Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 562 million yuan in the first three quarters of 2024, representing a year-on-year growth of 7.10%. However, the net profit attributable to shareholders decreased by 32.93% to 84 million yuan, primarily due to the impact of share-based payment expenses. Excluding this impact, the adjusted net profit was 120 million yuan, a decline of 4.40% [2][4] - The company is actively promoting an employee stock ownership plan, which aims to enhance the stability of management and core technical personnel, supporting long-term development [3] - The company provides comprehensive clinical trial operation services and specialized services, with significant growth in the SMO and DM/ST business segments. The SMO segment achieved a revenue of 990 million yuan, growing by 12.24%, while the DM/ST segment grew by 42.14% [4] Financial Summary - For 2024, the company is projected to achieve a revenue of 804 million yuan, with a year-on-year growth of 11.4%. The net profit attributable to shareholders is expected to be 137 million yuan, reflecting a decline of 15.9% [5] - The gross margin is forecasted to be 39.9%, and the net margin is expected to be 17.0% for 2024 [5] - The earnings per share (EPS) for 2024 is estimated at 1.42 yuan, with a price-to-earnings (P/E) ratio of 41.0 times [5]

2024 年 10 月 29 日 买入/维持 公司点评 诺思格(301333) 目标价: 昨收盘:67.67 收入增速符合预期，股权激励影响利润 ◼ 走势比较 (60%) (44%) (28%) (12%) 4% 20% 23/10/3024/1/1124/3/2424/6/524/8/1724/10/29 诺思格 沪深300 ◼ 股票数据 总股本/流通(亿股) 0.97/0.57 总市值/流通(亿元) 65.36/38.78 12 个月内最高/最低价 (元) 81.38/33.05 相关研究报告 <<临床试验运营有所波动，数统业务 盈利能力提升>>--2024-08-29 <<聚焦临床 CRO 领域，一站式赋能临 床研发>>--2024-08-04 事件： 10 月 29 日，公司发布 2024 年三季报，2024 年前三季度实现营业收 入 5.62 亿元，同比增长 7.10%，归母净利润为 0.84 亿元，同比下降 32.93%， 扣非后归母净利润为 0.66 亿元，同比下降 32.35%。 点评： 收入增速符合预期，股权激励影响利润。2024 年前三季度，收入端 增速基本符合预期，利润端增速有所下滑主要 ...

