Investment Rating - The report maintains a "Buy" rating for Zhejiang Medicine, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [15]. Core Views - The company achieved record high performance in Q3 2024, with total revenue reaching 7.113 billion yuan, a year-on-year increase of 21.04%, and net profit attributable to shareholders at 850 million yuan, up 181.96% [1][2]. - The growth momentum from Q2 2024 continues, driven by strong performance in the vitamin E and A segments, with both volume and price increases contributing to the results [2][4]. - The approval of the "Segmented Production Pilot Work Plan for Biological Products" by the National Medical Products Administration is expected to facilitate the approval process for the company's innovative drug ARX788, potentially driving long-term growth [6][7]. Financial Summary - For the first three quarters of 2024, the company reported a gross profit margin of 40.05%, an increase of 6.48 percentage points year-on-year [2]. - The net profit margin for the same period was 10.66%, up 7.58 percentage points from the previous year, primarily due to rising prices of vitamin E and A [2]. - The company’s cash flow from operating activities increased by 68.51% year-on-year, reaching 692 million yuan [3]. Revenue and Profit Forecast - The projected revenues for 2024, 2025, and 2026 are 10.213 billion yuan, 11.074 billion yuan, and 11.861 billion yuan, respectively, with corresponding net profits of 1.573 billion yuan, 1.705 billion yuan, and 1.770 billion yuan [7]. - The expected EPS for the same years is 1.63 yuan, 1.77 yuan, and 1.83 yuan, with current P/E ratios of 5.8X, 5.4X, and 5.2X [7]. Market Conditions - The vitamin E and A prices are expected to remain strong, with the domestic market prices for vitamin A and E significantly higher than the average prices in 2023 [4]. - The report highlights that there are no new players or production capacity expected in the short term, which is favorable for the company's performance in the vitamin segment [7].

Financial Performance - Revenue for Q3 2024 reached CNY 2,707,337,059.93, an increase of 39.66% compared to the same period last year[2] - Net profit attributable to shareholders was CNY 534,319,800.14, a significant increase of 1,737.57% year-on-year[2] - Net profit excluding non-recurring gains and losses for the period was CNY 529,302,742.23, up 2,564.26% from the previous year[2] - Year-to-date revenue reached CNY 7,112,804,346.30, reflecting a growth of 21.04% compared to the same period last year[2] - Year-to-date net profit attributable to shareholders was CNY 849,651,818.01, an increase of 181.96% year-on-year[2] - Basic earnings per share for Q3 2024 were CNY 0.56, up 1,766.67% from the same period last year[3] - Total operating revenue for the first three quarters of 2024 reached CNY 7,112,804,346.30, a significant increase of 21.0% compared to CNY 5,876,518,447.27 in the same period of 2023[12] - Net profit for the first three quarters of 2024 was CNY 758,558,082.68, compared to CNY 180,865,708.32 in 2023, indicating a substantial increase of 319.5%[14] - The total comprehensive income attributable to shareholders of the parent company is ¥848,266,025.98, compared to ¥306,821,011.56 in the same period last year, reflecting a strong overall performance[15] Assets and Liabilities - Total assets at the end of the reporting period were CNY 13,429,512,113.31, a 5.09% increase from the end of the previous year[3] - The total assets of the company as of the end of Q3 2024 amounted to CNY 13,429,512,113.31, up from CNY 12,779,539,756.21 at the end of Q3 2023, representing a growth of 5.1%[12] - The total liabilities increased slightly to CNY 2,820,110,790.11 in Q3 2024 from CNY 2,793,145,986.32 in Q3 