Investment Rating - The report maintains a "Buy" rating for Lingrui Pharmaceutical, expecting the stock price to outperform the industry index by over 15% in the next six months [17]. Core Views - Lingrui Pharmaceutical has demonstrated strong financial performance with a revenue of 3.311 billion yuan in 2023, representing a year-on-year growth of 10.31%, and a net profit of 568 million yuan, up 22.09% [2][4]. - The company is positioned to benefit from the expanding orthopedic medication market due to the aging population in China, with a focus on optimizing product structure and cost management to enhance profit margins [8][19]. Financial Performance Summary - In 2023, the company achieved a revenue of 3.311 billion yuan, with a net profit of 568 million yuan and a non-deductible net profit of 534 million yuan, marking increases of 22.09% and 30.61% respectively [2][4]. - For Q1 2024, the company reported a revenue of 909 million yuan, a year-on-year increase of 15.27%, and a net profit of 190 million yuan, up 31.98% [5][19]. - The financial indicators for 2024E project revenues of 3.779 billion yuan and a net profit of 701 million yuan, reflecting a growth rate of 14.1% and 23.4% respectively [4][8]. Product and Brand Development - The product matrix has been enriched with the approval of two new drug registrations, expanding the range of dosage forms to over a hundred products [3][31]. - The company has implemented a "1+N" brand strategy, enhancing brand value and recognition, with notable products achieving significant sales milestones [3][31]. Operational Efficiency - The company has optimized its cost structure, with a decrease in sales, management, and financial expense ratios in Q1 2024 compared to the previous year [5][19]. - Continuous improvements in operational management and marketing strategies have been noted, including the integration of traditional and e-commerce channels [22].

会议召开方式：上证路演中心视频录播和网络互动 投资者可于 2024 年 05 月 16 日(星期四) 至 05 月 22 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 （600285@lingrui.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。 证券代码：600285 证券简称：羚锐制药 公告编号：2024-021 河南羚锐制药股份有限公司 关于召开 2023 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个别及连带责任。 重要内容提示： 会议召开时间：2024 年 05 月 23 日(星期四)下午 15:00-16:30 会 议 召 开 地 点 ： 上海证券 交 易 所 上 证 路 演 中 心 （ 网址： http://roadshow.sseinfo.com/） 公司董事长兼总经理熊伟先生 河南羚锐制药股份有限公司（以下简称"公司"）已于 2024 年 4 月 26 日发 布公司 2023 年度报告，为便于广大投资者更全面深入地了解公司 2023 ...

证券代码：600285 证券简称：羚锐制药 公告编号：2024-022 信阳新锐投资发展有限公司（下称"新锐投资"）持有河南羚锐制药股份有 限公司（下称"公司"）股票 10,867,500 股，占公司总股本的 1.92%。新锐投资 及其一致行动人合计持有公司股份 138,681,109 股，占公司总股本的 24.45%。 河南羚锐制药股份有限公司股东减持股份计划公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况 减持计划的主要内容 新锐投资拟通过上海证券交易所交易系统以集中竞价、大宗交易的方式减持 公司股份不超过 10,867,500 股，即减持不超过公司股份总数的 1.92%。其中， 采取集中竞价方式减持公司股份的，将于减持计划披露之日起 15 个交易日后的 3 个月内进行，在任意连续 90 日内，减持股份的总数不超过公司总股本的 1%； 采取大宗交易方式减持公司股份的，将于减持计划披露之日起 3 个交易日后的 3 个月内进行，在任意连续 90 日内，减持股份的总数不超过公司总 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][12]. Core Insights - The company has demonstrated robust growth in its core categories, with a focus on brand building and channel innovation. In 2023, the revenue from patches was CNY 2.047 billion, up 6.91% year-on-year, while tablet revenue surged by 34.66% to CNY 0.262 billion. Capsule revenue increased by 15.44% to CNY 0.712 billion, although ointment revenue declined by 7.93% to CNY 0.137 billion [3]. - The company is expected to achieve revenue of CNY 3.752 billion, CNY 4.244 billion, and CNY 4.791 billion for 2024-2026, reflecting year-on-year growth rates of 13.3%, 13.1%, and 12.9% respectively. The net profit attributable to shareholders is projected to be CNY 0.684 billion, CNY 0.813 billion, and CNY 0.948 billion, with growth rates of 20.3%, 18.9%, and 16.6% respectively [2][12]. Financial Performance Summary - In 2023, the company reported total revenue of CNY 3.311 billion, a year-on-year increase of 10.31%, and a net profit of CNY 0.568 billion, up 22.09%. The first quarter of 2024 saw revenue of CNY 0.909 billion, a 15.27% increase year-on-year, with net profit rising by 31.98% to CNY 0.190 billion [10][22]. - The company’s net profit margin for 2023 was 17.16%, an increase of 1.66 percentage points, driven by improved gross margins and efficiency in marketing and management [9][11]. Dividend Policy - The company plans to distribute a cash dividend of CNY 0.80 per share, totaling CNY 4.51 billion, which represents 79.41% of the net profit attributable to shareholders [16][20]. Market Data - As of April 30, 2024, the closing price was CNY 25.45, with a total share capital of 567.14 million shares and a net asset value of CNY 2.934 billion [8]. Future Outlook - The company aims to enhance shareholder returns through a structured dividend policy over the next three years, ensuring a stable and predictable return for investors [20][23].

