Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 4.39 billion yuan for 2023, representing a year-on-year increase of 13.00% [2] - The net profit attributable to the parent company was 708 million yuan, up 18.40% year-on-year, while the net profit excluding non-recurring items was 704 million yuan, an increase of 38.97% [2] - The company has successfully controlled expenses and improved cost management, with a gross margin of 65.28%, up 0.35 percentage points year-on-year [2] - The company plans to distribute a total cash dividend of 441 million yuan for the year 2023, which accounts for 62.20% of the net profit attributable to the parent company [2] Financial Performance - In Q4 2023, the company achieved a revenue of 1.25 billion yuan, a year-on-year increase of 23.67%, and a net profit of 119 million yuan, up 30.39% year-on-year [2] - The company’s core product categories have shown continuous growth, with the non-prescription drug segment generating 3.05 billion yuan in revenue, a year-on-year increase of 16.46% [2] - The company’s operating cash flow was 1.036 billion yuan, remaining stable compared to the previous year [2] Future Projections - Revenue projections for 2024, 2025, and 2026 are 5.07 billion yuan, 5.91 billion yuan, and 6.88 billion yuan, respectively, with year-on-year growth rates of 15.5%, 16.6%, and 16.5% [5] - The net profit attributable to the parent company is expected to be 832 million yuan, 973 million yuan, and 1.13 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 17.5%, 16.9%, and 16.3% [5] Cost Management - The company has made significant progress in cost management, with a decrease in the expense ratio to 43.56%, down 2.41 percentage points year-on-year [2] - The sales expense ratio was 37.09%, down 1.77 percentage points, while the management expense ratio was 4.80%, down 0.5 percentage points [2] R&D and Innovation - The company has increased its R&D expenditure, with a research and development expense ratio of 3.04%, up 0.47 percentage points year-on-year [4] - The company is focusing on innovation in the gastrointestinal field and has obtained registration certificates for two special medical purpose formula foods [4]

Investment Rating - The report maintains a "Buy" rating for Jiangzhong Pharmaceutical, expecting a price increase of over 15% relative to the industry index in the next six months [20]. Core Insights - Jiangzhong Pharmaceutical achieved a revenue of 4.39 billion yuan in 2023, representing a year-on-year growth of 13%, and a net profit attributable to shareholders of 708 million yuan, up 18.4% year-on-year [10]. - The company continues to focus on high dividend payouts, with a proposed cash dividend of 0.70 yuan per share, accounting for 62.20% of the net profit attributable to shareholders [10][13]. - The company is expected to achieve revenues of 5.00 billion yuan, 5.62 billion yuan, and 6.41 billion yuan in 2024, 2025, and 2026, respectively, with corresponding net profits of 802 million yuan, 927 million yuan, and 1.08 billion yuan [7][22]. Business Segments Summary - The OTC segment generated revenues of 3.05 billion yuan, with a year-on-year growth of 16.52%, accounting for 69.48% of total revenue [2]. - The health segment, focusing on high-end nourishment and recovery nutrition, saw a revenue increase of 58.77%, indicating strong growth potential [3]. - The prescription drug segment experienced a revenue decline of 10.86%, primarily due to the impact of national drug procurement policies [24]. Financial Performance - The overall gross margin for the company improved to 65.31%, with the OTC segment gross margin at 71.70%, while the prescription drug segment saw a decline to 63.21% [26]. - The company’s operating income for 2023 was 4.39 billion yuan, with a projected growth rate of 13.9% for 2024 [22]. - The return on equity (ROE) is expected to rise from 17.1% in 2023 to 18.8% by 2026 [22]. Dividend Policy - Jiangzhong Pharmaceutical has maintained a high dividend payout ratio, with historical rates of 108.33% and 121.02% in 2021 and 2022, respectively, highlighting its commitment to returning value to shareholders [13].

