上 市 公 司 医药生物 2024 年04月 01 日 天坛生物 (600161) 公 司 研 究 ——采浆量持续增长，产品线优化升级 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  事件：天坛生物发布 2023年年报，2023年公司实现收入 51.80亿（同比+21.57%）， 实现归母净利润 11.10 亿（同比+25.99%），实现扣非归母净利润 11.04 亿（同比 证 市场数据： 2024年03月29日 +29.35%）；单 Q4实现收入 11.58 亿元（同比-14.11%），实现归母净利润 2.22亿元 券 收盘价（元） 27.03 研 一年内最高/最低（元） 32.73/23 （同比-20.56%），实现扣非归母净利润2.25亿元（同比-17.07%）。业绩符合预期。 究 市净率 4.5 报 息率（分红/股价） -  产品格局优化，采浆持续增长。2023 年公司人血白蛋白实现收入 22.47 亿元（同比 告 流通A股市值（百万元） 44540 +17.88%），静注人免疫球蛋白实现收入23.19亿元（同比+16.89%），其他血液制品实 上证指数/深证成指 30 ...

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company achieved a revenue of 51.8 billion yuan in 2023, representing a year-on-year growth of 21.6%. The net profit attributable to shareholders was 11.1 billion yuan, up 26.0% year-on-year [1]. - The sales of blood products saw rapid growth, with the main products' gross margins improving. Human albumin revenue reached 22.5 billion yuan, a 17.9% increase, with a gross margin of 48.7%, up 2.5 percentage points. Immunoglobulin revenue was 23.2 billion yuan, a 16.9% increase, with a gross margin of 50.4%, up 2.6 percentage points [1]. - The company collected 2415 tons of plasma in 2023, an 18.67% increase year-on-year, maintaining a leading position in the domestic market [1]. - The company has established three new production bases with a total capacity of 3600 tons, enhancing its production scale and design capacity [1]. - New products are expected to contribute to growth, with a rich pipeline of products under development, including a fourth-generation immunoglobulin and recombinant coagulation factor VIII [1]. Financial Summary - The company forecasts revenues of 59.99 billion yuan in 2024, 69.59 billion yuan in 2025, and 80.02 billion yuan in 2026, with growth rates of 15.81%, 16.00%, and 14.98% respectively [2]. - The net profit attributable to shareholders is projected to be 13.05 billion yuan in 2024, 15.42 billion yuan in 2025, and 18.12 billion yuan in 2026, with growth rates of 17.60%, 18.13%, and 17.52% respectively [2]. - The gross margin is expected to improve from 50.76% in 2023 to 53.03% in 2026 [2]. - The diluted EPS is projected to increase from 0.67 yuan in 2023 to 1.10 yuan in 2026 [2]. Additional Insights - The company has a strong pipeline with over ten products under development, focusing on rare diseases and immune deficiencies [1]. - The company’s PE ratio is projected to decrease from 40.13 in 2023 to 24.58 in 2026, indicating potential value for investors [2].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 32.82 CNY, compared to the current stock price of 27.03 CNY as of March 29, 2024 [4][8]. Core Views - The company reported a robust growth in revenue and plasma collection, with a total revenue of 5.18 billion CNY in 2023, representing a year-on-year increase of 21.6%. The net profit attributable to shareholders was 1.11 billion CNY, up 26.0% year-on-year [3][4]. - The company has successfully launched the first domestic chromatographic intravenous immunoglobulin (IVIG) product, which is expected to enhance its market position and product offerings [4][8]. - The company is actively expanding its