我们看看它的产品端它的渠道端都在发生着非常深刻的变革 我们看到应该是公司的治疮药主业正在量价提升同时公司的大健康业务也迎来了其放量周期公司一级报也是非常亮的至此我们外发了马英龙的公司生动报告马英龙这个标的应该是全市场应该是很长时间都没有生动报告了 那我们报告旨在深度的解析公司最近几年的公司的变化以及展望公司未来那时间宝贵我就把话筒交给我的同事王凯王凯在我们组内专职覆盖重要板块那有请王凯 感谢宋硕老师的介绍以及各位投资者下午的时间接下来由我给大家带来这个马英龙深度的这个深度报告的这个讲解400年钢厂品牌混发新生机然后在核心观点方面马英龙是这个400年的钢厂品牌然后三位一体的产业结构布局 马英龙是起源于1582年然后眼药产品起家然后品牌也是传承了400多年的历史然后基于八宝铭方不断的构建自己的产品体系在业务结构方面主要分为工业 商业以及诊疗三块业务其中工业业务的毛利润占比是约占90%然后当前公司也是聚焦脂肪类和新产品的动销推广活动然后药商业方面公司是持续优化药店的盈利能力然后流通业务也是聚焦湖北市场 然后医药诊疗方面公司当下有四家直营连锁医院然后同时也是通过肛肠固件诊疗中心进行渠道下沉加大痔疮主产品曝光率在核心看 ...

Investment Rating - The report assigns a rating of "Outperform" for the company [1]. Core Views - The company has undergone a successful channel adjustment in its pharmaceutical industrial sector, leading to improved operational efficiency and revenue growth in Q1 2024 [4][5]. - The company is expanding its health product line, with over 80 new health products developed, focusing on key areas such as proctology and ophthalmology [5]. - Revenue forecasts for 2024-2026 are projected at RMB 3.62 billion, RMB 4.22 billion, and RMB 4.92 billion, respectively, with net profit estimates of RMB 520 million, RMB 610 million, and RMB 710 million [5]. Financial Summary - In 2023, the company reported revenue of RMB 3.14 billion, a year-on-year decrease of 11.2%, and a net profit of RMB 440 million, down 7.4% [4]. - For Q1 2024, revenue reached RMB 960 million, reflecting a year-on-year increase of 14.7%, with a net profit of RMB 200 million, up 5.4% [4]. - The company’s earnings per share (EPS) for 2024 is projected to be RMB 1.0, with a growth rate of 17.9% [2]. Valuation Metrics - The current price-to-earnings (P/E) ratio for 2024 is estimated at 22 times [5]. - The projected dividend per share for 2024 is RMB 0.4, with a net dividend yield of 1.5% [2]. - The company maintains a strong return on equity (ROE) of 13.42% for 2024, expected to rise to 15.22% by 2026 [2].

证 券 研 究 报 告 一年内股价相对走势 | --- | --- | --- | --- | --- | |-------------------------------------|------------------------|-------|-------|---------| | 图表 1 \n资产负债表 \n单位 : 百万元 | ：财务预测摘要 \n2023A | 2024E | 2025E | \n2026E | | 货币资金 | 2,988 | 3,153 | 3,198 | 3,978 | | 应收票据及账款 | 280 | 254 | 323 | 363 | | 预付账款 | 53 | 64 | 70 | 76 | | 存货 | 273 | 311 | 740 | 490 | | 合同资产 | 0 | 0 | 0 | 0 | | 其他流动资产 | 176 | 297 | 314 | 309 | | 流动资产合计 | 3,772 | 4,079 | 4,646 | 5,216 | | 长期股权投资 | 135 | 135 | 135 | 135 | | | | | | | | 固定资产 | ...