Investment Rating - The investment rating for the company is "Buy" [7][6] Core Views - The company reported a revenue of 4.39 billion yuan in 2023, a year-on-year increase of 13%, and a net profit attributable to shareholders of 708 million yuan, up 18% year-on-year [4] - The health business has become a new growth engine, with revenue reaching 650 million yuan, a growth of 49.96% year-on-year, and a gross margin of 37.28%, an increase of 9.10 percentage points [5][11] - The company is expected to achieve revenues of 5.17 billion yuan, 6.05 billion yuan, and 7.06 billion yuan in 2024, 2025, and 2026 respectively, with year-on-year growth rates of 17.64%, 17.14%, and 16.63% [6][18] Financial Performance - The company’s non-prescription drug business generated revenue of 3.05 billion yuan, a year-on-year increase of 16.46%, with a gross margin of 71.70% [17] - The core product in the digestive category, Jianwei Xiaoshi Pian, achieved a revenue of 1.1 billion yuan, while two key products in the intestinal health category surpassed 500 million yuan in revenue [17] - The forecast for net profit attributable to shareholders is 831 million yuan, 966 million yuan, and 1.12 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 17.38%, 16.22%, and 15.92% [6][18] Valuation - The target price for the company is set at 26.42 yuan, based on a 20x PE ratio for 2024 [6][7] - The current price is 22.53 yuan, indicating potential upside [7] - The company’s EPS is projected to be 1.32 yuan, 1.54 yuan, and 1.78 yuan for the years 2024, 2025, and 2026 respectively [6][18]

证券代码：600750 证券简称：江中药业 公告编号：2024-022 1 江中药业股份有限公司 关于控股股东的间接控股公司华润医药集团有限公司 刊发 2023 年业绩公告的提示性公告 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个别及连带责任。 江中药业股份有限公司（以下简称"公司"）接控股股东华润江中制药集团有限 责任公司（以下简称"华润江中"）通知，华润江中的间接控股公司华润医药集团有 限公司（以下简称"华润医药集团"）于 2024 年 3 月 26 日在香港联合交易所有限公 司（以下简称"香港联交所"）刊发了 2023 年业绩公告。 公司投资者如需了解华润医药集团 2023 年业绩公告的详细信息，请查询香港联 交所网站：http://www.hkexnews.hk。 特此公告。 江中药业股份有限公司董事会 2024 年 3 月 36 日 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5][31] Core Views - The company has demonstrated stable growth in performance, with a record high dividend yield [5][25] - The OTC segment has shown significant revenue growth, while the prescription drug segment has faced a decline [28][29] - The company is expected to maintain a strong brand presence in the digestive traditional Chinese medicine sector, supported by its non-prescription drug offerings [31] Financial Performance Summary - In Q4 2023, the company achieved revenue of 1.25 billion yuan, a year-on-year increase of 23.67%, and a net profit attributable to shareholders of 119 million yuan, up 27.34% [2] - For the full year 2023, the company reported revenue of 4.39 billion yuan, a 13% increase year-on-year, and a net profit of 708 million yuan, growing 18.4% [4] - The company maintained a high dividend payout ratio, with total cash dividends of 818 million yuan, representing 115.52% of the net profit for 2023, resulting in a dividend yield of 5.77% [3][4] Growth Projections - Revenue projections for 2024, 2025, and 2026 are 4.99 billion yuan, 6.15 billion yuan, and 7.25 billion yuan, respectively, with year-on-year growth rates of 14%, 23%, and 18% [29][31] - Corresponding net profits for the same years are expected to be 798 million yuan, 945 million yuan, and 1.086 billion yuan, with growth rates of 13%, 19%, and 15% [29][31] Profitability and Efficiency - The company's overall gross margin for 2023 was 65.31%, an increase of 0.94 percentage points year-on-year [25] - The sales expense ratio decreased by 1.72 percentage points to 37.09%, while the management expense ratio fell by 0.5 percentage points to 4.8% [25] - The return on equity (ROE) is projected to increase from 18% in 2023 to 24% by 2026 [27]

证券研究报告 2024 年 03 月 24 日 江中药业(600750.SH) 业绩符合预期，高股息优质资产 2024 年 3 月 22 日，公司发布 2023 年年度报告。2023 年公司实现 营业收入 43.90 亿元，同比增长 13.00%，实现归母净利润 7.08 亿 元，同比增长 18.40%，实现扣非净利润 7.04 亿元，同比增长 38.97%。 单季度来看，2023 年 Q4 公司实现营业收入 11.53 亿元，同比增长 23.04%，实现归母净利润 1.16 亿元，同比增长 27.26%，实现扣非 净利润 1.42 亿元，同比增长 150.98%。 根据 2024 年 1 月公司发布的《关于 2023 年年度主要经营数据的公 告》，经初步核算，预计 2023 年度公司营业总收入同比增长约 13%， 归母净利润同比增长约 18%，最终 2023 年业绩符合预期。分业务拆 分来看：1）2023 年非处方药实现营业收入 30.50 亿元，同比增长 16.46%，其中，核心大单品健胃消食片收入规模重回 11 亿元，乳酸 菌素片和双歧杆菌三联活菌肠溶胶囊（贝飞达）的收入规模均突破 5 亿元，咽喉用药复 ...