plasma collection stations, with 102 stations across 16 provinces, achieving a plasma collection volume of 2,415 tons in 2023, a growth of 18.67% year-on-year [3][4]. Financial Performance - In Q4 2023, the company experienced a decline in revenue and net profit, with revenue of 1.16 billion CNY, down 14.1% year-on-year, and net profit of 222 million CNY, down 20.6% year-on-year [3]. - The gross margin improved to 50.76%, an increase of 1.69 percentage points year-on-year, while the net profit margin rose to 29.14%, up 0.86 percentage points year-on-year [3][4]. - The company expects revenue growth rates of 20.2%, 19.7%, and 16.7% for 2024, 2025, and 2026, respectively, with net profit growth rates of 21.8%, 20.5%, and 19.2% for the same periods [8][9]. Product Development - The company has received approval for several new products, including the fourth-generation 10% concentration IVIG, which offers advantages over the previous generation in terms of safety and efficacy [4][8]. - Ongoing clinical trials for other products, such as subcutaneous human immunoglobulin and recombinant coagulation factor VIIa, are progressing well, indicating a strong pipeline for future growth [4][8].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price reflecting a price-to-earnings (P/E) ratio of 30/25/22 for the years 2024/2025/2026 respectively [3]. Core Insights - The company reported a revenue of 5.18 billion yuan in 2023, a year-on-year increase of 21.57%, and a net profit of 1.11 billion yuan, up 25.99% year-on-year, indicating strong performance in line with market expectations [2]. - The company has seen a significant increase in cash flow from operations, which rose by 112.57% year-on-year to 2.39 billion yuan, primarily due to increased sales volume and changes in sales credit policies [2]. - The company is leading in the fourth-generation intravenous immunoglobulin market, with new products enhancing the comprehensive utilization rate of plasma [3]. Summary by Sections Financial Performance - In 2023, the company's quarterly revenues were 1.29 billion, 1.40 billion, 1.33 billion, and 1.16 billion yuan, showing a year-on-year growth of 83.30%, 17.98%, 30.23%, and a decline of 14.11% respectively [2]. - The annual revenue breakdown shows human albumin at 2.25 billion yuan (up 17.88%), intravenous immunoglobulin at 2.32 billion yuan (up 16.89%), and other blood products at 595 million yuan (up 68.33%) [2]. Product Development - The company has received approval for the first domestic fourth-generation 10% concentration intravenous immunoglobulin and is advancing several other products through clinical trials [3]. - The company is expected to continue enhancing its product offerings, which will contribute to sustained growth in the future [3]. Profit Forecast and Valuation - The forecast for net profit is set at 1.40 billion yuan for 2024, 1.68 billion yuan for 2025, and 1.93 billion yuan for 2026, with respective growth rates of 25.98%, 20.39%, and 14.49% [3]. - The estimated earnings per share (EPS) are projected to be 0.86 yuan, 1.02 yuan, and 1.17 yuan for the years 2024, 2025, and 2026 respectively [3].

