Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of 10%-20% over the next six months [6][5]. Core Insights - In H1 2024, the company reported revenue of 3.965 billion yuan, a year-on-year decrease of 3.02%, and a net profit attributable to shareholders of 658 million yuan, down 8.97% year-on-year [1][2]. - The industrial segment achieved a revenue of 2.62 billion yuan, reflecting a growth of 4.25% despite a high base, while the commercial segment saw a decline of 14.5% with a revenue of 1.58 billion yuan [2]. - The company continues to expand its core product channels, with significant growth in terminal development for key products, including a doubling of revenue from Qingyan Diban and extensive outreach for other products [3]. Financial Performance - The gross profit margin for H1 2024 was 49.93%, an increase of 3.07 percentage points year-on-year, while the net profit margin was 16.42%, a decrease of 1.06 percentage points [4]. - The company implemented 128 lean cost reduction projects, resulting in a 2.7% improvement in overall equipment efficiency (OEE) and an expected 13.6% reduction in energy consumption [4]. Revenue and Profit Forecast - Revenue forecasts for 2024-2026 have been revised down from 9.294 billion, 10.472 billion, and 11.820 billion yuan to 8.504 billion, 9.368 billion, and 10.354 billion yuan respectively [5]. - Net profit forecasts for the same period have also been adjusted down from 1.163 billion, 1.379 billion, and 1.649 billion yuan to 1.094 billion, 1.267 billion, and 1.461 billion yuan respectively [5].

2024 年 08 月 15 日 公司研究 评级：买入(维持) 研究所： | --- | --- | |--------------|--------------------| | 证券分析师： | S0350521090002 | | | zhouxg@ghzq.com.cn | | 证券分析师： | S0350523040002 | | | zhaonn@ghzq.com.cn | 最近一年走势 相对沪深 300 表现 2024/08/15 表现 1M 3M 12M 达仁堂 -6.56% -13.86% -20.13% 沪深 300 -4.70% -9.51% -14.18% 市场数据 2024/08/15 当前价格（元） 30.90 52 周价格区间（元） 23.40-38.04 总市值（百万） 23,797.89 流通市值（百万） 17,485.32 总股本（万股） 77,015.83 流通股本（万股） 56,586.81 日均成交额（百万） 97.69 近一月换手（%） 0.72 相关报告 2023-11-01 周小刚》——2023-08-15 《达仁堂（600329）2023 年年报点评报告：成本 ...

| --- | --- | |------------------------------------------|----------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 | [投资收益减少致 Table_Title] 利润短期承压，24H1 工业收入增长仍具韧性 | | 公司研究[Table_ReportType] 公司点评报告 | [Table_ReportDate] 2024 年 08 月 15 日 [Table_S 事件：公司发布 ummary] 2024 年半年度报告，2024H1 公司实现营业收入 39.65 亿 | | [Table_StockAndRank] 达仁堂(600329) | 元（yoy-3.02%），实现归母净利润 6.58 亿元（yoy-8.97%），扣非归母净利 | | | 润 6.34 亿元（yoy-11.01%）。其中，2024Q2 单季度实现营业收入 18.79 ...

证券代码：600329 证券简称：达仁堂 编号：临 2024-024 号 公司将持续聚焦资源，突出核心工业板块，聚能"三核九翼"产 品，不断提升品牌力、产品力、创新力、服务力，打造清晰的战略发 展目标体系，通过健康中国系列行动有序落地，分阶段做强主品，提 高硬实力，过程中，循序渐进做好品牌引领和数字赋能等软实力提升 工作。充分挖掘老字号和非遗价值内核，2024 年将有序落实《大国品 牌》、"中医药文化守护官"等 5 个品牌项目。公司从业务数字化向数 字业务化迈进，推进数智化基座建设，包括 iPaas, 主数据，数据中台， 混合云等。 津药达仁堂集团股份有限公司 关于 2024 年度"提质增效重回报"行动方案的公告 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。 二、关注股东回报，共享发展红利 积极通过现金分红，提高投资者回报水平。2022 年度、2023 年 度连续两年高比例分红。自 2001 年在上交所上市至 2024 年中，公司 为推动公司高质量发展，更好回报投资者，津药达仁堂集团股份 有限公司（以下简称"公司"）深入贯彻 ...