Financial Performance - The company's operating revenue for Q1 2024 reached ¥955,017,184.55, representing a year-on-year increase of 14.70%[3] - The net profit attributable to shareholders was ¥197,665,895.38, reflecting a growth of 5.36% compared to the same period last year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 35.67%, primarily due to revenue growth and improved gross margin[6] - Net profit for Q1 2024 was ¥203,220,964.27, up from ¥189,479,862.57 in Q1 2023, reflecting a growth of 7.4%[18] - Operating profit for Q1 2024 was ¥240,223,939.49, compared to ¥228,855,644.72 in Q1 2023, indicating an increase of 5.4%[17] - Total operating revenue for Q1 2024 reached ¥955,017,184.55, an increase of 14.7% compared to ¥832,651,815.62 in Q1 2023[17] Cash Flow - The net cash flow from operating activities was ¥59,465,024.89, with no applicable year-on-year comparison[3] - Cash flow from operating activities for Q1 2024 was ¥59,465,024.89, a significant improvement from a negative cash flow of -¥90,728,201.78 in Q1 2023[21] - In Q1 2024, the net cash flow from operating activities was ¥457,172,228.65, a decrease of 21.5% compared to ¥582,847,645.15 in Q1 2023[32] - Total cash inflow from operating activities was ¥918,254,814.69, down from ¥1,064,673,790.92 in the same period last year[32] - The cash outflow from operating activities totaled ¥461,082,586.04, slightly lower than ¥481,826,145.77 in Q1 2023[32] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥5,012,168,095.91, an increase of 3.78% from the end of the previous year[3] - The company's total liabilities were RMB 968,729,828.24, slightly up from RMB 959,617,984.37, showing a marginal increase of about 1.2%[14] - The total assets as of March 31, 2024, amounted to ¥5,127,286,083.56, compared to ¥4,415,931,097.09 at the end of 2023, indicating a growth of 16.1%[26] - The total liabilities increased to ¥1,020,382,685.53 in Q1 2024 from ¥516,808,446.18 in Q4 2023, showing a significant rise of 97.5%[26] Shareholder Equity - The equity attributable to shareholders increased to ¥3,912,993,199.93, marking a growth of 4.68% compared to the previous year-end[3] - The basic and diluted earnings per share were both ¥0.46, up by 4.55% year-on-year[3] - The company's total equity increased to ¥4,106,903,398.03 in Q1 2024 from ¥3,899,122,650.91 in Q4 2023, reflecting a growth of 5.3%[27] Research and Development - Research and development expenses for Q1 2024 were ¥16,788,255.40, slightly down from ¥17,029,168.21 in Q1 2023, a decrease of 1.4%[17] - Research and development expenses for Q1 2024 were ¥13,501,286.16, slightly down from ¥14,861,949.84 in Q1 2023, a decrease of 9.1%[29] Inventory and Receivables - The company's inventory rose to RMB 291,254,529.39 from RMB 273,477,215.97, reflecting an increase of about 6.5%[12] - The accounts receivable decreased slightly to RMB 232,112,298.14 from RMB 246,372,810.49, a decline of approximately 5.8%[12] - The company reported a decrease in inventory to ¥86,020,519.70 from ¥98,129,648.81, a decline of 12.3%[25] Government Subsidies - The company received government subsidies amounting to ¥7,567,790.68, which positively impacted the financial results[5] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 39,231[8]

马应龙（600993.SH） 渠道优化扰动业绩，经营现金流改善 事件：2023 年公司实现营业收入 31.37 亿元，同比减少 11.20%；归母净利 润 4.43亿元，同比减少 7.38%，扣非归母净利润 3.52亿元，同比减少 23.61%。 其中 23Q4 公司实现营收 6.91 亿元，同比减少 7.60%；归母净利润 0.25 亿 元，同比减少 60.22%，扣非归母净利润亏损 0.08 亿元。 规模效应减弱拉低毛利率，投资净收益改善利润。23 年公司主营业务毛利率 41.44%，同比下降 0.53pct，其中医药工业、商业及服务板块毛利率分别变 动-0.56%、-0.60%、2.42%，其中工业毛利率下降主要原因是生产量减少， 单位生产成本略有上升；销售费用率、管理费用率、研发费用率分别为 22.80%、3.51%、2.20%，同比分别变动 0.7pct、0.53pct、-0.01pct；投资 净收益同比增加 5 千万，最终净利率 14.40%，同比提升 0.8pct。其中，23Q4 毛利率 36.71%，销售费用率、管理费用率、研发费用率分别为 30.90%、 4.05%、2.99%。 24 年继 ...

证券代码：600993 证券简称：马应龙 公告编号：临 2024-007 马应龙药业集团股份有限公司 剂型：散剂 规格：本品为复方制剂，每袋含：聚乙二醇 4000 64g，硫酸钠 5.7g，氯化钠 1.46g，氯化钾 0.75g，碳酸氢钠 1.68g 注册分类：化学药品 4 类 关于获得药品注册证书的公告 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。 马应龙药业集团股份有限公司（以下简称"公司"或"本公司"）近日收到 国家药品监督管理局核准签发的复方聚乙二醇电解质散（Ⅲ）（以下简称"该药 品"）《药品注册证书》（证书编号：2024S00546），现就相关情况公告如下： 一、药品的基本情况 药品名称：复方聚乙二醇电解质散（Ⅲ） 药品注册标准编号：YBH04902024 处方药/非处方药：处方药 上市许可持有人：马应龙药业集团股份有限公司 生产企业：马应龙药业集团股份有限公司 药品批准文号：国药准字 H20243467 药品批准文号有效期：至 2029 年 04 月 10 日 审批结论：根据《中华人民共和国药品管理法》及有关规定 ...

