Investment Rating - The investment rating for the company is adjusted to "Accumulate" [6] Core Views - The company reported a slight decline in revenue for 2023, with total revenue of 8.22 billion, down 0.33% year-on-year, while net profit attributable to shareholders increased by 14.49% to 0.99 billion [1] - The "Three Core and Nine Wings" strategy is being steadily advanced, with significant growth in core products, including a sales milestone of over 2 billion for several key products [1][5] - The company is experiencing a notable improvement in profitability, with an overall gross margin of 44.01%, up 4.08 percentage points year-on-year [2] Financial Performance Summary - In 2023, the industrial segment generated revenue of 4.93 billion, up 10.34% year-on-year, while the commercial segment saw a decline of 11.19% to 3.76 billion [1] - The company’s net profit margin improved to 11.78%, an increase of 1.19 percentage points year-on-year [2] - The forecast for 2024-2025 revenue has been revised down to 9.29 billion and 10.47 billion, respectively, with net profit forecasts adjusted to 1.16 billion and 1.38 billion [4] Market Expansion - The company achieved significant growth in international markets, with sales exceeding 40 million, representing a 25% year-on-year increase [3] - New product registrations in Hong Kong and Malaysia are expected to enhance market presence in Southeast Asia [3] Financial Projections - The company’s earnings per share (EPS) is projected to grow from 1.28 in 2023 to 2.14 by 2026, reflecting a compound annual growth rate [5] - The price-to-earnings (P/E) ratio is expected to decrease from 25.85 in 2023 to 15.47 by 2026, indicating improved valuation metrics [5]

公 司 研 +证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 中药 ＃investSuggestion＃ ＃ ＃dyC 达om 仁pan 堂y＃ （ 6 00329.SH ） investSug 增持 ( 维ges持tion ）Ch 000009 ＃title＃ 工业板块双位数增长，核心品种表现良好 ange＃ ＃ createTime1＃ 2024年 4月 16日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 全ma 年ry＃ 业 绩表现符合预期。2023 年公司实现营业收入 82.22 亿元，同比下 司 日期 2024-04-12 降0.33%，归母净利润9.87亿元，同比增长14.49%，扣非归母净利润9.52 点 收盘价（元） 31.57 亿元，同比增长23.80%，2023年投资收益为3.08亿元，其中对联营企业 评 总股本（百万股） 770 和合营企业的投资收益为 2.95 亿元，同比增长 49.8%，主要由于公司持 报 流通股本（百万股） 566 股25%的中美天津史克2023年净利润同比增长39.0%。2023年单四季度 净资产（亿元） 66 告 公司实 ...

Investment Rating - The report does not specify a clear investment rating for the company [3][17]. Core Insights - The company achieved a revenue of 8.22 billion yuan in 2023, a slight decrease of 0.3% year-on-year, while the net profit attributable to shareholders increased by 14.5% to 990 million yuan [3][4]. - The industrial segment saw a revenue increase of 10.34% to 4.93 billion yuan, driven by strong sales of key products such as the Rapid Rescue Heart Pill, which surpassed 2 billion yuan in sales for the first time [3][4]. - The company is actively expanding its international market presence, with international sales revenue exceeding 400 million yuan, a 25% increase year-on-year [3][4]. Summary by Sections Financial Performance - Revenue for 2023 was 8.22 billion yuan, with a growth rate of -0.33% compared to the previous year [4][10]. - Net profit attributable to shareholders was 990 million yuan, reflecting a growth rate of 14.49% [4][10]. - The gross profit margin improved to 44.01%, an increase of 4.08 percentage points [3][10]. Product Performance - The company’s core products, particularly the Rapid Rescue Heart Pill, saw significant sales growth, contributing to a 20.17% increase in cardiovascular revenue [3][4]. - The respiratory system segment experienced a 37.44% revenue increase, driven by products like the Throat Soothing Pill [3][4]. - The company is focusing on the secondary development of major products to enhance competitiveness [3][4]. Future Outlook - The company has set clear strategic goals for the 14th Five-Year Plan, with projected net profits for 2024, 2025, and 2026 expected to be 1.21 billion, 1.49 billion, and 1.79 billion yuan, respectively [3][10]. - The report anticipates continued growth in the sales of traditional Chinese medicine products, with an expected annual growth rate of 8% from 2024 to 2026 [9][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company's core product, "速效救心丸" (Rapid Heart Rescue Pill), continues to see significant sales growth, with sales exceeding 2 billion yuan in 2023 [1][2] - Despite a decline in revenue due to the commercial sector, the core business remains robust, leading to an adjustment in profit forecasts for 2024-2026 [2] - The company is expected to achieve revenue of 91.2 billion yuan in 2024, 101.8 billion yuan in 2025, and 113.8 billion yuan in 2026, reflecting year-on-year growth of 11%, 12%, and 12% respectively [2][3] Financial Performance - In 2023, the company reported total revenue of 82.22 billion yuan, a slight decrease of 0.33% year-on-year, while net profit attributable to shareholders was 9.87 billion yuan, an increase of 14.49% year-on-year [1][3] - The gross profit margin for 2023 was 44.01%, up by 4.08 percentage points year-on-year, and the net profit margin was 11.78%, an increase of 1.19 percentage points year-on-year [1][3] - The company’s operating cash flow for 2023 was 6.88 billion yuan, reflecting a year-on-year increase of 1.66% [1] Product Performance - The sales volume of "速效救心丸" reached 577.6 million boxes in 2023, marking a year-on-year increase of 14.16% [1] - Respiratory products maintained high demand, with "清咽滴丸" (Throat Drops) sales reaching 7.02 million boxes, a year-on-year increase of 80.79% [1] - The company has successfully positioned several key products, including "清咽滴丸," "安宫牛黄丸," and "清肺消炎丸," into the 200 million yuan product tier [1] Strategic Initiatives - The company is advancing its "三核九翼" (Three Cores and Nine Wings) and "1+5" strategic layouts, focusing on the development of its main products and expanding its market presence [1][2] - In 2023, the company established 4,000 acres of medicinal herb cultivation bases, enhancing its upstream supply chain [2]

