华福证券 a मे 太极集团（600129.SH） 业绩短期承压，人事变动落地 投资要点： 公司三季度业绩短期承压。 业绩端：2024Q1-Q3，公司实现营收 104.3 亿，同比下降 14%；实现归 母净利润 5.5 亿，同比下降 28%；实现扣非归母净利润 5 亿，同比下降 30%。 2024Q3：公司实现营收 26.2 亿，同比下降 16%；实现归母净利润 0.5 亿， 同比下降 74%；实现扣非归母净利润 0.3 亿，同比下降 79%。 分行业：2024Q1-Q3：医药工业收入为 61.9 亿，同比下降 25%；医药 商业收入为 51.1 亿，同比下降 11%；中药材资源收入为 7.2 亿，同比下降 14%；大健康及国际业务收入为 3.6 亿，同比增长 66%。 2024Q3：医药工业收入为 11.1 亿，同比下降 44%；医药商业收入为 13.7 亿，同比下降 25%；中药材资源收入为 2.3 亿。 大单品益保世灵以及藿香正气口服液表现不佳。 2024Q1-Q3：呼吸类产品 18.76 亿,同比下降 1%；消化及代谢产品 17.69 亿，同比下降 34%；抗感类产品 8.48 亿,同比下降 43%； ...

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - Short-term performance is under pressure due to multiple factors, but a return to stable growth is expected after the base disturbances are cleared [2]. - The company's revenue for the first three quarters of 2024 was 10.434 billion yuan, a decrease of 14.36%, with a net profit attributable to shareholders of 545 million yuan, down 28.10% [2]. - The report adjusts the EPS forecast for 2024-2026 to 1.11, 1.47, and 1.90 yuan respectively, down from the previous estimates of 1.72, 2.10, and 2.61 yuan [2]. Financial Performance Summary - Q3 2024 revenue was 2.617 billion yuan, a decline of 16.44%, with a net profit of 50 million yuan, down 73.82% [2]. - The pharmaceutical industrial segment reported revenue of 6.188 billion yuan, down 25.24%, with a gross margin of 61.11%, a decrease of 4.04 percentage points [2]. - The report highlights that the core product sales were below expectations due to high inventory levels and changes in sales recognition [2]. Segment Analysis - Pharmaceutical industrial revenue: 6.188 billion yuan (-25.24%), with significant declines in core products [2]. - Pharmaceutical commercial revenue: 5.109 billion yuan (-11.21%) [2]. - Traditional Chinese medicine resources revenue: 724 million yuan (-13.77%) [2]. - Health and international business revenue: 355 million yuan (+65.61%) [2]. Margin and Cost Management - Q3 2024 gross margin was 29.13%, down 16.51 percentage points year-on-year, primarily due to changes in revenue structure [2]. - The selling expense ratio decreased by 14.77 percentage points to 15.61% due to changes in accounting and proactive optimization [2]. Future Outlook - The report anticipates that product revenue and the impact of sales recognition changes will gradually clear, leading to a return to stable growth by 2025 [2]. - The management changes are expected to drive new growth opportunities [2].