2023, showing a growth of 1.0%[12] - Shareholders' equity attributable to shareholders was CNY 10,341,301,291.01, reflecting a 7.38% increase year-on-year[3] - The total equity attributable to shareholders reached CNY 10,341,301,291.01 in Q3 2024, up from CNY 9,630,715,541.49 in Q3 2023, indicating an increase of 7.4%[12] Cash Flow - The company reported a net cash flow from operating activities of CNY 692,060,136.95 for the year-to-date, an increase of 68.51% compared to the previous year[3] - Cash flow from operating activities for the first three quarters of 2024 is ¥692,060,136.95, compared to ¥410,703,114.95 in the same period of 2023, reflecting a strong operational performance[17] - The total amount of cash and cash equivalents as of September 30, 2024, was RMB 1,635,716,620.56, up from RMB 1,460,026,640.19, reflecting an increase of approximately 12%[10] - The company's cash and cash equivalents increased to CNY 1,000,000,000.00 in Q3 2024, compared to CNY 800,000,000.00 in Q3 2023, reflecting a growth of 25.0%[12] - The cash and cash equivalents at the end of the period amount to ¥1,635,529,620.56, up from ¥1,349,552,417.87 at the end of the previous year, showing improved liquidity[18] - The company experienced a net increase in cash and cash equivalents of ¥175,689,980.37, compared to a decrease of -¥88,356,849.04 in the same period last year, indicating better cash management[18] Shareholding Structure - The company reported a total of 208,192,361 shares held by New Changxin Investment Development Co., Ltd., making it the largest shareholder[8] - The second-largest shareholder, Guotou High-tech Investment Co., Ltd., holds 151,127,573 shares, representing a significant stake in the company[8] - The company has no significant changes in the shareholding structure among the top 10 shareholders compared to the previous period[9] Operational Insights - The increase in revenue and profit was primarily driven by higher sales and prices of key products, including Vitamin E and Vitamin A[5] - Operating costs for the first three quarters of 2024 were CNY 6,103,341,032.99, up from CNY 5,607,285,954.16 in 2023, reflecting a growth of 8.8%[12] - Research and development expenses for the first three quarters of 2024 were CNY 546,930,073.32, a decrease of 9.9% from CNY 607,134,841.28 in the same period of 2023[14] - The company has not reported any significant new product developments or technological advancements during this quarter[9] - There are no notable mergers or acquisitions reported in the current quarter, and the company has not disclosed any new strategic initiatives[9] Inventory and Receivables - As of September 30, 2024, total current assets reached RMB 6,146,702,104.36, an increase from RMB 5,601,409,763.89 at the end of December 2023, reflecting a growth of approximately 9.7%[10] - Accounts receivable increased to RMB 1,690,337,783.45 from RMB 1,252,230,303.53, representing a significant rise of about 35%[10] - Inventory decreased to RMB 1,945,483,588.92 from RMB 2,010,704,310.63, indicating a reduction of approximately 3.2%[10] Long-term Borrowings - The company’s long-term borrowings increased to CNY 372,307,500.00 in Q3 2024 from CNY 230,222,800.00 in Q3 2023, reflecting a growth of 61.6%[12]

包装规格：5 支/盒 注册分类：化学药品 证券代码：600216 证券简称：浙江医药 公告编号：2024-026 浙江医药股份有限公司关于公司药品重酒石酸间羟胺注射液 通过仿制药一致性评价的公告 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个别及连带责任。 浙江医药股份有限公司（以下简称"公司"）近日收到国家药品监督管理局 核准签发的重酒石酸间羟胺注射液《药品补充申请批准通知书》，批准该药品通 过仿制药质量和疗效一致性评价（以下简称"一致性评价"）。现将相关情况公告 如下： 一、药品基本情况 药品名称：重酒石酸间羟胺注射液 剂型：注射剂 规格：1ml:10mg（按 C₉H₁₃NO₂计） 重酒石酸间羟胺注射液主要用于防治椎管内阻滞麻醉时发生的急性低血压； 由于出血、药物过敏，手术并发症及脑外伤或脑肿瘤合并休克而发生的低血压， 本品可用于辅助性对症治疗；也可用于心源性休克或败血症所致的低血压。 重酒石酸间羟胺注射液最早由默克制药研发，于 1954 年在美国上市。根据 国家药品监督管理局网站信息显示，中国大陆已批准上市的重酒石酸间羟胺注射 ...

