太极集团（ [Table_StockNameRptType] 600129） 公司点评 上半年工业端高基数下维持稳定增长，Q2 业绩短期承压 | --- | --- | |---------------------------------------|-------------| | | | | [Table_Rank] 投资评级：买入（维持） | | | 报告日期： 2024-09-06 | | | [Table_BaseData] 收盘价（元） | 23.01 | | 近 12 个月最高 / 最低（元） | 52.10/21.04 | | 总股本（百万股） | 557 | | 流通股本（百万股） | 557 | | 流通股比例（ % ） | 100.00 | | 总市值（亿元） | 128 | | 流通市值（亿元） | 128 | [公司价格与沪深 Table_Chart] 300 走势比较 -56% -32% -8% 16% 40% 9/23 12/23 3/24 6/24 太极集团 沪深300 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@h ...

证券代码：600129 证券简称：太极集团 公告编号 2024-046 重庆太极实业（集团）股份有限公司 关于国有股份无偿划转完成过户登记的公告 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。 三、国有股份无偿划转对公司的影响 本次国有股份划转不涉及公司控股股东及实际控制人权益变动， 不会导致公司控股股东和实际控制人发生变化，不会对公司正常生产 经营活动构成重大影响。敬请广大投资者注意投资风险。 特此公告。 一、国有股份无偿划转基本情况 重庆太极实业（集团）股份有限公司（以下简称：公司）于 2024 年 8 月 1 日披露了《关于国有股份无偿划转的提示性公告》（公告编 号：2024-036），公司收到股东重庆市涪陵国有资产投资经营集团有 限公司（以下简称：涪陵国投）发来的《国有股权无偿划转告知函》， 获悉涪陵国投和重庆市涪陵页岩气产业投资发展有限公司（以下简 称：涪陵页岩气公司）签署了《股份无偿划转协议》，涪陵国投拟将 其持有的公司无限售条件流通股股份 44,095,337 股（占公司总股本 7.92%）无偿划转至涪陵页岩气 ...

证券研究报告 非金融公司|公司点评|太极集团（600129） 工业收入短期承压，期待下半年恢复 glzqdatemark1 证券研究报告 |报告要点 公司披露 2024 年半年报，实现营收 78.17 亿元，同比下降 13.64%；归母净利润 4.95 亿元， 同比下降 12.51%；扣非归母净利润 4.70 亿元，同比下降 17.81%；单 Q2 实现营收 36.09 亿 元，同比下降 21.94%；归母净利润 2.48 亿元，同比下降 25.00%；扣非归母净利润 2.52 亿元， 同比下降 24.49%。 |分析师及联系人 郑薇 SAC：S0590521070002 请务必阅读报告末页的重要声明 1 / 5 太极集团(600129) 工业收入短期承压，期待下半年恢复 投资要点 股价相对走势 -60% -33% -7% 20% 2023/8 2023/12 2024/4 2024/8 太极集团 沪深300 相关报告 1、《太极集团（600129）：医药工业稳健增长， 核心品种表现亮眼》2024.03.31 2、《太极集团（600129）：数字化赋能增长的 中药 OTC 龙头》2024.03.13 扫码查看 ...

