医药生物/中药Ⅱ 公 司 研 济川药业（600566.SH） 儿科业务加速启航，优质 BD 赋能长期发展 究 2024年04月20日 ——公司首次覆盖报告 投资评级：买入（首次） 余汝意（分析师） yuruyi@kysec.cn 证 书编号：S0790523070002 日期 2024/4/19 当前股价(元) 43.96  增长动力轮换交接，儿科已成中流砥柱 公 一年最高最低(元) 45.18/23.95 济川药业成立于1994年，2013年借壳上市，专注于儿科、口腔、呼吸、消化、妇产 司 总市值(亿元) 405.23 及其它领域药品的生产和销售。目前公司的产品结构正不断优化，以小儿豉翘清热 首 次 流通市值(亿元) 402.56 颗粒为代表的儿科已接过以蒲地蓝消炎口服液和雷贝拉唑钠肠溶胶囊为代表的呼吸 覆 总股本(亿股) 9.22 及消化两大传统优势领域的发展接力棒。未来儿科业务板块成长空间大，BD项目持 盖 报 流通股本(亿股) 9.16 续高效引进有望为公司中长期发展贡献新增量，我们预计公司 2024-2026 年归母净 告 近3个月换手率(%) 45.04 利润分别为 30.22/34.11/38 ...

证券代码： 600566 证券简称： 济川药业 公告编号： 2024-019 湖北济川药业股份有限公司 关于职工代表监事、证券事务代表辞职暨 补选职工代表监事的公告 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。 湖北济川药业股份有限公司（以下简称"公司"）董事会、监事会于近日收 到证券事务代表、职工代表监事石珊女士递交的书面辞职报告。石珊女士因个人 原因申请辞去公司证券事务代表、职工代表监事职务，辞职后不再担任公司任何 职务。截至本公告披露日，石珊女士未持有公司股份。公司对石珊女士在任职期 间所做出的贡献表示衷心感谢！ 公司董事会将根据《上海证券交易所股票上市规则》等相关规定，尽快聘任 新的证券事务代表。在此期间，由董事会秘书负责证券事务代表相关工作。 张平先生未持有本公司股票，与公司其他董事、监事、高管人员及持有公司 百分之五以上股份的股东之间无关联关系；其未曾受过中国证券监督管理委员会 及其他有关部门的处罚和证券交易所惩戒。 为了保证公司监事会的正常运行，根据《公司法》《公司章程》等有关规定， 公司于 2024 年 4 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 2,402,545,954.32, representing a year-on-year increase of 0.60%[4] - Net profit attributable to shareholders was CNY 845,266,461.66, reflecting a significant increase of 24.90% compared to the same period last year[4] - The net profit after deducting non-recurring gains and losses was CNY 726,257,023.96, up by 19.83% year-on-year[4] - Basic earnings per share for the quarter were CNY 0.923, marking a 24.90% increase year-on-year[4] - Total operating revenue for Q1 2024 reached ¥2,402,545,954.32, a slight increase from ¥2,388,296,884.09 in Q1 2023, representing a growth of approximately 0.48%[20] - Net profit for Q1 2024 was ¥846,787,304.11, up from ¥678,157,318.97 in Q1 2023, indicating an increase of approximately 25%[21] - Basic earnings per share for Q1 2024 improved to ¥0.923 compared to ¥0.739 in Q1 2023, marking a growth of about 25%[22] - The total profit for Q1 2024 was ¥989,790,164.22, compared to ¥789,506,839.15 in Q1 2023, indicating an increase of about 25.4%[21] Cash Flow - The net cash flow from operating activities reached CNY 1,338,802,553.07, an increase of 2.86% from the previous year[4] - Cash flow from operating activities for Q1 2024 was ¥1,338,802,553.07, compared to ¥1,301,524,433.03 in Q1 2023, showing an increase of approximately 2.87%[23] - The company achieved a net increase in cash from operating activities of ¥3,706,314,397.20 in Q1 2024, compared to ¥3,396,627,119.54 in Q1 2023, representing an increase of approximately 9.1%[24] - The net cash flow generated from financing activities was CNY 651,745,908.21, compared to a negative cash flow of CNY 3,784,465.88 in the previous period[26] - Cash and cash equivalents increased by CNY 3,654,096,869.30, up from CNY 2,648,818,193.16 in