Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 34 yuan, compared to the current price of 26.49 yuan [1]. Core Insights - The company reported a steady revenue growth with a total revenue of 2.181 billion yuan for the first three quarters of 2024, representing an increase of 8.83%. The net profit attributable to shareholders was 436 million yuan, up by 9.04%, and the net profit excluding non-recurring items was 388 million yuan, reflecting a growth of 14.88% [1]. - In Q3 2024, the company achieved a revenue of 606 million yuan, marking a 17.51% increase, while the net profit attributable to shareholders rose by 22.70% to 80 million yuan, and the net profit excluding non-recurring items surged by 49.89% to 63 million yuan [1]. - The report highlights that despite macroeconomic disturbances affecting the IVD industry in China, the company has shown resilience with steady growth in its core business. Profitability was impacted by stock incentive expenses and foreign exchange losses, but recovery in domestic market admissions and ongoing product launches are expected to enhance performance [1]. - The company is making progress in obtaining overseas certifications for its products, which is anticipated to contribute positively to its revenue. Notable achievements include FDA EUA authorization for the respiratory triple test kit and WHO pre-certification for malaria detection products, which will support market expansion in Africa and Southeast Asia [1]. - A new stock incentive plan was introduced in 2024, aimed at boosting the development of the chemiluminescence business, which is seen as a key growth driver for the company [1]. - The financial forecasts for 2024-2026 estimate revenues of 3.25 billion, 3.98 billion, and 4.88 billion yuan, respectively, with net profits projected at 650 million, 800 million, and 1.01 billion yuan, indicating year-on-year growth rates of 33.8%, 23.3%, and 25.7% [1][2]. Financial Summary - Total revenue for 2023 is reported at 2.765 billion yuan, with a projected increase to 3.249 billion yuan in 2024, reflecting a year-on-year growth of 17.5% [2]. - The net profit for 2023 is 488 million yuan, expected to rise to 652 million yuan in 2024, showing a growth of 33.8% [2]. - The earnings per share (EPS) is projected to increase from 1.01 yuan in 2023 to 1.36 yuan in 2024, with a corresponding price-to-earnings (P/E) ratio decreasing from 26 to 20 [2].

| 证券代码：300482 | 证券简称：万孚生物 | 公告编号：2024-104 | | --- | --- | --- | | 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 关于万孚转债回售结果的公告 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。 本次"万孚转债"回售不会对公司财务状况、股本结构、经营成果及现金流 量产生重大影响，不会损害公司的债务履行能力和持续经营能力。 三、本次可转换公司债券回售的后续事项 1、债券代码：123064，债券简称：万孚转债 2、回售价格：100.266 元人民币/张（含息、税） 一、本次可转换公司债券回售的公告情况 广州万孚生物技术股份有限公司（以下简称"公司"）根据《深圳证券交易 所创业板股票上市规则》、《深圳证券交易所上市公司自律监管指引第 15 号—— 可转换公司债券》等法律法规的有关规定以及《广州万孚生物技术股份有限公司 向不特定对象发行可转换公司债券募集说明书》的约定，于 2024 年 10 月 22 日、 2024 年 10 月 23 日、2024 年 10 月 24 ...

Investment Rating - Buy/Maintain rating for Wondfo Biotech (300482) [2] Core Views - Wondfo Biotech's international business is rapidly expanding, while its domestic business shows strong resilience [2] - The company's global layout is accelerating, with COVID-19 single test and fentanyl test reagents obtaining FDA registration certificates [4] - Domestic business demonstrates strong resilience, with 900-speed chemiluminescence installations exceeding expectations [5] - Financial expense ratio is slightly affected by exchange gains and losses, but profitability has improved year-on-year [6] Financial Performance - In the first three quarters of 2024, Wondfo Biotech achieved revenue of 2,181 million yuan, a year-on-year increase of 8.83% [3] - Net profit attributable to the parent company was 436 million yuan, a year-on-year increase of 9.04% [3] - In the third quarter of 2024, revenue was 606 million yuan, a year-on-year increase of 17.51% [3] - Net profit attributable to the parent company in Q3 2024 was 80 million yuan, a year-on-year increase of 22.70% [3] International Business - International business maintains relative stability, with quantitative business achieving rapid growth [4] - Single-person luminescence products in overseas markets have seen significant year-on-year growth [4] - Quantitative platform revenue and proportion have significantly increased, driven by comprehensive instrument deployment [4] - Fentanyl urine test reagent POC professional version and home self-test OTC products have obtained FDA 510(k) approval [4] - Self-developed COVID-19 home test (OTC) product has passed FDA 510(k) approval [4] Domestic Business - Domestic quantitative business saw slight year-on-year growth in Q3 2024, with chemiluminescence business growing rapidly [5] - 900-speed chemiluminescence high-speed machine installations exceeded expectations in the first three quarters of 2024 [5] - 200-speed instrument installations met the 2024 target [5] - Colloidal gold platform achieved rapid year-on-year growth in Q3 2024, exceeding the business rhythm set at the beginning of the year [5] Profitability and Expenses - Comprehensive gross profit margin increased by 0.59pct to 63.43% in the first three quarters of 2024 [6] - Sales expense ratio, management expense ratio, and R&D expense ratio decreased by 1.61pct, 0.50pct, and 0.52pct respectively [6] - Financial expense ratio increased by 1.22pct due to exchange rate fluctuations [6] - Overall net profit margin increased by 0.32pct to 20.16% [6] - In Q3 2024, comprehensive gross profit margin increased by 0.30pct to 61.07% [6] - Net profit margin in Q3 2024 increased by 0.87pct to 13.45% [6] Future Projections - Expected revenue for 2024-2026 is 3,101 million yuan, 3,796 million yuan, and 4,620 million yuan, with year-on-year growth rates of 12%, 22%, and 22% respectively [8] - Expected net profit attributable to the parent company for 2024-2026 is 638 million yuan, 782 million yuan, and 982 million yuan, with year-on-year growth rates of 31%, 23%, and 26% respectively [8] - EPS for 2024-2026 is expected to be 1.32, 1.62, and 2.04 respectively [8] - PE ratio for 2024 is 19 times based on the closing price on October 29, 2024 [8]