证券代码：600129 证券简称：太极集团 重庆太极实业（集团）股份有限公司投资者关系活动记录 表 编号：2024-01 | --- | --- | --- | |------------------------|-------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | □ | 特定对象调研 √分析师会议 | | 投资者关系活动类别 | □ | 媒 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in the first half of 2024 was under pressure due to a high base effect from the previous year, with revenue declining by 13.64% year-on-year to 7.817 billion yuan and net profit decreasing by 12.51% to 495 million yuan [4] - Despite the short-term challenges, the long-term outlook for the company remains positive, particularly following the acquisition by China National Pharmaceutical Group [5] Financial Performance Summary - In 2024H1, the company achieved revenue of 7.817 billion yuan, a decrease of 13.64% year-on-year, and a net profit of 495 million yuan, down 12.51% [4] - The second quarter of 2024 saw revenue of 3.61 billion yuan, a decline of 21.94%, and a net profit of 248 million yuan, down 25% [4] - The company's core products, including Huoxiang Zhengqi Oral Liquid and Jizhi Syrup, experienced significant growth in the first half of 2023, with year-on-year growth rates of 81.66% and 149.06% respectively [4] - The company’s pharmaceutical manufacturing segment reported sales of 5.079 billion yuan, down 19.77%, while the health segment saw a revenue increase of 79.63% to 265 million yuan [4] Profit Forecast and Valuation - The forecasted net profits for the company from 2024 to 2026 are 984 million yuan, 1.217 billion yuan, and 1.498 billion yuan respectively, with corresponding price-to-earnings ratios of 12, 10, and 8 times [5] - The report emphasizes the company's potential for sustained improvement under the new ownership structure [5] Market Performance Comparison - The company's stock has underperformed relative to the CSI 300 index, with absolute declines of 17.92% over the past month and 43.17% over the past three months [2]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Viewpoints - The company's 2024H1 performance is under short-term pressure due to high base effects from the previous year, but the report remains optimistic about the medium to long-term growth potential of its product portfolio [2][3] - The company has been optimizing its marketing system, focusing on product clusters, sales management, new retail platforms, brand communication, and digital platforms, which are expected to drive stable growth in the medium to long term [2] - Despite a decline in revenue and net profit in 2024H1, the company's health products segment showed strong growth, increasing by 79.63% YoY [3][4] Financial Performance Summary - In 2024H1, the company reported revenue of 7.817 billion yuan, a YoY decrease of 13.64%, and net profit attributable to shareholders of 495 million yuan, a YoY decrease of 12.51% [3] - The pharmaceutical industry segment saw a revenue decline of 19.77% YoY, while the pharmaceutical commerce segment declined by 10.96% YoY [4] - The respiratory system drugs segment achieved a revenue growth of 4.25% YoY, despite a high base from the previous year [4] Product Portfolio Performance - The digestive and metabolic drugs segment revenue decreased by 26.34% YoY, mainly due to a decline in sales of Huoxiang Zhengqi Oral Liquid [4] - The anti-infective drugs segment revenue dropped by 37.53% YoY, primarily due to a decline in sales of Yibaoshiling [4] - The health products segment revenue increased by 79.63% YoY, showing strong growth potential [4] Forecast and Valuation - The report forecasts revenue for 2024-2026 to be 15.763 billion yuan, 17.979 billion yuan, and 20.676 billion yuan, respectively, with net profit attributable to shareholders expected to be 1.024 billion yuan, 1.337 billion yuan, and 1.650 billion yuan [5] - The company's PE ratio for 2024-2026 is projected to be 11.58x, 8.87x, and 7.19x, respectively, indicating attractive valuation levels [5] - The report highlights the company's rich product portfolio and market development potential, supported by optimized marketing systems and improved cost control [5]

医药生物/中药Ⅱ 公 司 研 究 太极集团（600129.SH） 2024 年 08 月 26 日 2024H1 业绩短期承压，营销优化阶段性成果初显 ——公司信息更新报告 投资评级：买入（维持） 余汝意（分析师） yuruyi@kysec.cn 证书编号：S0790523070002 | --- | --- | |--------------------|-------------| | 日期 | 2024/8/26 | | 当前股价(元) | 21.64 | | 一年最高最低(元) | 52.10/21.46 | | 总市值(亿元) | 120.51 | | 流通市值(亿元) | 120.51 | | 总股本(亿股) | 5.57 | | 流通股本(亿股) | 5.57 | | 近 3 个月换手率(%) | 142.9 | 股价走势图 太极集团 沪深300 -64% -48% -32% -16% 0% 16% 32% 2023-08 2023-12 2024-04 数据来源：聚源 相关研究报告 《经营质效稳定提升，发展改革持续 推进—公司信息更新报告》-2024.3.29 《2023Q2 工业收入保持快速 ...

