湖南方盛制药股份有限公司 HUNANFANGSHENG PHARMACEUTICAL CO., LTD. 证券代码：603998 证券简称：方盛制药 公告编号：2024-091 湖南方盛制药股份有限公司 关于公司产品续约国家医保目录（2024年）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。 2024年11月28日，国家医保局、人力资源社会保障部发布了 《关于印发〈国家基本医疗保险、工伤保险和生育保险药品目录 （2024年）〉的通知》【医保发〔2024〕33号】（以下简称"《2024 版医保目录》"），根据该通知，湖南方盛制药股份有限公司（以 下简称"公司"）小儿荆杏止咳颗粒、玄七健骨片在协议期内谈 判续约纳入《2024版医保目录》，公司及控股子公司其他主要产 品本次无退出及增加至《2024版医保目录》的情况，现将小儿荆 杏止咳颗粒、玄七健骨片具体情况公告如下： 小儿荆杏止咳颗粒2023年实现销售收入近6,000万元，2024 年1-9月实现销售收入约6,000万元（约占公司当期营业收入的 4.45%）。截至2024年 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown impressive performance in Q3 2024, with a revenue of 1.348 billion yuan, a year-on-year increase of 11%, and a net profit of 230 million yuan, up 60.7% year-on-year [1] - The core products are performing well, with significant sales growth across various categories, including a 14% increase in sales of the classic orthopedic drug, and over 340% growth in the innovative traditional Chinese medicine [1] - The company is advancing its innovation and R&D efforts, with multiple projects in the pipeline, which are expected to contribute to long-term growth [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 1.348 billion yuan, with a net profit of 230 million yuan, and a non-recurring net profit of 163 million yuan [1] - In Q3 2024, the revenue reached 438 million yuan, reflecting a year-on-year growth of 21.7%, while the net profit surged by 158.7% to 91 million yuan [1] - The company forecasts net profits of 284 million yuan, 315 million yuan, and 365 million yuan for 2024, 2025, and 2026 respectively, with growth rates of 51.9%, 11.1%, and 15.9% [1][5] Product Performance Summary - The classic orthopedic drug, Tenghuang Jianguo Pian, saw a sales volume increase of approximately 14%, covering nearly 8,400 public medical institutions [1] - The pediatric cough granules, Xiaor Jingxing Zhi Ke Granules, achieved sales revenue of about 60 million yuan, a growth of over 130%, covering more than 1,500 public medical institutions [1] - The innovative traditional Chinese medicine, Xuanqi Jianguo Pian, reported sales revenue of approximately 86 million yuan, with a growth of over 340%, covering over 1,000 public medical institutions [1] R&D and Innovation Summary - The company has submitted a listing application for the Yao Xue Qu Feng Zhi Tong Granules, which is expected to address clinical needs for headache and dizziness [1] - The company is actively developing 13 innovative traditional Chinese medicine projects across various medical fields, including gynecology, orthopedics, and oncology [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported Q3 2024 results that exceeded expectations, with a revenue of 1.348 billion yuan, a year-on-year increase of 10.95%, and a net profit attributable to shareholders of 228 million yuan, a year-on-year increase of 60.66% [1][2] - The sales of innovative traditional Chinese medicine products showed significant growth, with key products like Xuanqi Jianguo Pian achieving revenue of approximately 86 million yuan, a year-on-year increase of over 340% [2] - The company is focusing on optimizing operational efficiency, leading to an increase in gross margin to 73.26%, up 4.27 percentage points year-on-year [3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 1.348 billion yuan, with a net profit of 228 million yuan, and a non-recurring net profit of 163 million yuan [1] - In Q3 2024 alone, the revenue was 438 million yuan, a year-on-year increase of 21.69%, with a net profit of 91.29 million yuan, a year-on-year increase of 158.74% [1][2] Product Performance - The innovative traditional Chinese medicine segment is performing well, with products like Xuanqi Jianguo Pian and Xiaoer Jingxing Zhike Keli showing substantial revenue growth [2] - The company has expanded its market coverage significantly, with over 1,000 public medical institutions for Xuanqi Jianguo Pian and over 1,500 for Xiaoer Jingxing Zhike Keli [2] Research and Development - The company has increased its R&D investment, with R&D expenses reaching 103 million yuan in the first three quarters of 2024, a year-on-year increase of 81% [3] - Several innovative traditional Chinese medicine products are in late-stage clinical trials, with potential approvals expected in the next 2-3 years [3] Profit Forecast and Valuation - The company is projected to achieve net profits of 273 million yuan, 321 million yuan, and 393 million yuan for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 46%, 18%, and 22% [4] - The current stock price corresponds to a price-to-earnings ratio (PE) of 20X for 2024, 17X for 2025, and 14X for 2026 [4]