[Table_MainInfo] 公司研究/医药与健康护理/中药 证券研究报告 达仁堂（600329）公司年报点评 2024年04月08日 [Table_InvestInfo] 工业板块实现双位数增长，持续挖掘重点品种 投资评级 优于大市 维持 临床价值 股票数据 0[4Ta月b0le8_日S收to盘ck价（In元fo）] 30.13 [Table_Summary] 投资要点： 52周股价波动（元） 23.40-56.26 总股本/流通A股（百万股） 770/566 总市值/流通市值（百万元） 23613/23482  事件：公司公告2023年年报，实现营业收入82.22亿元（-0.33%），归母净 相关研究 利润 9.87 亿元（+14.49%），扣非归母净利润 9.52 亿元（+23.80%），公司 [《Ta归b母le利_R润e增p长or逾tIn 5fo 0%] ，持续践行大品种战 确认联营企业和合营企业投资收益为2.95亿元（+49.83%），主要是持股25% 略》2023.08.20 的中美史克表现优异（中美史克 23 年净利润+39.01%），剔除相关影响后扣 非归母净利润为 6.57 亿元（+1 ...

证券研究报告·公司点评报告·中药Ⅱ 达仁堂（600329） 2023 年报点评：混改持续推进，工业端表现 2024 年 04月 04日 亮眼 证券分析师 朱国广 买入（维持） 执业证书：S0600520070004 zhugg@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 研究助理 向潇 营业总收入（百万元） 8,249 8,222 9,077 10,164 11,234 执业证书：S0600122080021 xiangx@dwzq.com.cn 同比 19.42% -0.33% 10.40% 11.98% 10.52% 归母净利润（百万元） 861.79 986.71 1,194.62 1,457.48 1,745.21 股价走势 同比 12.05% 14.49% 21.07% 22.00% 19.74% 达仁堂 沪深300 EPS-最新摊薄（元/股） 1.12 1.28 1.55 1.89 2.27 31% P/E（现价&最新摊薄） 26.41 23.06 19.05 15.61 13.04 24% 11 07 %% ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [16]. Core Views - The company has shown good growth in its industrial segment, with an overall improvement in profitability. The industrial revenue reached 49.30 billion yuan in 2023, reflecting a year-on-year growth of 10.34%, while the commercial segment saw a decline of 11.19% [2]. - The company achieved a gross margin of 44.01% in 2023, an increase of 4.08 percentage points year-on-year, primarily due to an optimized product mix with a higher proportion of industrial sales [2]. - The company plans to enhance channel penetration and regional expansion in 2024, focusing on key products in cardiovascular, respiratory, and digestive categories [3]. Financial Summary - In 2023, the company reported total revenue of 82.22 billion yuan, a slight decline of 0.33% year-on-year, while the net profit attributable to shareholders was 9.87 billion yuan, an increase of 14.49% year-on-year [1]. - The projected net profits for 2024, 2025, and 2026 are 12.14 billion yuan, 14.76 billion yuan, and 17.26 billion yuan, respectively, with corresponding EPS of 1.58 yuan, 1.92 yuan, and 2.24 yuan [7]. - The company's return on equity (ROE) is expected to improve from 14.6% in 2023 to 21.1% by 2026 [12]. Product and Market Performance - The company’s core industrial segment has achieved double-digit growth, driven by strong sales of major products such as "速效救心丸" and "清肺消炎丸" [2]. - The company plans to maintain a high dividend payout ratio, distributing 12.80 yuan per 10 shares, which accounts for 99.91% of the net profit attributable to shareholders in 2023 [2].