Revenue and Profit - Revenue for Q3 2024 reached ¥182,933,748.78, an increase of 12.42% year-over-year, while year-to-date revenue totaled ¥561,924,953.41, up 7.10% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2024 was ¥25,906,667.14, a decrease of 35.04% year-over-year, with year-to-date net profit at ¥84,417,173.32, down 32.93%[2] - Basic earnings per share for Q3 2024 was ¥0.27, reflecting a decline of 35.71% year-over-year, while year-to-date basic earnings per share was ¥0.88, down 32.82%[2] - Total operating revenue for Q3 2024 reached ¥561,924,953.41, an increase of 7.6% compared to ¥524,666,803.13 in the same period last year[24] - Net profit for Q3 2024 was ¥85,896,155.95, a decrease of 31.9% from ¥126,307,007.23 in Q3 2023[25] - The total comprehensive income attributable to the parent company was CNY 84.10 million, a decrease from CNY 125.73 million in the previous year, representing a decline of about 33.1%[26] Assets and Liabilities - Total assets as of the end of Q3 2024 amounted to ¥2,298,881,931.34, representing a 10.85% increase from the end of the previous year[2] - The company's total assets increased to ¥2,298,881,931.34, compared to ¥2,073,816,068.79 at the end of the previous year, marking a growth of 10.8%[24] - Current liabilities rose to ¥444,746,001.68, up from ¥314,357,004.32, representing an increase of 41.4%[24] - The company’s total equity attributable to shareholders increased by 2.12% year-over-year, reaching ¥1,785,493,360.90[2] - The total equity attributable to shareholders reached ¥1,785,493,360.90, up from ¥1,748,411,556.50, reflecting an increase of 2.1%[24] Cash Flow - The company reported a net cash flow from operating activities of ¥105,405,875.78 year-to-date, which is a decrease of 18.40% compared to the same period last year[2] - The net cash flow from investing activities decreased by 42.03% to -380,303,828.54 RMB compared to the previous year, primarily due to reduced cash management product investments[11] - The net cash flow from financing activities increased by 153.07% to -37,999,306.16 RMB, mainly due to increased dividend payments and bank acceptance bill guarantees[11] - The net increase in cash and cash equivalents was -314,278,679.33 RMB, down 41.75% year-on-year, attributed to decreased cash management product investments[11] - The cash and cash equivalents at the end of the period were CNY 677.20 million, down from CNY 981.64 million at the end of the previous year, indicating a decrease of approximately 30.9%[29] Shareholder Information - The total number of common shareholders at the end of the reporting period was 5,836, with the largest shareholder, ACE UNION HOLDING LIMITED, holding 28.68% of shares[12] - The second-largest shareholder, Ningbo Kaihong Venture Investment Partnership, held 12.23% of shares, totaling 11,736,000 shares[12] - The company’s repurchase account held 1,442,000 unrestricted shares, accounting for 1.50% of the total share capital at the end of the reporting period[14] - As of September 30, 2024, the company has repurchased a total of 1,442,000 shares, accounting for 1.50% of the total share capital of 96,000,000 shares, with a total transaction amount of 56,062,734.00 RMB[19] - The company plans to repurchase shares with a total amount not less than 50 million RMB and not exceeding 80 million RMB, with a repurchase price capped at 57.80 RMB per share[18] Expenses and Costs - Total operating costs amounted to ¥479,667,281.05, up from ¥409,051,992.42, reflecting a year-over-year increase of 17.2%[25] - Management expenses for the year-to-date period reached ¥85,287,977.23, an increase of 86.91% year-over-year, primarily due to stock incentive plan amortization[10] - Research and development expenses for the quarter were ¥42,212,732.60, compared to ¥39,093,474.01, an increase of 5.4%[25] Acquisitions and Investments - The company acquired 100% equity of Shanghai Hengling Pharmaceutical Technology Co., Ltd. in January 2024[15] - In March 2024, the company established NuoSiGe (Nanjing) Pharmaceutical Technology Co., Ltd. with a registered capital of 2 million RMB, holding 100%[15] - The company established an industry fund in collaboration with CICC Capital, which has completed registration and obtained the business license[17] Legal Matters - The company is involved in a legal dispute regarding a contract dispute with its actual controller and a subsidiary, with ongoing litigation updates[18] Other Financial Metrics - The company experienced a significant increase in goodwill, which rose by 102,005.36% due to the acquisition of a subsidiary[7] - The company reported a 384.23% increase in fair value changes in financial assets, totaling ¥9,443,052.07, attributed to an increase in the amount of financial products not yet matured[10] - The company’s cash and cash equivalents decreased by 30.31% to ¥690,986,044.89, primarily due to an increase in the balance of bank cash management products not yet matured[7] - The company’s accounts receivable increased from 89,996,806.71 RMB to 100,431,414.26 RMB during the reporting period[22] - The company’s deferred tax assets increased to ¥12,574,972.73 from ¥7,620,348.72, a growth of 65.5%[24] - The company incurred cash outflows from financing activities amounting to CNY 105.71 million, compared to CNY 15.02 million in the previous year, indicating a significant increase in cash outflows[28]

第四届监事会第五次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 证券代码：301333 证券简称：诺思格 公告编号：2024-073 诺思格（北京）医药科技股份有限公司 一、监事会会议召开情况 （一）审议通过《关于<2024年第三季度报告全文>的议案》 诺思格（北京）医药科技股份有限公司（以下简称"公司"）第四届监事会 第五次会议于2024年10月29日在公司会议室以现场结合通讯方式召开。会议通知 已于2024年10月24日以电子邮件、专人送达等方式送达全体监事。本次会议应出 席监事3人，实际出席监事3人。会议由监事会主席关虹女士主持。会议召开符合 有关法律、法规、规章和《诺思格（北京）医药科技股份有限公司章程》的规定。 二、监事会会议审议情况 表决情况：3票同意；0票弃权；0票反对。 经审议，监事会认为：董事会编制和审议公司2024年第三季度报告的程序符 合法律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反映了上 市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。公司董事 会审计委员会已审议通过该议案。 具体内容详见公 ...

