证券代码：600557 证券简称：康缘药业 公告编号：2024-047 江苏康缘药业股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： | 回购方案首次披露日 | 2024/2/7 | | | --- | --- | --- | | 回购方案实施期限 | 2024/2/6~2025/2/5 | | | 预计回购金额 | 1.5 | 亿元~3 亿元 | | 回购用途 | □用于员工持股计划或股权激励 | □减少注册资本 | | | □用于转换公司可转债 | | | | √为维护公司价值及股东权益 | | | 累计已回购股数 | | 9,911,046 万股 | | 累计已回购股数占总股本比例 | 1.7035% | | | 累计已回购金额 | 1.5585 | 亿元 | | 实际回购价格区间 | 13.67 元/股 | 元/股~19.98 | 一、 回购股份的基本情况 2024 年 2 月 6 日，公司召开第八届董事会第六次会议，审议通过了《关于以 集中竞价 ...

投资要点 [Table_Main] 证券研究报告 | 公司点评 康缘药业(600557.SH) 2024 年 07 月 30 日 | --- | --- | --- | |--------------------------|------------|------------------------| | 买入（维持） | 康缘药业（ | 600557.SH ）：短期 | | 所属行业：医药生物 中药Ⅱ | | | | / | | 业绩承压，长期发展向好 | | 当前价格 ( 元 ) ： 14.16 | | | | | | | 证券分析师 周新明 资格编号：S0120524060001 邮箱：zhouxm＠tebon.com.cn 研究助理 市场表现 -34% -23% -11% 0% 11% 23% 34% 2023-07 2023-11 2024-03 康缘药业 沪深300 | --- | --- | --- | --- | |-----------------------------------------------|-------|--------|--------| | 沪深 300 对比 | 1 ...

证券研究报告·公司点评报告·中药Ⅱ 康缘药业（600557） 2024 半年报点评：短期业绩有所承压，合规 建设及创新研发持续推进 2024 年 07 月 31 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 4351 | 4868 | 4934 | 5607 | 6250 | | 同比（ % ） | 19.25 | 11.88 | 1.35 | 13.66 | 11.46 | | 归母净利润（百万元） | 434.47 | 536.73 | 569.02 | 655.19 | 754.81 | | 同比（ % ） | 35.54 | 23.54 | 6.01 | 15.14 | 15.21 | | EPS- 最新摊薄（元 / 股） | 0.75 | 0. ...

Investment Rating - Maintain "Overweight" rating [2] Core Views - High base effect led to a year-on-year decline in performance in H1 2024, with revenue of RMB 2.26 billion (-11.49% YoY), net profit attributable to shareholders of RMB 265 million (-3.73% YoY), and non-GAAP net profit of RMB 221 million (-15.95% YoY) [1] - Oral liquid and gel segments showed strong growth, driven by the performance of Jinzhen Oral Liquid and Jingutong Gel [1] - The company has a diversified product portfolio with 207 drug production approvals, including 48 exclusive traditional Chinese medicine (TCM) varieties and 2 TCM protected varieties [1] - R&D expenses accounted for 15.00% of revenue in H1 2024, with significant progress in new drug development across TCM, chemical drugs, and biologics [1] - The company is increasing talent investment and optimizing cost control, with a slight improvement in net profit margin to 12.01% (+0.93pct YoY) [1] Financial Performance - Revenue is expected to grow to RMB 5.60 billion in 2024E, RMB 6.31 billion in 2025E, and RMB 7.04 billion in 2026E, with growth rates of 15.05%, 12.69%, and 11.60% respectively [7] - Net profit attributable to shareholders is forecasted to reach RMB 626 million in 2024E, RMB 751 million in 2025E, and RMB 862 million in 2026E, with growth rates of 16.67%, 19.89%, and 14.88% respectively [7] - EPS is projected to be RMB 1.08 in 2024E, RMB 1.29 in 2025E, and RMB 1.48 in 2026E [7] - The company maintains a high gross margin of 74.55% in H1 2024, with a slight decrease of 0.41pct YoY [1] Product Portfolio - Non-injection products accounted for 62.83% of revenue in H1 2024, an increase of 8.23pct YoY [1] - Key product segments: Injection (RMB 840 million, -27.49% YoY), Oral Liquid (RMB 544 million, +28.60% YoY), Capsules (RMB 402 million, -12.80% YoY), Granules & Powders (RMB 162 million, -15.13% YoY), Tablets & Pills (RMB 169 million, -5.16% YoY), Patches (RMB 104 million, -10.94% YoY), Gels (RMB 21 million, +107.87% YoY) [1] - 112 products are included in the 2023 National Reimbursement Drug List, including 25 exclusive varieties [1] R&D Progress - In H1 2024, the company submitted 3 TCM new drug applications (NDA), completed Phase III clinical trials for 2 TCM products, and obtained clinical trial approvals for 2 TCM products [1] - For chemical drugs, the company completed Phase II clinical trial enrollment for 1 innovative drug and obtained clinical trial approvals for 2 injectable drugs [1] - In biologics, the company is conducting Phase I clinical trials for a monoclonal antibody targeting multiple myeloma and systemic lupus erythematosus [1] Valuation Metrics - The company's market capitalization is RMB 8.06 billion, with a circulating market cap of RMB 8.01 billion [4] - Forward P/E ratios are 14.09x for 2024E, 11.75x for 2025E, and 10.23x for 2026E [7] - Forward P/B ratios are 1.54x for 2024E, 1.36x for 2025E, and 1.20x for 2026E [7] - EV/EBITDA is expected to decrease from 13.90x in 2023A to 4.91x in 2026E [7]

