[ T able_StockInfo] 2024 年 03 月 11 日 证券研究报告•2023 年年报点评 当前价：18.79 元 康缘药业（600557）医药生物 目标价：——元（6 个月） 业绩增长超预期，期待非注射剂品种放量 | --- | --- | --- | --- | --- | |----------------------------|--------|---------------------------------|--------|--------| | | | | | | | 营业收入（百万元） | | 4867.81 5622.32 6420.69 7454.92 | | | | 增长率 | 11.88% | 15.50% | 14.20% | 16.11% | | 归属母公司净利润（百万元） | | 536.73 650.26 772.41 925.12 | | | | 增长率 | 23.54% | 21.15% | 18.79% | 19.77% | | 每股收益 EPS （元） | | 0.92 1.11 1.32 1.58 | | | | 净资产收益率 ROE | 10. ...

相关研报 三季度业绩承压，各剂型毛利率明显提升——康 缘药业（600557.SH）2023 年三季报点评 （2023-10-25） 2024 年 3 月 12 日 业绩超预期，深化营销改革 风险提示：集采降价风险；新药研发失败风险；营销渠道改革不及预期。 ——康缘药业（600557.SH）2023 年年报点评 要点 当前价：20.67 元 作者 分析师：黄素青 执业证书编号：S0930521080001 021-52523570 huangsuqing@ebscn.com | --- | --- | --- | |-----------------------|-------------|-------| | | | | | | | | | 市场数据 | | | | | | | | 总股本 (亿股) | 5.85 | | | 总市值(亿元)： | 120.87 | | | 一年最低 /最高( 元)： | 13.36/33.30 | | | 近 3 月换手率： | 117.24% | | -52% -35% -19% -3% 13% 03/23 06/23 09/23 12/23 康缘药业 沪深300 | -- ...

[Table_yemei] 康缘药业（600557）2023 年财报点评 ]yrtsudnI_elbaT[ [Table_Title] 康缘药业（600557）2023年财报点评 2022.10.10 聚焦核心品种，实现高质量发展 2024 年 03 月 12 日 [【投资要点】 Table_Summary] 业绩稳定注射液板块较好增长。2023 年，公司实现营业收入 48.68 亿元，同比+11.88%；归母净利润 5.37 亿元，同比+23.54%；扣非归 母净利润 4.99 亿元，同比+26.47%。公司实现收入规模、净利润规模 创历史新高。公司围绕核心品种，持续深化循证建设，市场开发中心 与研究院、销售团队协作，推动康缘产品进入指南共识 20 项，为市 场营销提供高质量学术推广证据。招商代理业态持续推进银杏二萜内 酯葡胺注射液整改低消化终端计划。分产品来看，注射液 21.74 亿元 （+49.80%）、口服液 8.64 亿元（-22.99%）、胶囊 8.88 亿元（+1.70%）、 颗粒剂&冲剂 3.28 亿元（+16.82%）、片丸剂 3.51 亿元（+3.68%）、贴 剂 2.11 亿元（-6.5 ...