第五届董事会第六次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 证券代码：301333 证券简称：诺思格 公告编号：2024-072 诺思格（北京）医药科技股份有限公司 三、备查文件 1、《第五届董事会第六次会议决议》； 2、《第五届董事会审计委员会2024年第三次会议决议》。 特此公告。 一、董事会会议召开情况 诺思格（北京）医药科技股份有限公司（以下简称"公司"）第五届董事会 第六次会议（以下简称"本次会议"）于2024年10月29日在公司会议室以现场结 合通讯方式召开。会议通知已于2024年10月24日以电子邮件、专人送达等方式送 达全体董事。本次会议应出席董事9人，实际出席董事9人。会议由董事长武杰先 生主持，会议的召开符合有关法律、法规、规章和《诺思格（北京）医药科技股 份有限公司章程》（以下简称《公司章程》）的规定。 二、董事会会议审议情况 （一）审议通过《关于<2024年第三季度报告全文>的议案》 表决情况：9票同意；0票弃权；0票反对。 经审议，董事会认为：公司《2024年第三季度报告》的议案符合法律法规、 中国证监会和深圳证券 ...

Investment Rating - The report initiates coverage on the company with a "Buy" rating, estimating a reasonable PE of 50x for 2024, corresponding to a market cap of 7.6 billion CNY [2] Core Views - The company is a leading clinical CRO in China, benefiting from policy support for innovative drug development and the increasing demand for efficient, cost-effective clinical research services [1] - The company's full-chain business integration and high-quality services are expected to drive sustainable growth, supported by its diversified service offerings and strong management team [1] - The clinical CRO industry is poised for growth due to favorable policies, rising R&D investments, and the increasing complexity of drug development, which drives demand for specialized CRO services [1][2] Industry Overview - The global pharmaceutical market is projected to grow from 14,950 billion USD in 2022 to 20,908 billion USD by 2030, with China's market expected to expand from 15,541 billion CNY to 26,245 billion CNY over the same period [33][34] - The global CRO market is forecasted to grow from 821.1 billion USD in 2023 to 1,064.5 billion USD by 2026, with China's CRO market expected to reach 597.9 billion CNY by 2026, driven by increasing R&D expenditures and policy support [42][43] - The average cost of developing a new drug has risen from 1.3 billion USD in 2013 to 2.01 billion USD in 2021, while the return on investment has declined, highlighting the need for CROs to improve efficiency and reduce costs [45][46] Company Strengths - The company offers a comprehensive range of clinical CRO services, including clinical trial operations (CO), site management (SMO), biostatistics, and clinical pharmacology, with a strong focus on innovation and quality [1][50] - The company has a robust management and scientific team with extensive international experience, including former FDA experts, enhancing its ability to provide strategic and regulatory guidance [24][25] - The company has implemented equity incentive plans to motivate core employees, with performance targets set for 2023-2025, aiming for a 20%, 44%, and 72.8% growth in non-GAAP net profit compared to 2022 [1][25] Financial Performance - The company's revenue grew from 326 million CNY in 2018 to 721 million CNY in 2023, with a CAGR of 17.2%, while net profit increased from 48 million CNY to 163 million CNY over the same period, with a CAGR of 27.4% [26][27] - The company's gross margin and net margin have remained stable, with CO services contributing 49% of revenue in 2023, and SMO services showing strong growth with a 21% YoY increase in 2023 [28][52] - The company's new contract value reached 976 million CNY in 2023, a 20.01% increase YoY, driven by demand from domestic pharmaceutical and biotech companies [30][31] Future Outlook - The company is expected to benefit from the increasing complexity of drug development and the growing demand for specialized CRO services, with projected revenue of 799 million CNY, 920 million CNY, and 1,073 million CNY for 2024-2026, respectively [2][6] - The company plans to expand its overseas business, enhance operational efficiency, and strengthen its industrial foundation, supported by the synergistic development of its six major business segments [2][20] - The company's high-margin emerging businesses, such as clinical pharmacology and consulting services, are expected to drive future growth, with a focus on optimizing its business structure and creating new profit growth points [58][59]