2024 年 8 月 23 日 公司研究 医药工业短期承压，战略引领创新升级 ——太极集团（600129.SH）2024 年中报点评 要点 事件：公司发布 2024 年半年报，实现营业收入、归母净利润、扣非归母净利润 分别为 78.17/4.95/4.70 亿元，同比-13.64%/-12.51%/-17.81%。经营性净现金 流-3.57 亿元。EPS（基本）0.89 元。业绩略低于市场预期。 点评： Q2 收入和利润承压，业绩高基数及社会库存扰动为主因。24Q1-Q2，单季度营 收分别为 42.08/36.09 亿元，同比-4.96%/-21.94%；归母净利润 2.47/2.48 亿元， 同比+5.05%/-25.00%，单二季度收入和利润承压。24H1 公司营业收入和利润 下降主要受去年同期高基数及部分产品社会库存较高致 24H1 销售收入下降等 因素影响。下半年，公司工业营销将推进合规高效运营，发挥产品群策略动力， 强动销、降库存，加强渠道整合和终端拓展，大幅降费增利，全力达成销售目标。 医药工业收入阶段性调整，大健康业务表现亮眼。24H1 未抵消前的医药工业/ 医药商业/中药材资源/大健康板块分别 ...

证券代码：600129 证券简称：太极集团 公告编号：2024-044 重庆太极实业（集团）股份有限公司 关于召开 2024 年半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： 会议召开时间：2024 年 9 月 12 日(星期四)上午 09:00-10:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） （一）会议召开时间：2024 年 9 月 12 日上午 09:00-10:00 （二）会议召开地点：上证路演中心 （三）会议召开方式：上证路演中心网络互动 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 9 月 5 日(星期四)至 9 月 11 日(星期三)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮 箱 tjzq@taiji.com 进行提问。公司将在说明会上对投资者普遍关注 的问题进行回答。 重庆太极实业（集团）股份有限公司（以 ...

