国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 | --- | --- | --- | --- | --- | |---------------------------------|-----------------------------------|----------------------------|-----------|------------| | [Table_Industry] | | | 医药 | /必需消费 | | 天坛生物(600161) | | [Table_Invest] 评级: | | 增持 | | | 销售环比复苏,利润率提升明显 | [Table_Target] 目标价格: | 上次评级: | 增持27.59 | | | ——天坛生物 2024H1 业绩快报点评 | [当前价格: Table_CurPrice] | 上次预测: | 25.8023.40 | | [table_Authors 丁丹](分析师) | 谈嘉程(分析师) | | | | | 0755-23976735 dingdan@g ...

2024 年 7 月 14 日 公司研究 净利润提高明显,血制品高景气度延续 ——天坛生物(600161.SH)2024 年半年度业绩快报点评 要点 事件:公司发布 2024 年半年度业绩快报:2024 年上半年实现收入 28.4 亿元, 同比+5.59%;实现归母净利润 7.3 亿元,同比+28.12%。 点评: 24H1 收入增长稳健,产品价格成本费用等推动归母净利润增长明显:2024 年 上半年公司归母净利润同比增长明显高于收入增长,根据公司公告,主要由于产 品价格、成本费用管控等因素,带来销售收入增长,利润率提高。24Q1 公司实 现毛利率 56.08%,23 年全年毛利率为 50.76%,考虑到静丙等产品的终端旺盛 需求,我们预计 24Q2 毛利率仍有较好的表现。静丙终端需求供不应求,且该趋 势有望继续延续,我们看好公司全年业绩持续增长,净利润持续保持较快提升。 我们认为公司第四代层析静丙的销售有望在未来进一步增厚公司净利润。 24 年业绩目标彰显稳健发展强力信心: 23 年度股东大会文件确定 2024 年度主 要目标为营业收入力争达到 61.26 亿元,净利润力争达到 17.91 亿元。公司从预 ...

证券研究报告 投资要点: 市场表现: 天坛生物 沪深300 -19.00% 盈利预测与估值 股价数据: 2024 年 7 月 12 日 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------|-------------|--------------------|-------|-------|-------|-------|-------| | 收盘价(元) | 23.40 | | | | | | | | 年内最高/最低(元) | 27.14/19.08 | 营业总收入(百万元) | | | | | | | 总市值(亿元) | 463 | 同比增长率(%) | 3.6% | 21.6% | 17.7% | 18.8% | 15.9% | | | | 毛利率(%) | 49.1% | 50.8% | 53.7% | 53.8% | 54.0% | | | | 归母净利润(百万元) | | | | | | | | | 同比增长率(%) | 15.9% | 26.0% | 27.0% | 22.5% | 17.8% | | | | ...

Financial Performance - Total operating revenue for the first half of 2024 increased by 5.59% compared to the same period last year, reaching ¥284,137.44 million[3] - Net profit attributable to shareholders of the listed company rose by 28.12% year-on-year, amounting to ¥72,621.18 million[3] - Basic earnings per share increased by 28.12% to ¥0.37[3] - The net profit excluding non-recurring gains and losses increased by 29.43% to ¥72,363.45 million[3] Assets and Equity - Total assets at the end of the reporting period grew by 6.74% to ¥1,514,444.23 million[3] - The company's equity attributable to shareholders increased by 5.02% to ¥1,031,575.13 million[3] - The number of shares outstanding increased by 20.00% to 197,737.14 million shares[3] Profitability and Efficiency - The weighted average return on equity improved by 1.10 percentage points to 7.34%[3] - The company reported improved profit margins due to better control of product pricing and cost management[5] Reporting Integrity - There are no uncertainties affecting the accuracy of this performance report[5]

股票代码：600161 股票简称：天坛生物 公告编号：2024-029 北京天坛生物制品股份有限公司董事、总经理辞职公告 根据《公司法》、《公司章程》等有关规定，付道兴先生的辞职未导致公司董事会 成员低于法定人数，不会影响公司董事会正常运作和公司正常经营。公司董事会将按照 法定程序提名新的董事候选人，提交股东大会进行审议。 董事会对付道兴先生任职期间为公司发展做出的贡献表示衷心的感谢！ 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。 2024 年 7 月 2 日 北京天坛生物制品股份有限公司（以下简称"公司"）董事会收到公司董事、总经 理、法定代表人付道兴先生书面辞职申请，因已到法定退休年龄，向公司董事会提出辞 去上述职务。 - 1 - 特此公告。 北京天坛生物制品股份有限公司 ...

- 1 - 第九届董事会第十二次会议决议公告 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。 北京天坛生物制品股份有限公司(以下简称"公司")第九届董事会第十二次会议 于 2024 年 6 月 27 日以电子方式发出会议通知，于 2024 年 7 月 2 日以通讯表决方式 召开。会议应参加表决董事八人，实际参加表决董事八人。会议符合《公司法》及《公 司章程》的有关规定，会议审议通过以下议案： 股票代码：600161 股票简称：天坛生物 公告编号：2024-030 北京天坛生物制品股份有限公司 北京天坛生物制品股份有限公司 2024 年 7 月 2 日 审议通过《关于副总经理主持日常经营工作的议案》，同意授权何彦林副总经理 履行公司法定代表人职责，主持日常经营工作，签署相关文件。期限自本次董事会审 议通过之日起至董事会聘任新任总经理之日止。 特此公告。 ...