| 证券代码：300482 | 证券简称：万孚生物 | 公告编号：2024-103 | | --- | --- | --- | | 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 关于万孚转债恢复转股的提示性公告 3、暂停转股时间：2024 年 10 月 25 日至 2024 年 10 月 31 日 4、恢复转股时间：2024 年 11 月 1 日 广州万孚生物技术股份有限公司（以下简称"公司"）的股票自 2024 年 9 月 1 日至 2024 年 9 月 10 日连续七个交易日的收盘价格低于当期转股价 48.56 元/股的 70%，即 33.99 元/股；2024 年 9 月 11 日至 2024 年 10 月 22 日连续二 十三个交易日的收盘价格低于当期转股价 48.58 元/股（因部分限制性股票回购 注销导致公司股本减少，自 2024 年 9 月 11 日起，"万孚转债"转股价格由 48.56 元/股调整为 48.58 元/股）的 70%，即 34.01 元/股。"万孚转债"处于 最后两个计息年度。根据《广州万孚生物技术股份有限公司向不特定对象发行 可转换公司债 ...

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。 特别提示： | 证券代码：300482 | 证券简称：万孚生物 | 公告编号：2024-102 | | --- | --- | --- | | 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 关于万孚转债回售的第六次提示性公告 1、回售价格：100.266 元人民币/张（含息、税） 2、回售条件触发日：2024 年 10 月 22 日 3、回售申报期：2024 年 10 月 25 日至 2024 年 10 月 31 日 4、发行人资金到账日：2024 年 11 月 5 日 5、回售款划拨日：2024 年 11 月 6 日 6、投资者回售款到账日：2024 年 11 月 7 日 7、回售期申报期内万孚转债暂停转股 8、本次回售不具有强制性 9、在回售款划拨日之前，如已申报回售的可转换公司债券发生司法冻结或 扣划等情形，债券持有人本次回售申报业务失效。 2、回售价格 根据《募集说明书》的约定，当期应计利息的计算公式为：IA=B×i×t/365 IA：指当期应计利息； B：指本次发 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 2.765 billion yuan in 2023, with a year-on-year growth rate of -51%. The forecast for 2024 is 3.127 billion yuan, representing a 13% growth [1] - The net profit attributable to the parent company for 2023 is projected to be 488 million yuan, with a significant year-on-year decline of -59%. The expected net profit for 2024 is 632 million yuan, indicating a recovery with a growth rate of 30% [1] - The company has shown a strong recovery in its conventional business, with significant growth in international operations and a steady improvement in profitability [1][2] Financial Performance Summary - **Revenue (in million yuan)**: - 2022: 5,681 - 2023: 2,765 - 2024E: 3,127 - 2025E: 3,873 - 2026E: 4,810 [1] - **Net Profit (in million yuan)**: - 2022: 1,197 - 2023: 488 - 2024E: 632 - 2025E: 780 - 2026E: 968 [1] - **Earnings Per Share (in yuan)**: - 2022: 2.49 - 2023: 1.01 - 2024E: 1.31 - 2025E: 1.62 - 2026E: 2.01 [1] - **Return on Equity (ROE)**: - 2022: 26% - 2023: 11% - 2024E: 12% - 2025E: 13% - 2026E: 14% [1] Market and Business Outlook - The company has seen a significant recovery in its conventional business, with a notable increase in revenue and net profit in the third quarter of 2024, driven by the recovery of routine business and stable expense management [1] - The international business is expanding rapidly, with ongoing localization efforts and strong growth in the international division, supported by WHO certification for products [1][2] - The company is expected to maintain high growth potential, with a focus on product-driven growth and a stable outlook for its U.S. operations [1][2]

