九洲药业(603456) / 医疗服务 / 公司点评 / 2024.08.29 CDMO 项目管线保持稳定增长，亟待行业回暖 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-08-28 | | 收盘价 ( 元 ) | 12.25 | | 流通股本 ( 亿股 ) | 8.98 | | 每股净资产 ( 元 ) | 9.33 | | 总股本 ( 亿股 ) | 8.99 | | 最近 12 月市场表现 | | -53% -40% -27% -14% -1% 13% 九洲药业 沪深300 上证指数 医疗服务 分析师 张文录 SAC 证书编号：S0160517100001 zhangwenlu@ctsec.com 相关报告 1. 《CDMO 业务稳健增长，原料药短期 承压》 2024-04-13 2. 《收入短期承压，盈利能力持续提升》 2023-10-31 3. 《CDMO 保持稳健增长，盈利能力提 升》 2023-08-15 证券研究报告 ❖ 事件：24H1 实现营收 27.64 亿元（-15.0 ...

2024 年 8 月 28 日 证券研究报告/公司研究 九洲药业 603456.SH CDMO 新增项目数可观，多肽与偶联业务进展顺利 医疗研发外包/医疗服务/医药生物 基础数据： 事件： 截至 2024 年 8 月 27 日 公司发布2024年半年报：2024年上半年公司实现营收27.64亿元，同比 当前股价 12.26 元 下降15.07%；归母净利润4.75亿元，同比下降23.62%；扣非归母净利润 投资评级 买入 评级变动 维持 为4.68亿元，同比下降23.66%。 总股本 8.99 亿股 事件点评： 流通股本 8.98 亿股 总市值 110.27 亿元 ◆API业务略有增长，CDMO业务承压。2024年上半年公司实现营收 流动市值 110.11 亿元 27.64亿元，同比下降15.07%。其中公司API及中间体业务销售收入7.32 相对市场表现： 亿元，同比增长6%；CDMO业务销售收入19.71亿元，同比下降21%。 公司营业收入的下滑主要系CDMO业务下滑所致。 分分析析师师：XXX huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085 ...

浙江九洲药业股份有限公司 证券代码：603456 证券简称：九洲药业 浙江九洲药业股份有限公司 投资者关系活动记录表 编 号 ： 2024- 002 | --- | --- | --- | |----------------|-------|----------------------------------------------------------------| | 一、活动类别 | | 电话会议 | | 二、参与方名称 | | 中信证券、海通证券、招商证券、开源证券、国泰基金、中信建投 | | | | 基金、长盛基金、嘉实基金、源乐晟基金、浙商证券、华安证券、 | | | | 国金医药、中金公司、摩根士丹利基金、东北证券、汇添富基金、 | | | | 太平洋证券、君和资本、钟港资本、国信证券、银河证券、长城国 | | | | 瑞、 CICC 、光大证券、太平洋医药、华西证券、北信瑞丰、上汽颀 | | | | 臻、长江证券、信达证券、鹏华基金、兴业证券、西南证券、广发 | | | | 证券、国泰君安证券、 CLSA 、开源证券、信复创投资、申万菱信基 | | | | 金、中原资产、固禾基金、中信建投、 ...

证券研究报告 非金融公司|公司点评|九洲药业（603456） CDMO 短期承压，新业务布局成效初显 glzqdatemark1 证券研究报告 |报告要点 公司发布 2024 年半年报，2024 年上半年公司实现营业收入 27.64 亿元，同比下滑 15.07%； 归母净利润 4.75 亿元，同比下滑 23.62%；扣非归母净利润 4.68 亿元，同比下滑 23.66%。公 司 CDMO 项目管线日益丰富，截止 2024 年 6 月底，拥有 34 个商业化项目、81 个临床 III 期项 目、988 个临床 I/II 期项目，有望持续助推收入稳健增长。 |分析师及联系人 郑薇 SAC：S0590521070002 九洲药业(603456) CDMO 短期承压，新业务布局成效初显 | --- | |-------------------| | 医药生物/医疗服务 | | 买入（维持） | | 12.26 元 | | | | 899.44/898.11 | | 11,010.79 | | 9.33 | | 23.86 | | 30.79/11.83 | 股价相对走势 九洲药业 沪深300 -60% -33% -7 ...

