公司报告 | 年报点评报告 太极集团（600129） 证券研究报告 2024年04月 01日 投资评级 业绩短期波动，分红彰显长期发展信心 行业 医药生物/中药Ⅱ 6个月评级 买入（维持评级） 当前价格 33.25元 事件： 目标价格 元 2024 年 3 月 29 日，太极集团披露 2023 年年度报告，2023 年公司实现营 业收入 156.23 亿元，同比+10.58%；实现归母净利润 8.22 亿元，同比 基本数据 +131.99%；实现扣非归母净利润 7.74 亿元，同比+111.35%。2023Q4 单季 A股总股本(百万股) 556.89 度公司实现营业收入34.4 亿元，同比-1.57%；归母净利润0.64亿元，同比 流通A股股本(百万股) 556.89 -35.73%；扣非归母净利润0.59亿元，同比+19.96%。公司拟向全体股东每 10股派发现金红利3.0元（含税），本年度不送红股，不进行资本公积金转 A股总市值(百万元) 18,516.62 增股本，年度分红金额占公司 2023 年度归属于上市公司股东的净利润比 流通A股市值(百万元) 18,516.62 例为20.32%。 每股净资产 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant growth in its major products, with effective cost and expense management contributing to improved profitability [4][5] - The 2023 annual report indicates a revenue of 15.623 billion yuan, a year-on-year increase of 10.58%, and a net profit attributable to shareholders of 0.822 billion yuan, a year-on-year increase of 131.99% [3][4] Summary by Sections Financial Performance - In 2023, the company reported an industrial revenue of 10.388 billion yuan, up 19.40% year-on-year, with modern Chinese medicine revenue at 6.604 billion yuan, up 31.64% [5] - The major products, including Huoxiang Zhengqi Oral Liquid and Jizhi Syrup, saw substantial sales growth, with revenues of 2.271 billion yuan (up 45%) and 0.881 billion yuan (up 67%) respectively [5] Cost and Expense Management - The company effectively managed costs and expenses, with sales and management expense growth rates lower than the industrial revenue growth rate [5] - The company has paused some consistency evaluation R&D projects, leading to a provision for development expenditure impairment of 0.057 billion yuan in 2023 [5] Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 1.218 billion yuan, 1.516 billion yuan, and 1.816 billion yuan respectively, with corresponding P/E ratios of 15.21, 12.21, and 10.20 [4][6]

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 31 日 太 极集团(600129.SH) 证券研究报告 业绩符合预期，核心品种实现高增长 中成药 投资评级 买入-A 事件： 首次评级 2024 年 3 月 28 日，公司发布 2023 年年度报告。2023 年公司实现 6个月目标价 42.24元 营业收入 156.23 亿元，同比增长 10.58%；实现归母净利润 8.22亿 股价 (2024-03-29) 33.25元 元，同比增长 131.99%，实现扣非归母净利润 7.74 亿元，同比增长 111.35%。单季度来看，2023 年 Q4 公司实现营业收入 34.40 亿元， 交易数据 同比下滑 1.57%，实现归母净利润 0.64 亿元，同比下滑 35.73%， 总市值(百万元) 18,516.62 实现扣非归母净利润 0.59 亿元，同比增长 19.96%。 流通市值(百万元) 18,516.62 总股本(百万股) 556.89 业绩符合预期，现代中药实现高增长，首次拆分中药材资源业务。 流通股本(百万股) 556.89 根据公司 2024 年 1 月发布的业 ...

证券研究报告：医药生物 | 公司点评报告 2024年3月30日 股票投资评级 太极集团(600129) 2023 年提质增效成效明显，2024 年数字化转型加 买入|首次覆盖 快提升经营质效 个股表现 ⚫ 事件点评 3 月 28 日，公司发布 2023 年年报：2023 年收入 156.23 亿元 太极集团 医药生物 71% （+10.58%），归母净利润8.22亿元（+131.99%），扣非净利润7.74亿 61% 元（+111.35%），经营现金流净额6.72亿元（-62.29%）。2023Q4收入 51% 41% 34.4亿元（-1.57%），归母净利润0.64亿元（-35.73%），扣非净利润 31% 21% 0.59亿元（+34.96%）。 11% 1% ⚫ 中药保持快速增长，省外拓展成效显著 -9% 2023年公司医药工业收入103.88亿元（+19.4%），其中现代中药 -19% -29% 66.04亿元（+31.64%，收入占比63.6%），化药37.84亿元（+2.72%）； 2023-03 2023-06 2023-08 2023-11 2024-01 2024-03 医药商业收入 77. ...