| 证券代码：300482 | 证券简称：万孚生物 | 公告编号：2024-101 | | --- | --- | --- | | 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 关于万孚转债回售的第五次提示性公告 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。 特别提示： 1、回售价格：100.266 元人民币/张（含息、税） 2、回售条件触发日：2024 年 10 月 22 日 3、回售申报期：2024 年 10 月 25 日至 2024 年 10 月 31 日 4、发行人资金到账日：2024 年 11 月 5 日 5、回售款划拨日：2024 年 11 月 6 日 6、投资者回售款到账日：2024 年 11 月 7 日 7、回售申报期内万孚转债暂停转股 8、本次回售不具有强制性 9、在回售款划拨日之前，如已申报回售的可转换公司债券发生司法冻结或 扣划等情形，债券持有人本次回售申报业务失效。 广州万孚生物技术股份有限公司（以下简称"公司"）的股票自 2024 年 9 月 1 日至 2024 年 9 月 10 日连续七个交 ...

Financial Performance - In Q3 2024, the company achieved operating revenue of 606.11 million yuan, a year-on-year increase of 17.51% [1] - Net profit attributable to shareholders reached 80.14 million yuan, up 22.70% from the previous year [1] - Net profit excluding non-recurring gains and losses was 62.70 million yuan, reflecting a significant growth of 49.89% year-on-year [1] Business Segments - The international department maintained stable qualitative business while experiencing rapid growth in quantitative business, particularly in overseas fluorescence platforms [1] - The U.S. subsidiary's toxicology business remained stable, with significant growth expected in respiratory infectious disease testing, including new COVID-19 and flu combination tests [2] - Domestic operations are divided into qualitative and quantitative segments, with qualitative business showing rapid growth in infectious disease testing [2] Market Expansion - The company is actively expanding sales channels, focusing on offline pharmacies, supermarkets, and online platforms like Amazon [2] - Localized factories are being established in various countries to mitigate potential policy risks and enhance market opportunities [3] - The company has successfully registered respiratory combination tests in several countries, anticipating future business opportunities [4] Cost and Profitability - Sales and management expenses increased in Q3 due to the recognition of stock incentive costs, but overall expense ratios have decreased compared to the previous year [3] - Gross margin showed a slight improvement due to product structure optimization and increased sales of higher-margin products [4] Future Outlook - The international department is expected to continue strong performance, with significant growth anticipated in the fourth quarter driven by respiratory disease products [4] - The company remains confident in achieving its annual revenue and profit targets despite external challenges [4]

| 证券代码：300482 | 证券简称：万孚生物 | 公告编号：2024-100 | | --- | --- | --- | | 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 关于万孚转债回售的第四次提示性公告 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。 特别提示： 5、回售款划拨日：2024 年 11 月 6 日 6、投资者回售款到账日：2024 年 11 月 7 日 7、回售申报期内万孚转债暂停转股 8、本次回售不具有强制性 9、在回售款划拨日之前，如已申报回售的可转换公司债券发生司法冻结或 扣划等情形，债券持有人本次回售申报业务失效。 广州万孚生物技术股份有限公司（以下简称"公司"）的股票自 2024 年 9 月 1 日至 2024 年 9 月 10 日连续七个交易日的收盘价格低于当期转股价 48.56 元/股 的 70%，即 33.99 元/股；2024 年 9 月 11 日至 2024 年 10 月 22 日连续二十三个 交易日的收盘价格低于当期转股价 48.58 元/股（因部分限制性股票回购注销导致 公 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company's performance in Q3 2024 met expectations, with a revenue of 2.181 billion yuan (+8.83%) and a net profit of 436 million yuan (+9.04%) for the first nine months of 2024. The Q3 revenue was 606 million yuan (+17.51%) and net profit was 80 million yuan (+22.70%) [2]. - The company demonstrated resilience in a challenging domestic market, with growth driven by a gradual recovery in hospital admissions and successful overseas product registrations [2][4]. - The gross margin for Q3 2024 was 61.07%, slightly up by 0.3 percentage points year-on-year, benefiting from an optimized product mix. The company also achieved a significant reduction in operating expense ratios, indicating improved operational efficiency [2][4]. - Recent advancements in overseas product certifications are expected to support rapid growth in international business, including malaria detection products and FDA approvals for fentanyl and COVID-19 testing kits [2][4]. Financial Forecasts - The company is projected to achieve revenues of 3.0905 billion yuan in 2024, with a growth rate of 11.78%. Net profit is expected to reach 655.46 million yuan, reflecting a growth rate of 34.42% [5]. - For the years 2025 and 2026, revenues are forecasted at 3.71212 billion yuan and 4.40689 billion yuan, with respective growth rates of 20.11% and 18.72%. Net profits are expected to be 811.60 million yuan and 982.11 million yuan, with growth rates of 23.82% and 21.01% [5][9].