[Table_Finance1] (百万元) 2022A 2023A 2024E 2025E 2026E mashuai@essence.com.cn 贺鑫 分析师 SAC 执业证书编号：S1450522110001 分析师 本报告仅供 Choice 东方财富 使用，请勿传阅。 每股净资产(元) 6.18 6.09 6.11 6.11 6.11 | --- | --- | --- | |-------------------|----------------|-------| | | | | | 资料来源： 升幅 % | Wind 资讯 1M | 3M | | 相对收益 | -5.8 | 3.4 | | 绝对收益 | -4.1 | 9.6 | | | 马帅 | | SAC 执业证书编号：S1450518120001 hexin1@essence.com.cn 主营收入 3,811.6 4,390.1 4,920.6 5,522.7 6,207.1 净利润 596.1 708.3 823.8 929.9 1,049.5 每股收益(元) 0.84 0.93 1.31 1.48 1.67 中成药 事件： 证券研究报 ...

Financial Performance - In 2023, the company plans to distribute cash dividends of 7 RMB per 10 shares, totaling approximately 440.53 million RMB, which accounts for 62.20% of the net profit attributable to the parent company[9]. - The total cash dividend for 2023, including the distribution from the first three quarters, amounts to approximately 818.20 million RMB, representing 115.52% of the net profit attributable to the parent company[9]. - Basic earnings per share for 2023 reached CNY 1.12, a 17.89% increase compared to CNY 0.95 in 2022[39]. - The weighted average return on equity increased to 17.75%, up by 3.20 percentage points from 14.55% in 2022[39]. - The company achieved operating revenue of RMB 4.39 billion in 2023, representing a year-on-year growth of 13.00%[59]. - The net profit attributable to shareholders of the listed company reached RMB 708.29 million, an increase of 18.40% compared to the previous year[59]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 703.92 million, up 38.97% year-on-year[59]. - The net cash flow from operating activities was RMB 1.04 billion, reflecting a slight increase of 1.39% from the previous year[59]. - The company's total financial assets decreased by CNY 1,708,731,630.06, impacting profits by CNY -42,601,599.24[45]. - The total operating expenses for the reporting period were CNY 1,912.31 million, an increase of 7.08% from CNY 1,785.83 million in the previous year[149]. Acquisitions and Investments - The company acquired 100% equity of Jiangxi Jiangzhong Changrun Pharmaceutical Co., Ltd. and Jiangxi Jiangzhong Bencao Health Technology Co., Ltd. in November 2023, enhancing its asset portfolio[38]. - The company acquired 100% equity of Jiangxi Jiangzhong Medicine Investment Development Co., Ltd. and Jiangxi Jiangzhong Bencao Health Technology Co., Ltd. in November 2023[42]. - The company added over 100 new R&D personnel, enhancing the overall quality of its research team[51]. - The company plans to implement a second phase of its restricted stock incentive plan to optimize its diverse assessment and incentive mechanisms[101]. - The company invested CNY 187.55 million in R&D in 2023, accounting for 4.27% of total revenue[165]. Research and Development - Research and development investment grew by 26.34% year-on-year, with an R&D intensity of 4.27%[51]. - The company received 20 new invention patents and 14 utility model patents during the reporting period, enhancing its R&D capabilities[73]. - The company’s R&D personnel include 6 PhD holders and 120 master's degree holders, indicating a strong educational background in its R&D team[164]. - The company’s R&D investment accounted for 4.27% of revenue and 4.19% of net assets, indicating a moderate level compared to industry peers[196]. Market and Product Focus - The company is focusing on the development of traditional Chinese medicine and health management products, driven by the aging population and increasing health awareness[3]. - The company is focusing on prescription drugs and integrating into the new industry landscape to enhance operational efficiency[50]. - The company is focusing on strengthening its OTC business, developing health products, and expanding its prescription drug layout as part of its strategic plan[67]. - The company’s product categories include OTC drugs, prescription drugs, and health products, covering various health fields such as gastrointestinal health and cardiovascular health[106]. - The company’s non-prescription drug sales primarily target pharmacies and grassroots medical institutions, while prescription drugs are sold mainly through hospitals and pharmacies[108]. Operational Efficiency and Strategy - The company is committed to enhancing R&D investment and accelerating digital transformation to drive high-quality development[67]. - The company aims to optimize its business layout and improve operational efficiency through brand and innovation-driven strategies[67]. - The company is actively engaged in digital upgrades and organizational restructuring to improve operational efficiency and stimulate growth[100]. - The company is adapting to ongoing reforms in the pharmaceutical industry, including centralized procurement and compliance measures[178]. Revenue and Sales Performance - The over-the-counter drug business achieved revenue exceeding 3 billion CNY, with a year-on-year growth of 16.46%[68]. - The core product "Gastrointestinal Health Tablets" generated revenue of 1.1 billion CNY, reinforcing the company's leadership in digestive health[68]. - The throat and cough category's core products, "Compound Cough Tablets" and "Fresh Bamboo Liquid," together surpassed 300 million CNY in revenue, with growth rates exceeding 20%[69]. - The health business segment reported revenue of 650 million CNY, marking a significant year-on-year increase of 49.96%[70]. - The "Renlingcao" series products achieved over 100 million CNY in revenue, continuing a stable growth trend[70]. Challenges and Risks - The company emphasizes the importance of risk management and has outlined general risks faced during the reporting period[11]. - Prescription drug business revenue and cost decreased, leading to a decline in gross margin due to centralized procurement and reduced product sales[114]. - The procurement cost of medicinal yam is expected to decrease slightly in 2024, following a stable cost in 2023 despite a reduction in production due to stricter environmental regulations[141]. Industry Context - The national drug procurement program has expanded, with the number of drugs included reaching 450, expected to increase to 500 by 2025, impacting the pharmaceutical market[3]. - The pharmaceutical manufacturing industry in China saw a revenue decline of 3.7% to 252.06 billion RMB in 2023, with total profits down 15.1% to 34.73 billion RMB[103]. - The OTC market is expanding due to increased demand from an aging population and self-health management awareness[162].