九洲药业（603456.SH）2024 年半年报点评 CDMO 新签及 NDA 项目快速增长，长期发展韧性十足 2024 年 08 月 27 日 ➢ 事件：2024 年 8 月 26 日，九洲药业发布 2024 年半年报。公司上半年实现 营业收入 27.64 亿元，同比下降 15.1%；归母净利润 4.75 亿元，同比下降 23.6%； 扣非净利润 4.68 亿元，同比下降 23.7%。单季度看，Q2 收入 12.89 亿元，同比 下降 14.3%；归母净利润 2.38 亿元，同比下降 30.2%；扣非净利润 2.34 亿元， 同比下降 30.9%。 ➢ CDMO 新签项目及 NDA 项目快速增长，诺欣妥等产品持续放量。上半年， 公司 CDMO 业务收入达 19.71 亿元，同比下降 20.6%；截至 2024H1 商业化项 目 34 个、III 期 81 个、早期临床 988 个，新增项目数同比增长 14%，已递交 NDA 的新药项目数快速增加。诺华 Entresto 延续强劲增长态势，上半年销售额 37.77 亿美元，同比增长 30%，Q2 销售额 18.98 亿美元，同比增长 28%，其中 美国和非美国 ...

Financial Performance - Revenue for the first half of 2024 reached 6.34 billion RMB, representing a year-over-year growth of 18.5%[2] - Net profit attributable to shareholders increased by 22.3% to 1.12 billion RMB compared to the same period last year[2] - Revenue for the first half of 2024 was RMB 2.764 billion, a decrease of 15.07% compared to the same period last year[12] - Net profit attributable to shareholders of the listed company was RMB 474.99 million, down 23.62% year-on-year[12] - Net profit attributable to shareholders of the listed company, excluding non-recurring gains and losses, decreased by 23.66% to RMB 467.85 million[14] - Net cash flow from operating activities decreased by 55.55% to RMB 319.52 million[14] - Total assets increased by 2.48% to RMB 11.12 billion[14] - Basic earnings per share decreased by 24.29% to RMB 0.53[14] - Weighted average return on equity decreased by 2.64 percentage points to 5.54%[14] - Revenue for the first half of 2024 was RMB 2.764 billion, a year-on-year decrease of 15.07%[36] - Net profit attributable to the parent company for the first half of 2024 was RMB 475 million, a year-on-year decrease of 23.62%[36] - Revenue decreased by 15.07% to RMB 2,764,279,820.31 compared to the same period last year[54] - Operating costs decreased by 10.67% to RMB 1,790,907,120.13[54] - Management expenses decreased by 25.92% to RMB 197,947,419.63[54] - Financial expenses decreased by 50.74% to RMB -47,612,119.27 due to increased interest income[54] - R&D expenses decreased by 4.20% to RMB 160,008,049.72[55] - Net cash flow from operating activities decreased by 55.55% to RMB 319,524,099.69[55] - Accounts receivable increased by 40.02% to RMB 1,347,373,968.26[56] - Other payables increased by 579.07% to RMB 521,746,622.91 due to increased dividends payable[57] - Overseas assets amounted to RMB 549,169,746.33, accounting for 4.94% of total assets[57] - Restricted assets at the end of the reporting period totaled 357,013,226.76 yuan, including 135,617,217.90 yuan in monetary funds, 69,775,671.94 yuan in fixed assets, and 151,620,336.92 yuan in intangible assets[58] - Total operating revenue for the first half of 2024 was RMB 2,764,279,820.31, a decrease of 15.07% compared to RMB 3,254,642,522.09 in the same period last year[141] - Net profit attributable to the parent company's shareholders was RMB 474,988,640.43, down 23.62% from RMB 621,886,117.33 in the first half of 2023[142] - Basic earnings per share (EPS) for the first half of 2024 was RMB 0.53, a decrease from RMB 0.70 in the same period last year[142] - R&D expenses for the first half of 2024 were RMB 160,008,049.72, a slight decrease of 4.20% compared to RMB 167,026,236.56 in the same period last year[141] - Total comprehensive income for the first half of 2024 was RMB 477,324,339.81, down 23.93% from RMB 627,539,760.63 in the same period last year[142] - Operating profit for the first half of 2024 was RMB 554,674,434.85, a decrease of 22.42% compared to RMB 714,949,160.50 in the same period last year[142] - Interest income for the first half of 2024 was RMB 57,715,485.93, an increase of 93.31% compared to RMB 29,860,706.30 in the same period last year[141] - Total assets impairment loss for the first half of 2024 was RMB -26,268,486.77, a decrease of 49.80% compared to RMB -52,325,556.38 