万孚生物：近日，万孚生物与腾讯健康在北京正式签署战略合作协议，双方将携手打造更具智能化、精 准化的体外诊断和健康服务体系。 ...

5月26日，万孚生物今日收盘20.85元，下跌1.18%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到18.85倍，总市值100.38亿元。 最新一期业绩显示，2025年一季报，公司实现营业收入8.00亿元，同比-7.06%；净利润1.89亿元，同 比-13.37%，销售毛利率66.67%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)44万孚生物18.8517.871.78100.38亿行业平均 48.9247.334.59105.60亿行业中值35.6837.002.4048.12亿1天益医疗-1741.60-2983.161.8622.19亿2澳华内 镜-632.39317.185.0766.65亿3诺唯赞-396.61-469.092.1884.88亿4爱朋医疗-353.16268.304.2528.98亿5博晖 创新-319.03506.263.4046.81亿6硕世生物-133.10-1944.971.1938.93亿7奥精医疗-129.86-190.331.7124.10亿 8睿昂基因-100.04-82.131.4212.95亿9康泰医学-85.53-72.263.0 ...

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Guangzhou Wanfang Biological Technology Co., Ltd. as of the first quarter of 2025, showing a decline in revenue and net profit compared to the previous year [1][2] - The company's stock closed at 21.61 yuan, with a rolling price-to-earnings (PE) ratio of 19.54 times, and a total market capitalization of 10.404 billion yuan [1] - The average PE ratio for the medical device industry is 49.40 times, with a median of 36.13 times, positioning the company at 45th place within the industry [1][2] Group 2 - For the first quarter of 2025, the company reported an operating income of 800 million yuan, a year-on-year decrease of 7.06%, and a net profit of 189 million yuan, down 13.37% year-on-year, with a gross profit margin of 66.67% [2] - As of the first quarter of 2025, nine institutions held shares in the company, with a total of 81.1 million shares valued at 1.873 billion yuan [1] - The company specializes in the research, production, and marketing of rapid diagnostic reagents and related instruments, focusing on infectious disease testing, chronic disease testing, pregnancy and reproductive health testing, and drug abuse testing [1]