Investment Rating - The report does not explicitly state an investment rating for the company [1][4][6] Core Views - The company achieved robust growth in its pharmaceutical industry, with core products performing exceptionally well [1][2] - The company's revenue for 2023 was RMB 15.623 billion, a year-on-year increase of 11%, and net profit attributable to shareholders was RMB 822 million, a year-on-year increase of 132% [1] - The pharmaceutical industry segment generated revenue of RMB 10.388 billion, a year-on-year increase of 19.40%, with a gross margin of 64.74% [2] - Key products such as Taiji Huoxiang Zhengqi Oral Liquid and Jizhi Syrup showed significant sales growth, with increases of 45% and 67% respectively [2] - The company has a broad product portfolio covering key therapeutic areas, including digestive and metabolic drugs, respiratory drugs, and cardiovascular drugs [3] - The company is expected to achieve revenue of RMB 17.9 billion, RMB 20.7 billion, and RMB 23.9 billion in 2024, 2025, and 2026 respectively, with a compound annual growth rate (CAGR) of 26.29% for net profit attributable to shareholders [4] Financial Performance and Valuation - The company's revenue for 2023 was RMB 15.623 billion, with a net profit attributable to shareholders of RMB 822 million [1] - The company's EBITDA for 2023 was RMB 1.631 billion, and it is expected to reach RMB 3.316 billion by 2026 [5] - The company's EPS is projected to be RMB 1.98, RMB 2.52, and RMB 2.97 in 2024, 2025, and 2026 respectively [4] - The company's P/E ratio is expected to decrease from 22.5 in 2023 to 11.2 in 2026, indicating potential undervaluation [5] - The company's net profit margin improved from 2.42% in 2022 to 5.46% in 2023, and is expected to reach 7.17% by 2026 [8] Industry and Market Position - The company operates in the pharmaceutical and biological industry, specifically in the traditional Chinese medicine sector [6] - The company's products have strong brand value, with several products ranking first in their respective categories in the 2023 China OTC Drug Statistics Ranking [3] - The company is a leading player in the OTC traditional Chinese medicine market, with significant advantages in brand and product portfolio [4] Future Outlook - The company is expected to maintain strong revenue growth, with projected revenue increases of 14.79%, 15.51%, and 15.38% in 2024, 2025, and 2026 respectively [4] - The company's net profit attributable to shareholders is expected to grow at a CAGR of 26.29% over the next three years [4] - The company's profitability metrics, including ROE and ROIC, are expected to remain strong, with ROE projected to be 21.27% in 2026 [8]

张忠喜先生的辞职不会导致公司董事会人数低于法定最低人数， 不会影响公司董事会的正常运作和公司的日常生产经营。根据《公司 法》《公司章程》的相关规定，张忠喜先生的辞职申请自送达公司董 事会之日起生效。公司将根据相关规定，尽快完成董事的补选工作。 证券代码：600129 证券简称：太极集团 公告编号：2024-020 重庆太极实业（集团）股份有限公司 关于董事辞职的公告 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。 重庆太极实业（集团）股份有限公司（以下简称：公司）董事会 于 2024 年 3 月 28 日收到公司董事张忠喜先生提交的书面辞职申请。 因工作调动原因，张忠喜先生申请辞去公司董事、副总经理、董事会 审计委员会委员职务。辞职后，张忠喜先生不再担任公司任何职务。 截至本公告披露日，张忠喜先生未持有公司股份，亦不存在应履 行而未履行的承诺事项。 公司及公司董事会对张忠喜先生在任职期间为公司发展所做出 的贡献表示衷心感谢！ 特此公告。 重庆太极实业（集团）股份有限公司 2024 年 3 月 30 日 ...