近日，诺思格（北京）医药科技股份有限公司（以下简称"公司"）董事会 收到公司副总经理王涛先生的书面辞职报告。王涛先生因个人原因申请辞去公司 副总经理职务，其辞职自提交董事会之日起生效。王涛先生辞去副总经理后，将 不再担任公司任何职务。 证券代码：301333 证券简称：诺思格 公告编号：2024-070 特此公告。 诺思格（北京）医药科技股份有限公司 诺思格（北京）医药科技股份有限公司董事会 关于高级管理人员辞职的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 截至本公告披露日，王涛先生持有公司 17,280 股股份。王涛先生不存在应 当履行而未履行的承诺事项，在辞任后将继续遵守减持相关法律法规及所作出的 相关承诺。 公司董事会对王涛先生在任职期间内为公司发展所做出的贡献表示衷心感 谢！ 2024 年 10 月 22 日 1 ...

证券代码：301333 证券简称：诺思格 公告编号：2024-069 诺思格（北京）医药科技股份有限公司 关于 2023 年限制性股票激励计划首次授予部分 第一个归属期归属结果暨股份上市的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1、本次限制性股票归属日：2024年10月17日（星期四）； 2、本次归属的限制性股票数量：581,256股； 3、本次归属的激励对象人数：239人； 4、本次归属的限制性股票上市流通日：2024年10月17日（星期四）；本次 归属的限制性股票上市后即可流通。 2、股票来源：公司向激励对象定向发行公司A股普通股股票。 3、授予价格（调整前）：26.31元/股。 1 4、激励对象：公司2023年限制性股票激励计划首次授予的激励对象不超过 251人，包括公司高级管理人员、中层管理人员及核心技术/业务人员，不包括独 立董事、监事及单独或合计持股5%以上的股东或实际控制人及其配偶、父母、子 女。具体分配如下： | 序号 | 激励对象 | 国籍 | 职务 | 获授限制性 股票数量 | 占授予限制 性股票总数 | 占本 ...

诺思格（北京）医药科技股份有限公司 关于股份回购进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 诺思格（北京）医药科技股份有限公司（以下简称"公司"）于 2024 年 7 月 1 日召开第五届董事会第二次会议，审议通过《关于回购公司股份方案的议案》。 公司拟使用自有资金以集中竞价交易方式回购公司股份，用于员工持股计划或股 权激励。本次回购的资金总额不低于 5,000 万元（含本数）且不超过 8,000 万元 （含本数），回购价格不超过 58.00 元/股（含本数）。具体回购股份的数量以回 购实施完毕时实际回购的股份数量为准。本次回购期限自董事会审议通过之日起 12 个月内。 由于公司 2023 年度权益分派已实施完毕，根据相关规定，自除权除息日(即 2024 年 7 月 5 日)起，回购价格不超过人民币 58.00 元/股（含本数）调整为不超 过人民币 57.80 元/股（含本数）。以上具体内容详见公司 2024 年 7 月 6 日在巨 潮资讯网（http://www.cninfo.com.cn）披露的《回购报告书》（公告编号：2024- 044） ...

证券代码：301333 证券简称：诺思格 公告编号：2024-063 诺思格（北京）医药科技股份有限公司 第四届监事会第四次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 诺思格（北京）医药科技股份有限公司（以下简称"公司"）第四届监事会 第四次会议于2024年9月25日在公司会议室以现场结合通讯方式召开。会议通知 已于2024年9月19日以电子邮件、专人送达等方式送达全体监事。本次会议应出 席监事3人，实际出席监事3人。会议由监事会主席关虹女士主持。会议召开符合 有关法律、法规、规章和《诺思格（北京）医药科技股份有限公司章程》（以下 简称《公司章程》）的规定。 二、监事会会议审议情况 一、监事会会议召开情况 （一）审议通过《关于调整2023年限制性股票激励计划授予价格的议案》 表决情况：3票同意；0票弃权；0票反对。 表决情况：3票同意；0票弃权；0票反对。 经审议，监事会认为：公司2023年限制性股票激励计划首次授予部分第一个 归属期的归属条件已经成就，该事项符合《管理办法》《激励计划》等相关规定， 同意符合归属条件的239名激励对象归属58 ...