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 24.18, compared to the current price of RMB 20.89 [1][9]. Core Insights - The company is exploring growth drivers across four major business areas, with a focus on chronic disease management and dual platforms. The revenue for infectious disease testing is projected to be RMB 1.04 billion in 2024, reflecting a growth of 9.50%. The chronic disease management segment is expected to generate RMB 1.37 billion, a significant increase of 22.38% [10][12]. - The report highlights breakthroughs in luminescence, molecular diagnostics, and pathology fields, with new products and technologies being introduced to enhance market competitiveness [11][12]. - The company has established a robust international sales team, exporting products to over 150 countries, which has contributed to rapid growth in non-U.S. overseas markets [12]. Financial Summary - For 2024, the company is expected to achieve a revenue of RMB 3.07 billion, representing a year-on-year increase of 10.85%. The net profit attributable to shareholders is forecasted at RMB 562 million, up 15.18% [3][9]. - The earnings per share (EPS) estimates have been adjusted to RMB 1.34 for 2025 and RMB 1.57 for 2026, with a new forecast of RMB 1.82 for 2027 [9][10]. - The financial metrics indicate a net profit margin improvement, with the net profit expected to grow steadily over the next few years [3][9].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 24.18, compared to the current price of RMB 20.89 [1][9]. Core Views - The company is exploring growth drivers across four major business areas, with a focus on chronic disease management and infectious disease testing. The revenue for 2024 is projected to be RMB 3.07 billion, representing a growth of 10.85%, while the net profit attributable to shareholders is expected to reach RMB 562 million, an increase of 15.18% [1][9][10]. - The report highlights breakthroughs in luminescence, molecular diagnostics, and pathology, with significant advancements in product performance and market access, particularly in non-U.S. overseas markets [11][12]. Financial Summary - The financial projections indicate a revenue increase from RMB 2,765 million in 2023 to RMB 3,065 million in 2024, with a year-on-year growth of 10.8%. Net profit is expected to rise from RMB 488 million in 2023 to RMB 562 million in 2024, reflecting a growth of 15.2% [3][9]. - Earnings per share (EPS) forecasts have been adjusted to RMB 1.34 for 2025 and RMB 1.57 for 2026, with a new forecast of RMB 1.82 for 2027 [9][10]. Business Performance - In the infectious disease testing segment, revenue is projected to be RMB 1.04 billion in 2024, a growth of 9.50%. The chronic disease management segment is expected to generate RMB 1.37 billion, marking a significant increase of 22.38% [10]. - The company has established a robust international sales team, exporting products to over 150 countries, which has contributed to rapid growth in non-U.S. markets [12].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [5][24]. Core Insights - The company achieved a revenue of 3.065 billion yuan in 2024, representing a year-on-year growth of 10.85%. The net profit attributable to the parent company was 562 million yuan, up 15.18% year-on-year [2][4]. - For Q1 2025, the company reported a revenue of 800 million yuan, a decrease of 7.06% compared to the previous year, with a net profit of 189 million yuan, down 13.37% [2][4]. - The company is expected to see continued growth in revenue and net profit, with projections of 3.525 billion yuan in revenue for 2025, a 15% increase, and a net profit of 647 million yuan, also a 15.2% increase [4]. Financial Performance Summary - **2024 Financials**: - Total revenue: 3,065 million yuan - Net profit: 562 million yuan - Earnings per share: 1.17 yuan - Price-to-earnings ratio: 19 times [4][5] - **2025 Projections**: - Expected revenue: 3,525 million yuan - Expected net profit: 647 million yuan - Expected earnings per share: 1.34 yuan - Projected price-to-earnings ratio: 16 times [4][5] Business Segment Performance - **Chronic Disease Management Testing**: Revenue reached 1.369 billion yuan, growing by 22.38% year-on-year, driven by market share gains in domestic emergency departments and international expansion [9]. - **Infectious Disease Testing**: Revenue was 1.042 billion yuan, up 9.5%, with increased market share in respiratory disease testing during peak seasons [9]. - **Prenatal and Genetic Testing**: Revenue of 294 million yuan, a 9.97% increase, supported by a dual-driven strategy focusing on market share and product innovation [9]. - **Drug Abuse Testing**: Revenue declined to 286 million yuan, down 13.39%, due to intensified competition in the North American market, although small client orders increased [9]. Valuation and Price Target - The report estimates a total valuation of 13.6 billion yuan for the company, leading to a target price of 28 yuan per share, based on discounted cash flow (DCF) analysis [9].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [5][24]. Core Insights - The company reported a revenue of 3.065 billion yuan in 2024, representing a year-on-year growth of 10.85%. The net profit attributable to the parent company was 562 million yuan, up 15.18% year-on-year. For Q1 2025, the revenue was 800 million yuan, down 7.06% year-on-year, with a net profit of 189 million yuan, down 13.37% year-on-year [2][4]. Financial Performance Summary - **2024 Financial Performance**: - Total revenue: 3.065 billion yuan (+10.85%) - Net profit: 562 million yuan (+15.18%) - Non-recurring net profit: 497 million yuan (+19.90%) [2][4] - **2025 Q1 Financial Performance**: - Total revenue: 800 million yuan (-7.06%) - Net profit: 189 million yuan (-13.37%) - Non-recurring net profit: 172 million yuan (-17.57%) [2][4] Financial Projections - **Revenue Forecast**: - 2025E: 3.525 billion yuan (+15.0%) - 2026E: 4.024 billion yuan (+14.2%) - 2027E: 4.637 billion yuan (+15.2%) [4][10] - **Net Profit Forecast**: - 2025E: 647 million yuan (+15.2%) - 2026E: 745 million yuan (+15.1%) - 2027E: 861 million yuan (+15.7%) [4][10] - **Earnings Per Share (EPS)**: - 2025E: 1.34 yuan - 2026E: 1.55 yuan - 2027E: 1.79 yuan [4][10] Valuation - The report estimates a total valuation of 136 billion yuan for the company, leading to a target price of 28 yuan per share based on the DCF model [9][10]. Business Segment Performance - **Chronic Disease Management Testing**: Revenue of 1.369 billion yuan (+22.38%) in 2024, with significant market share gains in domestic and overseas markets [9]. - **Infectious Disease Testing**: Revenue of 1.042 billion yuan (+9.50%) in 2024, with growth in both domestic and international markets [9]. - **Prenatal and Newborn Screening**: Revenue of 294 million yuan (+9.97%) in 2024, driven by market share consolidation and product innovation [9]. - **Drug Abuse Testing**: Revenue of 286 million yuan (-13.39%) in 2024, facing increased competition but achieving growth in small client orders [9].