Investment Rating - The report gives a neutral rating for the company, indicating that the stock is expected to perform within a range of -10% to 10% relative to the market index over the next six months [31]. Core Insights - In 2023, the company achieved a revenue of 3.14 billion yuan, a year-on-year decline of 11.2%, and a net profit attributable to shareholders of 440 million yuan, down 7.4% [2][42]. - The pharmaceutical commercial segment saw a revenue of 1.09 billion yuan, down 19.7%, as the company transitions from a traditional pharmaceutical manufacturer to a provider of anal health solutions, enhancing its online and offline operations [3][8]. - The company operates six direct chain anal specialty hospitals and has signed contracts for 80 anal diagnosis and treatment centers, which are expected to drive future growth [9][47]. Summary by Sections Financial Performance - The company reported a revenue of 3.14 billion yuan in 2023, with a net profit of 440 million yuan and a non-recurring net profit of 350 million yuan, reflecting declines of 11.2%, 7.4%, and 23.6% respectively [2][42]. - The pharmaceutical industrial segment's revenue was 1.83 billion yuan, down 11.5%, primarily due to inventory adjustments and channel management [36][46]. Business Segments - The medical services segment grew by 33.3% in 2023, achieving a revenue of 350 million yuan, supported by improved operational quality and the establishment of anal treatment centers [47]. - The company is focusing on optimizing its product structure and pricing strategies in the pharmaceutical commercial segment, with projected revenue declines of -15%, -10%, and -8% from 2024 to 2026 [25][51]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are 3.24 billion yuan, 3.5 billion yuan, and 3.86 billion yuan respectively, with net profits expected to be 510 million yuan, 590 million yuan, and 700 million yuan [37][51]. - The company is expected to maintain a PE ratio of 21, 18, and 15 for the respective years [51].

流通股本（万股） 43,030.70 最近一年走势 市场数据 2024/04/12 2023 年经营性现金流大幅提升，应收账款恢复良性。截至报告期末， 马应龙母公司应收账款及应收票据金额较期初下降 35.83%，存货金 额较期初减少 22.41%，经营性现金流净额同比大幅提升。 当前价格（元） 24.87 52 周价格区间（元） 20.20-32.20 相关报告 中药Ⅱ*周小刚》——2022-11-13 行业竞争加剧；治痔类产品终端动销不及预期；医药政策风险等。 道增长稳健，眼霜重塑马应龙品牌活力 （买入）* 证券研究报告 保证相关的建议不会发生任何变更。本报告所载的资料、意见及推测仅反映本公司于发布本报告当日的判断， 本报告所指的证券或投资标的的价格、价值及投资收入可能会波动。在不同时期，本公司可发出与本报告所载 资料、意见及推测不一致的报告。报告中的内容和意见仅供参考，在任何情况下，本报告中所表达的意见并不 构成对所述证券买卖的出价和征价。本公司及其本公司员工对使用本报告及其内容所引发的任何直接或间接损 失概不负责。本公司或关联机构可能会持有报告中所提到的公司所发行的证券头寸并进行交易，还可能为这些 公司 ...

