医药生物/中药Ⅱ 公 司 研 济川药业（600566.SH） 核心品类销售亮眼，盈利能力逐步提升 究 2024年04月22日 ——公司信息更新报告 投资评级：买入（维持） 余汝意（分析师） yuruyi@kysec.cn 日期 2024/4/19 证 书编号：S0790523070002 当前股价(元) 43.96  营收规模稳健扩张，利润快速增长，维持“买入”评级 公 一年最高最低(元) 45.18/23.95 公司2023年实现营收96.55亿元（同比+7.32%，下文皆为同比口径）；归母净利 司 信 总市值(亿元) 405.23 润 28.23 亿元（+30.04%）；扣非归母净利润 26.92 亿元（+32.72%）。2024Q1 实 息 流通市值(亿元) 402.56 现营收24.03亿元（+0.6%）；归母净利润8.45亿元（+24.9%）；扣非归母净利润 更 总股本(亿股) 9.22 7.26亿元（+19.83%）。从盈利能力来看，2023年毛利率为81.52%（-1.39pct）， 新 报 流通股本(亿股) 9.16 净利率为 29.28%（+5.14pct）。从费用端来看，2023 年销售 ...

[Table_Title] 评级：买入(维持) 市场价格：43.96 [Table_Finance] 公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 8,996 9,655 10,203 11,084 11,944 增长率 yoy% 18% 7% 6% 9% 8% 净利润（百万元） 2,171 2,823 3,114 3,430 3,730 增长率 yoy% 26% 30% 10% 10% 9% 每股收益（元） 2.35 3.06 3.38 3.72 4.05 每股现金流量 2.84 3.76 1.87 3.47 4.03 净资产收益率 19% 21% 19% 17% 16% P/E 18.7 14.4 13.0 11.8 10.9 P/B 3.6 3.0 2.5 2.1 1.7 备注：数据截止 2024/4/20 分析师：祝嘉琦 执业证书编号：S0740519040001 电话：021-20315150 Email：zhujq@zts.com.cn [Table_Profit] 基本状况 总股本(百万股) 922 流通股本(百万股) 916 市价(元 ...

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，营运能力有所提升 目标价格： 52.48 上次预测： 49.20 公 ——济川药业2024 年一季报点评 当前价格： 43.96 司 丁丹(分析师) 甘坛焕(分析师) 唐玉青(研究助理) 2024.04.21 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） 24.32-43.96 报 总市值（百万元） 40,523 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 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 中药 ＃investSuggestion＃ ＃ ＃d 济yCo 川mp 药any＃业 （ 6 00566.SH ） investSug 增持 ( 首ges次tion ）Ch 000009 ＃title＃ 业绩快速增长，盈利能力提升 ange＃ ＃ createTime1＃ 2024年 4月 21日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 2m 0a 2r 3y＃ 年 全年业绩及2024年一季度业绩超预期，盈利能力持续提升。2023年 司 日期 2024/4/19 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 点 收盘价（元） 43.96 比增长 30.04%，扣非归母净利润 26.92 亿元，同比增长 32.72%。2023 年公 评 总股本（百万股） 922 司盈利能力提升显著，净利率 29.28%，同比提升 5.14pct；费用控制情况良 好，销售费用率、管理费用率、研发费用率分别为41.50%、3.86%、4.81%， 报 流通股本（百万股） 916 分别同比下降 ...

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].