证券代码：600216 证券简称：浙江医药 公告编号：2024-025 浙江医药股份有限公司 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： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2024 年 09 月 03 日(星期二)至 09 月 09 日(星期 一)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 board@zmc-china.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。 浙江医药股份有限公司（以下简称"公司"）已于 2024 年 8 月 23 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地 了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 09 月 10 日下午 15:00-16:30 举行 2024 年半年度业绩说明会，就投 资者关心的问题进行交流。 一、说明会类型 本次投 ...

2024 年 8 月 23 日 收益表现 % 1M 3M 1Y 相对 22.65 55.05 54.98 绝对 18.96 46.03 44.61 资料来源：Wind 公司研究 维生素景气度持续回暖，24Q2 业绩环比大幅增长 ——浙江医药（600216.SH）2024 年半年报点评 买入（维持） 当前价：14.68 元 作者 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com 分析师：蔡嘉豪 执业证书编号：S0930523070003 021-52523800 caijiahao@ebscn.com 市场数据 总股本(亿股) 9.62 总市值(亿元)： 141.17 一年最低/最高(元)： 7.86/17.50 近 3 月换手率： 247.75% 股价相对走势 -25% -5% 14% 33% 52% 08/23 11/23 02/24 05/24 浙江医药 沪深300 相关研报 维生素触底回暖 Q1 业绩显著修复，重视研 发医药业务进展有序——浙江医药 （600216.SH）23 年年报&24 年一季报点评 （2024-04-30） 维生 ...

来源：公司年报、国金证券研究所 浙江医药 (600216.SH) 买入(维持评级) 公司点评 事件 2024 年 8 月 22 日，公司公告，2024 年上半年营收/归母/扣非净 利润 44.05/3.15/3.17 亿元，分别同比增长 11.87%/15.82%/ 32.56%。2024 年二季度营收营收/归母/扣非净利润 21.56/2.06/ 2.11 亿元，分别同比增长 11.73%/29.60%/49.62。业绩符合预期。 点评 维生素强劲回升，万古霉素爬坡放量，业绩转入上升态势明确。 （1）总体：公司上半年营收 44 亿，其中,生命营养品、医药制造、 医药商业板块分别收入 20.2/11.6/11.9 亿 元 , 同比增长 24%/5%/5%。这三大板块的毛利分别为 5.5/7.3/0.5 亿元，生命营 养品板块同比增长 44%，医药制造同比下降 3%，医药商业持平。 （2）维生素：生命营养品板块的维生素系列（A、E）营收 17.35 亿元，同比增长 23%；毛利 5.15 亿元，同比增长 47%；毛利率同 比提升 7 个百分点。随着寡头垄断的维生素行业中，巴斯夫、帝 斯曼等国际巨头限产等情况，我 ...

