点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 公司发布2024年年报，2024年实现营业收入2.27亿元，同比-22.26%；归母净利润0.30亿元，同 比-74.22%；扣非归母净利润0.19亿元，同比-82.64%。公司同时发布2025年一季报，2025Q1实现营业收入 0.69亿元，同比+6.66%；归母净利润0.12亿元，同比-17.79%；扣非归母净利润0.09亿元，同比-19.51%。 点评： 24年客户订单情况不及预期，公司处于业绩转型调整期 2024年，国内市场方面，受下游商业化产品的价格压力传导、价格竞争激烈等因素影响，公司国内订单量 及对应的产品销售收入较上年同期降幅较大。国外市场方面，目前国际客户结构有明显调整，总体收入较 上年同期略有减少， ...

事件：公司发布2024 年年报，2024 年实现营业收入2.27 亿元，同比-22.26%；归母净利润0.30 亿元，同 比-74.22%；扣非归母净利润0.19 亿元，同比-82.64%。 24 年客户订单情况不及预期，公司处于业绩转型调整期。 2024 年，国内市场方面，受下游商业化产品 的价格压力传导、价格竞争激烈等因素影响，公司国内订单量及对应的产品销售收入较上年同期降幅较 大。国外市场方面，目前国际客户结构有明显调整，总体收入较上年同期略有减少，其中海外医疗器械 端客户受库存计划调整影响，订单量较上年有一定程度的下降，海外药品端客户受新药上市销售影响， 订单量较上年同期有显著增加。技术服务收入较上年同期减少0.74%，主要系公司自2023 年4 月起不再 向特宝生物收取派格宾产品的销售提成，导致国内技术服务收入较上年同期下降较多所致。 25 年一季度海外客户销售收入大幅增长，出口美国业务占比低，受关税政策影响较小。 2025 年一季 度，产品销售收入为6,735.13 万元，同比+5.91%。其中，国内产品销售收入为770.46 万元，同 比-68.20%，主要系大客户订单量减少所致；国外产品销售收 ...

Core Viewpoint - The 2024 Annual General Meeting of Hangzhou Aotai Biotechnology Co., Ltd. is set to ensure the rights of shareholders and maintain order during the meeting, with specific procedures outlined for attendance, voting, and participation [1][2][3]. Group 1: Meeting Procedures - Shareholders or their proxies must arrive 30 minutes before the meeting to sign in and present necessary identification [2]. - Only authorized personnel, including shareholders, directors, supervisors, and invited guests, are allowed to enter the meeting venue [1][2]. - Shareholders have the right to speak, inquire, and vote during the meeting, but must adhere to the agenda and time limits for speaking [2][3]. Group 2: Voting Mechanism - The meeting will utilize a combination of on-site and online voting, with specific timeframes for each method [5][9]. - Shareholders must express their opinions on each voting item as "agree," "disagree," or "abstain," and any errors in voting will be considered as abstentions [3][4]. Group 3: Financial Performance - In 2024, the company achieved a revenue of 866.58 million yuan, representing a 14.83% increase from 2023 [41]. - The net profit attributable to shareholders was 302.47 million yuan, with a significant increase in net profit excluding non-recurring gains and losses by 61.67% [41][42]. - The company’s basic earnings per share rose to 3.82 yuan, marking a 67.54% increase compared to the previous year [41][42]. Group 4: Governance and Oversight - The board of directors held eight meetings during the reporting period, ensuring compliance with legal and regulatory requirements [14][17]. - The supervisory board conducted oversight of the company's operations and financial status, confirming that all activities adhered to legal standards [35][36]. - Independent directors played a crucial role in enhancing decision-making quality and risk management through their expertise [28].

Core Viewpoint - The company has shown significant improvement in its first-quarter performance for 2025, with a notable increase in revenue, despite a decline in net profit compared to the previous year [1][2]. Financial Performance - In 2024, the company achieved revenue of 2.178 billion, a year-on-year increase of 12.37%, but the net profit attributable to shareholders was 190 million, down 57.80% year-on-year [1]. - The fourth quarter of 2024 saw revenue of 639 million, up 11.29% year-on-year and 22.21% quarter-on-quarter, with a net profit of 20 million, down 84.80% year-on-year [1]. - For the first quarter of 2025, the company reported revenue of 687 million, a year-on-year increase of 37.20% and a quarter-on-quarter increase of 7.54%, with a net profit of 51 million, down 40.98% year-on-year but up 160.36% quarter-on-quarter [1]. Profitability Metrics - The gross margin for 2024 was 24.92%, a decrease of 15.60 percentage points year-on-year, while the net margin was 8.47%, down 14.57 percentage points year-on-year [1]. - In Q4 2024, the gross margin was 17.20%, down 21.47 percentage points year-on-year, and the net margin was 2.59%, down 19.57 percentage points year-on-year [1]. - For Q1 2025, the gross margin was 24.31%, down 9.27 percentage points year-on-year, and the net margin was 7.15%, down 10 percentage points year-on-year [1]. Market and Product Development - The company faces increased market competition, particularly with the price decline of key products like valine, which has pressured profits [2]. - Positive progress has been made in new product promotion, with breakthroughs in products such as 1,3-propanediol, succinic acid, tryptophan, and arginine, which are expected to open new market opportunities [2]. - The establishment of the "Biobased Polyester Textile Industry Alliance" aims to accelerate domestic material substitution and address core material industry challenges [2]. Investment Outlook - Forecasts for 2025 to 2027 predict revenues of 2.536 billion, 2.905 billion, and 3.285 billion, with year-on-year growth rates of 16.4%, 14.6%, and 13.1% respectively [3]. - Expected net profits for the same period are 266 million, 397 million, and 506 million, with growth rates of 40.2%, 49.3%, and 27.6% respectively [3]. - The company is rated as "Buy-A" considering the market conditions for valine and other amino acids [3].