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： | 回购方案首次披露日 | 2024/2/7 | | --- | --- | | 回购方案实施期限 | 2024/02/06~2025/02/05 | | 预计回购金额 | 1.5 亿元~3 亿元 | | 回购用途 | □减少注册资本 □用于员工持股计划或股权激励 □用于转换公司可转债 | | | √为维护公司价值及股东权益 | | 累计已回购股数 | 9,911,046 股 | | 累计已回购股数占总股本比例 | 1.7035% | | 累计已回购金额 | 亿元 1.5585 | | 实际回购价格区间 | 13.67 元/股~19.98 元/股 | 一、 回购股份的基本情况 2024 年 2 月 6 日，江苏康缘药业股份有限公司（以下简称"公司"）召开第八 届董事会第六次会议，审议通过了《关于以集中竞价交易方式回购公司股份方案 的议案》，为维护公司价值及股东权益，董事会同意公司使用自有资金通过集中竞 价交易方式回购公司股份。本次回购的资金总额不低于人民币 1.5 ...

标题：关于江苏康缘药业股份有限公司关联交易事项的监管工作函 证券代码：600557 证券简称：康缘药业 监管类型：监管工作函 涉及对象：上市公司 处分日期：2024-07-29 处理事由：就公司关联交易事项发出监管工作函 ...

坚持研发创新战略，加强营销及合规建设 风险提示：政策调整风险、产品销售不及预期、研发失败风险。 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 附：财务预测摘要 资产负债表(百万元) 2022A 2023A 2024E 2025E 2026E 利润表(百万元) 2022A 2023A 2024E 2025E 2026E 流动资产 3730 4050 4180 5066 5428 营业收入 4351 4868 4790 5188 5714 现金 1601 1969 2731 3580 3901 营业成本 1214 1253 1242 1333 1455 应收票据及应收账款 728 654 0 0 0 营业税金及附加 73 75 76 84 92 其他应收款 10 5 9 7 11 营业费用 1868 1937 1772 1907 2086 预付账款 61 29 59 36 69 管理费用 190 347 431 467 514 存货 343 350 337 401 404 研发费用 606 772 743 817 914 其他流动资产 987 1043 1043 1043 1043 财务费用 -9 - ...

