公司代码：688278 公司简称：特宝生物 厦门特宝生物工程股份有限公司 投资者关系活动记录表 （2024 年第三季度业绩说明会） 厦门特宝生物工程股份有限公司 投资者关系活动记录表 PAGE \* MERGEFORMAT6 | --- | --- | --- | |----------------|------------------------------|--------------------------------------------------| | | □ | 公司现场接待 □电话接待 | | 投资者关系活动 | □ | 其它场所接待 □公开说明会 | | 类别 | | 定期报告说明会 □重要公告说明会 | | 参与单位名称 | | 全体投资者均可通过网络互动的方式参与本次说明会 | | 时间 | 2024 年 11 月 7 日 | 13:00-14:00 | | 地点 | 上证路演中心（ | http://roadshow.sseinfo.com ）网络互动 | | 公司接待人员姓 | | 董事长、总经理 孙黎先生 | | 名 | 独立董事 刘圻先生 | 副总经理、董事会秘书、财务总监 杨 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][10] Core Views - The company has achieved rapid revenue and net profit growth, with a 33.9% increase in revenue to 1.955 billion and a 50.2% increase in net profit to 554 million in the first three quarters of 2024. The core product, Pegasys, continues to gain recognition for its effectiveness in improving clinical cure rates for hepatitis B and significantly reducing the risk of liver cancer [1][5] - The company has announced a stock incentive plan for 2024, reflecting confidence in long-term development, with profit growth targets set at no less than 30%/70%/120% for the years 2024-2026 [2][10] - The company has established multiple external collaborations to enhance its pipeline in the field of liver disease prevention and treatment [2] Financial Performance and Forecast - For the first three quarters of 2024, the company reported a gross margin of 93.4% and a net margin of 28.3%, with a decrease in sales expense ratio to 39.8% [1][8] - The company’s revenue and net profit forecasts for 2024-2026 have been adjusted to 795 million, 1.125 billion, and 1.514 billion respectively, with corresponding P/E ratios of 40, 29, and 21 [2][10] - The company’s revenue is projected to grow from 2.809 billion in 2024 to 4.699 billion in 2026, with a compound annual growth rate of 30% [3][12]

证券代码：688278 证券简称：特宝生物 公告编号：2024-047 厦门特宝生物工程股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 投资者可于 2024 年 10 月 30 日（星期三）至 11 月 6 日（星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 （ir@amoytop.com）进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 厦门特宝生物工程股份有限公司（以下简称"公司"）已于 2024 年 10 月 25 日在上海证券交易所披露了公司 2024 年第三季度报告，为使广大投资者更全 面深入地了解公司 2024 年第三季度经营成果和财务状况，公司计划于 2024 年 11 月 7 日 13:00-14:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题 进行交流。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 11 月 7 日（星期四）13:00-14:00 ...