Investment Rating - Buy (Maintained) [1] Core Views - The company's performance is under pressure due to multiple factors, including a high base effect and inventory issues in certain products [2] - Revenue for the first three quarters of 2024 was RMB 10.434 billion, a year-on-year decrease of 14.36%, with net profit attributable to the parent company at RMB 545 million, down 28.10% [2] - The company's pharmaceutical industrial segment saw a significant decline in sales, while the health and international segment showed strong growth [3] - The company is optimizing its marketing system, with sales expense ratio decreasing to 15.61%, down 14.76 percentage points year-on-year [3] - The company's overseas business achieved revenue of RMB 8.59 million, a year-on-year increase of 70.78% [4] - The company's core products still have significant growth potential, and the high base effect is gradually being digested [4] Financial Performance - Revenue for 2024 is expected to be RMB 13.385 billion, a year-on-year decrease of 14.32%, with net profit attributable to the parent company at RMB 609.88 million, down 25.82% [1] - Revenue for 2025 is expected to be RMB 15.138 billion, a year-on-year increase of 13.10%, with net profit attributable to the parent company at RMB 816.36 million, up 33.86% [1] - Revenue for 2026 is expected to be RMB 16.983 billion, a year-on-year increase of 12.18%, with net profit attributable to the parent company at RMB 1.0268 billion, up 25.78% [1] - The company's P/E ratio for 2024 is expected to be 23.61x, decreasing to 17.64x in 2025 and 14.03x in 2026 [1] Business Segments - Pharmaceutical industrial segment revenue for the first three quarters of 2024 was RMB 6.188 billion, down 25.24% year-on-year [3] - Pharmaceutical commercial segment revenue for the first three quarters of 2024 was RMB 5.109 billion, down 11.21% year-on-year [3] - Traditional Chinese medicine resources segment revenue for the first three quarters of 2024 was RMB 724 million, down 13.77% year-on-year [3] - Health and international segment revenue for the first three quarters of 2024 was RMB 355 million, up 65.61% year-on-year [3] Product Performance - Digestive and metabolic drugs revenue for the first three quarters of 2024 was RMB 1.769 billion, down 34.28% year-on-year [4] - Respiratory system products revenue for the first three quarters of 2024 was RMB 1.876 billion, down 1.21% year-on-year [4] - Anti-infective drugs, nervous system drugs, and cardiovascular drugs all experienced declines, mainly due to the decline in chemical drug products [4] Valuation and Forecast - The company's 2024-2026 net profit attributable to the parent company has been revised down to RMB 610 million, RMB 816 million, and RMB 1.027 billion, respectively [4] - The company's P/E valuation for 2024-2026 is 24x, 18x, and 14x, respectively [4] - The company's core products still have significant growth potential, and the high base effect is gradually being digested [4]

Investment Rating - Buy (Maintained) [1] Core Views - Short-term performance pressure due to high base effect and off-season factors, with significant declines in pharmaceutical industrial revenue [1] - New leadership changes expected to bring positive impacts, with potential for a performance turnaround [1] - Core product Huoxiang Zhengqi Oral Liquid underperformed, leading to revenue declines in key therapeutic areas [1] - Gross margin fluctuated due to structural changes, with pharmaceutical industrial gross margin dropping by 4.04pp to 61.11% [1] - Net profit margin has room for improvement, with channel inventory destocking ongoing [1] - Revenue and net profit forecasts adjusted due to underperformance of core products and external policy impacts on the chemical drug sector [1] Financial Performance Summary Revenue and Profit - 2024E revenue expected to be 12,892 million yuan, a 17% YoY decline [1] - 2024E net profit attributable to parent company expected to be 736 million yuan, a 10% YoY decline [1] - 2025E revenue forecasted at 14,242 million yuan, a 10% YoY increase [1] - 2025E net profit attributable to parent company forecasted at 867 million yuan, an 18% YoY increase [1] Key Financial Ratios - 2024E P/E ratio: 19.0, P/B ratio: 3.2 [1] - 2025E P/E ratio: 16.1, P/B ratio: 2.7 [1] - 2024E ROE: 16%, 2025E ROE: 16% [1] Segment Performance - Pharmaceutical industrial revenue in Q3 2024: 26.17 billion yuan, a 16.44% YoY decline [1] - Pharmaceutical commercial revenue in Q3 2024: 51.09 billion yuan, an 11.21% YoY decline [1] - Traditional Chinese medicine resource segment revenue in Q3 2024: 7.24 billion yuan, a 13.77% YoY decline [1] Cash Flow and Inventory - 2024E operating cash flow: 3,356 million yuan, a significant increase from 672 million yuan in 2023A [3] - Inventory turnover days in Q3 2024: 127 days, the highest in three years [1] - Accounts receivable turnover days in Q3 2024: 61 days, the highest in three years [1] Future Outlook - Revenue growth expected to rebound in 2025E and 2026E, with 10% and 11% YoY increases respectively [1] - Net profit growth expected to accelerate in 2025E and 2026E, with 18% and 16% YoY increases respectively [1] - Gross margin expected to stabilize around 47% in 2025E and 2026E [6] - Net profit margin expected to improve to 6.3% in 2025E and 6.7% in 2026E [6]

