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Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for long-term development despite recent performance challenges [5]. Core Insights - The company faced pressure on its performance in 2024, with revenue of 4.471 billion yuan, a year-on-year increase of 0.62%, and a net profit attributable to shareholders of 1.194 billion yuan, a decrease of 1.89% [1][2]. - The gross margin improved to 65.41%, up by 0.34 percentage points year-on-year, despite a decline in revenue from reagent products [2]. - The company has been actively expanding its overseas business, achieving revenue of 284 million yuan from international markets, a growth of 36.25% year-on-year [2][3]. - Research and development investment increased by 11.55% to 732 million yuan, representing 16.37% of total revenue, with 144 new product registrations [2][3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 4.471 billion yuan and a net profit of 1.194 billion yuan, with a decline in net profit margin to 26.7% [4][10]. - The first quarter of 2025 showed a revenue of 996 million yuan, down 8.56% year-on-year, and a net profit of 270 million yuan, down 16.76% [1][4]. Revenue Breakdown - Reagent revenue was 3.797 billion yuan, down 0.48%, while instrument revenue grew by 8.85% [2]. - The gross margin for reagents was 70.94%, while for instruments, it improved to 37.93% [2]. R&D and Product Development - The company launched new products in the biochemical diagnostics and microbiological testing fields, which are expected to drive future revenue growth [2][3]. Market Expansion - The company has established a presence in over 100 countries and regions, focusing on enhancing its competitive advantage through strategic global market expansion [3]. Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been revised downwards to 1.264 billion yuan and 1.473 billion yuan, respectively, due to industry procurement policies [3][4]. - The current price corresponds to a price-to-earnings ratio of 18 for 2025, 16 for 2026, and 13 for 2027 [3][4].

Investment Rating - The report indicates a positive outlook for the weight loss drug sector within the pharmaceutical and biotechnology industry, suggesting potential acceleration in business development (BD) opportunities [2]. Core Insights - The pharmaceutical and biotechnology sector experienced a slight decline of -0.36% from April 14 to April 18, underperforming compared to the Wind All A index (0.39%) and the CSI 300 index (0.59). The market showed a preference for defensive sectors, with chemical preparations (0.62%), traditional Chinese medicine (0.6%), and offline pharmacies (0.19%) showing minor gains, while blood products (-4.39%), other biological products (-1.78%), and vaccines (-1.49%) saw significant pullbacks [2][7]. - The GLP-1 receptor agonists are expected to catalyze growth in the weight loss drug sector. Notably, Eli Lilly announced positive results from the Phase III ACHIEVE-1 study for its oral drug Orforglipron, which is set to expand the application of GLP-1 drugs. This class of drugs is becoming a focal point for multinational corporations (MNCs) in the metabolic disease space, with domestic companies poised to benefit from rapid innovation and lower R&D costs [2][12]. Market Weekly Review - The pharmaceutical and biotechnology sector's performance from April 14 to April 18 showed a decline of -0.36%, with the market favoring defensive stocks. The top gainers included Shuangcheng Pharmaceutical (56.4%), Kangpeng Technology (56.3%), and Lifang Pharmaceutical (47.1%), while the largest losers were *ST Jiyuan (-50.7%), Hasanlian (-19.1%), and Changyao Holdings (-18.5%) [7][10]. Industry News and Key Company Announcements - On April 17, Eli Lilly announced that its oral GLP-1 receptor agonist Orforglipron achieved positive results in its Phase III study, showing significant reductions in A1C levels and weight loss compared to placebo [12]. - Pfizer terminated the development of its GLP-1 small molecule receptor agonist Danuglipron due to potential liver damage in trial participants [12]. - The report highlights several companies making strides in the industry, including the approval of new indications for Merck's Gardasil 9 HPV vaccine and the progress of various clinical trials for innovative drugs [13][14].

Investment Rating - The report maintains a "Recommended" rating for the company [1][9]. Core Views - The company achieved a slight increase in revenue for 2024, with a total of 4.471 billion yuan, up 0.62% year-on-year, while net profit attributable to shareholders was 1.194 billion yuan, down 1.89% year-on-year [4][5]. - The company faces multiple policy impacts in the domestic in vitro diagnostics industry, leading to a slowdown in revenue growth, which is expected to continue into Q1 2025 [5]. - The company has seen robust growth in its immune diagnostics and international markets, with international revenue increasing by 36.25% year-on-year [6][9]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 4.471 billion yuan and a net profit of 1.194 billion yuan, with a gross margin of 65.36% [4][5]. - For Q1 2025, the company reported a revenue of 996 million yuan, down 8.56% year-on-year, and a net profit of 270 million yuan, down 16.76% year-on-year [4][5]. Business Segments - The immune diagnostics segment generated 2.556 billion yuan in revenue, up 2.91% year-on-year, while microbiological testing revenue was 361 million yuan, up 11.48% year-on-year [6]. - The molecular diagnostics segment saw a significant increase in revenue, reaching 35 million yuan, up 101.01% year-on-year [6]. Market Outlook - The company is expected to leverage its extensive product line to capture opportunities arising from policy changes in the domestic market [6]. - The international market is anticipated to become a new growth point, with products entering over 100 countries and regions [6][9]. Research and Development - The company has increased its R&D investment, with R&D expenses reaching 732 million yuan, accounting for 16.37% of revenue [5][8]. - New product registrations and advancements in various diagnostic fields have enhanced the company's product offerings and brand influence [8]. Future Projections - The company forecasts net profits of 1.295 billion yuan, 1.588 billion yuan, and 1.949 billion yuan for 2025, 2026, and 2027, respectively [9].

