Financial Performance - The company's operating revenue for Q1 2024 was RMB 5,267,289,154.73, representing a year-on-year increase of 2.42%[5] - The net profit attributable to shareholders for the same period was RMB 575,877,577.58, reflecting a growth of 10.04% compared to the previous year[5] - The basic earnings per share for Q1 2024 was RMB 0.420, which is a 9.95% increase year-on-year[5] - Operating profit for Q1 2024 was RMB 1,029,180,110.63, up from RMB 995,843,502.23 in Q1 2023, reflecting a growth of 3.5%[18] - Net profit for Q1 2024 amounted to RMB 862,533,674.69, compared to RMB 829,317,918.63 in Q1 2023, indicating an increase of 4.0%[18] - The total comprehensive income for Q1 2024 was approximately ¥857.77 million, compared to ¥772.11 million in Q1 2023, indicating an increase of 11%[19] - The net profit attributable to shareholders of the parent company for Q1 2024 was approximately ¥575.88 million, an increase from ¥523.36 million in Q1 2023, representing a growth of 10%[19] Cash Flow and Liquidity - The net cash flow from operating activities decreased significantly by 121.98%, amounting to -RMB 251,766,221.42, primarily due to increased procurement costs[8] - Cash flow from operating activities for Q1 2024 showed a net outflow of approximately ¥251.77 million, a significant decrease from a net inflow of ¥1.15 billion in Q1 2023[20] - Cash received from sales of goods and services in Q1 2024 was approximately ¥5.15 billion, down from ¥5.69 billion in Q1 2023, representing a decline of 9%[20] - The net cash flow from investing activities for Q1 2024 was approximately -¥97.52 million, compared to -¥6.79 million in Q1 2023, indicating a worsening of investment cash flow[20] - The net cash flow from financing activities for Q1 2024 was approximately ¥641.73 million, a turnaround from a net outflow of -¥153.12 million in Q1 2023[21] - The ending balance of cash and cash equivalents as of the end of Q1 2024 was approximately ¥12.30 billion, a decrease from ¥12.57 billion at the end of Q1 2023[21] Assets and Liabilities - Total assets at the end of the reporting period reached RMB 31,253,026,762.50, up 3.87% from the end of the previous year[5] - The total liabilities for Q1 2024 were RMB 9,991,221,785.16, slightly up from RMB 9,832,343,990.70 in Q1 2023, showing an increase of 1.6%[17] - Long-term borrowings increased significantly to RMB 2,229,750,876.39 in Q1 2024, compared to RMB 1,429,750,809.82 in Q1 2023, marking a rise of 56%[17] - The total equity attributable to shareholders increased to RMB 13,580,704,826.05 in Q1 2024 from RMB 13,058,012,147.00 in Q1 2023, reflecting a growth of 4.0%[17] Shareholder Information - The company reported a total of 105,098 common shareholders at the end of the reporting period[9] - The largest shareholder, China Beijing Tongrentang (Group) Co., Ltd., holds 52.45% of the shares[9] - The total number of shares held by the top 10 shareholders did not show any significant changes in the context of margin trading and securities lending[12] Operational Insights - Accounts receivable increased by 60.64% compared to the beginning of the period, attributed to the rolling use of customer credit limits[8] - Inventory levels rose to RMB 9,599,688,227.42, compared to RMB 9,340,164,542.46, marking an increase of around 2.77%[15] - The company reported a decrease in sales expenses to RMB 840,167,231.58 in Q1 2024 from RMB 934,153,949.48 in Q1 2023, indicating a reduction of 10.1%[18] - Research and development expenses for Q1 2024 were RMB 41,579,952.41, a decrease from RMB 45,194,023.47 in Q1 2023, reflecting a reduction of 8.5%[18] Market Outlook - The overall market outlook remains cautiously optimistic, with no specific guidance provided for future performance[14] - The company’s financial health appears stable with no audit opinion issues reported for the quarter[15] - The company has no significant new strategies or product developments mentioned in the report[14] - The report indicates that there are no significant related party transactions among the top shareholders[10]