公司代码：688278 公司简称：特宝生物 厦门特宝生物工程股份有限公司 投资者关系活动记录表 厦门特宝生物工程股份有限公司 投资者关系活动记录表 PAGE \* MERGEFORMAT7 | --- | --- | |------------------|-----------------------------------------------------------------------------------------------------------------------------------------------| | | □ 公司现场接待 电话接待 | | 投资者关系活动类 | □ 其它场所接待 □公开说明会 | | 别 | □ 定期报告说明会 □重要公告说明会 | | | 银河证券；国金证券；海通证券；兴业证券；东方证 | | | 券；东海证券；国海证券；国盛证券；华安证券；德 邦证券；方正证券；民生证券；申万医药；招商医 药 ； Anatole；DymonAsia；Hanwha Investment Trust | | | Management Co Ltd ； HBM Par ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.955 billion yuan for Q3 2024, representing a year-on-year increase of 33.90%, and a net profit attributable to shareholders of 554 million yuan, up 50.21% year-on-year [1] - The core product, Pegbivac, is maturing, and the company is expanding its presence in the hepatitis field with new therapies [1] - The company has established an equity incentive plan to enhance team cohesion [1] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 765 million yuan, a year-on-year increase of 37.52%, and a net profit of 250 million yuan, up 49.83% year-on-year [1] - The overall gross margin for the company was 93.35%, a decrease of 0.23 percentage points year-on-year, while the expense ratio was 59.32%, down 1.96 percentage points year-on-year [1] - The company expects revenues of 2.723 billion yuan in 2024, 3.537 billion yuan in 2025, and 4.379 billion yuan in 2026, with respective year-on-year growth rates of 29.6%, 29.9%, and 23.8% [3][4] Earnings Forecast - The forecasted net profit attributable to shareholders is 768 million yuan in 2024, 1.048 billion yuan in 2025, and 1.351 billion yuan in 2026, with year-on-year growth rates of 38.3%, 36.5%, and 28.8% respectively [3][4] - The company’s earnings per share (EPS) are projected to be 1.89 yuan in 2024, 2.58 yuan in 2025, and 3.32 yuan in 2026 [3][4] Market Position and Strategy - The company is a pioneer in the hepatitis cure field, with its core product Pegbivac showing significant clinical value in treating chronic hepatitis B [1] - The company is actively pursuing new indications and collaborations to enhance its product offerings in the liver disease sector [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Insights - The company reported a robust growth in Q3 2024, achieving revenue of 765 million yuan, a year-on-year increase of 37.52% and a quarter-on-quarter increase of 18.68%. This growth is primarily driven by the increasing recognition of its core product, Pegasys, in improving clinical cure rates for hepatitis B and significantly reducing the risk of liver cancer [5][6] - The net profit attributable to the parent company for Q3 2024 was 250 million yuan, reflecting a year-on-year increase of 49.83% and a quarter-on-quarter increase of 42.31%. This improvement is attributed to revenue growth and enhanced operational management, leading to a reduction in overall expense ratios and an increase in profitability [5] - The company has maintained a stable gross margin of 93.34%, with a slight year-on-year decrease of 1.3 percentage points, while the net profit margin increased by 2.68 percentage points to 32.66% [5] - The company is expected to enter a phase of accelerated growth for its core product, with significant scale effects leading to rapid increases in both revenue and profit [5] Financial Performance and Forecast - The company’s revenue is projected to grow from 2.1 billion yuan in 2023 to 6.03 billion yuan in 2026, with year-on-year growth rates of 34.0%, 49.0%, and 43.7% for the subsequent years [8] - The net profit is forecasted to increase from 555 million yuan in 2023 to 1.85 billion yuan in 2026, with year-on-year growth rates of 45.8%, 53.4%, and 49.0% [8] - The earnings per share (EPS) are expected to rise from 1.37 yuan in 2023 to 4.55 yuan in 2026 [8] - The company maintains a high gross margin, projected at 94.6% in 2024, and a net asset return rate of 30.1% [8] Valuation - The company is assigned a PEG ratio of 0.75-0.98, corresponding to a price-to-earnings (PE) ratio of 37-48 times for 2024, with a reasonable value range estimated between 73.63 and 95.52 yuan [5][6]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 1.955 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 33.9%, with a net profit attributable to shareholders of 554 million yuan, up 50.21% year-on-year [1] - The execution of the interferon centralized procurement has led to rapid growth in both revenue and profit, with the product "Paige Bin" accounting for approximately 85% of total revenue in the third quarter [1] - There is a noticeable optimization in the expense side, with a sales expense ratio of 39.8%, a decrease of 1.47 percentage points year-on-year [1] - The company is continuously advancing key research projects, including the approval of clinical trials for new indications [1] - The investment suggestion highlights the company's strong platform for long-acting protein modification technology and a rich product pipeline, projecting net profits of 828 million, 1.123 billion, and 1.460 billion yuan for 2024-2026, with corresponding profit growth rates of 48.99%, 35.66%, and 30.08% [1] Financial Performance Summary - For 2023, the company is projected to have a revenue of 2.10032 billion yuan, with a growth rate of 37.55% [2] - The net profit attributable to shareholders is expected to be 555.45 million yuan, with a profit growth rate of 93.52% [2] - The gross margin is forecasted to be 93.33% in 2023, increasing to 94.40% in 2024 [2] - The projected earnings per share (EPS) for 2024 is 2.03 yuan, with a price-to-earnings (P/E) ratio of 40.41 [2] Financial Forecasts - The company’s total assets are expected to grow from 2.35609 billion yuan in 2023 to 6.04116 billion yuan by 2026 [5] - The total liabilities are projected to increase from 479.69 million yuan in 2023 to 753.43 million yuan in 2026 [5] - The net cash flow from operating activities is expected to rise from 512.10 million yuan in 2023 to 1.43227 billion yuan in 2026 [5]