来源：公司年报、国金证券研究所 浙江医药 (600216.SH) 买入(维持评级) 公司点评 事件 2024 年 8 月 22 日，公司公告，2024 年上半年营收/归母/扣非净 利润 44.05/3.15/3.17 亿元，分别同比增长 11.87%/15.82%/ 32.56%。2024 年二季度营收营收/归母/扣非净利润 21.56/2.06/ 2.11 亿元，分别同比增长 11.73%/29.60%/49.62。业绩符合预期。 点评 维生素强劲回升，万古霉素爬坡放量，业绩转入上升态势明确。 （1）总体：公司上半年营收 44 亿，其中,生命营养品、医药制造、 医药商业板块分别收入 20.2/11.6/11.9 亿 元 , 同比增长 24%/5%/5%。这三大板块的毛利分别为 5.5/7.3/0.5 亿元，生命营 养品板块同比增长 44%，医药制造同比下降 3%，医药商业持平。 （2）维生素：生命营养品板块的维生素系列（A、E）营收 17.35 亿元，同比增长 23%；毛利 5.15 亿元，同比增长 47%；毛利率同 比提升 7 个百分点。随着寡头垄断的维生素行业中，巴斯夫、帝 斯曼等国际巨头限产等情况，我 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥4,405,467,286.37, an increase of 11.87% compared to ¥3,937,942,897.55 in the same period last year[13]. - The net profit attributable to shareholders of the listed company was ¥315,332,017.87, up 15.82% from ¥272,261,125.88 in the previous year[13]. - The net profit after deducting non-recurring gains and losses was ¥316,739,561.09, representing a significant increase of 32.56% compared to ¥238,949,411.99 in the same period last year[14]. - Basic earnings per share for the reporting period increased by 17.86% to CNY 0.33 compared to CNY 0.28 in the same period last year[15]. - The weighted average return on equity rose by 0.34 percentage points to 3.22% from 2.88% year-on-year[15]. - The company achieved a revenue of 4.405 billion RMB in the first half of 2024, representing a year-on-year growth of 11.87%[22]. - The net profit attributable to shareholders reached 315 million RMB, an increase of 15.82% compared to the same period last year[22]. - The life nutrition segment generated revenue of approximately 2.022 billion RMB, with a gross margin of 39.54%, reflecting a year-on-year increase of 24.39% in revenue[23]. - The pharmaceutical manufacturing segment reported revenue of about 1.160 billion RMB, with a gross margin of 61.23%, showing a 4.81% increase in revenue year-on-year[23]. - The pharmaceutical commercial segment's revenue was approximately 1.185 billion RMB, with a gross margin of 4.09%, marking a 5.48% increase in revenue compared to the previous year[23]. Cash Flow and Assets - The net cash flow from operating activities was ¥209,388,178.57, a decrease of 17.06% from ¥252,455,767.33 in the previous year[14]. - As of the end of the reporting period, the net assets attributable to shareholders of the listed company were ¥9,946,975,299.51, an increase of 3.28% from ¥9,630,715,541.49 at the end of the previous year[14]. - The total assets amounted to ¥12,877,879,288.27, reflecting a slight increase of 0.77% compared to ¥12,779,539,756.21 at the end of the previous year[14]. - The company's total operating costs rose by 9.25% to ¥2,846,185,174.17 compared to the previous year[25]. - The total liabilities decreased to CNY 2,633,122,743.29 from CNY 2,793,145,986.32, marking a reduction of about 5.73%[71]. - The total current assets reached CNY 5,669,917,652.80, up from CNY 5,601,409,763.89, indicating an increase of about 1.22%[69]. - The company's cash and cash equivalents stood at CNY 1,468,842,479.23, slightly up from CNY 1,460,026,640.19, showing a marginal increase of 0.12%[69]. - The total assets at the end of the reporting period amounted to approximately 10.07 billion, demonstrating growth in asset base[88]. Research and Development - The research and development expenses decreased by 12.23% to ¥377,483,069.83 compared to the previous year[26]. - The company emphasizes innovation and international cooperation to enhance its R&D capabilities in the pharmaceutical sector[18]. - Direct input costs for R&D activities include expenses for materials, fuel, and power, as well as costs for prototypes and testing, totaling significant investments in innovation[133]. - External R&D costs are incurred when the company commissions other institutions for research, ensuring that results are closely aligned with core business operations[135]. Corporate Governance and Compliance - The company has not disclosed any plans for profit distribution or capital reserve conversion into share capital during the reporting period[2]. - There are no significant risks that could materially affect the company's operations during the reporting period[2]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties[2]. - The company is committed to improving compliance capabilities to mitigate risks associated with regulatory changes in the pharmaceutical industry[35]. - The company emphasizes safety and environmental standards in its operations to address potential risks related to safety and compliance[37]. - The company held its annual