[Ta达ble仁_Sto堂ckN（ameRptType] 600329） 公司点评 上半年工业端高基数下维持稳定增长，Q2 业绩短期承压 [T投a资ble评_R级an：k]买入（维持） 报告日期： 2024-08-15 [收Ta盘bl价e_（Ba元se）Data] 32.72 近 12 个月最高/最低（元） 38.04/23.40 总股本（百万股） 770 流通股本（百万股） 766 流通股比例（%） 99.44 总市值（亿元） 252 流通市值（亿元） 251 [分Ta析bl师e_：Au谭th国or超] 执业证书号：S0010521120002 邮箱：tangc@hazq.com 分析师：李昌幸 执业证书号：S0010522070002 邮箱：licx@hazq.com [相Ta关bl报e_告CompanyReport] 事件点评 同期基数高导致单季增速承压，财务质量进一步提升 公司 2024Q2 收入为 18.79 亿元，同比-2.83%；归母净利润为 2.70 亿元，同比-15.95%；扣非归母净利润为 2.58 亿元，同比-18.68%。 24 年上半年公司整体毛利率为 49.93%，同比+3.07 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 3,964,740,785.30, a decrease of 3.02% compared to CNY 4,088,308,842.02 in the same period last year[16]. - The net profit attributable to shareholders of the listed company was CNY 657,719,254.85, down 8.97% from CNY 722,491,488.60 year-on-year[16]. - The net profit after deducting non-recurring gains and losses was CNY 633,831,191.83, reflecting an 11.01% decrease compared to CNY 712,210,199.94 in the previous year[16]. - Basic earnings per share for the first half of 2024 were CNY 0.85, a decrease of 9.57% from CNY 0.94 in the same period last year[17]. - The weighted average return on net assets was 9.49%, down 1.05 percentage points from 10.54% in the previous year[17]. - The company reported a net profit margin of approximately 15% for the first half of 2024, consistent with the previous year's performance[118]. - The company reported a total comprehensive income of CNY 649,392,228.01 for the first half of 2024, compared to CNY 715,838,377.52 in the same period of 2023[127]. - The net profit for the first half of 2024 is CNY 660,852,627.42, a decrease of 12.6% compared to CNY 756,300,446.31 in the same period of 2023[129]. Cash Flow and Liquidity - The net cash flow from operating activities increased significantly to CNY 555,214,560.54, a 353.48% rise from CNY 122,433,735.29 in the same period last year[16]. - The company's cash and cash equivalents at the end of the period amounted to CNY 3,454,125,554.42, representing a 62.53% increase from CNY 2,125,200,012.92 at the end of the previous year[45]. - The net cash flow from investing activities for the first half of 2024 is CNY 65,073,705.72, compared to a negative cash flow of CNY -487,182,638.67 in the first half of 2023[132]. - The net cash flow from financing activities for the first half of 2024 is CNY 719,898,704.49, a recovery from a negative cash flow of CNY -344,434,848.42 in the same period of 2023[132]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 11,901,105,307.25, representing a 16.33% increase from CNY 10,230,100,940.68 at the end of the previous year[16]. - The company's total liabilities were CNY 5,249,986,848.95, up from CNY 3,232,922,380.45, which is an increase of approximately 62.4%[119]. - Short-term borrowings surged to CNY 802,200,000.00 from CNY 81,800,000.00, indicating a significant increase of about 878.4%[119]. - The total equity of the company as of June 30, 2024, was CNY 6,651,118,458.30, reflecting an increase from CNY 6,997,178,560.23 at the end of 2023[118]. Research and Development - Research and development expenses decreased by 10.33% to CNY 46,652,469.50 from CNY 52,028,961.65 in the previous year[42]. - The company published 25 papers in the first half of 2024, including 7 in SCI journals, highlighting its commitment to research and innovation in traditional Chinese medicine[40]. - The company has established partnerships with several academic institutions to advance research on key products, including the effectiveness of its fast-acting heart rescue pill[40]. Market and Industry Trends - The pharmaceutical manufacturing sector has seen a 2.0% year-on-year increase in industrial added value for large-scale enterprises in the first half of 2024[28]. - The consumer price index for healthcare increased by 1.4% year-on-year, while the traditional Chinese medicine subcategory rose by 5.3%[28]. - The Chinese herbal medicine price index rose from 1246.17 points in January 2020 to 2250.73 points in June 2024, indicating significant cost pressures on the industry[30]. - The national drug procurement policy has led to an average price reduction of over 50% for 374 types of drugs, impacting the pricing power of pharmaceutical companies[30]. Corporate Governance and Compliance - The company reported no non-operating fund occupation by controlling shareholders or related parties[4]. - There were no violations of decision-making procedures regarding external guarantees[4]. - The company has not proposed any profit distribution or capital reserve transfer plans for the half-year period[61]. - The company has no significant litigation or arbitration matters during the reporting period[81]. Environmental and Sustainability Initiatives - The company has been recognized as a green factory by Tianjin City, reflecting its commitment to sustainable development and energy efficiency[39]. - The company has implemented various pollution control facilities, including activated carbon adsorption systems and wastewater treatment facilities, which are currently operating normally[67]. - The company has initiated a comprehensive green factory creation project since 2023, focusing on energy conservation, waste reduction, and resource recycling[72]. Shareholder Information - The company has a total of 47,012 ordinary shareholders as of the end of the reporting period[108]. - Tianjin Pharmaceutical Group holds 331,120,528 shares, accounting for 42.994% of total shares, with 70,000,000 shares frozen[110]. - The company has not experienced any changes in its share capital structure during the reporting period[108]. Financial Reporting and Accounting Policies - The financial statements were prepared based on the assumption of going concern, with no significant doubts about the company's ability to continue operations[154]. - The company follows the accounting standards set by the Ministry of Finance, ensuring the financial statements reflect the true financial condition as of June 30, 2024[156]. - The company has established specific accounting policies for financial asset impairment, inventory measurement, and revenue recognition[155].