] y r t s u d n I _ e l b a T [ [ 达Ta 仁bl 堂e_ （Ti 6t 0l 0e 3] 2 9）2023年报点评 公 司 深耕核心品种，盈利提升明显 研 挖掘价值 投资成长 究 / [Table_Rank] 增持 医 （维持） 药 生 2024 年 04 月 02 日 东 方财富证券研究所 物 证券分析师：何玮 / 证 证书编号：S1160517110001 券 [【Ta投bl资e_要Su点mm】ar y] 联系人：崔晓倩 研 究 电话：021-23586309 报 告  工业收入双位数增长再创新高。2023 年公司实现营业收入 82.22 亿 元，同比-0.33%；归母净利润9.87亿元，同比+14.49%。公司工业收 [相T对ab指le数_P表ic现Qu ote] 入49.30亿元，同比+10.34%，再创新高；公司商业收入37.62亿元， 36.91% 同比-11.19%，此次分类维度按照工业、商业进行了重新划分，以更 22.08% 7.26% 加清晰地反映公司的主要经营情况。公司系统推进“三核九翼”战略， -7.56% 持续深耕主品有战绩。销售额过亿品种达到 10 ...

2024 年 03 月 31 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 成本费用管控优化，产品及市场开发助力持续增长 证券分析师： 周小刚 S0350521090002 zhouxg@ghzq.com.cn 证券分析师： 赵宁宁 S0350523040002 ——达仁堂（ ） 年年报点评报告 600329 2023 zhaonn@ghzq.com.cn 最近一年走势 事件 : 2024年3月29日，达仁堂发布2023年年报：2023年公司实现营业收 入82.22亿元（同比-0.33%），归母净利润9.87亿元（同比+14.49%）， 扣非归母净利润9.52亿元（同比+23.80%）。 投资要点 :  产品覆盖率显著提升，学术能力稳步提升，产品及市场开发助力持 续增长。 根据公司公告，2023年速效救心丸和京万红软膏已覆盖 相对沪深300表现 2024/03/29 50万家药店，10万家医疗终端；2023年清咽滴丸、清肺消炎丸、 表现 1M 3M 12M 清喉利咽颗粒、胃肠安丸等产品覆盖率得到显著提升；牛黄清心丸、 达仁堂 -7.0% -17.1% -26.9% 安宫牛黄丸、 ...