Financial Performance - The company's operating revenue for 2023 was approximately ¥3.14 billion, a decrease of 11.20% compared to ¥3.53 billion in 2022[2]. - Net profit attributable to shareholders for 2023 was approximately ¥443.25 million, down 7.38% from ¥478.57 million in 2022[2]. - The net profit after deducting non-recurring gains and losses was approximately ¥352.37 million, a decrease of 23.61% from ¥461.28 million in 2022[2]. - Basic earnings per share for 2023 were ¥1.03, a decrease of 7.21% from ¥1.11 in 2022[5]. - The weighted average return on net assets decreased by 2.04 percentage points to 12.31% in 2023, down from 14.35% in 2022[8]. - The pharmaceutical industry segment experienced a revenue decline of 11.52% due to channel adjustments and inventory optimization[4]. - The pharmaceutical industry segment reported main business revenue of 1.834 billion yuan, a decline of 11.52% year-on-year[19]. - The pharmaceutical commercial segment's main business revenue was 1.088 billion yuan, down 19.67% year-on-year[23]. - The medical services segment saw main business revenue of 345 million yuan, an increase of 33.28% year-on-year[21]. - The company reported a total revenue of 129,210.77 million RMB in the treatment of hemorrhoids, with a gross margin of 71.08%, reflecting a year-over-year decrease of 13.18% in revenue and a decrease of 10.06% in cost[100]. - The gross margin for the pharmaceutical industrial segment was 64.55%, a decrease of 0.56 percentage points compared to the previous year[200]. Cash Flow and Assets - The net cash flow from operating activities increased by 76.70% to approximately ¥604.07 million, compared to ¥341.85 million in 2022[2]. - The net cash flow from operating activities for the reporting period was ¥604,065,441.30, an increase of 76.70% compared to ¥341,852,836.66 in the same period last year, primarily due to enhanced cash flow management and increased cash collection efforts[83]. - The net cash flow from investing activities was ¥448,271,219.58, a significant improvement from a negative cash flow of ¥618,760,257.44 in the previous year, mainly due to an increase in the redemption of financial products[83]. - The net cash flow from financing activities decreased to -¥579,164,791.21 from ¥178,177,440.46, a decline of 425.05%, attributed to reduced borrowings and repayment of previous loans[83]. - The company's total assets decreased by 5.08% to approximately ¥4.83 billion, down from ¥5.09 billion in 2022[2]. - The company's cash and cash equivalents as of December 31, 2023, amounted to ¥137,572,879.02, down from ¥153,788,092.01 on December 31, 2022, primarily due to bank acceptance bill guarantees and other deposits[86]. Market and Product Development - The company launched over 80 new health products and achieved a 15% year-on-year increase in sales revenue for the Ma Yinglong Baobao series products[20]. - The company is actively expanding its internet medical services and seeking development opportunities in the health industry, focusing on a diversified service model[46]. - The company is focusing on drug development in the core areas of anorectal and lower gastrointestinal tract, with a pipeline that includes both chemical and traditional Chinese medicine products[105]. - The company is expanding its health business, focusing on areas such as anal health, ophthalmology, and skin health, with over 100 approved pharmaceutical products[184]. - The company has established a chain of proctology hospitals in cities like Wuhan and Beijing, aiming to integrate clinical treatment and research[193]. - The company is focusing on enhancing compliance and risk management through the establishment of a legal compliance department[29]. - The company has implemented strategies to enhance market expansion and product development, particularly in the field of hemorrhoid treatment[95]. - The company is actively pursuing research and development to mitigate risks associated with long product development cycles and high investment costs in pharmaceuticals[165]. Strategic Initiatives - The company established a strategic planning department to enhance market planning capabilities and reorganized its product manufacturing headquarters to improve operational control[29]. - The company is committed to compliance and has adapted to the ongoing anti-corruption measures in the pharmaceutical industry, which are expected to accelerate compliance construction[71]. - The company aims to enhance its operational quality by innovating its business model and upgrading its marketing system in the health sector[161]. - The company has established advanced production facilities, including three automatic batching systems and eleven industrial robots, and has been recognized as a "2023 Smart Manufacturing Demonstration Factory" by the Ministry of Industry and Information Technology[178]. - The company is committed to improving its environmental protection measures in response to stricter regulations and increasing social awareness regarding environmental issues[170]. Intellectual Property and Brand Value - The company obtained 15 patent authorizations in 2023, including 7 invention patents and registered 112 new trademarks, enhancing its intellectual property portfolio[29]. - The brand value of the company has reached 52.187 billion RMB, maintaining its position as a leading brand in the hemorrhoid treatment sector for 20 consecutive years[117]. - The company emphasizes a brand management strategy to enhance core competitiveness and customer loyalty, integrating social resources to meet customer needs[117]. Industry Trends and Challenges - In 2023, the pharmaceutical industry in China saw a decline in key economic indicators, with the total revenue of large-scale enterprises dropping by 4% to CNY 2,955.25 billion and profits decreasing by 16.2% to CNY 412.72 billion[30]. - The average price reduction for drugs in the national centralized procurement in 2023 was 57%, with specific batches seeing reductions of 56% and 58% respectively[41]. - The outpatient management policies for retail pharmacies were implemented in 2023, encouraging the integration of outpatient services[39]. - The company anticipates that the traditional Chinese medicine industry will accelerate due to supportive government policies and initiatives[149]. - The company has conducted epidemiological surveys to identify opportunities in the anorectal health market, indicating a high prevalence of related conditions but low treatment rates, suggesting significant growth potential[181].

马应龙药业集团股份有限公司 审计报 告 众环审字(2024) 0101256号 家 II 起始页码 审计报告 | 财务报表 | | | --- | --- | | 合并资产负债表 | | | 合并利润表 | ന | | 合并现金流量表 | ব | | 合并股东权益变动表 | 5 | | 资产负债表 | 7 | | 利润表 | 9 | | 现金流量表 | 10 | | 股东权益变动表 | 11 | | 财务报表附注 | 13 | T T 审计 报告 众环审字(2024)0101256 号 马应龙药业集团股份有限公司全体股东: 一、审计意见 我们审计了马应龙药业集团股份有限公司(以下简称"马应龙公司")财务报表,包括 2023 年 12 月 31 日的合并及公司资产负债表,2023 年度的合并及公司利润表、合并及公司 现金流量表、合并及公司股东权益变动表以及相关财务报表附注。 四、其他信息 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了 马应龙公司 2023年 12月 31日合并及公司的财务状况以及 2023年度合并及公司的经营成果 和现金流量。 关键审计事项是我们根据职业判断,认为 ...