Financial Performance - The company's operating revenue for the first half of 2024 was approximately ¥7.82 billion, a decrease of 13.64% compared to the same period last year[16]. - The net profit attributable to shareholders for the first half of 2024 was approximately ¥494.61 million, down 12.51% year-on-year[16]. - The basic earnings per share for the first half of 2024 were ¥0.89, a decrease of 12.75% compared to the same period last year[17]. - The weighted average return on net assets for the first half of 2024 was 12.78%, down 4.16 percentage points from the previous year[17]. - The company achieved operating revenue of 7.817 billion yuan in 2024, a year-on-year decrease of 13.64%[26]. - The pharmaceutical industry segment generated sales revenue of 5.079 billion yuan, down 19.77% year-on-year, while the health segment saw a revenue increase of 79.63% to 265 million yuan[26]. - Net profit attributable to shareholders was 495 million yuan, reflecting a year-on-year decline of 12.51%[27]. - The company reported a significant reduction in financial expenses by 2.47% to ¥59,372,266.69, attributed to lower loan interest rates[37]. - The company reported a total comprehensive income for the first half of 2024 amounted to ¥570,788,518.25, with a significant contribution from the net profit of ¥565,332,876.60[123]. Cash Flow and Liquidity - The net cash flow from operating activities for the first half of 2024 was approximately -¥357.24 million, indicating a negative cash flow situation[16]. - The net cash flow from operating activities improved, with a reduction in negative cash flow from ¥428,546,424.50 to ¥357,244,328.97[37]. - The company's cash and cash equivalents decreased by 51.51% to ¥938,228,016.40, primarily due to an increase in accounts receivable[38]. - The company reported a significant increase in cash received from other operating activities, amounting to 3,806,423,021.99 RMB, compared to 1,527,525,369.53 RMB in the previous year, representing a growth of about 149.5%[116]. - The ending balance of cash and cash equivalents was 713,484,147.68 RMB, down from 410,824,758.59 RMB in the previous year, reflecting a decrease of about 73.1%[118]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥14.75 billion, an increase of 2.34% compared to the end of the previous year[16]. - The total liabilities decreased significantly, with accounts payable down by 72.34% to ¥176,628,505.69, reflecting improved cash management[38]. - The company's total liabilities amounted to ¥10,672,005,917.29, slightly up from ¥10,665,932,484.04, showing a marginal increase of 0.01%[101]. - The company's equity attributable to shareholders rose to ¥3,950,677,184.70 from ¥3,622,185,106.00, an increase of approximately 9.07%[101]. - The total equity of the company at the end of the reporting period is RMB 3,521,973,871.97, a decrease of RMB 109,288,127.45 compared to the previous period[125]. Research and Development - The company has 56 ongoing research projects, focusing on innovative drugs and traditional Chinese medicine, with significant progress in key projects[27]. - Research and development expenses increased by 31.30% to ¥116,344,634.48, reflecting a commitment to enhance R&D investment[37]. - The company is committed to developing innovative drugs targeting 12 major diseases, leveraging modern technology and digital methods[21]. - The company has developed over 40 new drugs and received more than 30 national new drug certificates, showcasing its strong R&D capabilities[25]. - The company emphasizes quality control in its raw material sourcing, implementing a "traceable planting" approach for over 50 types of medicinal materials[25]. Market and Competitive Environment - The pharmaceutical industry is experiencing increasing demand due to aging population and rising health awareness, presenting new opportunities for growth[23]. - The government is enhancing regulations on drug pricing and quality, promoting a more transparent and standardized market[23]. - The company is facing market and policy risks due to increasing competition and regulatory changes in the pharmaceutical industry, which may impact revenue and profit[50]. - The company aims to strengthen its core competitiveness through R&D investment and innovation capabilities[23]. - The company is committed to improving its market competitiveness by enhancing brand-driven strategies and exploring new profit growth points[50]. Environmental Responsibility - The company has three subsidiaries listed as key pollutant discharge units by environmental protection authorities, indicating a focus on environmental responsibility[52]. - The carbon emissions from Fuling Pharmaceutical Factory for the first half of the year amounted to 46,011 tCO2e, with the quota yet to be assigned[53]. - The company has implemented a comprehensive environmental management system, achieving certifications for both environmental and energy management[65]. - The company reduced carbon emissions by 1,136 tons during the reporting period through various measures, including the adoption of distributed photovoltaic power generation and energy efficiency improvements[66]. - The company has established emergency response plans for environmental incidents, with all relevant documentation filed with authorities[60]. Corporate Governance and Shareholder Information - The company will not distribute profits or increase capital reserves in the first half of 2024, with no dividends or stock bonuses planned[51]. - The largest shareholder, Taiji Group Co., Ltd., holds 153,812,354 shares, representing 27.62% of the total shares[94]. - The report indicates a decrease of 5,965,734 shares held by the Industrial and Commercial Bank of China - Central European Medical Health Mixed Securities Investment Fund[94]. - The report does not indicate any new strategic investors or changes in the controlling shareholder[97]. - The company has not reported any changes in the board of directors or senior management during the reporting period[97]. Accounting Policies and Financial Reporting - The financial statements are prepared based on the assumption of going concern, with no significant doubts regarding the company's ability to continue operations for the next 12 months[128]. - The company adheres to the accounting standards for enterprises, ensuring that the financial statements accurately reflect its financial position and operating results[130]. - The company applies a weighted average method for inventory valuation in retail and industrial sectors[153]. - The company recognizes revenue based on the performance obligations identified in contracts, confirming revenue at the point when control of goods or services is transferred to the customer[179]. - The company assesses the recoverability of deferred tax assets based on the likelihood of generating sufficient taxable income in future periods[182].