毕马威华振会计师事务所 特殊普通合伙) 中国北京 东长安街1号 东方广场毕马威大楼8层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 江中药业股份有限公司 自 2023 年 1 月 1 日 至 2023 年 12 月 31 日止年度财务报表 审计报告 毕马威华振审字第 2403560 号 江中药业股份有限公司全体股东: 一、审计意见 我们审计了后附的江中药业股份有限公司(以下简称"江中药业")财务报表，包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公司利润表、合并及母公司 现金流量表、合并及母公司股东权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照中华人民共和国财政部颁布的企业会计准 则（以下简称"企业会计准则"）的规定编制，公允反映了江中药业 2023 年 12月 31 日的合并 及母公司财务状况以及 2023年度的合并及母公司经营成果和现金流量。 KPMG Huazhen I I P 8th Floor. KPMG Tower Orienta ...

江中药业股份有限公司 2023 年度独立董事述职报告 （汪志刚） 本人作为公司的独立董事，在任职期间严格按照《公司法》《证 券法》《上市公司独立董事管理办法》《上海证券交易所股票上市规 则》和《公司章程》等有关规定，本着对全体股东负责的态度，发 挥自己的专业优势，积极研究公司重大事项，为公司薪酬考核、提 名任命、审计及内部控制等工作提出了意见和建议，切实发挥独立 董事的作用，维护公司和全体股东的合法权益，尤其是中小股东合 法权益。现就本人2023年度履行独立董事职责的具体情况汇报如下： 一、基本情况 本人汪志刚，汉族，1973年出生，民商法学博士。历任景德镇 陶瓷学院（现景德镇陶瓷大学）助教、讲师、副教授和教授。现任 江西财经大学法学院教授、博士生导师、首席教授、院学术委员会 主任，江西财经大学校学术委员会副主任，兼职律师，中国民法学 研究会理事，第二届江西省法律顾问团成员。自2018年12月起担任 公司独立董事。报告期内，本人任职符合《上市公司独立董事管理 办法》第六条规定的独立性要求，不存在影响独立性的情况。 本人已辞去公司独立董事及专门委员会相关职务，并已于2024 年2月23日江中药业股东大会选举产生 ...