事件： 投资评级： 分析师：郑薇 执业证书编号：S0590521070002 邮箱：zhengwei@glsc.com.cn ➢ 公司盈利能力持续提升 2023 年公司毛利率 73.29%，同比增加 1.01pp；销售费用率 45.41%，同比 减少 2.68pp；管理费用率 5.26%，同比减少 0.38pp；研发费用率 3.31%， 同比减少 0.85pp；财务费用率-1.06%，同比减少 0.17pp；净利率 17.16%， 同比增加 1.65pp。2024Q1 毛利率 75.60%，同比减少 0.94pp；销售费用率 45.55%，同比减少 2.17pp；管理费用率 3.84%，同比减少 0.60pp；研发费 用率 2.24%，同比减少 0.45pp；财务费用率-0.88%，同比减少 0.14pp；净 利率 20.94%，同比增加 2.66pp。自公司开启第二轮营销改革后，营销资源 进行整合，同时实施智能化等举措，盈利能力持续提升。 作者 分析师声明 本报告署名分析师在此声明：我们具有中国证券业协会授予的证券投资咨询执业资格或相当的专业胜任能力，本报告所表述的所有观点均准确地反映了我们 对标的证券和发 ...

Investment Rating - The investment rating for the company is "Hold" [10] Core Views - The company has shown stable growth in orthopedic traditional Chinese medicine patches and rapid expansion in tablet products [1][8] - The company's profitability continues to improve, with a significant increase in both revenue and net profit [2][7] Financial Performance Summary - In 2023, the company achieved a revenue of 3.311 billion yuan, a year-on-year growth of 10.31%, and a net profit of 568 million yuan, up 22.09% year-on-year [7][18] - For Q1 2024, the company reported a revenue of 909 million yuan, a year-on-year increase of 15.27%, and a net profit of 190 million yuan, up 31.98% year-on-year [7] - The company expects revenues of 3.855 billion yuan, 4.401 billion yuan, and 4.995 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 16.40%, 14.18%, and 13.50% [3][18] - The projected net profits for the same years are 683 million yuan, 811 million yuan, and 955 million yuan, with growth rates of 20.30%, 18.73%, and 17.64% respectively [3][18] Product Performance - The company offers over ten dosage forms and more than a hundred products, with patch products generating 2.047 billion yuan in revenue, a year-on-year increase of 6.91% [8] - The tablet products saw a revenue of 262 million yuan, growing 34.66% year-on-year, indicating a rapid expansion [8] Profitability Metrics - The gross margin for 2023 was 73.29%, an increase of 1.01 percentage points year-on-year, while the net profit margin was 17.16%, up 1.65 percentage points [17] - The company has implemented marketing reforms and integrated resources, contributing to the continuous improvement in profitability [17]

公 司 研 究 《羚锐制药（600285.SH）：核心产品 稳健增长，业绩基本符合预期》—— 2023.10.31 《羚锐制药（600285.SH）：主业稳健 增长，盈利能力显著提升》—— 2023.08.12 ➢ 经营效率持续提升。2023年，公司毛利率与净利率分别为73.3%、17.2%，分别较去年同 期提升1.0、1.7pct，规模效应持续显现；期间费用率方面，销售、管理、研发费用率分别 为45.41%、5.26%、3.31%，分别下降2.7、0.4、0.9pct。2024年Q1延续效率提升态势， 公司持续精准控费，盈利能力稳步提升。 ➢ 投资建议：公司利润端略超预期，我们适当调整2024/2025年盈利预测，新增2026年盈利 预测，我们预计公司2024-2026年的归母净利润为6.77/7.90/9.12亿元，对应EPS分别为 1.19/1.39/1.61元，对应PE分别21.3/18.3/15.8倍。维持"买入"评级。 [Table_QuotePic] -35% -21% -7% 7% 21% 35% 49% 63% 23-05 23-08 23-11 24-02 羚锐制药 沪深300 [tabl ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [12][13]. Core Insights - The company achieved steady growth in performance, with a revenue of 3.31 billion yuan in 2023, representing a year-on-year increase of 10.31%. The net profit attributable to shareholders was 568.12 million yuan, up 22.09% year-on-year [11][19]. - The company focuses on traditional Chinese medicine, particularly in the treatment of orthopedic and cardiovascular diseases, with a strong product lineup that includes unique offerings and high market share products [11][13]. - The company plans to distribute a cash dividend of 0.80 yuan per share, totaling approximately 451.15 million yuan, which accounts for 79.41% of the net profit [11]. Financial Summary - Revenue projections for 2024 and 2025 are set at 3.75 billion yuan and 4.23 billion yuan, respectively, with a forecasted net profit of 680.79 million yuan and 799.04 million yuan for the same years [19]. - The company’s EBITDA is expected to grow from 685.21 million yuan in 2023 to 1.06 billion yuan by 2026, reflecting a strong operational performance [19]. - Key financial ratios indicate a healthy growth trajectory, with an expected EPS of 1.20 yuan in 2024 and a P/E ratio of 20.12 [19].

F原证券 附：财务预测摘要 相关研究报告 | --- | --- | --- | --- | --- | --- | |-----------------------|-------|-------|-------|-------|-------| | 指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 3,002 | 3,311 | 3,800 | 4,261 | 4,787 | | YOY(%) | 11.4 | 10.3 | 14.8 | 12.1 | 12.3 | | 归母净利润 ( 百万元 ) | 465 | 568 | 687 | 801 | 936 | | YOY(%) | 28.7 | 22.1 | 21.0 | 16.6 | 16.8 | | 毛利率 (%) | 72.3 | 73.3 | 73.1 | 73.0 | 72.8 | | 净利率 (%) | 15.5 | 17.2 | 18.1 | 18.8 | 19.5 | | ROE(%) | 18.2 | 20.3 | 19.7 | 19.7 | 19.5 | | E ...

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