Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported stable performance in Q3 2024, with a revenue of 19.03 billion yuan, a year-on-year increase of 3.41%, and a net profit of 1.58 billion yuan, a year-on-year decrease of 2.91% [2][4] - The company is focusing on building a leading brand in traditional Chinese medicine, with core products like "Kunzhen Medicine 1381" showing rapid growth [3] - The integration with China Resources is expected to enhance growth prospects, aiming for a doubling of revenue by 2028 [4] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 54.57 billion yuan, a year-on-year decrease of 2.73%, and a net profit of 3.87 billion yuan, a year-on-year increase of 0.36% [1] - The gross margin for Q3 2024 was 40.55%, a year-on-year decrease of 4.68 percentage points, attributed to a decline in the revenue share of high-margin injection products [2] - Operating cash flow improved significantly, with a net cash flow of 216 million yuan in Q1-Q3 2024, compared to a negative 36.37 million yuan in the same period last year [2] Profit Forecast and Valuation - The forecasted net profits for 2024, 2025, and 2026 are 5.62 billion yuan, 7.03 billion yuan, and 8.94 billion yuan, representing year-on-year growth rates of 26%, 25%, and 27% respectively [4][5] - The current stock price corresponds to price-to-earnings ratios of 21X for 2024, 17X for 2025, and 13X for 2026 [4]

Investment Rating - Maintain "Overweight" rating [1] Core Views - Q3 2024 performance was in line with expectations, showing steady year-on-year growth Despite a high base in Q3 2023 and short-term external pressures, the company demonstrated resilience and continued business optimization [2] - Brand building has driven steady growth in core products In the premium traditional Chinese medicine sector, the company focuses on "brand culture + category expansion + IP marketing" to enhance brand value and expand market reach For its Panax notoginseng business, the company has conducted nationwide promotional activities to increase public awareness of the efficacy of its products [2] - Profitability remained stable, with improved operating cash flow In the first three quarters of 2024, the gross margin was 40.91%, down 4.15 percentage points year-on-year, while the net margin increased by 0.09 percentage points to 7.16% Operating cash flow surged 694.80% year-on-year to RMB 216 million, mainly due to reduced market promotion expenses [3] Financial Performance - Revenue for the first three quarters of 2024 was RMB 5.457 billion, down 2.73% year-on-year, while net profit attributable to shareholders increased by 0.36% to RMB 387 million [2] - Q3 2024 revenue was RMB 1.903 billion, up 3.41% year-on-year, with net profit attributable to shareholders declining by 2.91% to RMB 158 million [2] - Forecasts for 2024-2026: Revenue is expected to grow to RMB 7.929 billion, RMB 8.947 billion, and RMB 10.059 billion, with year-on-year growth rates of 2.9%, 12.9%, and 12.4% respectively Net profit attributable to shareholders is projected to reach RMB 510 million, RMB 631 million, and RMB 777 million, with growth rates of 14.8%, 23.6%, and 23.2% respectively [3] Key Financial Metrics - Gross margin for 2024-2026 is forecasted at 43.6%, 44.0%, and 45.3% respectively [5] - ROE is expected to improve from 9.0% in 2024 to 11.6% in 2026 [5] - EPS for 2024-2026 is projected at RMB 0.67, RMB 0.83, and RMB 1.03 respectively [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [7]. Core Views - The company has shown steady performance in Q3 despite a high base, with revenue of 1.9 billion and a year-on-year increase of 3%, while net profit decreased by 3% to 160 million [1]. - The integration with China Resources continues to deepen, with a clear strategic goal of achieving 10 billion in industrial revenue by the end of 2028 [1]. - The company is focusing on the aging health sector and chronic disease management, with significant R&D advancements, including the approval of a key product and ongoing clinical trials for new drugs [1]. - The brand strategy emphasizes enhancing product and brand strength, particularly in the senior health market, through various marketing initiatives [1]. Financial Performance and Forecast - For the first three quarters of 2024, the company achieved revenue of 5.46 billion, a year-on-year decline of 3%, and a net profit of 390 million, an increase of 0.4% [1]. - Revenue projections for 2024, 2025, and 2026 are 8.48 billion, 9.39 billion, and 10.46 billion respectively, with growth rates of 10%, 11%, and 11% [4]. - Net profit forecasts for the same years are 565 million, 718 million, and 892 million, with growth rates of 27%, 27%, and 24% [4].

证券代码：600422 证券简称：昆药集团 公告编号：2024-066 号 召开地点：上证路演中心 昆药集团股份有限公司 关于召开 2024 年第三季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法律责任。 重要内容提示： 昆药集团股份有限公司（以下简称"公司"）已于2024年10月26日发布公司2024年第三季 度报告，为便于广大投资者更全面深入地了解公司2024年第三季度经营成果、财务状况，公 司计划于2024年11月14日下午15:00-16:00举行2024年第三季度网上业绩说明会，就投资者关 心的问题进行交流。 一、 说明会类型 本次业绩说明会以网络互动方式召开，公司将针对2024年第三季度的经营成果及财务指 标等具体情况与投资者进行交流和沟通，在信息披露允许的范围内就投资者普遍关注的问题 进行回答。 二、 说明会召开的时间、方式 召开时间：2024年11月14日（星期四）下午15:00-16:00。 召开方式：上证路演中心网络互动 三、 参加人员 公司副董事长兼总裁颜炜先生、财务总监孙志强先生、董事会秘书 ...

