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 ...

Investment Rating - The investment rating for Zhejiang Medicine is "Buy" (maintained) [3][7]. Core Views - The company reported a strong recovery in vitamin sales and an increase in vancomycin production, indicating a clear upward trend in performance [3]. - The revenue for the first half of 2024 reached 4.405 billion RMB, with a year-on-year growth of 11.87%, while net profit attributable to shareholders grew by 15.82% to 315 million RMB [3]. - The vitamin segment, particularly vitamins A and E, showed significant growth, with revenue of 1.735 billion RMB, up 23% year-on-year, and gross profit increasing by 47% [3]. - The antibiotic segment is expanding, with vancomycin revenue in the U.S. reaching 220 million RMB, a 28% increase year-on-year [3]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved revenues of 4.405 billion RMB, with net profit attributable to shareholders at 315 million RMB, reflecting a year-on-year growth of 15.82% [3]. - The second quarter of 2024 saw revenues of 2.156 billion RMB, with net profit attributable to shareholders increasing by 29.60% to 206 million RMB [3]. Business Segments - The life nutrition products segment generated 2.02 billion RMB, growing by 24% year-on-year, while the pharmaceutical manufacturing and commercial segments each reported 5% growth, generating 1.16 billion RMB and 1.19 billion RMB, respectively [3]. - The gross profit for the life nutrition products segment was 550 million RMB, up 44% year-on-year, while the pharmaceutical manufacturing segment saw a decline in gross profit by 3% [3]. Future Outlook - The company expects vitamin prices to continue recovering, supported by production cuts from international giants like BASF and DSM [3]. - Revenue forecasts for 2024 and 2025 have been adjusted downwards by 7% and 13% to 8.8 billion RMB and 9.5 billion RMB, respectively, with net profit forecasts reduced by 29% and 36% to 700 million RMB and 900 million RMB [3].

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].

Investment Rating - The report assigns a "Buy" rating for Zhejiang Medicine (600216.SH) [2] Core Views - The vitamin business is expected to rebound, with profit release imminent due to multiple factors driving price increases in vitamins A and E, including recovery in demand from the pig cycle and overseas markets, as well as supply-side constraints [2][22][23] - The company has a rich pipeline of formulations, with significant growth in products like Naquinone and Vancomycin, and is poised to benefit from the recent surge in vitamin D3 prices [3][15] - The company is undergoing a positive transformation with its innovative drug pipeline, although short-term challenges exist [3][15] Summary by Sections 1. Company Overview - Zhejiang Medicine, established in 1997, is a leading comprehensive pharmaceutical enterprise in China, primarily producing fat-soluble vitamins, quinolone antibiotics, and other products [15] - The company has a clear shareholding structure, with the controlling shareholder being New Changxin Investment Development Co., Ltd., holding 21.65% of the shares [15][16] 2. Vitamin Business Rebound - The vitamin A and E prices have significantly increased, with vitamin A rising by 208% and vitamin E by 172% compared to their respective lows in December 2023 [22][36] - The vitamin business accounted for approximately 48% of the company's revenue and 56% of gross profit in 2021, but this share decreased in 2022 and 2023 due to price declines [23][36] - The recovery in the pig cycle and overseas demand is expected to drive the demand for vitamins A and E, which are primarily used as feed additives [23][24] 3. Supply Dynamics - The supply side is experiencing significant constraints, with major maintenance periods for vitamin E production expected in Q3 2024, which will likely lead to further price increases [22][35] - Recent incidents, such as the explosion at BASF's facility, have also contributed to supply disruptions, enhancing the pricing power of vitamin producers [35][36] 4. Formulation Pipeline - The company has a diverse formulation pipeline, with 14 products entering centralized procurement, which is expected to drive revenue growth [3][15] - The sales volume of Naquinone capsules and injections has seen substantial growth, with increases of 46% and 195% year-on-year, respectively [3] 5. Financial Forecast and Valuation - The company is projected to achieve revenues of 9.48 billion, 10.09 billion, and 10.85 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 1.052 billion, 1.201 billion, and 1.347 billion yuan [3][5] - The corresponding PE ratios for 2024, 2025, and 2026 are estimated to be 14.4, 12.6, and 11.2 times [3]

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]