Investment Rating - The report maintains a "Buy" rating for Tongrentang (600085.SH) [2][8] Core Views - The company achieved steady annual growth in 2023, with total revenue reaching 17.861 billion yuan, a year-on-year increase of 16.19%. The net profit attributable to shareholders was 1.669 billion yuan, up 16.92% year-on-year [5][6] - The pharmaceutical industry showed stable performance, with a continued implementation of the major product strategy, leading to a revenue of 11.079 billion yuan, a 12.60% increase year-on-year [3][6] - The pharmaceutical commercial segment also performed well, generating revenue of 10.246 billion yuan, a 20.82% increase year-on-year, with an expansion of retail stores to 1,001 by the end of 2023 [3][6] Financial Summary - **2023 Financial Performance**: - Total Revenue: 17,861 million yuan, up 16.19% year-on-year - Net Profit: 1,669 million yuan, up 16.92% year-on-year - Cash Flow from Operating Activities: 1,869 million yuan, down 39.58% year-on-year [2][5][6] - **2024-2026 Forecast**: - Expected Revenue: 20,246 million yuan (2024E), 22,920 million yuan (2025E), 25,898 million yuan (2026E) - Expected Net Profit: 1,913 million yuan (2024E), 2,190 million yuan (2025E), 2,504 million yuan (2026E) - Corresponding PE Ratios: 29.41 (2024E), 25.69 (2025E), 22.46 (2026E) [2][8] Product Performance - The top five product series generated revenue of 4.953 billion yuan, a 9.97% increase year-on-year, with a gross margin of 54.82% [3][6] - Revenue from various product categories: - Cardiovascular: 4.388 billion yuan, up 8.02% - Nutritional supplements: 1.730 billion yuan, up 10.41% - Heat-clearing products: 615 million yuan, up 16.10% - Gynecological products: 377 million yuan, up 8.16% - Other categories: 3.970 billion yuan, up 19.12% [3][6] Retail Expansion - The company expanded its retail presence, adding 59 new stores in 2023, with a total of 1,001 retail stores by year-end [3][6]

证券代码：600085 证券简称：同仁堂 公告编号：2024-006 北京同仁堂股份有限公司 关于召开 2023 年年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、准确性和完整性承担法律责任。 重要内容提示： 二、 说明会召开的时间、地点 投资者可于 2024 年 4 月 22 日 16:00 前将需要了解的情况和有关问题预先通过 电子邮件发送至北京同仁堂股份有限公司（以下简称公司）投资者关系邮箱 （tongrentang@tongrentang.com）。公司将在信息披露允许的范围内，于说明会上 就投资者普遍关注的问题进行回答。 会议召开时间：2024 年 4 月 23 日（星期二）上午 10:00-11:30 会议召开地点：上海证券交易所上证路演中心（https://roadshow.sseinfo.com/） 公司于 2024 年 3 月 29 日披露了《同仁堂 2023 年年度报告》，为便于广大投 资者更全面深入地了解公司 2023 年年度经营成果及财务状况，公司计划于 2024 年 4 月 23 日上午 10:00-11:3 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2023 annual performance met expectations, with core products continuing to grow [1] - The company achieved a revenue of 17.861 billion yuan in 2023, representing a year-on-year increase of 16.19% [1] - The net profit attributable to the parent company was 1.669 billion yuan, up 16.92% year-on-year [1] - The company is focusing on product development and innovation, with ongoing research projects and product enhancements [2][3] Financial Summary - The company reported a slight decline in Q4 2023 revenue, which was 4.14 billion yuan, down 7.44% year-on-year [1] - The gross profit margin for the year was 47.29%, a decrease of 1.51 percentage points year-on-year [1] - The net profit margin was 14.46%, an increase of 0.15 percentage points year-on-year [1] - The company plans to achieve revenues of 20.092 billion yuan, 22.355 billion yuan, and 25.615 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 13%, 11%, and 15% [3] - The projected net profit for 2024, 2025, and 2026 is 2.0 billion yuan, 2.363 billion yuan, and 2.784 billion yuan, respectively, with growth rates of 20%, 18%, and 18% [3] Operational Insights - The company is actively exploring new product development and enhancing existing products, focusing on major product lines [2] - The company has established a stable development trajectory for its subsidiaries, with notable revenue growth in its commercial segment [1][2]

