研究 可更新 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-----------------------------------------------------------------------------------------|---------------------|----------------------------------|---------------------------------------------------|-------------|-------------------------------|-----------------------------|---------------|-----------------| | [Table_Main[ 昭 TIna | 衍 fbole] 新 _T 药 itle] (603127) | | | [Table_industryInfo] | | \n[ 评 Tab 级 le_ | ： Inv ...

年04月02日 公司点评 公 司 研 究 昭衍新药(603127) 目标价: 昨收盘:18.08 ◼ 走势比较 ◼ 股票数据 相关研究报告 证券分析师：周豫 电话： E-MAIL：zhouyua@tpyzq.com 3 月 29 日，公司发布 2023 年年报，2023 年实现营业收入 23.76 亿 元，同比增长 4.78%，归母净利润为 3.97 亿元，同比下滑 63.04%，扣非 后归母净利为 3.38 亿元，同比下滑 66.89%。 点评： 全年收入稳定增长，海外业务增速亮眼。单季度来看，2023Q4 实现 营业收入 7.89 亿元，同比下滑 20.39%，归母净利润为 0.69 亿元，同比 下滑 84.31%，扣非后归母净利为 0.26 亿元，同比下滑 93.61%。全年来 看，公司 2023 年收入同比增长 4.78%，利润同比下滑 63.04%，主要原因 是生物资产公允价值变动带来损失 2.67 亿元（2022 年为收益 3.33 亿元， 我们预计主要和猴价波动有关）以及资金管理收益为 1.31 亿元。若剔除 上述影响因素后，扣非后归母净利为 4.73 亿元，同比下滑 17.90%。分地 区来看 ...

昭衍新药（603127.SH）/医药生物 证券研究报告/公司点评 2024 年 04 月 07 日 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

二、 回购股份的进展情况 证券代码：603127 证券简称：昭衍新药 公告编号：2024-018 北京昭衍新药研究中心股份有限公司 关于以集中竞价交易方式回购公司 A 股股份的进展公告 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。 重要内容提示： | 回购方案首次披露日 | 2024/3/29 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 亿元 0.5 亿元~1 | | 回购用途 | 用于员工持股计划或股权激励 | | 累计已回购股数 | 0 股 | | 累计已回购股数占总股本比例 | 0% | | 累计已回购金额 | 0 亿元 | | 实际回购价格区间 | -元/股 | 一、 回购股份的基本情况 北京昭衍新药研究中心股份有限公司（以下简称"公司"）于 2024 年 3 月 28 日召开第四届董事会第七次会议，审议通过了《昭衍新药关于以集中竞价交易方 式回购公司 A 股股份的议案》，同意公司以自有资金通过上海证券交易所交易系 统以集中竞价交易方式回购公司已 ...

证券代码：603127 证券简称：昭衍新药 公告编号：2024-019 北京昭衍新药研究中心股份有限公司 关于股份回购事项前十大股东和前十大无限售条件股东持 股情况的公告 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。 | 8 | 顾美芳 | 10,322,035 | 1.38 | | --- | --- | --- | --- | | 9 | 香港中央结算有限公司 | 8,375,502 | 1.12 | | 10 | 中国银行股份有限公司－招商国证生 | 7,494,929 | 1.00 | | | 物医药指数分级证券投资基金 | | | 注： 1、公司的前十大股东和前十大无限售条件股东一致； 2、持股比例已按公司最新总股本 749,888,699 股计算。 特此公告。 北京昭衍新药研究中心股份有限公司董事会 2024 年 4 月 3 日 北京昭衍新药研究中心股份有限公司（以下简称"公司"）于 2024 年 3 月 28 日召开第四届董事会第七次会议，审议通过了《昭衍新药关于以集中竞价交易方 式回购公司 A 股股份的议案》 ...

证券代码：603127 证券简称：昭衍新药 公告编号：2024-020 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2023 年度的经营成果 及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内 就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 北京昭衍新药研究中心股份有限公司 关于召开 2023 年度业绩说明会的公告 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。 重要内容提示： 投资者可于 2024 年 4 月 3 日（星期三） 至 4 月 11 日（星期四）16:00 前登 录上证路演中心网站首页点击 " 提问预征集 " 栏目或通过公司邮箱 jiafengsong@joinn-lab.com 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 北京昭衍新药研究中心股份有限公司（以下简称"公司"）已于 2024 年 3 月 29 日发布公司 2023 年年度报告，为便于广大投资者更全面深入地了解公司 2023 年度经营成果、财务状况，公司计划于 2024 年 ...