圣湘生物：拟以1亿元增资圣维鲲腾 5月9日，圣湘生物（688289）发布公告称，公司计划以自有资金1亿元增资控股子公司湖南圣维鲲腾生 物科技有限公司（圣维鲲腾），用于完善公司在POCT（即时检验）领域的产业链布局。此次增资完成 后，圣湘生物将持有圣维鲲腾44.6441%的股权。此外，圣维鲲腾还将引入公司关联方长沙圣维荣泉创 业投资有限公司作为新投资者，投资1亿元，本次交易构成关联交易。 资料显示，圣湘生物成立于2008年4月，主营业务为以自主创新基因技术为核心，集诊断试剂和仪器的 研发、生产、销售，以及第三方医学检验服务于一体的体外诊断整体解决方案。 所属行业：医药生物–医疗器械–体外诊断 亚光科技：控股子公司签订1.01亿元备产协议 5月9日，亚光科技（300123）发布公告称，公司控股子公司成都亚光于近日收到与特殊机构客户签订的 《产品预估备产协议书》，预估总额1.01亿元，占公司最近一个会计年度经审计的营业收入的10.56%。 协议标的为科研生产任务器材。 资料显示，亚光科技成立于2003年6月，主营业务是高性能微波电子、航海装备及其产品的研发设计与 制造。 所属行业：国防军工–军工电子Ⅱ–军工电子Ⅲ ...

2025年5月9日星期五 ➢ 美硬数据恶化；伊朗石油买家二级 制裁。A股冲高回落，主要指数走势 分化。上证指数跌0.23%报3279.03点， 深证成指涨0.51%，创业板指涨0.83%。 汽车零部件涨幅居前，消费电子产 业链午后强势。港股多日横盘后终 翻红。恒生指数涨0.51%报22119.41 点，恒生科技指数涨1.35%，恒生中 国企业指数涨0.1%。贵金属行业再次 反弹，大消费涨幅居前。大市成交 2015.53亿港元。外盘方面，欧洲三 大股指收盘小幅上涨。美国三大股 指涨跌不一，道指涨0.35%，标普500 指数涨0.15%，纳指涨0.09%。美国季 度GDP三年来首次萎缩，上月制造 业创5个月来最大收缩。特朗普宣布 对伊朗石油买家实施二级制裁。 资料来源：彭博 | 22119.41 | 0.51 | 10.01 | | --- | --- | --- | | 8076.26 | 0.10 | 10.64 | | 5087.42 | 1.35 | 13.90 | | 135.72 | -0.27 | -4.94 | | 3279.03 | -0.23 | -2.17 | | 9899.82 | 0.5 ...

底部拐点可期，创新行情有望延续 ——医药生物 5 月月报暨年报/一季报总结 医药生物 证券研究报告/行业专题报告 2025 年 05 月 07 日 | | | 执业证书编号：S0740519040001 Email：zhujq@zts.com.cn | 基本状况 | | | --- | --- | | 上市公司数 | 498 | | 行业总市值(亿元) | 62,472.12 | | 行业流通市值(亿元) | 56,049.40 | 仓占比分析》2025-04-28 新成长》2025-04-20 3、《中国医药进出口分析；关注创 新、内需、国产替代机会》2025-04-12 | 评级： 增持（维持） | | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：祝嘉琦 | | | （元） | 2023A | ...

Group 1 - The controlling shareholder of the company plans to reduce its stake by up to 4.5 million shares through block trading, representing 0.86% of the total share capital [1] - The company's director and deputy general manager, Zhang Lu, intends to sell up to 300,000 shares through centralized bidding, accounting for 0.06% of the total share capital [1] - The reduction plan will not lead to a change in the company's control or affect its governance structure and ongoing operations [1]

医药生物行业 超配（维持） Q1 板块业绩承压，关注细分景气方向 医药生物行业 2024 年及 2025 年一季度业绩综述 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。请务必阅读末页声明。 分析师：谢雄雄 SAC 执业证书编号： S0340523110002 电话：0769-22110925 邮箱： 分析师：魏红梅 SAC 执业证书编号： S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn 医药生物（申万）指数走势 资料来源：东莞证券研究所，Wind 相关报告 证 券 研 究 报 告 业 绩 综 述 行 业 研 究 2025 年 5 月 8 日 xiexiongxiong@dgzq.com.cn ◼ 2024年行业整体营收和归母净利润同比有所下滑。2024年，SW（2021）医 药生物行业实现营业总收入2.46万亿元，同比下滑1.0%，增速同比下滑1.8 个百分点；实现归属于母公司股东的净利润1,402.6亿元，同比下降13.1%， 增速同比上 ...