the same period last year[26] - The ending balance of cash and cash equivalents reached CNY 11,392,079,679.38, compared to CNY 7,467,759,040.05 at the end of the previous year[26] - The company received CNY 667,379,039.43 in cash from borrowings during the financing activities[26] - Cash paid for distribution of dividends, profits, or interest amounted to CNY 8,343,069.44, with CNY 3,784,465.88 paid in the previous period[26] - The total cash inflow from financing activities was CNY 667,379,039.43[26] - The total cash outflow from financing activities was CNY 15,633,131.22, compared to CNY 3,784,465.88 in the previous period[26] Assets and Liabilities - Total assets at the end of the reporting period amounted to CNY 19,361,405,368.16, a growth of 6.71% compared to the end of the previous year[5] - The company's total assets reached CNY 19.36 billion, an increase from CNY 18.14 billion at the end of 2023, representing a growth of approximately 6.73%[12] - The company's cash and cash equivalents amounted to CNY 11.39 billion, up from CNY 7.74 billion, indicating a significant increase of about 47.67%[12] - Total current liabilities increased to CNY 4.96 billion from CNY 4.59 billion, reflecting a rise of approximately 8.38%[17] - The total liabilities increased to CNY 5.15 billion from CNY 4.77 billion, reflecting a growth of about 7.95%[17] - The company's total equity attributable to shareholders rose to CNY 14.19 billion, compared to CNY 13.35 billion, marking an increase of about 6.36%[19] - Shareholders' equity attributable to the parent company was CNY 14,194,467,077.89, up by 6.33% from the previous year[5] - The company's retained earnings increased to CNY 9.69 billion from CNY 8.85 billion, marking a growth of approximately 9.38%[19] - The accounts receivable decreased to CNY 1.96 billion from CNY 2.73 billion, showing a decline of approximately 28.24%[14] - Inventory increased to CNY 571.20 million from CNY 490.08 million, representing a growth of about 16.54%[14] - The company's short-term borrowings rose to CNY 1.64 billion from CNY 1.04 billion, indicating an increase of approximately 56.93%[16] - The non-current assets totaled CNY 3.86 billion, slightly down from CNY 3.91 billion, indicating a decrease of about 1.11%[15] Government Support - The company received government subsidies amounting to CNY 108,180,541.01 during the quarter, contributing positively to its financial performance[6] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 30,395[7] - Jiangsu Jichuan Holding Group Co., Ltd. held 45.21% of the shares, making it the largest shareholder[7] Accounting Standards - The company did not apply new accounting standards or interpretations starting from 2024[26] Reporting Date - The company’s financial report was announced on April 19, 2024[26]