公司点评 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------|-------------------------------------|-------|----------------------------------|-------|-------------------------------------|-------------------------|---------------------------------|---------|---------| | 资产负债表（百万元） | 2023A 2024E 2025E 2026E | | | | 利润表（百万元） | 2023A 2024E 2025E 2026E | | | | | 流动资产 7121.97 8051.16 9041.58 10154.97 | | | | | 营业收入 | | 2376.49 2458.43 2715.49 3006.07 | | | | 现 ...

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [24]. Core Views - The company achieved a revenue of 2.376 billion yuan in 2023, representing a year-on-year growth of 4.78%. However, the net profit attributable to shareholders decreased by 63.04% to 397 million yuan [1]. - The non-clinical research services segment remains a leader in the industry, with a revenue of 2.309 billion yuan, growing by 4.31%. The clinical business also shows improvement, with a revenue increase of 27.95% in 2023 [1]. - The company is actively expanding its domestic and international capacities, with new orders showing a recovery trend in Q4 [1]. Summary by Relevant Sections Financial Performance - In Q4 2023, the company reported a revenue of 789 million yuan, down 20.39% year-on-year, and a net profit of 69 million yuan, down 84.31% [1]. - The company expects revenues of 2.379 billion yuan in 2024, with a slight growth of 0.1%, and net profits of 382 million yuan, a decrease of 3.8% [3][15]. Business Segments - The non-clinical research services segment generated a profit of 473 million yuan, despite a 17.90% decline due to increased competition [1]. - The clinical business segment achieved a revenue of 63 million yuan, with a growth rate of 27.95%, focusing on various specialized fields [1]. Market Position and Strategy - The company has over 100,000 square meters of laboratory facilities in China and the US, with ongoing expansions to enhance future business throughput [1]. - The company signed new orders worth 2.3 billion yuan in 2023, with a total backlog of 3.3 billion yuan, indicating a recovery in downstream demand [1].

➢ 盈利预测、估值与评级 考虑到当前行业景气度略有承压，我们预计公司 2024-2026 年收入分别为 24.42/26.81/30.62 亿元，对应增速分别为 2.74%/9.80%/14.20%；归母净 利 润 分 别 为 4.45/5.43/6.22 亿 元 ， 对 应 增 速 分 别 为 12.05%/22.07%/14.60%，EPS 分别为 0.59/0.72/0.83 元，3 年 CAGR 为 16.16%。公司是国内领先的临床前 CRO 企业，安评业务经验丰富，海外 收入持续扩张，建议保持关注。 风险提示：地缘政治风险；行业竞争加剧；行业需求不及预期；实验动物 价格波动风险；社会责任风险。 | --- | --- | --- | --- | --- | --- | |----------------------|--------|------------------------------|-----------|-------------------------|--------| | 财务数据和估值 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收 ...

Investment Rating - The report maintains a "Buy" rating for Zhaoyan New Drug (603127 SH) [4] Core Views - Zhaoyan New Drug's 2023 revenue met expectations, but net profit declined significantly due to fair value changes in biological assets [1] - The company's core non-clinical research services grew steadily, while clinical research services saw faster growth [1] - Zhaoyan New Drug continues to expand its technical capabilities and customer base, with new customer numbers increasing by approximately 30% year-over-year [1] - The company's order book remains strong, with total signed orders of approximately RMB 2 3 billion and backlog orders of RMB 3 3 billion at year-end [1] Financial Performance - 2023 revenue reached RMB 2 376 billion, a 4 78% year-over-year increase [1] - Net profit attributable to shareholders was RMB 397 million, down 63 04% year-over-year [1] - Core non-clinical research services generated RMB 2 309 billion in revenue, with a gross margin of 43 22% [1] - Clinical research services revenue grew 27 95% to RMB 63 million, though gross margin declined to 21 18% [1] Operational Highlights - The company has a professional service team of 2 510 people as of 2023 year-end [1] - Construction of the Suzhou Phase II facility (20 000 sqm) has been completed, with a 22 000 sqm supporting facility under construction [1] - The Guangzhou Zhaoyan Safety Evaluation Base is progressing as planned [1] - Zhaoyan Yichuang Non-GLP Laboratory, a wholly-owned subsidiary focused on new drug screening, has been completed and put into operation [1] Future Outlook - Revenue growth for 2024 is expected to be in the low single digits due to price competition [1] - Net profit is forecast to grow 26 3% in 2024, reaching RMB 501 million [1] - The company's PE ratio is projected to be 28X for 2024, decreasing to 21X by 2026 [1] - Fair value changes in biological assets are not expected to have as significant an impact on profitability in 2024 as in 2023 [1]