[ 2T 0a 2b 4le 年_S 0t 4oc 月kIn 10fo 日] 证券研究报告•2023年年报点评 当前价： 41.55元 同 仁 堂（600085） 医药生物 目标价： ——元（6个月） 大品种战略持续推进，成本上涨影响毛利 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a发ry布] 2023年年报，实现营业收入178.6亿元（+16.19%）；归母净 [分Ta析bl师e_：Au杜th向or阳] 利润16.7亿元（+16.92%），扣非后归母净利润16.6亿元（+18.32%）。 执业证号：S1250520030002  大品种战略持续推进，原材料成本上涨拖累毛利。2023 年医药工业主营收入 电话：021-68416017 110.79亿元，同比增长12.6%。医药商业主营收102.5亿元，同比增长20.8%， 邮箱：duxy@swsc.com.cn 毛利率达到 31%，同比增长 0.2pp。公司持续聚焦大品种战略，前五名系列品 分析师：阮雯 种（安宫、牛黄清心、五子衍宗、六味地黄、金匮肾气）收入49.5亿元，增速 执业证号：S1250522100004 12.6%，占 ...

Investment Rating - The report maintains a "Buy" rating for Tong Ren Tang (600085 CH) with a target price of RMB 57.60, indicating a potential upside of 40% from the current price of RMB 41.27 [1][2][5]. Core Views - The company is expected to maintain steady growth over the next three years, with projected revenue and net profit CAGR of 11% and 19% respectively from 2023A to 2026E [1][4]. - The target price has been adjusted down by 19% due to lowered earnings forecasts for 2024 and 2025, reflecting a more conservative outlook [5][16]. Financial Performance Summary - In 2023, Tong Ren Tang achieved revenue of RMB 17.861 billion, a year-on-year increase of 16%, and a net profit of RMB 1.669 billion, up 17% [4][9]. - The company's gross margin decreased by 1.5 percentage points to 47.3%, while the net profit margin remained stable at 9.3% [4][9]. - The pharmaceutical manufacturing segment reported revenue of RMB 11.079 billion, growing 13% year-on-year, while the pharmaceutical commerce segment saw revenue of RMB 10.246 billion, a 21% increase [10][20]. Earnings Forecast Adjustments - Revenue forecasts for 2024 and 2025 have been reduced by 4%, with corresponding adjustments to gross profit and net profit estimates, reflecting a 9% decrease in EPS for both years [13][15]. - The updated earnings per share (EPS) estimates are RMB 1.54 for 2024E, RMB 1.81 for 2025E, and RMB 2.05 for 2026E [15][20]. Valuation Metrics - The target price corresponds to a 2024 P/E ratio of 37x, which is above the average P/E of comparable companies at 20x, justifying a premium valuation for the leading OTC traditional Chinese medicine company [5][16][18].

[Table_MainInfo] 公司研究/医药与健康护理/中药 证券研究报告 同仁堂（600085）公司年报点评 2024年04月09日 [Table_InvestInfo] 投资评级 优于大市 维持 推进落实大品种战略，母公司业绩稳健增长 股票数据 [Table_Summary] 0[4Ta月b0le8_日S收to盘ck价（In元fo）] 40.77 投资要点： 52周股价波动（元） 39.71-64.28 总股本/流通A股（百万股） 1371/1371 总市值/流通市值（百万元） 56601/56601  事件：公司发布 2023 年年报，实现营业收入 178.61 亿元（+16.19%），归 相关研究 母净利润16.69亿元（+16.92%），扣非归母净利润16.57亿元（+18.32%）。 [《Ta大b品le种_R战e略p持or续tI推nf进o]， 盈利能力稳步提升》 分季度来看，单 Q4 实现营业收入 41.40 亿元（-7.44%），归母净利润 2.78 亿元（-34.47%），扣非归母净利润2.79亿元（-31.83%）。 2023.09.20 《全年经营基本恢复，稳中求进趋势明朗》 202 ...

