous period[12] - Inventory rose to 77.5 million yuan, a 26.1% increase compared to 61.4 million yuan in the prior year[12] - Short-term borrowings decreased to 12.3 million yuan from 15.9 million yuan, a 22.6% reduction[13] - Total liabilities decreased to 313.6 million yuan from 369.6 million yuan, a 15.1% decline[13] - Contract liabilities increased by 131.91% to RMB 5.15 million due to pre-receipts for uncompleted orders[7] - Deferred tax assets grew by 142.62% to RMB 24.97 million, driven by losses from clinical new drug R&D projects[7] R&D and Operating Costs - R&D expenses increased by 38.66% to RMB 13.08 million in the third quarter[7] - R&D expenses grew to 35.9 million yuan, a 25% increase compared to 28.7 million yuan in the prior year[15] - Operating costs increased to 396.6 million yuan, up from 319.4 million yuan in the previous year, reflecting a 24.2% rise[15] - Operating profit dropped by 131.95% to RMB -4.06 million, mainly due to incomplete capacity release in clinical new drug R&D projects[7] Shareholder and Equity Information - The total number of ordinary shareholders at the end of the reporting period was 12,390[8] - The largest shareholder, Hongbo Zhiyuan (Hong Kong) Pharmaceutical Technology Co., Ltd., holds 27.71% of the shares, totaling 38,675,000 shares[8] - Shenyang Fubang Investment Co., Ltd. holds 6.21% of the shares, totaling 8,663,200 shares[8] - Dingtai Haifu Investment Management Co., Ltd. holds 4.94% of the shares, totaling 6,901,230 shares[8] - Beijing Zhongfu Jishi Investment Center (Limited Partnership) holds 4.42% of the shares, totaling 6,164,860 shares[8] - Shanghai Dingyun Investment Management Consulting Partnership (Limited Partnership) holds 3.89% of the shares, totaling 5,423,600 shares[8] - Beijing Zhongfu Growth Equity Investment Center (Limited Partnership) holds 2.01% of the shares, totaling 2,802,800 shares[8] - The total number of restricted shares at the end of the period was 62,726,300, an increase of 14,475,300 shares compared to the beginning of the period[10] Earnings and Comprehensive Income - Basic earnings per share for the quarter were RMB 0.1099, with year-to-date basic earnings per share at RMB 0.4268[16] - Total comprehensive income for the quarter was RMB 15.24 million, with year-to-date comprehensive income at RMB 46.00 million[16] Financial Expenses - Financial expenses surged by 4409.66% to RMB 2.21 million due to unconfirmed financing fees for right-of-use assets[7]

隐证券 医药生物/医疗服务 公 司 研 究 泓博医药（301230.SZ） 2024 年 09 月 03 日 利润端阶段性承压，各子业务新签订单环比稳健增长 ——公司信息更新报告 投资评级：买入（维持） 余汝意（分析师） 汪晋（联系人） yuruyi@kysec.cn wangjin3@kysec.cn 证书编号：S0790523070002 证书编号：S0790123050021 收入端稳健增长，受 CDMO 与商业化板块毛利率下滑影响利润端波动较大 2024H1 公司实现营业收入 2.66 亿元，同比增长 11.83%；归母净利润 1598 万元， 同比下滑 51.42%；扣非归母净利润 938 万元，同比下滑 71.70%。单看 Q2，公 司实现营业收入 1.35 亿元，同比增长 16.15%，环比增长 3.30%；归母净利润 1231 万元，同比下滑 30.11%，环比增长 235.60%；扣非归母净利润 875 万元，同比 下滑 54.87%，环比增长 1298.97%。公司营收整体稳健增长，受 CDMO 与商业 化板块毛利率下滑影响利润端波动较大。考虑上述原因，我们下调 2024-2026 年 盈 ...

2024 年 9 月 2 日 证券研究报告/公司研究 总股本 1.08 亿股 泓博医药 301230.SZ 医疗研发外包/医疗服务/医药生物 新签订单快速增长，盈利能力持续修复 基础数据： 事件： 截至 2024 年 9 月 2 日 公司发布2024年半年报：2024上半年公司实现营收2.66亿元，同比增长 当前股价 19.98 元 11.83%；归母净利润0.16亿元，同比下滑51.42%；扣非归母净利润0.09 投资评级 增持 评级变动 维持 亿元，同比下滑71.70%。 事件点评： 流通股本 0.77 亿股 huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085205 ◆药物发现保持增长态势，商业化板块重回增长。截至 2024 年上半年 公司药物发现/工艺研究与开发/商业化生产板块分别实现营收 1.58/0.22/0.79 亿元，占总营收比例分别为 59.54%/8.27%/29.80%，同比 研究助理 魏钰琪 增速分别为 14.75%/-51.47%/72.31%，药物发现作为公司当前核心业务 板块，保持增长态势，商业化板块受替格瑞洛放量重回增长 ...