证券研究报告 2024年07月28日 公司发布 2024 年半年度报告，2024 上半年实现营收 22.60 亿元，同比下滑 11.49%；归母净 利润 2.65 亿元，同比下滑 3.73%。2024 年二季度实现营收 9.00 亿元，同比下滑 24.98%；归 母净利润 1.17 亿元，同比下滑 12.59%。2024 上半年公司口服液和凝胶剂增长强劲，分别实 现收入 5.44 亿元、0.21 亿元；分别同比增长 28.60%、107.87%。 请务必阅读报告末页的重要声明 glzqdatemark1 |报告要点 郑薇 请务必阅读报告末页的重要声明 1 / 5 glzqdatemark2 康缘药业(600557) | --- | --- | --- | |----------------------------|-------|-----------------------------| | | | | | 行 业： 投资评级： | | 医药生物/中药Ⅱ 买入（维持） | | 当前价格： | | 15.16 元 | | 基本数据 | | | | 总股本/流通股本(百万股 | ) | 581.80/578.5 ...

华福证券 康缘药业（600557.SH） 上半年高基数业绩承压，规范背景下有望长期健康 发展 投资要点： 上半年高基数业绩承压，规范背景下有望长期健康发展 24 半年报公告：公司 H1 营业收入 22.6 亿（-11.49%），归母净利润 2.65 亿（-3.73%），扣非归母净利润 2.21 亿（-15.95%）；单 Q2 营业收入 9.01 亿（-24.98%），归母净利润 1.17 亿（-12.59%），扣非归母净利润 0.81 亿（-34.22%）。 分品种看：单 Q2 注射液收入 3.02 亿（-47%）；口服液收入 1.75 亿 （+25%），主要系金振口服液销售增长；胶囊收入 2.05 亿（-19%）；颗 粒剂、冲剂收入 0.58 亿（-15%）；片丸剂收入 0.87 亿（-11%）；贴剂收 入 0.53 亿（-9%）；凝胶剂收入 0.13 亿（+62%），主要系筋骨止痛凝胶销 售增长。 双轮驱动中药创新品种持续丰富，放量潜力充足 2024 年 H1，公司持续推动新产品研发，中药提交 NDA 品种 3 个（龙 七胶囊、参蒲盆安颗粒、玉女煎颗粒），完成Ⅲ期临床研究品种 2 个（双 鱼颗粒、苏辛通窍 ...

Investment Rating - The report assigns a Buy-A rating to the company with a 6-month target price of 17.64 yuan, equivalent to a 2024 dynamic P/E ratio of 18x [4][13] Core Views - The company's core product, Reduning Injection, is expected to continue its strong sales growth, while secondary products are poised for accelerated growth [2] - The company's R&D achievements are outstanding, and its sales reforms are worth anticipating [2] - The company is expected to see new sales increments as several products enter the NDA or late-stage clinical phases and are expected to be approved in the coming years [4] Financial Performance - The company's revenue for 2024-2026 is forecasted to be 4.801 billion yuan, 5.451 billion yuan, and 6.121 billion yuan, respectively, with net profits of 572 million yuan, 655 million yuan, and 740 million yuan [4] - The company's EPS for 2024-2026 is projected to be 0.98 yuan, 1.13 yuan, and 1.27 yuan, respectively [16] - The company's ROE is expected to improve from 10.2% in 2024 to 11.5% in 2026 [16] Operational Highlights - The company's gross margin is expected to remain stable at around 74.5%-74.7% from 2024 to 2026 [8] - The company's R&D expenses are forecasted to increase from 758.5 million yuan in 2024 to 967.1 million yuan in 2026, maintaining a high R&D intensity [8] - The company's asset turnover efficiency is expected to improve, with fixed asset turnover days decreasing from 170 days in 2024 to 127 days in 2026 [8] Recent Performance - In H1 2024, the company reported revenue of 2.26 billion yuan, down 11.49% YoY, and net profit of 265 million yuan, down 3.73% YoY [11] - The performance pressure is attributed to decreased demand for flu-related products and the impact of ongoing marketing reforms [12] R&D Pipeline - The company has 3 new traditional Chinese medicine drugs submitted for NDA and 2 completing Phase III clinical trials as of H1 2024 [19] - The company maintains high R&D investment, with R&D expenses reaching 339 million yuan in H1 2024, accounting for 15.01% of revenue [19]