证券代码：600329 证券简称：达仁堂 编号：临 2024-022 号 津药达仁堂集团股份有限公司 关于使用部分闲置募集资金暂时补充流动资金的公告 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。 津药达仁堂集团股份有限公司（以下简称"公司"）2024 年第三次董事会、 2024 年第三次监事会，审议通过了《关于继续使用部分闲置募集资金暂时补充 公司流动资金的议案》，公司拟使用部分闲置募集资金 2.3 亿元补充公司流动资 金，使用期限自批准之日起不超过 12 个月，有关事项公告如下： 一、募集资金基本情况 公司经中国证券监督管理委员会《关于核准天津中新药业集团股份有限公司 非公开发行股票的批复》（证监许可[2015]1072号）文核准，由主承销商中国银 河证券股份有限公司采用非公开发行方式发行人民币普通股(A股) 29,564,356 股，每股发行价格为28.28元，募集资金总额共计人民币836,079,987.68元，扣除 承销及保荐费用、发行登记费以及其他交易费用人民币21,739,987.68元后，本次 发行募集资金净额 ...

证券代码：600329 证券简称：达仁堂 编号：临 2024-021 号 津药达仁堂集团股份有限公司 募集资金年度存放与实际使用情况的专项报告 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。 根据中国证监会发布的《上市公司监管指引第2号——上市公司募集资金管 理和使用的监管要求（2022年修订）》（证监会公告[2022]15号）和上海证券交 易所发布的《上海证券交易所上市公司自律监管指引第1号——规范运作》等有 关规定，津药达仁堂集团股份有限公司（以下简称"公司"或"本公司"）董事 会编制了截至2024年6月30日止的《关于募集资金年度存放与实际使用情况的专 项报告》。 一、募集资金基本情况 经中国证券监督管理委员会《关于核准天津中新药业集团股份有限公司非公 开发行股票的批复》（证监许可[2015]1072号）文件批准，公司2015年6月19日 向特定投资者非公开发行人民币普通股（A 股）29,564,356股，每股面值人民币 1.00 元，发行价格为人民币 28.28 元 / 股 ， 募 集 资 金 总 额 共 计 人 民 ...

津药达仁堂集团股份有限公司对天津 医药集团财务有限公司的风险持续评估报告 按照《上海证券交易所上市公司自律监管指引第 5 号 —交易与关联交易》的要求，津药达仁堂集团股份有限公 司（以下简称"公司"）通过查验天津医药集团财务有限 公司（以下简称"财务公司"）的《营业执照》与《金融 许可证》等证件资料，并审阅了包括资产负债表、利润表、 现金流量表等在内的财务公司的定期财务报告，对其经营 资质、业务和风险状况进行了评估，现将有关风险评估具 体情况报告如下： 一、天津医药集团财务有限公司基本情况 财务公司经原中国银行保险业监督管理委员会批准， 于 2016 年 9 月正式成立，由天津市医药集团有限公司、津 药达仁堂集团股份有限公司、天津力生制药股份有限公司、 天津药业集团有限公司和天津金益投资有限公司共同出资， 注册资本金 5 亿元人民币。 注册地址：天津自贸试验区（空港经济区）西四道 168 号融和广场 3-2-501、502；3-3-501 法定代表人：幸建华 金融许可证机构编码：L0248H212000001 1 / 9 统一社会信用代码：91120118MA05L0R67F 财务公司经营范围： 吸收成员单位 ...

证券代码：600329 证券简称：达仁堂 编号：临 2024-020 号 津药达仁堂集团股份有限公司 2024 年第三次监事会决议公告 本公司监事会及全体监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。 公司于 2024 年 8 月 2 日发出会议通知，并于 2024 年 8 月 13 日 以通讯方式召开了 2024 年第三次监事会会议，会议应到监事 3 名， 实到监事 3 名。本次会议召开符合公司章程的有关规定，经与会监事 认真审议，形成如下决议： 一、审核公司 2024 年半年度报告无误，并发表审核意见如下： 1．公司 2024 年半年度报告的编制和审议程序符合法律、法规、 公司章程和公司内部管理制度的各项规定； 以闲置募集资金暂时补充公司流动资金，有利于降低公司财务费 用，提高募集资金的使用效率，符合公司发展的需要，未违反相关法 律、法规和公司章程的规定，不存在改变或变相改变募集资金投向和 损害股东利益的情况，同意公司使用闲置募集资金 2.3 亿元暂时补充 流动资金，使用期限自批准之日起不超过 12 个月，并监督公司该部 分募集资金的使用情 ...