in the same period last year[141] - Parent company's operating income for the first half of 2024 was RMB 616,674,865.90, a decrease of 7.70% compared to RMB 668,142,029.67 in the same period last year[145] - Parent company's net profit for the first half of 2024 was RMB 227,677,532.67, an increase of 194.73% compared to RMB 77,245,013.99 in the same period last year[145] - Comprehensive income for the first half of 2024 reached 227,677,532.67 RMB, a significant increase from 77,245,013.99 RMB in the same period last year[146] - Cash received from sales of goods and services in the first half of 2024 was 2,222,642,259.36 RMB, down from 2,782,970,629.40 RMB in the same period last year[147] - Net cash flow from operating activities for the first half of 2024 was 319,524,099.69 RMB, compared to 718,866,085.42 RMB in the same period last year[148] - Net cash flow from investing activities for the first half of 2024 was -494,504,607.87 RMB, an improvement from -534,593,660.55 RMB in the same period last year[148] - Net cash flow from financing activities for the first half of 2024 was -82,796,669.56 RMB, a significant decrease from 3,096,100,953.75 RMB in the same period last year[148] - Cash and cash equivalents at the end of the first half of 2024 were 2,823,668,627.24 RMB, down from 3,963,910,388.58 RMB at the end of the same period last year[149] - Cash received from sales of goods and services by the parent company in the first half of 2024 was 429,511,734.87 RMB, down from 654,607,845.90 RMB in the same period last year[150] - Net cash flow from operating activities for the parent company in the first half of 2024 was 13,511,954.86 RMB, a significant decrease from 559,053,527.71 RMB in the same period last year[150] - Net cash flow from investing activities for the parent company in the first half of 2024 was -455,510,199.80 RMB, an improvement from -1,369,770,926.19 RMB in the same period last year[150] - Cash and cash equivalents at the end of the first half of 2024 for the parent company were 2,823,668,627.24 RMB, down from 3,963,910,388.58 RMB at the end of the same period last year[149] - Cash and cash equivalents at the end of the period amounted to 1,784,754,017.44 RMB, a decrease of 10.9% compared to the previous period[151] - Net cash flow from financing activities was 1,490,927,945.04 RMB, a decrease of 43.7% compared to the previous period[151] - Total owner's equity at the end of the period was 8,468,268,766.73 RMB, a decrease of 0.8% compared to the beginning of the period[153] - Comprehensive income for the period was 476,699,422.99 RMB, a decrease of 24.0% compared to the previous period[153] - Total cash outflow for financing activities was 828,572,054.96 RMB, an increase of 122.5% compared to the previous period[151] - Cash paid for debt repayment was 700,000,000.00 RMB, an increase of 125.8% compared to the previous period[151] - Cash paid for dividends, profits, or interest payments was 12,791,218.25 RMB, an increase of 53.8% compared to the previous period[151] - Cash paid for other financing activities was 115,780,836.71 RMB, an increase of 114.5% compared to the previous period[151] - Net increase in cash and cash equivalents was 1,049,498,136.43 RMB, a decrease of 43.3% compared to the previous period[151] - Total owner's equity at the beginning of the period was 8,533,070,893.21 RMB, a decrease of 0.8% compared to the previous period[153] - The company's total owner's equity at the end of the first half of 2024 was RMB 6,184,601,422.25, a decrease of RMB 315,326,837.78 compared to the beginning of the period[159] - The company's comprehensive income for the first half of 2024 was RMB 227,677,532.67[158] - The company's capital reserve increased by RMB 1,137,663.70 during the first half of 2024[158] - The company's undistributed profit decreased by RMB 