证券代码：600422 证券简称：昆药集团 公告编号：2024-065号 昆药集团股份有限公司 关于独立董事任期届满辞职的公告 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。 昆药集团股份有限公司(以下简称"公司") 董事会于近日收到公司独立董事刘珂 先生的书面辞职报告。刘珂先生自 2018 年 11 月 2 日起担任公司独立董事，连续任职 时间已满六年，根据《上市公司独立董事管理办法》等相关规定，刘珂先生申请辞去 公司十届董事会独立董事职务及董事会下设各委员会相关职务，辞职后不再担任公司 任何职务。 根据《上市公司独立董事管理办法》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等相关规定，鉴于刘珂先生辞职后将导致公司董事会中独立董事 成员占比及董事会下设相关专门委员会中独立董事所占比例不符合相关规定，该申请 将自公司股东大会选举产生新任独立董事之日起生效。在股东大会选举出新任独立董 事之前，刘珂先生将按照有关法律法规及《公司章程》的规定继续履行公司独立董事 及董事会下设相关专门委员会委员的职责。 刘珂先生在担任 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][4][10] Core Views - The company achieved a revenue of 54.57 billion yuan for the first three quarters of 2024, a decrease of 2.73% year-on-year, with a net profit attributable to shareholders of 3.87 billion yuan, an increase of 0.36% [3][4] - In Q3 2024, the company reported a revenue of 19.03 billion yuan, marking a 3.41% increase quarter-on-quarter, which is the first positive revenue growth quarter of 2024, indicating a positive trend [4][3] - The gross profit margin for the first three quarters of 2024 was 40.91%, down 4.15 percentage points, primarily due to changes in revenue structure [4] - The net profit margin was 7.16%, up 0.10 percentage points, mainly due to a significant improvement in the sales expense ratio, which was 25.99%, down 5.06 percentage points [4] Summary by Sections Financial Performance - The company’s revenue for Q3 2024 was 19.03 billion yuan, with a net profit of 1.58 billion yuan, a decrease of 2.91% [3] - The first three quarters of 2024 saw a gross profit margin of 40.91% and a net profit margin of 7.16% [4] Research and Development - R&D expenses increased by 39% to 60.01 million yuan in the first three quarters [4] - The company’s subsidiary received approval for a new drug, marking a significant milestone in its R&D efforts [4] Future Outlook - The company aims to achieve an industrial revenue target of 10 billion yuan by 2028, indicating a strong growth potential [4] - The report forecasts net profits of 5.52 billion yuan, 7.00 billion yuan, and 8.89 billion yuan for 2024, 2025, and 2026 respectively, with the current stock price corresponding to a P/E ratio of 20 times for 2024 [4][5]

隐证券 医药生物/中药Ⅱ 公 司 研 究 Q3 单季度营收利润环比向上，融合变革深入推进 昆药集团（600422.SH） 2024 年 10 月 28 日 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/28 | | 当前股价 ( 元 ) | 15.45 | | 一年最高最低 ( 元 ) | 24.11/11.92 | | 总市值 ( 亿元 ) | 116.95 | | 流通市值 ( 亿元 ) | 116.95 | | 总股本 ( 亿股 ) | 7.57 | | 流通股本 ( 亿股 ) | 7.57 | | 近 3 个月换手率 (%) | 105.13 | 股价走势图 -60% -40% -20% 0% 20% 40% 2023-10 2024-02 2024-06 昆药集团 沪深300 数据来源：聚源 相关研究报告 《2024H1 营收小幅承压，品牌建设工 作稳步推进—公司信息更新报告》 -2024.8.24 《与华润圣火整合在即，协同助力慢 病管理业务发展 —公司信息 ...

公司点评报告 ·医药行业 责环比显著改善,聚焦银发健康产业 2024年三季报业绩点评 2024 年 10月 25 日 | --- | --- | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

昆药集团股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 证券代码：600422 证券简称：昆药集团 昆药集团股份有限公司 2024 年第三季度报告 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。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|------------------|---------------------------------------|------------------|--------------------- ...

重要内容提示： 昆药集团股份有限公司(以下简称"公司")本次会计政策变更是根据财政部相 关文件要求进行的合理变更，不会对公司财务状况、经营成果和现金流量产生重大影 响，不存在损害公司及股东利益的情况。 公司根据财政部修订并印发的企业会计准则的要求执行的会计政策变更，无 需公司董事会、监事会和股东大会审议。 一、本次会计政策变更概述 证券代码：600422 证券简称：昆药集团 公告编号：2024-064号 昆药集团股份有限公司 关于公司会计政策变更的公告 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。 （一）本次会计政策变更原因 2023 年 8 月，财政部发布了《关于印发<企业数据资源相关会计处理暂行规定> 的通知》（财会〔2023〕11 号）（以下简称"《数据资源暂行规定》"），规定了"企 业数据资源相关会计处理"的内容，自 2024 年 1 月 1 日起施行。 2023 年 10 月，财政部发布了《企业会计准则解释第 17 号》（财会〔2023〕21 号）（以下简称"《准则解释第 17 号》"），对"关于流动负债与非流动负 ...