| 证券代码：300482 | 证券简称：万孚生物 公告编号：2025-027 | | --- | --- | | 债券代码：123064 | 债券简称：万孚转债 | 广州万孚生物技术股份有限公司 2024年年度权益分派实施公告 公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1．广州万孚生物技术股份有限公司（以下简称"公司"）将根据2024年度 股东大会审议通过的2024年度权益分派预案，以公司实施2024年度利润分配方 案时股权登记日的总股本481,424,391股向全体股东每10股派发现金股利4元 （含税），合计派发现金红利192,569,756.40元，不送红股，不以资本公积金 转增股本，剩余未分配利润结转下一年度。 2．本次权益分派实施后计算除权除息价格时，每股现金红利（含税）为0.40 元。本次权益分派实施后除权除息参考价=除权除息日前一交易日收盘价-每股现 金红利=除权除息日前一交易日收盘价-0.40元/股。 3.本次权益分派期间，"万孚转债"不停止转股。 【注：根据先进先出的原则，以投资者证券账户为单位计算持股期限，持 股1个月（含1 ...

| 证券代码：300482 | 证券简称：万孚生物 | 公告编号：2025-028 | | --- | --- | --- | | 债券代码：123064 | 债券简称：万孚转债 | | 广州万孚生物技术股份有限公司 关于调整可转换公司债券转股价格的公告 一、关于"万孚转债"转股价格调整的依据 经中国证券监督管理委员会"证监许可[2020]1830 号"文同意注册的批复， 公司于 2020 年 9 月 1 日向不特定对象发行了 600 万张可转换公司债券，每张面 值 100 元，发行总额 6.00 亿元。经深交所同意，公司 6.00 亿元可转换公司债券 于 2020 年 9 月 23 日起在深交所挂牌交易，债券简称"万孚转债"，债券代码 "123064"。 根据广州万孚生物技术股份有限公司（以下简称"公司"）《向不特定对象发 行可转换公司债券募集说明书》，在公司可转换公司债券发行之后，当公司因送 红股、转增股本、增发新股或配股、派息等情况（不包括因可转换公司债券转股 增加的股本）使公司股份发生变化时，将相应进行转股价格的调整。具体调整办 法如下： 公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 ...

Group 1 - The core viewpoint of the articles highlights the performance and valuation of Guangzhou Wanfang Biological Technology Co., Ltd., indicating a recent stock price increase and a low rolling PE ratio compared to the industry average [1][2] - As of May 12, the company's stock closed at 21.7 yuan, up 3.33%, with a rolling PE ratio of 19.62, marking a 24-day low, and a total market capitalization of 10.447 billion yuan [1] - The medical device industry has an average PE ratio of 49.84, with a median of 36.59, positioning Wanfang Biological at the 45th rank within the industry [1][2] Group 2 - For Q1 2025, the company reported revenue of 800 million yuan, a year-on-year decrease of 7.06%, and a net profit of 189 million yuan, down 13.37%, with a gross profit margin of 66.67% [2] - The company specializes in the research, production, and marketing of rapid diagnostic reagents and related instruments, focusing on infectious disease testing, chronic disease testing, pregnancy and reproductive health testing, and drug abuse testing [1] - Wanfang Biological has received numerous accolades, including being recognized as a national high-tech enterprise and a national-level "green factory" as of January 2025 [1]