Investment Rating - Buy/Maintain rating for Hongbo Pharmaceutical (301230) with a target price of 19.74 [1] Core Views - Revenue growth remains stable, with significant quarter-over-quarter improvement in orders [1] - Q2 2024 revenue increased by 16.15% YoY to 135 million RMB, while net profit attributable to shareholders decreased by 30.11% YoY to 12 million RMB [3] - New orders in the service sector increased by 42.42% QoQ to 165 million RMB, and new orders in the commercial production sector increased by 41.99% QoQ to 91 million RMB [3] - Drug discovery business grew steadily, with revenue increasing by 14.75% YoY to 158 million RMB, while commercial production business revenue surged by 72.31% YoY to 79 million RMB [3] - R&D investment continues to grow, with R&D expenses increasing by 18.33% YoY to 22.82 million RMB in 2023, and the PR-GPT platform is expected to be commercially operational by Q4 2024 [3] Financial Forecasts - Revenue for 2024-2026 is projected to be 592/722/888 million RMB, with YoY growth rates of 20.89%/21.95%/23.07% [3][4] - Net profit attributable to shareholders for 2024-2026 is expected to be 34/50/74 million RMB, with YoY growth rates of -9.45%/45.33%/48.93% [3][4] - PE ratios for 2024-2026 are forecasted at 81/56/37 times [3][4] Business Performance - Drug discovery business achieved a gross margin of 33.17%, down 2.35 percentage points YoY [3] - Process research and development business revenue decreased by 51.47% YoY to 22 million RMB, with a gross margin of 7.28%, down 34.35 percentage points YoY [3] - Commercial production business achieved a gross margin of 3.47%, down 22.55 percentage points YoY [3] R&D and Technology - The company has 675 R&D personnel, accounting for 66.70% of total employees [3] - The CADD/AIDD technology platform has served 69 new drug projects, with 5 in Phase I clinical trials and 2 in the clinical application stage [3] Market Performance - Total market capitalization is 2.755 billion RMB, with a total share capital of 140 million shares [3] - The stock price reached a 12-month high of 54.99 RMB and a low of 19.68 RMB [3]

上海泓博智源医药股份有限公司 2024 年半年度报告全文 证券代码：301230 证券简称：泓博医药 公告编号：2024-054 上海泓博智源医药股份有限公司 2024 年半年度报告 2024 年 8 月 1 上海泓博智源医药股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人 PING CHEN、主管会计工作负责人蒋胜力及会计机构负责人 (会计主管人员)李世成声明：保证本半年度报告中财务报告的真实、准确、 完整。 是否存在部分董事未亲自出席审议本次半年报的董事会会议的情形 是 □否 除下列董事外，其他董事亲自出席了审议本次半年报的董事会会议 | --- | --- | --- | --- | |---------------------|--------------------------------|----------------|-------------------| | 未亲自出席董事 姓名 | 未亲自出席董事 职 ...

还是分三个反馈总体上来说就是我觉得二极度跟低极度体应该是有不少的好反馈首先是我们最大的反馈要发现我们现在过去应该是能源基本上是满编现在处在一个比较缺失的状态现在也是 我们之前就是招了一批青年临界生发了一部分法后来觉得法也许实在好 那就没有接着再发了最近我们也开始重新去找听更多的这些医学生进来做我们下半年领域的人才手续因为看起来这个人体上又齐稳了而且我们也有信心今年那个药发现得快至少能保持两个数以上的增长吧 实际上我们在药物发现板上一季度的数据增长了12.96%这个时间很久二季度的数据可能会更好一些 那就是攻击了我们那个就是中间那个CDM模式的板块表现的比较差下滑的比较多现在二期的我们看到的情况是基本上就是把这个下滑的势头已经没有发作了 然后最下游的生产板块其实还是好转轮就是说营业能力足够的恢复了因为去年四季度下降的价格导致这个毛利率不好但是我们在很短的时间内足够的把这些成本都消化了然后营业能力再足够的提升 二季度二季度肯定会明显的优于这个一季度这个营业能量营收营收增长它是比较快的速度现在是说只要我们能生产出来立马就能卖掉我们这个进展非常柔软饱和而且我们也有计划七月份要把我们这个产业再进一步去优化优化以后我们 ...

营收稳健增长，利润端受商业化板块影响短期承压 | --- | --- | |-------------------------|-------------| | 日期 | 2024/4/25 | | 当前股价 ( 元 ) | 32.47 | | 一年最高最低 ( 元 ) | 66.40/21.16 | | 总市值 ( 亿元 ) | 34.95 | | 流通市值 ( 亿元 ) | 19.28 | | 总股本 ( 亿股 ) | 1.08 | | 流通股本 ( 亿股 ) | 0.59 | | 近 3 个月换手率 (%) | 557.45 | 相关研究报告 泓博医药（301230.SZ） 2024 年 04 月 26 日 投资评级：买入（维持） -48% -24% 0% 24% 48% 2023-04 2023-08 2023-12 泓博医药 沪深300 《收入端环比改善，多因素影响下盈 利略有波动—公司信息更新报告》 -2023.10.31 《利润端弹性释放，新签订单环比改 善明显 — 公 司 信 息 更 新 报 告 》 -2023.9.4 收入端整体稳健增长，核心原料药产品价格下滑导致利润短期波动 药物发现业务稳 ...