证券代码：600216 证券简称：浙江医药 公告编号：2024-023 浙江医药股份有限公司 药品名称：注射用达托霉素 剂型：注射剂 规格：0.5g 注册分类：化学药品 4 类 药品注册标准编号：YBH17512024 药品批准文号：国药准字 H20244593 关于注射用达托霉素获得药品注册证书的公告 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 核准签发的注射用达托霉素（0.5g）的《药品注册证书》。现将相关情况公告如 下： 一、药品基本情况 达托霉素用于复杂性皮肤和皮肤结构感染（cSSSI）及金黄色葡萄球菌感染 （菌血症），包括右路感染性心内膜炎的治疗。 达托霉素由 Cubist 制药开发，为注射用冻干粉剂，首先于 2003 年 9 月 12 日获得美国食品药品管理局（FDA）批准,并于 2009 年在中国上市。米内数据库 显示，2023 年注射用达托霉素在国内的销售额约为 1.3 亿元。目前国内已有多 家企业获批生产注射用达托霉素，包括江苏恒瑞 ...

证券代码：600216 证券简称：浙江医药 公告编号：2024-024 申请事项：境内生产化学原料药上市申请 浙江医药股份有限公司 关于子公司收到化学原料药上市申请批准通知书的公告 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。 近日，浙江医药股份有限公司（以下简称"公司"）控股子公司浙江昌海制 药有限公司（以下简称"昌海制药"）收到国家药品监督管理局核准签发的替考 拉宁《化学原料药上市申请批准通知书》（通知书编号：2024YS00806）。现将相 关情况公告如下： 一、药品的基本情况 化学原料药名称：替考拉宁 注册标准编号：YBY69322024 包装规格：1kg/听、2kg/听、3kg/听、4kg/听、5kg/听 生产企业：浙江昌海制药有限公司 企业地址：绍兴滨海新城致远中大道 188 号 浙江医药股份有限公司董事会 2024 年 8 月 15 日 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，本品 符合药品注册的有关要求，批准注册。质量标准、标签及生产工艺照所附执行。 二、药品其他相关情况 替考拉宁 ...

北京电话会议系统请输入参会密码您已成功加入会议Please remain on the line感谢大家参加本次会议会议即将开始请稍后 Thanks for your participation.The meeting is ready to start.Please remain on the line. 各位参会人员本次会议观点和信息仅限于此次受邀的海庚证券客户中的专业投资者参考所有参与者均负有合规参会义务和保密义务严禁私自录音录像 严禁传播会议纪要或泄露会议内容严禁发表落到他人发表或传播违规言论市场有风险投资需谨慎投资者应自主独立决策一海之言一海通达海通研究小程序金门财经全时等是研究所指定会议平台各位尊敬的投资者大家下午好我是海通的基础化工行业的分析师孙文荣 然后今天我们非常荣幸的邀请到了浙江医药的总理邵总来为我们对行业还有公司的近况进行一个解读然后最近因为维生素的确A和E还有一些其他的品种关注度非常的高所以我们先请邵总跟我们对最近的一个行业的近况做一个简单的介绍然后我们就进入到自由问答环节邵总 好的那我就直接聊一下就是说维生素这个板块那么维生素这个板块从去年年底到历史低谷以来就是说今年上半年持续的有一 ...