Financial Performance - The company's 2023 annual revenue reached CNY 4,867.81 million, representing an increase of 11.88% year-on-year [126]. - The net profit attributable to shareholders for 2023 was CNY 536.73 million, up 23.54% compared to the previous year [126]. - Non-injection product revenue was CNY 2,693.74 million, showing a decline of 7.10% year-on-year [126]. - The cash dividend for 2023 is set at CNY 3.7 per 10 shares, with a total cash dividend amounting to CNY 216,042,686.24, which is 40.25% of the net profit attributable to shareholders [122]. - The company aims for a revenue growth rate of at least 20% in 2023 compared to 2022's revenue, or a net profit growth rate of at least 22% [102]. Sales and Marketing Strategy - The total sales expenses for the reporting period amounted to RMB 193,694.38 million, representing 39.79% of the operating income [16]. - The company aims to enhance its self-operated team while pursuing multiple business models, focusing on customer-centric strategies and improving sales balance [23]. - The company plans to promote key products such as Ginkgo Biloba Terpene Lactone Injection and new products like Linggui Zhugan Granules into clinical guidelines or consensus [24]. - The company emphasizes the establishment of a strong clinical team through internal training and external recruitment to enhance marketing capabilities [48]. - The company is focused on enhancing its brand recognition and customer engagement strategies to attract a broader customer base [83]. Research and Development - The company emphasizes high-quality construction of research platforms to drive basic research and technological innovation [25]. - The company is committed to innovation in product development and has allocated significant resources for research and development, despite the high risks associated with new drug development [54]. - The company aims to create a systematic evidence chain for key listed products through clinical and basic research [49]. - The company is actively pursuing new product development and technological advancements to strengthen its competitive edge in the pharmaceutical industry [83]. - The company aims to increase its R&D investment to support innovation and the development of new therapies [83]. Governance and Compliance - The company maintains an independent governance structure, ensuring fair treatment of all shareholders and preventing the misuse of company resources by major shareholders [34]. - The company has implemented a management system for insider information to ensure compliance with relevant laws and regulations, with the chairman as the main responsible person [37]. - The company has revised its articles of association and various meeting rules to enhance governance and information disclosure practices [36]. - The company has established an internal control system to comply with regulatory requirements and enhance risk management capabilities [106]. - The board of directors and senior management guarantee the authenticity, accuracy, and completeness of the annual report, assuming legal responsibility for any misrepresentation or omissions [196]. Employee Management and Development - The company has established a performance evaluation mechanism for senior management based on annual operational goals and individual performance assessments [69]. - The company has implemented a comprehensive training system for employees, focusing on key positions and skills to enhance performance [95]. - The company has established a talent development mechanism to encourage employee growth alongside corporate development [95]. - The company is focused on maintaining a competitive compensation system to align employee interests with company performance [117]. - The company has established a long-term incentive mechanism to attract and retain talent, linking shareholder and company interests [129]. Environmental and Social Responsibility - The company has not experienced any environmental pollution incidents or received administrative penalties during the reporting period [152]. - The company is committed to reducing related party transactions and ensuring fair pricing in unavoidable transactions [163]. - The company has implemented measures to fulfill its environmental responsibilities and has not faced any environmental accidents [152]. - The company invested approximately 11.79 million yuan in environmental protection during the reporting period [191]. - Total social charity investment amounted to CNY 11.01 million, with CNY 11.01 million in cash donations and CNY 0.0512 million in material donations [140]. Strategic Outlook - Future outlook indicates a focus on expanding market presence and enhancing product development capabilities, particularly in traditional Chinese medicine [83]. - Jiangsu Kangyuan plans to explore strategic mergers and acquisitions to enhance its market position and operational efficiency [83]. - The company is focusing on the development of new products and technologies to enhance its market position [95]. - The company is planning to expand its market presence through strategic initiatives and potential acquisitions [95]. - The management team emphasizes the importance of collaboration and knowledge sharing to drive growth and innovation [83].

Investment Rating - The report maintains a "Recommended" rating for the company [2][11][30] Core Views - The company has shown significant improvement in Q4 2023, with revenue reaching 1.372 billion yuan, an increase of 11.95%, and net profit of 187 million yuan, up 22.25% [4][11] - The company is recognized as a leader in innovative traditional Chinese medicine, with a strong product pipeline and favorable valuation [11][25] - The growth of non-injection products is expected to rebound, despite a temporary decline in 2023 [11][23] Financial Performance Summary - In 2023, the company achieved total revenue of 4.868 billion yuan, a year-on-year increase of 11.88%, and a net profit of 537 million yuan, up 23.54% [7][9] - The gross margin for 2023 was 74.3%, with a net margin of 11.0% [9][11] - The company plans to distribute 3.7 yuan per 10 shares as dividends for 2023 [4] Future Projections - Revenue is projected to grow to 5.776 billion yuan in 2024, with a net profit forecast of 639 million yuan [9][12] - The company expects a continued increase in profitability, with net profit margins projected to reach 12.1% by 2026 [9][12] - The price-to-earnings ratio (P/E) is expected to decrease to 17.2 in 2024, indicating a favorable valuation [9][11] Product Pipeline and Market Position - The company has a robust product pipeline, with 112 products included in the medical insurance directory, including 26 exclusive products [25] - The injection product "热毒宁" has shown remarkable growth, with sales reaching 2.174 billion yuan, a 49.80% increase [23][25] - The company is actively expanding its research and development efforts, with a focus on innovative traditional Chinese medicine products [25][11]