证券代码：600129 证券简称：太极集团 公告编号：2024-056 1 药品名称 注射用苯唑西林钠 剂 型 注射剂 申请事项 仿制药质量和疗效一致性评价 规 格 0.5g、1.0g 注册分类 化学药品 药品注册标准编号 YBH25502024 原药品批准文号 国药准字 H50020002、国药准字 H50020077 上市许可持有人 西南药业股份有限公司 生产企业 郑州豫港之星制药有限公司 审批结论 根据《中华人民共和国药品管理法》、《国务 院关于改革药品医疗器械审评审批制度的意见》（国 发〔2015〕44 号）、《关于仿制药质量和疗效一致 性评价工作有关事项的公告》（2017 年第 100 号） 和《国家药监局关于开展化学药品注射剂仿制药质 一、药物基本情况 | 量和疗效一致性评价工作的公告》（2020 年第 | 62 | | --- | --- | | 号）的规定，经审查，本品通过仿制药质量和疗效 | | | 一致性评价。 | | 二、药品其他相关信息 本品仅适用于治疗产青霉素酶葡萄球菌感染，包括败血症、心内膜炎、 肺炎和皮肤、软组织感染等。也可用于化脓性链球菌或肺炎球菌与耐青霉 素葡萄球菌所致的混合 ...

Investment Rating - The report maintains a "Recommend" rating for Taiji Group (600129) with a target price of 29.5 RMB, compared to the current price of 24.4 RMB [1] Core Views - Taiji Group's Q3 2024 revenue was 104.3 billion RMB, with net profit attributable to shareholders at 5.5 billion RMB, a year-on-year decrease of 28.1% [1] - The company's digestive and metabolic drug business revenue declined by 34.3% YoY to 17.7 billion RMB, while the respiratory system drug business remained stable with revenue of 18.8 billion RMB, down only 1.2% YoY [1] - The industrial sector's secondary businesses, including cardiovascular, anti-tumor, and immunomodulatory drugs, faced varying degrees of pressure, with revenue declines ranging from 8.1% to 21.0% YoY [1] - The company's cost structure continues to optimize, with a net profit margin of 1.9% in Q3 2024, and new core management appointments are expected to drive future growth [1] Financial Performance - For 2024, the company's operating income is expected to be 132.78 billion RMB, a decrease of 15.0% YoY, with net profit attributable to shareholders projected at 6.31 billion RMB, down 23.3% YoY [1] - The company's gross margin is expected to remain stable at 48.6% in 2024, with a net profit margin of 4.9% [2] - The company's ROE is forecasted to be 15.4% in 2024, with a debt-to-equity ratio of 120.9% [2] Future Outlook - The company has a rich product pipeline and significant market potential, with marketing optimization and cost control expected to drive sustained growth [1] - The report forecasts a 30% YoY increase in net profit attributable to shareholders in 2025, followed by a 20% increase in 2026 [1] - The company's EPS is expected to grow from 1.13 RMB in 2024 to 1.77 RMB in 2026 [2]

出席的领导有公司的副总经理兼董事蒋茜董我们财务管理中心吴卫总下面我们开始正题在会议的一开始想还是先请公司的领导帮大家拆分一下三四爆的具体业务以及一些重要单品的情况蒋总好的好的 各位投资者下午好非常感谢今天国联牵头的还有另外差不多十来家卖房分析师一定组织来跟公司交流从三季度的经营情况下面我简单把公司前面三个季度的工作经营情况以及我们 各方面工作的大概的完成的一个情况给大家做一个介绍 我们前三季度呢公司营业收入上面是100就是这个金额是104亿元同比呢是14%的一个下降然后规模的金利润是5.45亿元是同比有28%的下降这个主要还是因为在今年主要是公司一些那个 就是跟疫情相关的产品去年的那个同期的基数以及社会化的那个库存还是比较高所以今年在这一块上面的公司左利就是还是在就是加强营销风险的管控然后同时我们也在做营销模式的一些 另外对有效的销售重点做抓好然后在调价降费上面也主动做了一些工作所以这块就是对公司整个营收的话大概差不多有十个亿的一个影响另外还有就是我们在 这个就是我们主要的这块品种在压向那个渠道的这个库存加强动销然后在整个价值生态维护上面所做的工作呢这一块呢相应来说影响了我们的收入大概也有差不多八个亿的量子所 ...