217,709,681.33 in the first half of 2024[158] - The company's total owner's equity at the end of the first half of 2024 was RMB 5,905,768,107.92, an increase of RMB 2,180,022,120.65 compared to the beginning of the period[161] - The company's comprehensive income for the first half of 2024 was RMB 77,245,013.99[160] - The company's capital reserve increased by RMB 2,432,463,172.35 during the first half of 2024[160] - The company's undistributed profit decreased by RMB 281,403,517.21 in the first half of 2024[160] Business Segments and Operations - The CDMO business segment contributed 4.56 billion RMB, accounting for 71.9% of total revenue[2] - The company expanded its production capacity with a new facility in Taizhou, adding 15,000 square meters of manufacturing space[2] - International sales grew by 20.8% to 3.78 billion RMB, representing 59.6% of total revenue[2] - The company signed 12 new CDMO projects in H1 2024, with a total contract value of 1.2 billion RMB[2] - The company plans to invest 800 million RMB in new technology development for advanced drug delivery systems[2] - The company's subsidiaries include Raybow (US) Pharmaceutical Company Inc, a wholly-owned subsidiary of Zhejiang Raybow[10] - The company's subsidiaries span across multiple regions including Suzhou, Hangzhou, Singapore, and the United States[10] - The company's subsidiaries are involved in pharmaceutical manufacturing, biotechnology, and animal health products[10] - The company's subsidiaries include Raybow Life Sciences (Singapore) PTE. LTD, a wholly-owned subsidiary[10] - The company's subsidiaries include Jiuzhou Overseas (Hong Kong) Limited, a wholly-owned subsidiary[10] - The company's subsidiaries include Jiuzhou Pharma Lab Co., Ltd, a wholly-owned subsidiary of Raybow Singapore[10] - The company is a leading CDMO enterprise, providing services to global pharmaceutical companies such as Novartis, Roche, and Gilead[18] - The company's CDMO business focuses on small molecule drugs, peptide drugs, and oligonucleotide drugs, with projects in areas like oncology and diabetes[18] - The company has established over 550 enzymes covering more than a dozen reaction types, successfully developing 35 enzyme-catalyzed synthesis processes, with several achieving ton-scale production[25] - The company has developed a library of over 100 chiral ligands for catalyst libraries, applied in the process development of chiral drugs for multinational pharmaceutical companies[24] - The company has achieved ton-scale commercial production using continuous flow reaction technology, with extensive experience in Grignard exchange, low-temperature reactions with lithium reagents, and diazotization reactions[25] - The company has developed a library of linkers, including the top 10 linkers and their derivatives used in approved drugs, and has established a toxin library and chelator library[26] - The company has built OEB4 and OEB5 level high-activity laboratories and GMP high-activity workshops, capable of providing single-batch production services from milligrams to hundreds of grams[27] - The company has established a matrix-style project implementation management team covering the entire project lifecycle, providing end-to-end services for global pharmaceutical companies, biotech firms, and research institutions[28] - The company has developed a "iron triangle" business development model, centered around customer managers, solution managers, and delivery managers, to enhance customer satisfaction and loyalty[28] - The company has successfully developed a continuous flow commercial process for key intermediates of innovative drugs, capable of producing hundreds of tons of oxidation reagents annually[38] - The company has delivered over 10 customer products using its proprietary synthetic methods for chiral non-natural amino