羚[Ta锐ble制_Sto药ckN（ameRptType] 600285） 公司点评 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告 非金融公司|公司点评|羚锐制药（600285） 业绩超预期，盈利能力逐步提升 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月13日 证券研究报告 |报告要点 公司发布 2024 年半年度报告，实现营收 19.06 亿元(yoy+12.07%,下同)，归母净利润 4.13 亿 元(yoy+30.30%)，单 Q2 营收 9.97 亿元(yoy+9.31%)，归母净利润 2.23 亿元(yoy+28.90%)， 利润增长超预期。自 2018 年起，公司启动第二轮营销改革，整合营销资源，组建了河南羚锐 医药有限公司，作为公司及子公司产品统一销售平台；划分 OTC、基层医疗和临床三大业务板 块进行专业化的销售工作；同时通过战略采购以控制原材料成本，以及实现智能化、自动化、 信息化改造，公司净利率逐步提升。 |分析师及联系人 郑薇 SAC：S0590521070002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月13日 羚锐制药(600285) 业绩超预期，盈利能力逐步提升 | --- | --- | |----- ...

华福证券 司 मे 羚锐制药（600285.SH） 二季度表现亮眼，长期增长稳健+高分红稀缺标的 投资要点： 公司发布 2024 年半年报 2024 年上半年公司实现收入 19.1 亿，同比增长 12.1%，实现归母 净利润 4.1 亿元，同比增长 30.3%，实现扣非归母净利润 3.9 亿元，同 比增长 30.8%； 2024 年 Q2 实现收入 10 亿元，同比增长 9.3%，实现归母净利润 2.2 亿，同比增长 28.9%，实现扣非归母净利润 2.1 亿元，同比增长 30.2%。 2024 年 Q2 业绩表现亮眼，公司盈利能力改善显著 2024 年 Q2 公司扣非归母净利润为 2.1 亿元，同比增长 30.2%，扣 非归母净利率为 21.3%，同比提升 3.4pct，净利率的提升主要来自于公 司毛利率提升明显，Q2 毛利率为 76.5%，同比提升 2.2pct，同时公司 持续保持营销改革控费的步调，24Q2 销售费用率为 44.2%，同比下降 1.3pct。 国内知名中药贴膏品牌，多剂型产品布局，共推公司长期发展。 团队成员 分析师： 盛丽华(S0210523020001) SLH30021@hfzq. ...

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Investment Rating - The report maintains a "Buy" rating for Lingrui Pharmaceutical (600285) [3][5] Core Views - The company's performance growth aligns with expectations, with projected revenues of RMB 3.75 billion, 4.23 billion, and 4.72 billion for 2024, 2025, and 2026, respectively [5] - Net profit attributable to the parent company is expected to reach RMB 680.79 million, 799.04 million, and 937.60 million for 2024, 2025, and 2026, respectively [5] - The company's EPS is forecasted to be RMB 1.20, 1.41, and 1.65 for 2024, 2025, and 2026, respectively [5] - The PE ratios for 2024-2026 are estimated at 19x, 16x, and 14x, respectively [5] Market and Product Analysis - The pain management market in China is expanding, with over 300 million chronic pain patients and 10-20 million new cases annually [1] - Over 60% of chronic pain patients manage their condition through self-treatment, with topical medications being the preferred choice [1] - Lingrui Pharmaceutical has a strong product portfolio in chronic pain and injury treatment, including exclusive products like Tongluo Qutong Plaster and Huoxue Xiaotong Tincture [1] - The company's "Two Tigers" series has annual sales exceeding 1 billion units, with a high market share in its category [1] - The company is actively expanding its chemical drug patch portfolio, with products like Indomethacin Patch in the pipeline [1] Financial Performance - In H1 2024, the company achieved revenue of RMB 1.906 billion, a YoY increase of 12.07% [1] - Net profit attributable to the parent company reached RMB 413 million, a YoY increase of 30.30% [1] - Gross profit margin and net profit margin were 76.04% and 21.67%, respectively, with YoY increases of 0.72pct and 3.03pct [1] - The company's financial expense ratio decreased by 1.68pct YoY to 44.85% [1] Brand and Marketing Strategy - The company continues to strengthen its brand building, focusing on "Two Tigers" and "Little Antelope" brands [1] - It is accelerating product category expansion and improving service quality [1] - The company is leveraging a "online + offline" integrated business model to drive traffic through channel and brand marketing activities [1] Valuation and Financial Ratios - The company's total market capitalization is RMB 13.384 billion, with a circulating market capitalization of RMB 13.383 billion [2] - The 52-week high/low stock price is RMB 26.89/15.37, with a 52-week increase of 52.30% [2] - The 52-week turnover rate is 347.65% [2] - The company's ROE is expected to increase from 20.35% in 2023 to 28.60% in 2026 [10] - The net profit margin is projected to grow from 17.16% in 2023 to 19.84% in 2026 [10]