业绩简评 2024 年 3月 28日，公司发布 2023 年年度报告。2023 年公司实现 收入156.2亿元，同比+10.6%；归母净利润8.2亿元，同比+132.0%； 扣非归母净利润7.7 亿元，同比+111.3%。 单季度看，公司2023 年Q4 实现收入 34.4 亿元，同比-1.6%；归 母净利润 0.64 亿元，同比-35.7%；扣非归母净利润 0.59 亿元， 同比+35.0%。 经营分析 主品放量迅速，医药工业增长态势良好：分板块来看，2023 年公 司医药工业实现收入103.88亿元，同比+19.4%，其中现代中药实 人民币(元) 成交金额(百万元) 现收入66.04 亿元，同比+31.64%；化药实现收入37.84 亿元，同 73.00 1,400 比+2.72%。核心品种中：太极藿香正气口服液实现收入 22.71 亿 66.00 1,200 1,000 元，同比+45%；急支糖浆实现收入8.81 亿元，同比+67%；通天口 59.00 800 52.00 服液实现收入3.16 亿元，同比+10%；鼻窦炎口服液实现收入2.61 600 45.00 400 亿元，同比+22%；复方对乙酰氨 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown stable improvement in operational quality and rapid profit growth, with a projected net profit of 1.09 billion yuan for 2024, reflecting a 33% year-on-year increase [5] - The company is focusing on market expansion for its core products and has adjusted profit forecasts for 2024-2026, with expected earnings per share (EPS) of 1.96, 2.33, and 2.69 yuan respectively [5][8] Financial Performance Summary - In 2023, the company achieved revenue of 15.623 billion yuan, a year-on-year increase of 10.58%, and a net profit of 822 million yuan, up 131.99% [5] - The gross margin for 2023 was 48.6%, an increase of 3.18 percentage points, while the net margin improved to 5.26%, up 2.76 percentage points [5] - The company’s revenue breakdown by segment includes 10.388 billion yuan from pharmaceutical manufacturing (up 19.4%), 7.726 billion yuan from pharmaceutical commerce (down 3.31%), and 1.017 billion yuan from traditional Chinese medicine resources (up 118.6%) [6] Industry and Strategic Developments - The company is advancing its digital transformation and integrating resources across its business segments to enhance operational efficiency [7] - The focus is on deepening brand value in retail and strengthening academic support to boost sales [7]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. Core Insights - The company's revenue for 2023 reached 15.62 billion yuan, a year-on-year increase of 10.58%, with a net profit attributable to shareholders of 0.82 billion yuan, up 131.99% year-on-year [1]. - The pharmaceutical industrial segment saw a revenue increase of 19.40% year-on-year, while the pharmaceutical commercial segment experienced a decline of 3.31% [1]. - The company plans to accelerate its digital transformation in 2024, aiming to build a modern pharmaceutical industrial cluster and enhance its market presence [1][2]. Financial Performance Summary - In 2023, the company achieved a total revenue of 15.62 billion yuan, with a net profit of 0.82 billion yuan, reflecting a significant increase compared to the previous year [1][3]. - The earnings per share (EPS) for 2023 was 1.48 yuan, representing a growth of 131.25% year-on-year [1]. - The projected revenues for 2024, 2025, and 2026 are 17.89 billion yuan, 20.79 billion yuan, and 24.16 billion yuan, respectively, with corresponding net profits of 1.08 billion yuan, 1.34 billion yuan, and 1.61 billion yuan [2][3]. Research and Development - The company has made significant progress in new drug development, with 31 key research projects underway and 21 new drug projects initiated in 2023 [1]. - The company aims to enhance its research capabilities by establishing four manufacturing centers and deepening its research platform [1][2]. Market Strategy - The company plans to integrate its sales channels and expand its supplier network, targeting at least 50 new key suppliers in 2024 [1]. - The focus will also be on expanding the scale of traditional Chinese medicine operations and increasing the production of traditional Chinese medicine pieces [1].