证券代码：603998 证券简称：方盛制药 编号：2024-040 湖南方盛制药股份有限公司 投资者关系活动记录表 | --- | --- | |----------------|------------------------------------------------------------| | | R 特定对象调研 £ 分析师会议 | | | £ 媒体采访 £业绩说明会 | | 投资者关系活动 | £ 新闻发布会 £路演活动 | | 类别 | R 现场参观 £电话会议 | | | £ 其他（电话交流会） | | 参与单位名称 | 南方基金、安信基金、申万宏源等 4 人 | | 时间 | 2024 年 11 月 6 日 | | 上市公司 | | | 接待人员姓名 | 董事会秘书何仕 | | 地点 | 公司会议室 | | 投资者关系活动 | 主要交流问题： | | 主要内容介绍 | 1 、公司 2024 年前三季度业绩优异的主要原因是什么？ | | | 近年来，公司聚焦主业，着力打造以中药创新药为核心的多 | | | 产品矩阵以保持业绩的稳健持续增长，前三季度产品结构持续优 | | | 化，净利润率持 ...

Investment Rating - The report maintains a "Buy" rating for Fang Sheng Pharmaceutical (603998 SH) [1][3] Core Views - Fang Sheng Pharmaceutical's Q3 2024 non-GAAP net profit grew by over 50% YoY, significantly exceeding expectations [1] - The company's core products, particularly in cardiovascular and orthopedic segments, showed strong performance [1] - Self-developed innovative drugs like Xiaoer Jingxing Zhike Granules and Xuanqi Jiangu Tablets are driving growth with rapid market expansion [1] - The company is increasing R&D investment, with Q3 2024 R&D expenses up 106% YoY, indicating strong long-term potential [1] Financial Performance Revenue and Profit - Q1-Q3 2024 revenue reached 1 35 billion yuan, up 11% YoY, with net profit attributable to parent company of 230 million yuan, up 61% YoY [1] - Q3 2024 revenue was 440 million yuan, up 22% YoY, with net profit attributable to parent company of 90 million yuan, up 159% YoY [1] Segment Performance - Industrial segment revenue reached 1 24 billion yuan in Q1-Q3 2024, up 14% YoY [1] - Cardiovascular business revenue: 380 million yuan, up 41% YoY, driven by strong sales of Ezetimibe [1] - Orthopedic business revenue: 300 million yuan, up 11% YoY, supported by stable growth of Xuanqi Jiangu Tablets [1] - Respiratory system revenue: 180 million yuan, up 17% YoY, due to increased sales of Qiangli Pipa [1] - Pediatric drugs revenue: 140 million yuan, down 1% YoY [1] - Anti-infective revenue: 60 million yuan, down 10% YoY [1] Product Performance - Xiaoer Jingxing Zhike Granules covered over 1 500 public medical institutions by Q3 2024, with sales reaching 60 million yuan, up over 130% YoY [1] - Xuanqi Jiangu Tablets covered over 1 300 public medical institutions, with sales reaching 86 million yuan, up over 340% YoY [1] - Teng Huang Jiangu Tablets saw sales volume increase by about 14% YoY, covering nearly 8 400 public medical institutions [1] - Ezetimibe Tablets achieved sales of 233 million yuan in the first three quarters of 2024, up over 100% YoY, covering nearly 4 500 public medical institutions [1] Financial Forecasts - Revenue forecasts for 2024 2025 2026 are 1 829 billion yuan, 2 115 billion yuan, and 2 439 billion yuan, with growth rates of 12%, 16%, and 15% respectively [1] - Net profit forecasts for 2024 2025 2026 are adjusted to 277 million yuan, 302 million yuan, and 362 million yuan, with growth rates of 48%, 9%, and 20% respectively [1] Valuation Metrics - 2024E P E ratio: 19 6x [2] - 2024E P B ratio: 3 3x [2] - 2024E EPS: 0 63 yuan [2] Key Financial Ratios - 2023A gross margin: 68 1% [6] - 2023A net margin: 11 0% [6] - 2023A ROE: 11 8% [6] - 2023A ROIC: 12 8% [6] Balance Sheet Highlights - 2024E total assets: 3 293 billion yuan [5] - 2024E total liabilities: 1 525 billion yuan [5] - 2024E equity attributable to parent company: 1 648 billion yuan [5] Cash Flow Analysis - 2024E operating cash flow: 328 million yuan [5] - 2024E capital expenditure: -234 million yuan [5] - 2024E financing cash flow: -109 million yuan [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [3][8]. Core Insights - The company reported a revenue of 1.348 billion yuan for Q3 2024, representing a year-on-year growth of 10.95%. The net profit attributable to shareholders reached 228 million yuan, up 60.66% year-on-year, while the non-recurring net profit was 163 million yuan, reflecting a 33.87% increase [2][4]. - The company is focusing on its core business of innovative traditional Chinese medicine, with significant growth in key products, particularly in chronic disease medications [3][4]. - The company has seen robust growth in its core products, with the sales of its new products, such as the children's cough granules and bone health tablets, achieving rapid market penetration [2][3]. Financial Performance Summary - For the first three quarters of 2024, the pharmaceutical manufacturing revenue grew by 14.31%, driven by strong performance in core products. However, revenue from medical services and other segments declined by 27.59% due to the exclusion of certain subsidiaries from consolidation [3][4]. - The company’s revenue forecast for 2024-2026 is projected at 1.899 billion, 2.216 billion, and 2.564 billion yuan, with year-on-year growth rates of 16.6%, 16.7%, and 15.7% respectively. The net profit attributable to shareholders is expected to be 285 million, 322 million, and 400 million yuan, with growth rates of 53%, 13%, and 24% [5][6]. Product Performance - The cardiovascular segment reported revenue of 381 million yuan, a growth of 41.28%, with a gross margin increase to 81.57%. Other segments, such as musculoskeletal and respiratory medications, also showed positive growth, while some areas like pediatric and gynecological medications experienced declines [4][6]. - The new products have achieved significant sales milestones, with the children's cough granules generating approximately 60 million yuan in sales, a year-on-year increase of over 130%, and the bone health tablets achieving around 86 million yuan, up over 340% [2][3]. Valuation Metrics - The report provides a P/E ratio forecast of 18.6 for 2024, decreasing to 13.2 by 2026, indicating an expected improvement in valuation as the company scales its operations [3][5]. - The projected return on equity (ROE) is expected to rise from 12% in 2023 to 17.4% by 2026, reflecting improved profitability and efficiency [6].