登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：603658 公司简称：安图生物 第一节 重要提示 1、本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到www.sse.com.cn网站仔细阅读年度报告全文。 2、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 3、公司全体董事出席董事会会议。 4、中勤万信会计师事务所（特殊普通合伙） 为本公司出具了标准无保留意见的审计报告。 5、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司第五届董事会第四次会议审议通过的2024年度利润分配预案：经中勤万信会计师事务所（特殊普通 合伙）审计，截至2024年12月31日，公司母公司会计报表中期末未分配利润为人民币3,279,390,877.43 元。公司拟向全体股东每股派发现金红利1.26元（含税），截至2025年4月16日，公司总股本 571,424,768股，以此计算合计拟派发现金红利719,995,207.68元（含税），占报告期内合并 ...

Group 1 - The company intends to reappoint Zhongqin Wanxin Certified Public Accountants (Special General Partnership) as its auditing firm for the year 2025 [3][14][15] - Zhongqin Wanxin has been established since December 2013 and holds qualifications for auditing securities and futures-related businesses [3][5] - The firm reported a total revenue of 476 million yuan for 2024, with auditing business revenue of 407 million yuan and securities futures business revenue of 108 million yuan [5][6] Group 2 - The company has decided to change its accounting estimates regarding the capitalization of research and development expenditures, effective from January 1, 2025 [19][20][24] - The change aims to better reflect the company's financial status and operational results, aligning with the actual conditions of its R&D activities [22][26] - The company will not retroactively adjust previously disclosed financial statements due to this change, ensuring no impact on past financial results [25][36] Group 3 - The company has also announced a change in its accounting policy based on the Ministry of Finance's new interpretations, which will not significantly affect its financial status or cash flows [31][36] - The new policy will be implemented from January 1, 2024, and is aimed at improving the accuracy of financial reporting [35][36] - The company has completed a share buyback program, reducing its total share capital from 581,011,346 shares to 571,424,768 shares [37][38]

投资评级 上次评级 [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 安图生物(603658) 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] 整体经营稳健，研发加码助力长期成长 免疫业务稳健增长，24Q1 盈利能力显著提 升 疫情后业绩恢复势好，研发高投入成效初 显 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B座 邮编：100031 [Table_Title] 经营稳健，集采压力下业务韧性凸显 [Table_ReportDate] 2025 年 04 月 18 日 [Table_S 事件：2024 ummar年，公司实现营业 ...

证券研究报告 公司研究 [Table_StockAndRank] 安图生物(603658) 投资评级 上次评级 [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] 整体经营稳健，研发加码助力长期成长 免疫业务稳健增长，24Q1 盈利能力显著提 升 疫情后业绩恢复势好，研发高投入成效初 显 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B座 [Table_ReportType] 公司点评报告 ➢ 集采压力下保持稳健经营，业务韧性凸显。2024 年公司营业收入 44.71 亿元（yoy+0.62%），分业务来看，免疫诊断业务实现营收 25.56 亿元 （yoy+2.91%），在 DRG 扩面、集采等政策压力下，展现了较强的发 展韧性，微生物检测业务实现营收 3.61 亿元（yoy+11. ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][9]. Core Views - The company achieved a slight increase in revenue for 2024, with total revenue of 4.471 billion yuan, up 0.62% year-on-year, while net profit attributable to shareholders was 1.194 billion yuan, down 1.89% year-on-year [4][5]. - The company faces multiple policy impacts in the domestic in vitro diagnostics industry, leading to a slowdown in revenue growth, which is expected to continue into Q1 2025 [5][9]. - The company has seen robust growth in its immune diagnostics and international markets, with international revenue increasing by 36.25% year-on-year [6][9]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 4.471 billion yuan and a net profit of 1.194 billion yuan. The revenue for Q1 2025 was 996 million yuan, down 8.56% year-on-year, with a net profit of 270 million yuan, down 16.76% year-on-year [4][5]. - The company’s gross margin for the year was 65.36%, with a stable overall expense ratio [5]. Business Segments - The immune diagnostics segment generated 2.556 billion yuan in revenue, up 2.91% year-on-year, while microbiological testing revenue was 361 million yuan, up 11.48% year-on-year. Molecular diagnostics revenue surged by 101.01% to 35 million yuan [6]. - The company has expanded its product offerings significantly, launching new series in various diagnostic fields, enhancing its brand influence [8]. Market Outlook - The report anticipates that the company will continue to leverage its extensive product line to capture market opportunities as policies evolve [6][9]. - The forecast for net profit attributable to shareholders for 2025-2027 is 1.295 billion yuan, 1.588 billion yuan, and 1.949 billion yuan, respectively, indicating a positive long-term growth outlook despite short-term pressures [9].

事件：公司发布2024年年度报告及2025年一季度报告。2024年实现营业收入44.71亿元（+0.620%），归 母净利润11.94亿元（-1.890%），扣非净利润 10.99亿元（-7.30%），经营性现金流13.09亿元 （-10.92%）。2024Q4实现营业收入10.91亿元（-9.16%），归母净利润2.38亿元（-24.72%），扣非净利 润1.68亿元（-46.25%）。2025Q1实现营业收入9.96亿元（-8.56%）归母净利润2.70亿元（-16.76%）， 扣非净利润2.57亿元（-18.19%），经营性现金流1.66亿元（-49.35%）。 业绩承压反映行业波动影响，分子及海外业务保持快速增长。1）2024年：公司全年收入基本持平，归 母净利润小幅下滑，主要是DRG/DIP支付方式改革全面推行影响检测量、IVD集采逐步落地形成价格压 力，对公司传统优势项目造成一定冲击。公司全年盈利能力保持稳定，其中毛利率为65.41% （+0.34pct），销售/管理/研发费用率分别为17.17%/4.72%/16.37%，同比-0.01pct/+0.58pct/+1.60pct。此 外，公司20 ...