出席的领导有公司的副总经理兼董事蒋茜董我们财务管理中心吴卫总下面我们开始正题在会议的一开始想还是先请公司的领导帮大家拆分一下三四爆的具体业务以及一些重要单品的情况蒋总好的好的 各位投资者下午好非常感谢今天国联牵头的还有另外差不多十来家卖房分析师一定组织来跟公司交流从三季度的经营情况下面我简单把公司前面三个季度的工作经营情况以及我们 各方面工作的大概的完成的一个情况给大家做一个介绍 我们前三季度呢公司营业收入上面是100就是这个金额是104亿元同比呢是14%的一个下降然后规模的金利润是5.45亿元是同比有28%的下降这个主要还是因为在今年主要是公司一些那个 就是跟疫情相关的产品去年的那个同期的基数以及社会化的那个库存还是比较高所以今年在这一块上面的公司左利就是还是在就是加强营销风险的管控然后同时我们也在做营销模式的一些 另外对有效的销售重点做抓好然后在调价降费上面也主动做了一些工作所以这块就是对公司整个营收的话大概差不多有十个亿的一个影响另外还有就是我们在 这个就是我们主要的这块品种在压向那个渠道的这个库存加强动销然后在整个价值生态维护上面所做的工作呢这一块呢相应来说影响了我们的收入大概也有差不多八个亿的量子所 ...

来源：公司年报、国金证券研究所 业绩简评 2024 年 10 月 24 日，公司发布 2024 年第三季度报告。2024 年前 三季度，公司实现收入 104.3 亿元（-14.36%，同比，下同）；实 现归母净利润 5.45 亿元（-28.1%）；实现扣非归母净利润 5.01 亿 元（-30.0%）。 分季度来看，2024 年 Q3 公司实现收入 26.17 亿元（-16.44%）；实 现归母净利润 0.50 亿元（-73.8%）；实现扣非归母净利润 0.31 亿 元（-78.63%）。 经营分析 受同期高基数影响，工业板块表现承压。24 年前三季度，公司医 药工业收入约 61.9 亿元（-25.2%），医药商业收入约 51.1 亿元 （-11.2%）。24 年 Q3，公司消化及代谢用药收入约 17.7 亿元 （-34.3%），去年同期由于藿香正气口服液销售额增长，带动消化 及代谢用药同比增长 46.26%，24 年 Q3 藿香正气口服液、太罗等 销售额下降。24 年 Q3，公司呼吸系统用药收入约 18.8 亿元 （-1.2%），部分品种销售额下降，但急支糖浆、鼻窦炎口服液等 重点品种销售额仍有所增加；公司抗 ...

证券代码：600129 证券简称：太极集团 公告编号：2024-052 重庆太极实业（集团）股份有限公司 第十届董事会第二十三次会议决议公告 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。 1 同意选举俞敏先生为公司第十届董事会董事长，任期自本次董事会 审议通过之日起至第十届董事会届满时止。同时，俞敏先生不再担任公 司总经理职务(简历详见附件)。 表决情况：同意 13 票，弃权 0 票，回避 0 票，反对 0 票；表决 结果：通过。 二、关于聘任公司总经理的议案（具体内容详见公司披露的《关 于选举董事长、聘任总经理的公告》；公告编号：2024-053） 经公司董事长俞敏先生提名，同意聘任于宗斌先生为公司总经理， 任期自本次董事会审议通过之日起至第十届董事会届满时止(简历详 见附件)，该议案已经公司第十届董事会第五次提名委员会审议通过。 重庆太极实业（集团）股份有限公司（以下简称：公司）第十届 董事会第二十三次会议于 2024 年 10 月 12 日以邮件方式发出书面通 知，于 2024 年 10 月 23 日以现场及视频方式 ...