Investment Rating - The investment rating for the company is "Buy" [1][5] Core Insights - The company reported a revenue of 1.906 billion yuan for the first half of 2024, representing a year-over-year increase of 12.07%. The net profit attributable to shareholders was 413 million yuan, up 30.3% year-over-year [2][3] - The company has shown improvements in sales efficiency and the effectiveness of its digital transformation, with a significant reduction in expense ratios and an increase in profit margins [3] - The multi-brand strategy has led to sustained growth in brand value, with the company expanding its brand portfolio and enhancing its market presence [3] Financial Summary - For 2024, the company is projected to achieve revenues of 3.79 billion yuan, with a year-over-year growth rate of 14.45%. The net profit attributable to shareholders is expected to be 707 million yuan, reflecting a growth rate of 24.42% [4][5] - The earnings per share (EPS) for 2024 is estimated at 1.25 yuan, with a price-to-earnings (P/E) ratio of 18.49 [4][5] - The company’s gross margin is projected to be 74.3% in 2024, with a net profit margin of 18.7% [7]

Investment Rating - The investment rating for the company has been upgraded to "Buy" based on its better-than-expected profitability and the sustainability of its marketing and management improvements [3]. Core Views - The company's revenue for the first half of 2024 reached 1.906 billion yuan, a year-on-year increase of 12.07%, with a net profit attributable to shareholders of 413 million yuan, up 30.30% year-on-year, indicating strong performance [2][3]. - The revenue growth is expected to remain robust, with a forecasted annual growth rate of over 10% for the full year 2024, driven by a low base effect from the previous year and anticipated recovery in hospital product sales [2][3]. - The company's gross margin improved to 76.04%, with a decrease in sales expense ratio to 44.85%, reflecting effective marketing strategies and digital integration [2][3]. Financial Summary - For the first half of 2024, the company reported a net profit margin of 21.67%, an increase of 3.03 percentage points year-on-year, and a projected net profit margin of 18.80% for the full year [2][3]. - The forecast for 2024-2026 includes expected net profits of 704 million yuan, 831 million yuan, and 973 million yuan, representing year-on-year growth rates of 23.97%, 18.04%, and 17.07% respectively [4][3]. - The earnings per share (EPS) are projected to be 1.24 yuan, 1.47 yuan, and 1.72 yuan for 2024, 2025, and 2026, with corresponding price-to-earnings ratios of 18.55x, 15.72x, and 13.43x [4][3].

证券研究报告 中成药 公司快报 2024 年 08 月 13 日 羚锐制药(600285.SH) 营销发力营业收入平稳增长，盈利水平 创历史新高 事件： 2024 年 8 月 12 日，公司发布 2024 年中期报告。2024 年上半年公 司实现营业收入 19.06 亿元，同比增长 12.07%；实现归母净利润 4.13 亿元，同比增长 30.30%；实现扣非归母净利润 3.94 亿元，同 比增长 30.82%。单季度来看，2024 年 Q2 公司实现营业收入 9.97 亿元，同比增长 9.31%；实现归母净利润 2.23 亿元，同比增长 28.90%；实现扣非归母净利润 2.13 亿元，同比增长 30.20%。 营销持续发力，营业收入实现平稳增长。 2024 年上半年公司营业收入实现平稳增长，我们认为主要得益于营 销持续发力。 1）持续加大品牌投入：打造全民健康品牌，羚锐医药 2024"龙抬头·颈轻松"健康服务公益活动在全国 300 多个城市开展 2,000 余场次活动，呼吁消费者重视骨健康。2）持续加强广告宣传： 通过央视和地方卫视的广告投放树立品牌高度；线下发起的"两只老 虎闹新春""带着两只老虎去旅行 ...

证券研究报告 中成药 公司快报 2024 年 08 月 13 日 羚锐制药(600285.SH) 营销发力营业收入平稳增长，盈利水平 创历史新高 事件： 2024 年 8 月 12 日，公司发布 2024 年中期报告。2024 年上半年公 司实现营业收入 19.06 亿元，同比增长 12.07%；实现归母净利润 4.13 亿元，同比增长 30.30%；实现扣非归母净利润 3.94 亿元，同 比增长 30.82%。单季度来看，2024 年 Q2 公司实现营业收入 9.97 亿元，同比增长 9.31%；实现归母净利润 2.23 亿元，同比增长 28.90%；实现扣非归母净利润 2.13 亿元，同比增长 30.20%。 营销持续发力，营业收入实现平稳增长。 2024 年上半年公司营业收入实现平稳增长，我们认为主要得益于营 销持续发力。 1）持续加大品牌投入：打造全民健康品牌，羚锐医药 2024"龙抬头·颈轻松"健康服务公益活动在全国 300 多个城市开展 2,000 余场次活动，呼吁消费者重视骨健康。2）持续加强广告宣传： 通过央视和地方卫视的广告投放树立品牌高度；线下发起的"两只老 虎闹新春""带着两只老虎去旅行 ...