上 市 公 司 医药生物 2024 年04月 11 日 济川药业 (600566) 公 司 研 究 ——业绩超预期，盈利能力不断提升 公 司 点 报告原因：有信息公布需要点评 评 买入 事件： （维持） 公司发布 2023 年报。公司 23年全年营收 96.55亿，同比+7.32%；归母净利润 28.23亿， 同比+30.04%；扣非26.92亿，同比+32.72% ；Q4收入31.2亿，同比+0.5%，归母净利润 证 市场数据： 2024年04月11日 8.79 亿，同比+51.8%；扣非 8.64 亿，同比+48.5%。Q4 利润超预期，主要因为公司费用下 券 收盘价（元） 41.66 研 一年内最高/最低（元） 42.2/23.95 降明显，Q4销售费用率41.3%（同比-5.70pct）,管理费用3.01%（同比-0.48pct）,研发费用 究 市净率 2.9 率4.16%（同比-5.53pct）。 报 息率（分红/股价） - 告 流通 A 股市值（百万 38150 投资要点： 元） 上证指数/深证成指 3034.25/9300.77 注：“息率”以最近一年已公布分红计算  各主要产品表现良好，市占 ...

股 票 研 究 [Table_industryInfo] 医药/必需消费 [ Table_Main[济ITnaf 川bol]e 药_Ti业tle]( 600566) [评Tab级le_：Inv est] 增持 上次评级： 增持 控费保障利润高增长，BD 有望贡献新增量 目标价格： 49.20 上次预测： 33.60 公 ——济川药业2023 年报点评 当前价格： 40.25 司 丁丹(分析师) 甘坛焕(分析师) 唐玉青(研究助理) 2024.04.11 更 0755-23976735 021-38675855 021-38031031 [交Ta易bl数e_M据a rket] 新 dingdan@gtjas.com gantanhuan028803@gtjas.com tangyuqing028689@gtjas.com 证书编号 S0880514030001 S0880523080007 S0880123070133 52周内股价区间（元） 24.32-40.25 报 总市值（百万元） 37,103 告 本报告导读： 总股本/流通A股（百万股） 922/916 流通 B股/H股（百万股） 0/0 公司发布20 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 37.78 [1]. Core Insights - The company reported a revenue of 9.655 billion yuan in 2023, representing a year-on-year growth of 7.32%. The net profit attributable to the parent company was 2.823 billion yuan, up 30.04% year-on-year [4][5]. - The fourth quarter performance exceeded expectations, with a record quarterly revenue of 3.118 billion yuan, a slight increase of 0.49% year-on-year. The net profit for Q4 reached 879 million yuan, a significant increase of 51.84% year-on-year [4][9]. - The company’s core products, particularly those for respiratory diseases, saw strong sales due to seasonal demand, contributing to the overall revenue growth [4][5]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2022A: Revenue of 8.996 billion yuan, net profit of 2.171 billion yuan - 2023A: Revenue of 9.655 billion yuan, net profit of 2.823 billion yuan - 2024E: Revenue expected to be 10.203 billion yuan, net profit of 3.114 billion yuan - 2025E: Revenue expected to be 11.084 billion yuan, net profit of 3.430 billion yuan - 2026E: Revenue expected to be 11.944 billion yuan, net profit of 3.730 billion yuan [1][5]. - **Growth Rates**: - Revenue growth rates for 2024-2026 are projected at 6%, 9%, and 8% respectively, while net profit growth rates are expected to be 10%, 10%, and 9% [5]. - **Profitability Metrics**: - The company achieved a gross margin of 81.5% in 2023, with a net margin of 29.3%, reflecting a year-on-year increase of 5.14 percentage points [4][5]. - **Earnings Per Share (EPS)**: - EPS for 2023 was reported at 3.06 yuan, with projections of 3.38 yuan, 3.72 yuan, and 4.05 yuan for 2024, 2025, and 2026 respectively [1][5]. Segment Performance - **Product Categories**: - The company’s revenue from the heat-clearing and detoxifying category reached 3.380 billion yuan, growing by 17.68%. The pediatric category generated 2.741 billion yuan, up 13.01%, while the digestive category saw a decline of 4.60% to 1.687 billion yuan [4][5]. - **Cost and Margin Analysis**: - The gross margins for the heat-clearing, digestive, and pediatric categories were 78.03%, 89.93%, and 87.30% respectively, with slight declines attributed to rising raw material costs [4][5]. Dividend Policy - The company announced a cash dividend of 1.197 billion yuan, representing 42.41% of the net profit for 2023, indicating an increase in the dividend payout ratio compared to previous years [4][5].

Investment Rating - The report maintains a "Buy" rating for Jichuan Pharmaceutical (600566) [1] Core Views - The company's 2023 annual report shows a revenue of 9.66 billion yuan, an increase of 7.3%, and a net profit attributable to shareholders of 2.82 billion yuan, up by 30% [2] - The growth in profit exceeded expectations, driven by strong sales of key products and effective cost control in sales, management, and finance [2] - The company is focusing on multi-channel sales strategies, including hospitals and retail, and is enhancing its academic platform [2] - Business development (BD) is progressing steadily, with four new product agreements reached in 2023, aligning with the company's long-term strategic goals [3] - Profit forecasts for 2024-2026 project net profits of 3.05 billion, 3.41 billion, and 3.81 billion yuan, with growth rates of 8.1%, 11.8%, and 11.7% respectively [3] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 9.66 billion yuan, with a net profit of 2.82 billion yuan, reflecting a 30% increase [2][4] - The overall gross margin for 2023 was 81.5%, with a net profit margin of 29.3%, an increase of 5.1 percentage points [2] - Key product categories showed varied performance, with the heat-clearing and detoxifying category generating 3.38 billion yuan in revenue, up 17.7% [2] Business Development - The company has established a robust sales network across hospitals, OTC pharmacies, and grassroots medical institutions [2] - The focus on academic leadership and product lifecycle management is expected to enhance market penetration and sales growth [2] - The BD strategy aims to introduce at least four new products annually, with successful agreements already in place for 2023 [3] Profit Forecasts - The projected net profits for 2024, 2025, and 2026 are 3.05 billion, 3.41 billion, and 3.81 billion yuan, respectively, indicating a positive growth trajectory [3][12] - The company anticipates a stable average price for its products, with sales growth rates of 5.1%, 9.2%, and 11.1% for its industrial segment from 2024 to 2026 [9][10]