核心品种热毒宁持续放量可期，二线品 种有望加速成长 2024 年 3 月 10 日，公司发布 2023 年年度报告。2023 年公司实现营 业收入 48.68 亿元，同比增长 11.88%；实现归母净利润 5.37 亿元， 同比增长 23.54%，实现扣非归母净利润 4.99 亿元，同比增长 26.47%。 单季度来看，2023 年 Q4 公司实现营业收入 13.72 亿元，同比增长 11.95%，实现归母净利润 1.87 亿元，同比增长 22.25%，实现扣非归 母净利润 1.82 亿元，同比增长 38.33%。 2023 年公司注射剂实现营业收入 21.74 亿元，同比增长 49.80%，主 要是因为核心品种热毒宁注射剂保持高速增长。年报显示，热毒宁注 射液 2023 年销售量达到 6,077 万支，同比增长 90.93%，我们推测主 要是因为 2023 年以来国内甲流、乙流、新冠、RSV、支原体等呼吸道 传染病此起彼伏，热毒宁注射液的退热效果显著，得到临床的广泛使 用；银杏二萜内酯葡铵注射液 2023 年销售量达到 1,074 万支，同比 增长 21.98%。2023 年 12 月，2023 版国家医保 ...

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公 司 研 究 F原证券 康缘药业（600557.SH） 2024 年 03 月 11 日 ——公司信息更新报告 余汝意（分析师） | --- | --- | |-------------------------|-------------| | 日期 | 2024/3/8 | | 当前股价 ( 元 ) | 18.79 | | 一年最高最低 ( 元 ) | 33.71/13.36 | | 总市值 ( 亿元 ) | 109.87 | | 流通市值 ( 亿元 ) | 108.70 | | 总股本 ( 亿股 ) | 5.85 | | 流通股本 ( 亿股 ) | 5.78 | | 近 3 个月换手率 (%) | 118.24 | 公司 2023 年实现营收 48.68 亿元（同比+11.88%，下文皆为同比口径）；归母净 利润 5.37 亿元（+23.54%）；扣非归母净利润 4.99 亿元（+26.47%）。从盈利能力 来看，2023 年毛利率为 74.27%（+2.17pct），净利率为 11.24%（+1.08pct）。从 费用端来看，2023 年销售费用率为 39.74%（-3.14pct）；管理费用率为 7 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next 6 months [5]. Core Views - The company's performance in 2023 shows steady growth, with a revenue increase of 11.88% year-on-year, reaching 4.868 billion yuan, and a net profit increase of 23.54%, totaling 536.73 million yuan [1][7]. - The company is gradually overcoming the challenges posed by reforms, focusing on core marketing issues, and enhancing its clinical team's capabilities, which is expected to drive stable growth in performance [19]. Financial Performance Summary - In 2023, the overall gross margin was 74.27%, an increase of 2.17 percentage points year-on-year, with specific product margins as follows: injection liquids at 73.63%, capsules at 67.68%, and oral liquids at 81.28% [2]. - The net profit margin for the company was 11.24%, up by 1.08 percentage points year-on-year, while the sales expense ratio decreased by 3.14 percentage points to 39.79% [2]. - The company has increased its R&D investment, with a research expense ratio of 15.85%, up by 1.93 percentage points year-on-year [2]. Revenue and Profit Forecast - Revenue forecasts for 2024 and 2025 have been adjusted downwards to 5.773 billion yuan and 6.632 billion yuan, respectively, with a projected revenue of 7.588 billion yuan in 2026 [7]. - The forecast for net profit attributable to the parent company has also been revised down to 650 million yuan for 2024 and 765 million yuan for 2025, with a projected net profit of 902 million yuan in 2026 [7]. Product Performance - In 2023, injection liquids generated revenue of 2.174 billion yuan, a significant increase of 49.80% year-on-year, driven by strong sales of the core product, Heat Toxicity Ning Injection [6]. - Non-injection products collectively saw a revenue decline of 7.20%, with oral liquids experiencing a notable drop of 22.99% [6].

按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制评价结果推测未来内部控制的有效性具有一定的风险。 公司代码：600557 公司简称：康缘药业 江苏康缘药业股份有限公司 2023 年度内部控制评价报告 江苏康缘药业股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专 ...