Investment Rating - The report maintains a "Buy" rating for Tong Ren Tang (600085.SH) [1] Core Views - The company has demonstrated steady growth, with a notable increase in revenue and net profit, despite facing pressure on gross margins due to fluctuations in raw material prices [1][2] - The company achieved a revenue of 17.86 billion yuan in 2023, representing a year-on-year growth of 16%, and a net profit of 1.67 billion yuan, up 17% year-on-year [1][2] - The report highlights the company's effective market expansion and marketing strategies, which have contributed to its revenue growth [1] Financial Performance Summary - **Revenue Forecasts**: - 2022A: 15.37 billion yuan - 2023A: 17.86 billion yuan (16% growth) - 2024E: 20.61 billion yuan (15% growth) - 2025E: 23.25 billion yuan (13% growth) - 2026E: 25.80 billion yuan (11% growth) [1] - **Net Profit Forecasts**: - 2022A: 1.43 billion yuan - 2023A: 1.67 billion yuan (17% growth) - 2024E: 1.96 billion yuan (18% growth) - 2025E: 2.30 billion yuan (17% growth) - 2026E: 2.56 billion yuan (12% growth) [1] - **Earnings Per Share (EPS)**: - 2023E: 1.22 yuan - 2024E: 1.43 yuan - 2025E: 1.67 yuan - 2026E: 1.87 yuan [1] - **Return on Equity (ROE)**: - 2023E: 8% - 2024E: 9% - 2025E: 9% - 2026E: 9% [1] - **Price-to-Earnings (P/E) Ratio**: - 2023E: 39.4 - 2024E: 33.7 - 2025E: 28.6 - 2026E: 24.5 [1] - **Price-to-Book (P/B) Ratio**: - 2023E: 4.8 - 2024E: 4.3 - 2025E: 3.8 - 2026E: 3.4 [1] Business Segment Performance - **Pharmaceutical Manufacturing**: - Revenue growth of 7% in core products, although gross margins faced pressure due to raw material price fluctuations [1] - **Pharmaceutical Commerce**: - Rapid recovery post-pandemic with steady expansion of retail stores, achieving a revenue increase of 20.94% [1][2]

2024 年 04 月 01 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 商业增长亮眼，二线品种放量加速 证券分析师： 周小刚 S0350521090002 zhouxg@ghzq.com.cn ——同仁堂（ ） 年年报点评报告 600085 2023 最近一年走势 事件 : 同仁堂3月28日发布2023年年报：2023年公司实现营业收入178.61 亿元，同比增长16.19%；归母净利润16.69亿元，同比增长16.92%； 扣非归母净利润16.57亿元，同比增长18.32%。 公司2023年Q4单季度实现营收41.4亿元，同比下滑7.44%；归母净 利润2.78亿元，同比下滑34.47%；扣非归母净利润2.79亿元，同比下 滑31.83%。 投资要点 : 相对沪深300表现 2024/03/29 表现 1M 3M 12M 同仁堂 -7.9% -23.7% -23.1%  2023年公司商业部分增长亮眼 分板块来看，2023年公司工业 沪深300 0.6% 3.1% -11.7% 板块营收110.79亿元，同比增长12.6%；商业板块营收102.46亿 元，同比增长20.8 ...

公司报告 | 年报点评报告 同仁堂（600085） 证券研究报告 2024年03月 31日 投资评级 业绩贴近预告上限，工业+商业齐增长 行业 医药生物/中药Ⅱ 6个月评级 买入（维持评级） 当前价格 40.99元 事件： 目标价格 元 2024 年 3 月 29 日，同仁堂披露2023 年年度报告，2023 年公司实现营业 收入178.61亿元，同比+16.19%；实现归母净利润16.69亿元，同比+16.92%； 基本数据 实现扣非归母净利润 16.57 亿元，同比+18.32%。2023Q4 单季度公司实现 A股总股本(百万股) 1,371.47 营业收入41.40亿元，同比-7.44%；归母净利润2.78亿元，同比-34.47%； 流通A股股本(百万股) 1,371.47 扣非归母净利润2.79亿元，同比-31.83%。 A股总市值(百万元) 56,216.57 工业+商业齐增长，前五名系列表现稳健 流通A股市值(百万元) 56,216.57 2023年公司医药工业板块实现收入110.79亿元，同比+12.60%；其中心脑 每股净资产(元) 9.52 血管类产品实现收入43.88亿元，同比+8.02% ...