Financial Data and Key Indicators Changes - The vitamin A and E market has experienced a recovery phase, with prices rising significantly from historical lows since the end of last year, particularly between May and July [11] - The supply structure has stabilized, but the explosion at BASF has caused market volatility, impacting prices [2][4] Business Line Data and Key Indicators Changes - The discussion highlighted the rapid price changes for vitamins A and E, with a focus on inventory management challenges faced by producers and distributors [3][12] - Companies are adopting a "lock volume, not price" strategy during market upswings, indicating a lag in price adjustments relative to market conditions [13][16] Market Data and Key Indicators Changes - The inventory levels for vitamins A and E are difficult to ascertain due to production halts, but seasonal factors suggest that most manufacturers' inventories will not exceed one month [12] - The market is experiencing a cautious sentiment due to the uncertainty following the BASF incident, affecting demand for vitamin E [15] Company Strategy and Development Direction - The new management is focused on cost reduction and efficiency improvements, while also addressing significant internal matters such as plant relocations and capacity restructuring [7][18] - Companies are encouraged to remain flexible in their operational strategies and emphasize technological innovation and cost control to maintain competitiveness in a cyclical industry [9] Management Comments on Operating Environment and Future Outlook - The management acknowledged the unpredictability of profit expectations in a cyclical industry, emphasizing the need to adjust performance metrics based on market conditions rather than setting specific profit targets [9][18] - There is a recognition of the potential for new production capacity in the vitamin A market, although information on vitamin E capacity remains uncertain [14] Other Important Information - The market is closely monitoring the price and settlement price discrepancies for vitamins E and A, which typically have a one-month lag [8][16] - The management noted that the demand for vitamin A is relatively stable, influenced by inventory adjustments from distributors and traders [15] Q&A Session Summary Question: What were the main topics discussed in the recent meeting regarding Zhejiang Medicine? - The meeting focused on the operational status of Zhejiang Medicine and the vitamin A and E chemical product industry, analyzing current supply and demand conditions and future trends [10] Question: What major changes has the vitamin industry experienced in the past year and a half? - Since the historical low at the end of last year, the vitamin sector has seen a gradual price recovery due to increased demand, particularly during the maintenance period of major manufacturers like BASF [11] Question: How are the inventory levels of vitamins A and E in domestic and overseas markets? - Specific inventory levels are hard to determine, but it is expected that most manufacturers' inventories will not exceed one month due to seasonal factors [12] Question: Are there any agreements in place for locking orders for the second half of the year? - Typically, during market upswings, companies adopt a "lock volume, not price" approach, with a slight lag in executing prices relative to market conditions [13] Question: What is the current production capacity and monthly output for Zhejiang Medicine's vitamin A? - Specific data on production capacity and monthly output for vitamin A was not disclosed [14] Question: How does the management view the price increase of vitamin E to 300 yuan/kg in 2008? - The price increase in 2008 shares similarities with recent fluctuations, particularly influenced by the BASF explosion, but predicting future price peaks remains challenging [14] Question: Is there any impact on DSM's production capacity due to recent incidents? - There have been no reports indicating that DSM's production capacity has been affected by recent incidents [15] Question: How is the demand for vitamin B and E from downstream purchasers? - Demand for vitamin A is stable, while vitamin E demand is uncertain due to the impact of the BASF incident [15]

Summary of the Conference Call on Zhejiang Medicine's Recent Developments Industry Overview - The focus is on the vitamin A and E sectors, which have seen increased attention and price fluctuations from recovery to volatility [2][3] - The supply structure has stabilized, but the explosion at BASF has impacted market sentiment and prices [2][5] - Future price trends are uncertain and depend on supply-demand dynamics [2][5] Key Points and Arguments - **Market Dynamics**: The prices of vitamins A and E have been volatile, with significant price increases noted from May to July due to supply constraints during BASF's maintenance [12] - **Inventory Management**: Producers and distributors face challenges in managing inventory amid market uncertainties, with some adopting a "lock volume, not price" strategy to navigate market cycles [4][14] - **BASF's Impact**: The explosion at BASF has raised concerns about its production capacity and future expansion plans, although specific details remain unclear [5][15] - **Cost Control and Efficiency**: Companies are focusing on improving efficiency and reducing costs while monitoring internal matters that could significantly impact operations [8][19] - **Market Price and Settlement Price**: There is a typical one-month lag between market price increases and the implementation of new settlement prices, affecting revenue recognition [9][17] Additional Important Insights - **Future Production Plans**: There are rumors of potential new production capacity for vitamin A, but information on vitamin E remains uncertain [16] - **Downstream Demand**: The demand for vitamin A is stable, influenced by inventory adjustments from distributors, while vitamin E demand is affected by the uncertainty following the BASF incident [16] - **Management Changes**: The new management is expected to continue cost-cutting measures and focus on significant internal issues such as plant relocations and capacity restructuring [8][19] - **Market Behavior**: The market exhibits typical behaviors of price chasing and panic selling, which can affect future inventory purchasing decisions [8][16] Conclusion - The vitamin industry is experiencing significant fluctuations influenced by external events like the BASF explosion, necessitating flexible strategies from companies to maintain competitiveness and manage costs effectively [2][10]