三诺生物(300298)年报点评：业绩符合预期,内销市场高增长持续130205

1、-40.00%/2)300298201220132558.103.3950%46%62%1.4620121.2970.00870098%2.893600201256%57%53%4817140021-s101051012004672.4%010-608367449.91.526.3%8.3%1.338.0%4.150%300201220%-30%570050%300085002013100.00%80.00%60.00%40.00%20.00%0.00%-20.00%30%2000201203202012060520120815201210312013011420%-30%35%2013201

2、332%4.433%40%-50%1.7435%2012otc12300/1216274888.00 /22.0067.76/32.101.29%17.37%2.65%75.451.2.3.13002982.01/2.67/3.54epscagr 34%2013/2014/2015 eps1.61/2.41/2.832013 35 pe.2013-01-1130029870201120122013e2014e2015e.2012-10-15(yoy%()20930.738833961.8912946837.9817764036.8323586435.00312p/ep/byoy%eps(bps

3、60.7170.081.002.725821.446.1370.321.469.60406.020132437.4370.322.0113.56294.3eps32.7770.322.6715.37223.832.6470.323.5417.78163.3300298201220112096370.1%23516.5%146.8%-3-1.6%09947.4%401031514.3%08842.1%0.80201233910170.3%48926.3%288.3%-16-4.7%714041.2%1101502113.9%012938.0%1.172013e46813970.3%510823.

4、0%367.8%-23-4.9%020343.3%302062914.0%017737.8%1.612014e64019070.3%714723.0%517.9%-25-3.9%027042.2%302733814.0%023536.7%2.142015e86425770.3%1019923.0%687.9%-28-3.3%035941.6%303635114.0%031236.1%2.832011179236921711011224241034447015156266131802012655371418388915012315794608778501616101885728452013e11

5、9751171821446112012201451591010768601414100110104514912014e1298702519015821950171923118130139510801414122110104516912015e153394322001859206022192472106019118137014141511101045195602410946015910181302106201120122013e2014e2015e103150206273363201120122013e2014e2015e-15-21-29-38-511-1310317-209-17-2315-

6、13-2517-13-2830.7%69.7%60.7%61.9%40.6%46.1%38.0%45.2%37.4%36.8%33.2%32.8%35.0%33.0%32.6%86129145213288%-8000-193600-96000-101000-34000%ebit margin %ebitda margin %70.1%38.7%39.7%42.1%70.3%47.5%48.0%38.0%70.3%39.4%40.4%37.8%70.3%39.0%40.9%36.7%70.3%38.8%41.2%36.1%-8-187-96-101-34%00588049500000%49.1%

7、36.6%15.2%13.6%11.9%11.1%13.9%13.0%15.9%14.8%0-44-26-35-47%0077-95354772349254125-1010128-19235%25.6%14.3%0.3%10.7%13.9%34.2%6.3%14.0%20.0%6.7%14.0%20.0%7.1%14.0%20.0%1-“”analyst certificationiiithe analysts primarily responsible for the preparation of all or part of the research report contained he

8、rein hereby certify that: (i)the views expressed in this research report accurately reflect the personal views of each such analyst about the subject securities and issuers; and (ii)no part of the analysts compensation was, is, or will be directly or indirectly, related to the specific recommendatio

9、ns or views expressed in thisresearch report.“”/()(1)(2)/2013130020%63005%20%263006300300300300300300-10% 5%10%10%-10% 10%10%481568811001252220012251804826foreign broker-dealer disclosures for distributing to the u.s.this report has been produced in its entirety by citic securities limited company (“citic securities”, regulated by the china securities regulatorycommission. securities business license number: z20374000). this report is being distributed in the united states by citic securities pursuant to rule15a-6(a) (2) under the u.s. securities exchange act o