方盛制药（ [Table_StockNameRptType] 603998） 公司点评 | --- | --- | --- | |-----------------------------------------------------------------------------------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 1.348 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 10.95%, with a net profit attributable to shareholders of 228 million yuan, up 60.66% [2] - The performance in Q3 2024 was particularly strong, with revenue reaching 438 million yuan, a 21.69% increase, and a net profit of 91 million yuan, reflecting a remarkable growth of 158.74% [2] - The company continues to focus on the innovation of traditional Chinese medicine, with a significant increase in profitability, as evidenced by a gross margin of 73.26% in Q3 2024, up 4.27 percentage points year-on-year [4] Revenue and Profitability - For the first three quarters of 2024, the company's industrial revenue reached 1.239 billion yuan, a year-on-year increase of 14.31%, with a gross margin improvement of 3.13 percentage points to 76.42% [3] - Cardiovascular drugs showed exceptional performance, generating 381 million yuan in revenue, a 41.28% increase, with a gross margin of 81.57% [3] - The orthopedic drugs segment achieved revenue of 298 million yuan, up 11.03%, with significant growth in specific products [3] Financial Forecasts - The report adjusts the forecast for net profit attributable to shareholders for 2024 from 242 million yuan to 279 million yuan, with estimates for 2025 and 2026 remaining at 312 million yuan and 396 million yuan, respectively [4] - The corresponding price-to-earnings ratios for 2024, 2025, and 2026 are projected at 19, 17, and 13 times [4] Market Data - The closing price of the company's stock is 12.09 yuan, with a market capitalization of approximately 5.309 billion yuan [6] - The company has a price-to-book ratio of 3.33 [6]

证券代码：603998 证券简称：方盛制药 编号：2024-038、39 湖南方盛制药股份有限公司 投资者关系活动记录表 | --- | --- | |----------------|------------------------------------------------------------| | | R 特定对象调研 £分析师会议 | | | £媒体采访 £业绩说明会 | | 投资者关系活动 | £ 新闻发布会 £ 路演活动 | | 类别 | R 现场参观 £电话会议 | | | R 其他（电话交流会） | | | 1、2024-038 场：中泰证券、盘京投资等 2 人； | | 参与单位名称 | 2、2024-039 场：名单详见附件 | | 时间 | 2024 年 10 月 29 日 | | 上市公司 | | | 接待人员姓名 | 董事会秘书何仕 | | 地点 | 公司会议室 | | 投资者关系活动 | 主要交流内容： | | 主要内容介绍 | 一、公司 2024 年前三季度业绩介绍 | | | 公司聚焦"打造成为一家以创新中药为核心的健康产业集 | | | 团"的发展战略，促进资源整合和 ...

湖南方盛制药股份有限公司 HUNANFANGSHENG PHARMACEUTICAL CO., LTD. 证券代码：603998 证券简称：方盛制药 公告编号：2024-090 湖南方盛制药股份有限公司 关于2024年第三季度业绩说明会召开情况的公告 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。 湖南方盛制药股份有限公司（以下简称"方盛制药"或"公 司"）于 2024 年 10 月 29 日（星期二）上午 10:00—11:00 以网 络互动方式，通过上证路演中心召开 2024 年第三季度业绩说明 会，就公司 2024 年第三季度经营业绩情况，以及其他投资者普 遍关心的问题与投资者进行交流与沟通。现将有关情况公告如 下： 一、本次说明会召开情况 出席本次网上业绩说明会的公司人员为：董事长兼总经理周 晓莉女士、独立董事袁雄先生、财务总监刘再昌先生、董事会秘 书何仕先生。 二、投资者提出的主要问题及公司回复情况 公司就投资者在本次说明会上提出的问题进行了回复，相关 问题及回复整理如下： 问题 1、公司前三季度的经营怎么样？ 第 ...