\\\\\\\\\\\ 来源：公司年报、国金证券研究所 特宝生物(688278.SH) 买入(维持评级) 公司点评 证券研究报告 业绩简评 2024 年 10 月 24 日，公司发布 2024 年三季度报告，2024 年前三 季度公司实现收入 19.55 亿元，同比+34%；实现归母净利润 5.54 亿元，同比+50%；实现扣非归母净利润 5.81 亿元，同比+41%。2024 年第三季度公司实现收入 7.65 亿元，同比+38%；实现归母净利润 2.50 亿元，同比+50%；实现扣非归母净利润 2.51 亿元，同比+41%。 经营分析 乙肝临床治愈推广持续深入，派格宾放量拉动业绩快速增长。公 司深入探索并持续推动以派格宾为基础的乙肝临床治愈领域工 作，持续支持了包括"珠峰"、"绿洲"、"未名"、"萌芽"、"星光"、 "领航"等多项乙肝临床治愈及肝癌预防公益及科研项目，部分项 目阶段性成果陆续在亚太肝病研究学会（APASL）、欧洲肝脏研究学 会（EASL）发布，进一步证实乙肝全人群有机会通过基于长效干扰 素的治疗策略实现临床治愈。公司产品派格宾在提高乙肝临床治 愈率以及显著降低肝癌发生风险方面的研究证据进一步 ...

厦门特宝生物工程股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 证券代码：688278 证券简称：特宝生物 厦门特宝生物工程股份有限公司 2024 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|----------------|--------------------------------------|------------------|-------------- ...

Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Views - The company shows strong revenue growth and high confidence in its development, highlighted by an ambitious equity incentive plan [9]. - The antiviral treatment population is expanding, and the core product, Pegbivac, is expected to continue its sales growth [9]. - The innovative pipeline is gradually entering a harvest period, with several products expected to launch soon [10]. Summary by Sections Company Overview - The company, established in 1996, is a leader in the development of long-acting recombinant protein drugs, focusing on viral hepatitis, malignant tumors, and immunotherapy [16]. - It has launched five products, all included in the national medical insurance, with Pegbivac showing exceptional performance in the clinical cure of hepatitis B [17]. Financial Performance - From 2018 to 2023, the company's revenue grew from 448 million to 2.1 billion yuan, with a compound annual growth rate (CAGR) of 36.19%, and net profit increased from 16 million to 555 million yuan, with a CAGR of 103.28% [23]. - In the first half of 2024, the company achieved a revenue of 1.19 billion yuan, a year-on-year increase of 31.68%, and a net profit of 304 million yuan, up 50.53% year-on-year [23]. Market Potential - The chronic hepatitis B patient population in China is substantial, with 79.74 million HBV infected individuals, including 20 to 30 million chronic hepatitis B patients [9][39]. - Pegbivac is the only long-acting interferon product on the market in China, with significant potential for sales growth as the treatment population expands [12]. Product Pipeline - The company has a robust pipeline with several products expected to launch soon, including long-acting G-CSF and long-acting growth hormone, which are anticipated to capture significant market share [10][30]. - The company is actively exploring new treatment options for hepatitis B, including collaborations for new drug development [27]. Equity Incentive Plan - In August 2024, the company announced an equity incentive plan with ambitious performance targets for net profit growth over the next three years, reflecting strong confidence in its long-term development [31].