acids and alkylation modifications[38] - The company has developed multiple fluorine reagents and fluorine-containing molecular blocks, leveraging its expertise in fluorine chemistry[38] - The company has collaborated with Zhejiang University of Technology to develop new synthetic methods for multi-substituted ring compounds and bridged ring compounds[38] - The company has successfully built and tested a continuous photochemical reaction device capable of producing hundreds of grams of product[38] - The company has applied for 5 patents and published 2 papers in international journals related to photoelectrochemical technology[38] - The company has established a comprehensive cGMP quality management system, passing inspections by major global regulatory agencies such as NMPA, FDA, and EDQM[32] - The company has implemented an EHS management system recognized by top international pharmaceutical companies, focusing on safety, green practices, and health maintenance[33] - The company developed over 80 new types of enzymes and obtained 2 patents for enzyme evolution, with 1 new patent application in progress[39] - The solid-state research platform undertook over 20 innovative drug projects, including polymorph screening, salt/cocrystal screening, and crystallization process development, with 1 new patent application for crystallization technology[39] - The TIDES division was established, leveraging non-classical solid-phase synthesis technology to significantly reduce production costs and enhance product competitiveness[40] - The company completed the construction of small nucleic acid drug R&D platforms in both the US and China, and is accelerating the development of GMP pilot production and commercial-scale facilities[40] - The company has nearly 100 ongoing formulation projects, with 49 patent applications filed, of which 25 have been granted[41] - The company's formulation CDMO services grew by 32% in project volume and over 50% in revenue, serving over 60 clients and introducing nearly 20 new clients[47] - The company's CDMO project pipeline includes 34 marketed projects, 81 Phase III clinical projects, and 988 Phase I/II clinical projects, covering therapeutic areas such as oncology, heart failure, and central nervous system disorders[45][46] - The company expanded its global CDMO capacity with new facilities in Japan and Germany, and upgraded existing facilities to enhance automation and multifunctionality[49] - The company's peptide platform received multiple customer orders, including peptide-based diabetes and lung cancer drugs, with the TIDES division expected to drive further growth[48] - The company is focusing on green manufacturing and automation, applying enzyme catalysis and continuous processing technologies to improve product quality and reduce costs[49] - The company established a wholly-owned subsidiary in Japan with an investment of JPY 119,497,702.00 (approximately USD 4.2 million) to build a CRO service platform[60][61] - The company plans to establish a wholly-owned subsidiary in Germany with an estimated total investment of USD 9.5 million for a R&D service platform[62] - Zhejiang Ruibo Pharmaceutical Co., Ltd., a major subsidiary, reported total assets of 319,013.47 million yuan, revenue of 97,500.20 million yuan, and net profit of 19,852.82 million yuan[63] - Jiangsu Ruike Pharmaceutical Technology Co., Ltd., another subsidiary, reported a net loss of 4,373.02 million yuan[63] Market and Industry Trends - The global pharmaceutical market is projected to reach USD 2.3 trillion by 2027, with a CAGR of 5-8% from 2024 to 2028[21] - The global pharmaceutical CDMO market reached $63.2 billion in 2021, with a projected CAGR of 18.5%, expected to reach $124.3 billion by 2025[22] - The global API market was $211 billion in 2022, with a CAGR of 6.5%, projected to reach $349.2 billion by 2030[22] Risks and Challenges - The company faces risks related to the withdrawal or recall of major innovative drugs it services, which could reduce demand for its products and R&D services[64] - The company is exposed to risks from the lifecycle changes of innovative drugs, including potential sales below expectations and competition from generic drugs[65] - There is a risk of technological upgrades in the specialty API business, which could impact the company's competitiveness if competitors adopt advanced technologies first[66] - The company faces regulatory risks due to changes in drug regulatory policies and increased scrutiny from authorities, which could affect its operations and market access[67] - The company has established or acquired multiple enterprises to advance global business development, relying on compliance with local laws and regulations in various countries and regions[68] - The company faces increased competition from new domestic entrants and accelerated investments by European and American pharmaceutical custom R&D and production enterprises in China[69] - The company's overseas business accounts for a high proportion, with USD and EUR as the main settlement currencies, and faces significant exchange rate fluctuation risks[71] - The company has implemented a flexible pricing mechanism with overseas clients and uses hedging tools to manage exchange rate risks[71] - The company's production process generates wastewater, exhaust gases, waste residues, and other pollutants, posing environmental and safety risks[70] - The company has established an EHS management system based on international best practices to address environmental, health, and safety concerns[70] Environmental and Sustainability - The company is listed as a key pollutant discharge unit by environmental protection authorities[81] - Wastewater discharge of

九洲药业（603456.SH）2024年一季报点评 诺欣妥 Q1 加速放量，季度间波动不改长期成长韧性 2024年04月25日 ➢ 事件：2024年4月24日，九洲药业发布2024年一季报。公司Q1实现营 推荐 维持评级 业收入14.76亿元，同比下降15.73%；归母净利润2.37亿元，同比下降15.65%； 当前价格： 14.72元 扣非净利润2.34亿元，同比下降14.68%。 ➢ 诺欣妥一季度全球销售提速增长，CDMO 订单稳健提升。CDMO 业务在 [Table_Author] 2023 年保持 19.40%的收入增长，项目管线日益丰富，截至 2023 年末已承接 32个商业化项目、74个III期项目和902个I/II期项目，服务客户覆盖Novartis、 Roche、第一三共、和记黄埔等国内外知名公司。2024年一季度Entresto超预 期放量，全球销售额达到 18.79 亿美元，同比增长 36%，其中美国区收入增速 35%、非美国地区收入增速38%，将进一步提高诺欣妥在中国、日本高血压疾病 的渗透率，诺华预计Entresto销售峰值为70亿美元；Kisqali销售额达到6.27 分析师 王班 ...

[Table_MainInfo] 公司研究/医药与健康护理/化学制药 证券研究报告 九洲药业（603456）公司年报点评 2024年04月22日 九洲药业 2023 年报点评：全年收入利润 增速放缓，CDMO 业务实现高质量增长 [Table_Summary] 投资要点：  公告：九洲药业发布2023年报。  点评：  收入端增速放缓。2023 年，公司营业收入 55.23 亿元，同比增长 1.44%；归 母净利润 10.33 亿元，同比增长 12.17%；扣非归母净利润 10.24 亿元，同比 增长10.46%；公司经营性现金流为13.60亿元，同比增长10.98%。2023年第 四季度，公司营业收入9.47亿元，同比下降11.71%，归母净利润0.66亿元， 同比下降62.64%，扣非净利润0.73亿元，同比下降55.74%。  2023年分业务板块经营情况： （1）CDMO业务：收入40.79亿元，同比增长19.40%，占营业总收入73.86%， 毛利率40.34%。公司原料药 CDMO项目管线日益丰富，已经形成了可持续的临 床前/临床Ⅰ、Ⅱ、Ⅲ期的漏斗型项目结构，已递交NDA的新药项目数快速增 ...

2024 年第一季度报告 单位：元 币种：人民币 证券代码：603456 证券简称：九洲药业 浙江九洲药业股份有限公司 2024 年第一季度报告 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人花莉蓉、主管会计工作负责人沙裕杰及会计机构负责人（会计主管人员）吴安保证季 度报告中财务信息的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 | --- | --- | --- | --- | |----------------------------------------------|-------------------|-------------------|---------------------------------------| | 项目 | | 本报告期 | 本报告期比上年同期 增减变 ...

[Table_MainInfo] 公司研究/医药与健康护理/化学制药 证券研究报告 九洲药业（603456）公司年报点评 2024年04月22日 [Table_InvestInfo] 九洲药业 2023 年报点评：全年收入利润 投资评级 优于大市 维持 增速放缓，CDMO 业务实现高质量增长 股票数据 0[4T月ab1le9_日S收to盘ck价（In元fo）] 14.77 [Table_Summary] 52周股价波动（元） 14.64-33.53 投资要点： 总股本/流通A股（百万股） 899/898 总市值/流通市值（百万元 13285/13265 相关研究  公告：九洲药业发布2023年报。 [《Ta Cb Dl Me_ OR业ep务o持rt续In高fo增] 长，平台一体化建设  点评： 驱动长期增长》2023.08.25  收入端增速放缓。2023年，公司营业收入55.23亿元，同比增长1.44%；归 母净利润10.33亿元，同比增长12.17%；扣非归母净利润10.24亿元，同比 市场表现 增长 10.46%；公司经营性现金流为 13.60 亿元，同比增长 10.98%。2023 [Table ...