shareholders' meeting on June 18, 2024, where several key reports and proposals were approved, including the 2023 financial settlement report and the profit distribution plan[39]. - Significant changes in the board of directors and management occurred, with Li Nanhang elected as the new chairman and Wang Hongwei appointed as the new president[41]. Environmental and Social Responsibility - The company is committed to green and clean production practices, ensuring product quality and safety as key operational priorities[22]. - The company has constructed and operated pollution prevention facilities in compliance with environmental assessment requirements, including three RTO incinerators and various wastewater treatment systems[46]. - The company has implemented carbon reduction measures, resulting in a reduction of 24,938.36 tons of CO2 equivalent emissions[52]. - The company donated RMB 100,000 to support poverty alleviation projects in the local community[55]. Shareholder Information - The total number of common shareholders as of the end of the reporting period is 65,514[61]. - The top ten shareholders hold a total of 408,000,000 shares, representing 42.36% of the total shares[61]. - The largest shareholder, New Changxing Changxin Investment Development Co., Ltd., holds 208,192,361 shares, accounting for 21.65%[61]. - The company repurchased and canceled 3,337,250 restricted shares due to performance targets not being met, reducing total shares from 964,975,000 to 961,637,750[59]. Risk Management - The company faces risks related to policy and regulatory changes that could impact drug approval processes and pricing strategies[35]. - The company anticipates challenges from rising production costs due to increased material prices and regulatory controls on energy consumption[36]. - The company is focusing on enhancing research project budget management to mitigate risks associated with new drug development[36]. Accounting and Financial Reporting - The financial statements are prepared based on the assumption of continuous operation[94]. - The company adheres to accounting standards, ensuring that financial statements accurately reflect its financial position and performance[99]. - The company recognizes revenue based on the progress of performance obligations, confirming revenue when control of goods or services is transferred to the customer[147]. - The company applies a systematic method to recognize deferred income from government grants related to assets over the useful life of the related assets[149].

[Table_Main] 证券研究报告 | 公司首次覆盖 浙江医药(600216.SH) 2024 年 08 月 18 日 | --- | --- | --- | |--------------------------------------------------------|-------|------------------------------| | 浙江医药（ 买入（首次） | | 600216.SH ）：维生 | | 所属行业：医药生物 / 化学制药 当前价格 ( 元 ) ： 15.71 | | 素业务弹性大，创新转型进入收 | | 证券分析师 | 获期 | | | 周新明 资格编号： | | | | S0120524060001 邮箱： zhouxm ＠ tebon.com.cn | | | 投资要点 维生素业务即将反弹，利润释放在即。多方面因素带动维生素涨价：1）需求端： 猪周期恢复+海外需求恢复，需求端向好。新一轮猪周期有望开启，且维生素类添 加剂在养殖中成本占比小，上游企业溢价对总体养殖成本影响小，议价能力较强。 海外需求明显开始恢复，维生素 A/E 在 2024 年出口量均有增加。2） ...

Investment Rating - The report maintains a "Buy" investment rating for Zhejiang Medicine Co., Ltd. [2] Core Views - The antibiotic product line of Zhejiang Medicine is continuously expanding, with recent approvals for new products enhancing its market position [1][2] - The company has a strong focus on the research and production of quinolone and resistant antibiotics, establishing an integrated supply chain from raw materials to formulations, and has received overseas market certifications [1] - The approval of injectable daptomycin (0.5g) and the raw material drug teicoplanin indicates the company's commitment to expanding its antibiotic offerings [1] - The price increase of vitamin E (VE) due to supply tightening and incidents affecting production is expected to enhance the company's profitability [1] Financial Summary - The company’s revenue for 2023 is projected at 7.794 billion yuan, with expected growth rates of 8.0% in 2024, 12.4% in 2025, and 3.1% in 2026 [4] - The net profit attributable to shareholders is forecasted to be 430 million yuan in 2023, increasing to 852 million yuan in 2024, 1.4 billion yuan in 2025, and 1.537 billion yuan in 2026 [4] - The earnings per share (EPS) are expected to rise from 0.45 yuan in 2023 to 1.60 yuan in 2026, reflecting the company's improving profitability [4] - The report anticipates a gradual increase in the company's profitability as it adds new antibiotic varieties and benefits from price increases in its vitamin products [2][4]