北京天坛生物制品股份有限公司（以下简称"公司"）2023年年度股东大会 审议通过《关于增加注册资本并修订<公司章程>的议案》，同意公司根据2023年 度利润分配及资本公积转增股本方案，将注册资本由人民币164,780.9538万元增 加至人民币197,737.1446万元，同时根据上述注册资本变化情况并结合实际工作 需要对《公司章程》进行修订（详见公司于2024年3月29日发布的《关于增加注 册资本并修订<公司章程>的公告》及《公司章程》全文）。 近日，公司已完成工商变更登记及《公司章程》备案工作，并取得北京经济 技术开发区市场监督管理局换发的《营业执照》，《营业执照》信息中的公司注 册资本由164,780.9538万元增加至人民币197,737.1446万元，《营业执照》其他 信息不变。 特此公告。 北京天坛生物制品股份有限公司 2024 年 6 月 26 日 证券代码：600161 证券简称：天坛生物 公告编号：2024-028 北京天坛生物制品股份有限公司 关于完成工商变更登记并换发营业执照的公告 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 ...

Investment Rating - The investment rating for the company is "Buy" [4][9]. Core Insights - The company reported a revenue of 1.222 billion yuan in Q1 2024, a year-on-year decrease of 5.42%, while the net profit attributable to shareholders was 317 million yuan, an increase of 20.91% year-on-year [2][3]. - The company has a strong advantage in plasma collection, with 102 plasma collection stations across 16 provinces, contributing to approximately 20% of the total plasma collected in the domestic industry [3]. - The gross profit margin improved to 56.08% in Q1 2024, an increase of 10.08 percentage points year-on-year, driven by a higher proportion of factor products in the revenue mix [3]. - The company is positioned to benefit from new product launches in the recombinant coagulation factor and immunoglobulin sectors, with a robust pipeline of over ten products under development [3][9]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 1.222 billion yuan, down 5.42% year-on-year, while the net profit attributable to shareholders was 317 million yuan, up 20.91% year-on-year [2][3]. - The company’s gross profit margin reached 56.08%, reflecting a significant improvement in profitability [3]. Growth Drivers - The company has rapidly expanded its plasma collection stations, with 80 operational stations contributing to a substantial share of the industry’s plasma collection [3]. - The introduction of new products, particularly in the recombinant factor and immunoglobulin categories, is expected to enhance revenue structure and drive future growth [3][9]. Earnings Forecast - The forecast for the company’s net profit attributable to shareholders is 1.358 billion yuan for 2024, 1.639 billion yuan for 2025, and 1.992 billion yuan for 2026, with corresponding EPS of 0.69 yuan, 0.83 yuan, and 1.01 yuan respectively [4][9].

Investment Rating - The report gives a "Buy" rating for the company, Tian Tan Biological (600161) [5][10]. Core Viewpoints - The company, backed by a central enterprise, has strong capabilities in obtaining plasma station approvals, with a substantial reserve of new plasma stations established since 2021, indicating a potential revenue realization phase ahead. The blood products sector is characterized by high barriers to entry, and the company is expected to achieve steady growth through both organic growth and external expansion [2][3]. Summary by Sections 1. Company Background and Market Position - The company is a leading player in the blood products sector, with a strong central enterprise background. It operates under the umbrella of China National Pharmaceutical Group, managing six blood product enterprises and holding the largest production scale in the industry [16][21]. - The company has seen steady growth in performance, with total revenue increasing from 2.93 billion yuan in 2018 to 5.18 billion yuan in 2023, reflecting a five-year compound annual growth rate (CAGR) of 12.06% [21][23]. 2. Plasma Station Resources and Coverage - The company leads the industry with 15 types of blood products and has established 102 plasma collection stations across 16 provinces, with 80 currently operational. The company collected 2,415 tons of plasma in 2023, accounting for approximately 20% of the national total [3][41]. - The number of plasma stations has increased significantly since 2021, with a total of 24, 32, and 22 new stations established in 2021, 2022, and 2023, respectively [3][59]. 3. Growth Potential and Product Development - The company is expected to enhance its plasma collection efficiency and overall profitability as new plasma stations mature and high-margin products are developed. The current product mix leans towards lower-margin products, but the introduction of new high-margin products is anticipated to improve overall profitability [3][10]. - The company maintains a leading position in the research and development of recombinant coagulation factor products and immunoglobulin products, with a pipeline of over ten products under development, including high-concentration immunoglobulin and recombinant coagulation factors [3][67]. 4. Financial Forecast - The company forecasts revenues of 6.22 billion yuan, 7.33 billion yuan, and 8.63 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 1.36 billion yuan, 1.64 billion yuan, and 1.99 billion yuan [4][10]. - The earnings per share (EPS) are projected to be 0.69 yuan, 0.83 yuan, and 1.01 yuan for the same years, with price-to-earnings (PE) ratios of 43.85, 36.33, and 29.90 [4][10].

证券代码：600161 证券简称：天坛生物 公告编号：2024-027 北京天坛生物制品股份有限公司 2023 年年度权益分派实施公告 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： | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 新增无限售条件 流通股份上市日 | 现金红利发放日 | | --- | --- | --- | --- | --- | --- | | Ａ股 | 2024/6/19 | － | 2024/6/20 | 2024/6/20 | 2024/6/20 | 差异化分红送转： 否 一、通过分配、转增股本方案的股东大会届次和日期 三、相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 新增无限售条件 流通股份上市日 | 现金红利发放日 | | --- | --- | --- | --- | --- | --- | | Ａ股 | 2024/6/19 | － | 2024/6/20 | 2024/6/20 | 2024/6/20 | 四、分配、转增股本实 ...