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 51.80 亿元，同比增长 22%；实现归母净利润 11.10 亿元， 同比增长26%；实现扣非归母净利润11.04亿元，同比增长29%； 单季度来看，2023 年第四季度公司实现收入11.58 亿元，同比减 少 14%；实现归母净利润 2.22 亿元，同比减少 21%；实现扣非归 母净利润2.25 亿元，同比减少17%。 经营分析 各类产品销售稳步增长，盈利能力持续提升。公司持续加强生产 现场精益化管理水平，持续提升产品收率及综合收益，所属在产 血制公司平均产品收率水平处于行业领先地位；通过优化产品生 产周期，生产效率得到有效提升。2023 年公司人血白蛋白实现收 入 22.47 亿元，同比增长 17.88%；静注人免疫球蛋白实现收入 人民币(元) 成交金额(百万元) 33.00 1,000 23.19 亿元，同比增长16.89%；其他血液制品实现营业收入5.95 900 31.00 800 亿元，同比增长 68.33%。公司 2023 年生物制品行业合计实现收 29.00 700 27.00 600 入 51.62 亿元 ...

Financial Performance - The total revenue for the fourth quarter was CNY 1,158,439,298.71, with a total annual revenue of CNY 5,180,440,000.00[16] - The net profit attributable to shareholders for the fourth quarter was CNY 222,488,189.96, with an annual net profit of CNY 1,109,988,000.00[17] - The company's operating revenue for 2023 reached ¥5,180,441,799.76, representing a year-on-year increase of 21.57% compared to ¥4,261,304,622.88 in 2022[22] - The net profit attributable to shareholders for 2023 was ¥1,109,888,597.22, an increase of 25.99% from ¥880,916,474.36 in 2022[22] - The net cash flow from operating activities for 2023 was ¥2,393,576,031.26, showing a significant increase of 112.57% compared to ¥1,126,002,190.03 in 2022[22] - The company achieved an annual revenue of 5,180.44 million yuan, representing a year-on-year growth of 21.57%[25] - The net profit for the year was 1,509.46 million yuan, with a year-on-year increase of 25.30%[25] Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 1.5 per 10 shares, totaling CNY 247,171,430.70, and to increase capital by 2 shares for every 10 shares held, resulting in an increase of 329,561,908 shares[4] - The net profit attributable to ordinary shareholders of the listed company for the consolidated financial statements is 1,109,888,597.22 RMB, with the dividend amount representing 22.27% of this net profit[139] Operational Highlights - The company launched the fourth-generation 10% concentration intravenous immunoglobulin, becoming the first in the domestic market to receive approval[25] - Plasma collection reached 2,415 tons, marking an 18.67% year-on-year increase, maintaining a leading position in the industry[26] - The company completed the construction and operational launch of several production facilities, enhancing its production capacity[30] - The company secured 22 authorized patents during the reporting period, including 7 invention patents[25] - The company has expanded its operational plasma stations to 80, enhancing its blood source capabilities[26] Market and Industry Position - The company maintains a leading position in the domestic blood product market, with a production history dating back to 1966 and a market share that includes 15 varieties and 74 production licenses for blood products[44] - The blood products industry is characterized by high entry barriers, with stringent regulations on raw plasma collection and production operations[39] - The number of blood product manufacturers in China has decreased to less than 30, with approximately 17 major groups remaining after consolidation[38] - The market share of the top five global blood product companies accounts for 80%-85%, indicating a high level of industry concentration[38] Research and Development - The company has over 100 research personnel and is actively developing more than ten new blood products and gene recombinant products, maintaining a leading position in R&D within the industry[45] - The company has established a comprehensive R&D quality management system to enhance the quality of new product development throughout its lifecycle[45] - The company emphasizes technological innovation and has established a dedicated R&D center to enhance product development[48] - The company has implemented a group-based R&D model to accelerate the development and commercialization of new products, reducing R&D time[45] Compliance and Governance - The company has implemented a robust corporate governance structure, ensuring compliance with legal and regulatory requirements, and protecting shareholder rights[108] - The board of directors consists of 9 members, including 3 independent directors, ensuring a balanced governance structure[109] - The company has established performance evaluation standards for senior management, linking compensation to company performance to enhance operational efficiency[110] - The company maintains transparency in information disclosure, ensuring all shareholders, especially minority shareholders, have equal access to company information[110] Environmental and Social Responsibility - The company invested approximately 16.49 million yuan in environmental protection during the reporting period[143] - The company’s subsidiary Chengdu Rongsheng was included in the list of key pollutant discharge units by the Chengdu Ecological Environment Bureau in 2023[144] - The company has committed to avoiding competition with its controlling shareholder, China National Biological, ensuring no overlap in core business areas[166] - The company has actively engaged in various social responsibility initiatives, enhancing its role in community support and development[165] Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 25%[116] - The company is focused on innovation in the biopharmaceutical sector, but new product development carries inherent risks due to long development cycles and high investment requirements[106] - The company plans to enhance its compliance and risk management frameworks to support its growth strategy[117]

Investment Rating - The investment rating for the company is "Buy" with a target price of 31.11 CNY, maintaining the previous rating of "Buy" [1][4]. Core Views - The company's performance meets expectations, with continuous growth in plasma collection and a rich variety of products [1]. - The company achieved a revenue of 5.18 billion CNY in 2023, representing a year-on-year increase of 21.6%, and a net profit attributable to shareholders of 1.11 billion CNY, up 26.0% [1][4]. - The company benefits from strong industry demand and a sufficient supply of raw plasma, leading to high-speed growth in performance [1][4]. Summary by Sections Financial Performance - The company reported a revenue of 5.18 billion CNY in 2023, with a net profit of 1.11 billion CNY, reflecting a growth of 26.0% year-on-year [1][4]. - The earnings per share (EPS) for 2024 is projected to be 0.80 CNY, with a target price-to-earnings (PE) ratio of 39X [1][4]. Plasma Collection - The plasma collection volume increased by 18.67% in 2023, reaching 2,415 tons, with 79 operational plasma stations [1][4]. - The company has 80 operational plasma stations and 22 under construction, which are expected to contribute to continuous growth in plasma collection [1][4]. Product Development - The company is advancing in product development, with new products such as high-purity immunoglobulin approved in September 2023, and others in various stages of clinical research [1][4]. - The company aims to enhance profitability through the introduction of new product varieties and the expansion of its product line [1][4].