Financial Performance - In 2023, the company achieved a net profit of CNY 1,040,548,604.61, with a year-on-year increase of 14.49% compared to CNY 861,793,906.84 in 2022[4] - The total operating revenue for 2023 was CNY 8,222,311,849.05, showing a slight decrease of 0.33% from CNY 8,249,249,565.18 in 2022[17] - The net cash flow from operating activities was CNY 688,487,880.39, reflecting a 1.66% increase from CNY 677,245,078.23 in the previous year[17] - Basic earnings per share for 2023 increased to CNY 1.28, up 14.29% from CNY 1.12 in 2022[19] - The company reported a net profit attributable to shareholders after deducting non-recurring gains and losses of CNY 952,294,815.93, which is a 23.80% increase from CNY 769,227,070.99 in 2022[17] - The net profit attributable to shareholders for the current period is CNY 986,707,377.83, an increase from CNY 861,793,906.84 in the previous period, representing a growth of approximately 14.5%[20] - The company achieved industrial revenue of 4.93 billion yuan in 2023, maintaining double-digit growth year-on-year[30] - The net profit attributable to shareholders reached 989 million yuan, an increase of 14.49% year-on-year, while the net profit excluding non-recurring items was 952 million yuan, up 23.80% year-on-year[30] Assets and Liabilities - The total assets at the end of 2023 were CNY 10,230,100,940.68, a 0.72% increase from CNY 10,156,982,039.41 in 2022[19] - The total assets attributable to shareholders at the end of the reporting period were CNY 6,607,720,000, compared to CNY 6,521,460,534 at the beginning of the period[20] - The total assets of the company as of December 31, 2023, were CNY 1,023,010.09 million, with net assets of CNY 664,523.65 million[45] Research and Development - The company is actively engaged in R&D, conducting 4 pharmaceutical studies, 21 pharmacological studies, and 15 clinical studies in 2023[32] - The company has introduced new products, including "Su Xiao Jiu Xin Wan" for cardiovascular diseases, which is included in the national basic medical insurance catalog[71] - The company has authorized 7 invention patents for the product Tongmai Yangxin Wan, with expiration dates ranging from 2027 to 2036[72] - The company has authorized 36 invention patents for the product Weichan An Wan, with expiration dates ranging from 2025 to 2040[73] - The company has authorized 4 invention patents for the product Longqing Pian, with expiration dates ranging from 2024 to 2038[74] - The company has authorized 5 invention patents for the product Huoxiang Zhengqi Soft Capsule, with expiration dates until 2027[75] - The company has authorized 4 invention patents for the product Zhi Ke Chuan Bei Pi Pa Di Wan, with expiration dates ranging from 2030 to 2033[75] - The company has conducted multiple clinical studies on its exclusive product, Qinggong Shoutao Wan, confirming its efficacy in treating mild cognitive impairment and its recommendation in the 2020 Alzheimer's Disease Diagnosis and Treatment Guidelines[88] Market and Sales - The company’s products have reached 500,000 pharmacies and 100,000 medical terminals, significantly increasing market penetration[29] - The e-commerce business generated over 40 million yuan in sales in its first year, enhancing product exposure and brand recognition[29] - The revenue from traditional Chinese medicine reached CNY 5.84 billion, representing a year-on-year increase of 3.26%[50] - The revenue from Western medicine decreased by 4.84% to CNY 1.70 billion, with a gross profit margin decline of 2.71 percentage points[50] - The company is focusing on expanding its market presence through the "1+5" strategy, which includes strengthening its brand and diversifying into five key areas of traditional Chinese medicine[35] Corporate Governance - The company held 1 annual general meeting and 1 extraordinary general meeting during the reporting period, ensuring compliance with regulations and protecting the rights of shareholders, especially minority shareholders[135] - The board of directors convened 9 times during the reporting period, with independent directors actively participating in committees, ensuring governance and oversight[135] - The supervisory board met 5 times, maintaining compliance with legal requirements and effectively supervising the company's financial practices[135] - The company has established comprehensive internal control management systems in accordance with regulatory requirements, enhancing governance mechanisms[136] Social Responsibility and Environmental Impact - The company has actively participated in social responsibility initiatives, donating over 2.7 million RMB in medicines to disaster-stricken areas[37] - The company has invested 741.06 million yuan in environmental protection during the reporting period[183] - The company has established an environmental protection mechanism[183] - The company has disclosed its 2023 Sustainable Development Report, available on its official website[193] - The company has not faced any administrative penalties related to environmental issues during the reporting period[190] Future Outlook and Strategy - The company anticipates a significant increase in demand for traditional Chinese medicine due to the aging population, with over 2.1 billion people aged 65 and above in China[115] - The company plans to enhance its research and development efforts, focusing on new drug projects and collaborations with institutions like Tianjin University of Traditional Chinese Medicine[125] - The company aims to achieve a market scale of over 1 billion yuan in 19 provinces and cover 200 cities by 2024[124] - The company is focusing on market expansion strategies, particularly in the biopharmaceutical sector, with plans to enhance its product offerings[145] Compliance and Risk Management - The company faces risks from regulatory changes in the pharmaceutical industry, particularly regarding drug pricing and procurement policies[130] - Increased scrutiny on drug quality and safety standards necessitates compliance with new regulations affecting the entire lifecycle of pharmaceutical products[133] - The company has committed to divesting over 50% of its stake in its pharmaceutical commercial business by December 31, 2024, to ensure independence from its controlling shareholder[137]