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 [11]. Core Insights - The company reported a revenue of 9.655 billion yuan in 2023, a year-on-year increase of 7.32%, and a net profit attributable to shareholders of 2.823 billion yuan, reflecting a growth of 30.04% year-on-year [2][5]. - The company plans to distribute a cash dividend of 1.30 yuan per share, totaling 1.197 billion yuan, which represents 42.41% of the net profit for 2023 [5]. - The company has a strong cash position with 7.738 billion yuan in cash and 3.178 billion yuan in trading financial assets, supporting its long-term development [3]. Financial Performance Summary - Revenue and Profit Growth: - 2022A Revenue: 8.996 billion yuan; 2023A Revenue: 9.655 billion yuan; 2024E Revenue: 10.021 billion yuan [6]. - 2022A Net Profit: 2.171 billion yuan; 2023A Net Profit: 2.823 billion yuan; 2024E Net Profit: 3.035 billion yuan [6]. - Key Product Performance: - Revenue from heat-clearing and detoxifying products reached 3.380 billion yuan, up 17.68% year-on-year; pediatric products generated 2.741 billion yuan, up 13.01% year-on-year [2]. - Market Position: - The company holds significant market shares in key product categories, ranking second in the market for heat-clearing traditional Chinese medicine and first in pediatric cold medicine [2]. Future Projections - Expected revenue for 2024-2026 is projected to be 10.002 billion yuan, 11.010 billion yuan, and 12.019 billion yuan, respectively, with net profits of 3.035 billion yuan, 3.399 billion yuan, and 3.738 billion yuan [5]. - The report anticipates a steady growth trajectory with EPS projected at 3.29 yuan, 3.69 yuan, and 4.06 yuan for the years 2024, 2025, and 2026, respectively [5].

2024 年 04 月 11 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 业绩快速增长， 创新转型稳步推进 BD 证券分析师： 周小刚 S0350521090002 zhouxg@ghzq.com.cn 证券分析师： 沈岽皓 S0350524010005 ——济川药业（ ） 年年报点评报告 600566 2023 shendh01@ghzq.com.cn 最近一年走势 事件 : 济川药业2024年4月10日发布公告：2023年，公司实现营业收入96.55 亿元，同比增长7.32%；归母净利润28.23亿元，同比增长30.04%；扣 非归母净利润26.92亿元，同比增长32.72%。 投资要点 :  利润增速快于收入，经营效率提升明显 2023年，公司实现营业 收入96.55亿元，同比增长7.32%；归母净利润28.23亿元，同比 相对沪深300表现 2024/04/10 增长30.04%；扣非归母净利润26.92亿元，同比增长32.72%。其 表现 1M 3M 12M 中，单四季度公司实现营业收入31.18亿元，同比增长0.49%；归 济川药业 7.9% 23.6% 35.7 ...

证 券 2024 年 04 月 11 日 研 究 业绩增长超预期，BD 项目有望贡献新动力 报 告 —济川药业（600566.SH）公司事件点评报告 买入(首次) 事件 分析师：胡博新 S1050522120002 济川药业股份发布公告：2023 年度，公司实现营业收入 hubx@cfsc.com.cn 96.55 亿元，同比增长 7.32%；归属于母公司所有者的净利 润 28.23亿元，同比增长 30.04%；实现归属于母公司所有者 的扣除非经常性损益的净利润 26.92 亿元，同比增长 32.72%。 基本数据 2024-04-10 当前股价（元） 40.25 投资要点 总市值（亿元） 371 总股本（百万股） 922 ▌ 核心品种持续发力 流通股本（百万股） 916 2023 年销售费用率 41.5%，同比下降 4.22 个百分点，销售 52周价格范围（元） 24.32-40.25 费用率下降明显。按季度看，2023 年 Q4 营收 31.18 亿元， 日均成交额（百万元） 220.23 同比增长 0.49%，环比增长 63.42%；归母净利润实现 8.79 市场表现 亿元，同比增长 51.84%，环比 ...