北京天坛生物制品股份有限公司 2023 年度独立董事述职报告 本人方燕，作为北京天坛生物制品股份有限公司（以下简称"公 司"或"天坛生物"）的独立董事，2023年度，按照《公司法》《证券 法》《上市公司独立董事管理办法》《上海证券交易所股票上市规则》 和《公司章程》等有关规定，勤勉尽责，忠实的履行了独立董事的职 责。现将2023年度履职情况报告如下： 一、 独立董事的基本情况 方燕：历任北京市公安局党校教师；北京元亨律师事务所合伙人； 陕西省国际信托投资股份有限公司法律处副处长。现任北京金诚同达律 师事务所高级合伙人、西安分所主任；全国人大代表；中华全国律师协 会理事会理事；陕西省律师协会副会长、党委委员；最高人民法院特约 监督员；最高人民检察院特约监督员；全国人大副委员长直接联系代 表；北京天坛生物制品股份有限公司独立董事。 本人任职符合《上市公司独立董事管理办法》第六条规定的独立性 要求，不存在影响独立性的情况。 二、 独立董事年度履职概况 (一) 出席2023年度董事会和股东大会会议情况 2023年度，公司共召开董事会会议9次、股东大会2次。本人作为独 立董事亲自出席董事会会议8次、委托出席董事会会议1 ...

第二条 提名委员会是董事会设立的专门工作机构，主要负 责拟定董事、高级管理人员的选择标准和程序，对董事、高级 管理人员人选及其任职资格进行遴选、审核，并就法律、行政 法规、中国证监会规定和公司章程规定的事项向董事会提出建 议，对董事会负责。 第二章 成员组成 第三条 提名委员会成员由三名董事组成，包括独立董事两 名。 第四条 提名委员会委员由董事长、二分之一以上独立董事 或全体董事三分之一提名，并由董事会选举产生。 1 第五条 提名委员会设主任委员（召集人）一名，由独立董 事委员担任，负责主持委员会工作；主任委员在委员内选举， 并报董事会批准产生。 北京天坛生物制品股份有限公司 董事会提名委员会实施细则 第一章 总则 第一条 为规范公司董事及高级管理人员的聘任程序，优化 董事会组成，完善公司治理结构，根据《中华人民共和国公司 法》、《上市公司治理准则》、《公司章程》、《上海证券交 易所股票上市规则》，公司特设立董事会提名委员会，并制定 本实施细则。 第六条 提名委员会任期与董事会任期一致，委员任期届满， 连选可以连任。期间如有委员不再担任公司董事职务，自动失 去委员资格，并由董事会根据上述第四至第六条规定补足 ...

证券代码：600161 证券简称：天坛生物 公告编号：2024-008 北京天坛生物制品股份有限公司 第九届董事会第九次会议决议公告 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")第九届董事会第九次会 议于 2024 年 3 月 15 日以电子方式发出会议通知，于 2024 年 3 月 27 日以现场与 视频结合方式在北京市朝阳区双桥路乙 2 号院办公楼三层第一会议室召开。会议 由董事长杨汇川先生主持，会议应到董事九人，实到董事六人，董事孙京林先生、 何彦林先生、独立董事方燕女士因公务未能出席会议，分别委托董事胡立刚先生、 付道兴先生、独立董事顾奋玲女士代为表决。监事会三名监事列席了会议。会议 出席人数符合《公司法》及《公司章程》规定的有效人数，会议按预定程序审议 了议程中全部议案。会议做出决议如下： 一、审议通过《2023 年度董事会工作报告》 表决结果：9 票赞成，0 票反对，0 票弃权。 本议案需提交股东大会审议。 二、审议通过《2023 年度经营工作报告》 表决结果：9 ...