Financial Performance - The company achieved operating revenue of 15.62 billion yuan in 2023, representing a year-on-year increase of 10.58%[24]. - Net profit attributable to shareholders reached 822.12 million yuan, a significant increase of 131.99% compared to the previous year[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 774.45 million yuan, reflecting a year-on-year growth of 111.35%[24]. - Basic earnings per share were 1.48 yuan, up 131.25% from 0.64 yuan in 2022[18]. - The weighted average return on equity increased to 23.82%, compared to 12.15% in the previous year[18]. - The company reported a total revenue of 16,600 million for the year, with a net profit of 1,310.43 million[113]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion yuan, representing a 20% year-over-year growth[116]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion yuan, representing a 15% year-over-year growth[117]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of 3.0 CNY per 10 shares to all shareholders, totaling approximately 167.07 million CNY (including tax) based on a total share capital of 556,890,744 shares as of December 31, 2023[4]. - The company has held two shareholder meetings during the reporting period, ensuring equal voting rights for all shareholders[103]. - The company is committed to maintaining the interests of minority shareholders and has made amendments to its articles of association to enhance governance[103]. - The total number of ordinary shareholders as of the end of the reporting period was 26,909, down from 38,422 the previous month[199]. Audit and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm, ensuring the authenticity and completeness of the financial report[3]. - The company is committed to ensuring the accuracy and completeness of the annual report, with management taking legal responsibility for its content[2]. - The company has not violated any regulatory decision-making procedures for external guarantees[6]. - The company has not reported any significant differences in governance compared to regulations set by the China Securities Regulatory Commission[105]. Risk Management - The company has outlined potential risks and corresponding countermeasures in the annual report management discussion and analysis section[6]. - The company faces significant risks from policy changes in the pharmaceutical industry, including centralized procurement and healthcare reforms, which may impact revenue and profit[101]. - The company is addressing market risks by improving its competitive capabilities and optimizing supply chain management[102]. Research and Development - The company launched 31 key R&D projects in 2023, including 16 traditional Chinese medicine projects, 14 chemical drug projects, and 1 biological drug project[31]. - The company has established strategic partnerships with over 20 universities and research institutions to enhance innovation and R&D capabilities[31]. - The company is focusing on R&D for anti-tumor, cardiovascular, and endocrine system drugs, while managing the risks associated with new drug development[102]. - Research and development expenses surged by 113.52% to approximately ¥233.62 million, compared to ¥109.42 million in the previous year, reflecting a significant increase in R&D investment[39]. Market Expansion and Strategy - The company expanded its international business, entering five new markets including the UAE and Italy, and obtained 21 relevant import/export certificates[27]. - The company aims to enhance its market presence in Southeast Asia, targeting a 20% increase in sales from this region[113]. - The company plans to enhance its digital marketing efforts, with an investment of 101.44 million aimed at increasing online sales channels[113]. - The company plans to establish at least 50 new key supplier partnerships and expand its direct sales pharmacy model by adding no less than 100 new franchise pharmacies in 2024[96]. Corporate Governance - The board of directors consists of 15 members, with 12 external directors and 5 independent directors, ensuring a majority of external and independent oversight[104]. - The company has established a long-term mechanism to prevent the controlling shareholder from occupying the company's funds and harming its interests, with specific provisions in the Articles of Association regarding "occupation equals freezing"[104]. - The company has implemented a communication mechanism with the controlling shareholder to ensure timely information disclosure[104]. Environmental and Social Responsibility - The company invested a total of 4,909,000 CNY in poverty alleviation and rural revitalization projects, benefiting 240,000 people[169]. - The company has established an environmental protection management system and developed emergency response plans for environmental incidents[163]. - The company achieved a reduction of 13,723 tons in carbon dioxide equivalent emissions through various decarbonization measures[164]. Financial Management - The company has established a comprehensive budget management system for subsidiaries, focusing on budget indicators and key tasks for performance evaluation[150]. - The company is committed to strengthening financial management and budget control, focusing on dynamic management and precise quantification of indicators[100]. - The company has implemented changes in accounting policies effective from January 1, 2023, impacting the recognition of deferred tax assets and liabilities[176].