Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 30.00, compared to the last closing price of 25.28 [1][10]. Core Views - The company's Q1 performance exceeded market expectations, with significant growth in both the formulation and peptide businesses. The sales of Dydrogesterone tablets are gradually increasing, contributing to the overall revenue growth [2][10]. - The company is expected to achieve a net profit attributable to shareholders of 1.75 to 2.15 billion yuan for the first half of 2024, representing a year-on-year increase of 82% to 124% [10]. - The report highlights the company's strategic focus on integrating raw materials and formulations, which is anticipated to accelerate the sales of Dydrogesterone tablets [10]. Financial Summary - The company's revenue is projected to grow from 1,263 million yuan in 2023 to 2,559 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 23.61% [12]. - The net profit attributable to shareholders is expected to increase from 400 million yuan in 2024 to 676 million yuan in 2026, with a net profit growth rate of 30% [12]. - The diluted earnings per share (EPS) is forecasted to rise from 0.71 yuan in 2023 to 1.66 yuan in 2026, indicating strong profitability growth [12].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [10]. Core Views - The report highlights that the volume trend of Dydrogesterone tablets in Q2 2024 exceeds previous expectations. The company's promotional pace and favorable competitive landscape suggest that the growth of its formulation products will be sustainable. Additionally, the release of production capacity for flexible products like Semaglutide is expected to contribute significantly to performance. The EPS forecasts for 2024-2026 have been raised to 0.96, 1.25, and 1.57 yuan respectively, with the closing price on July 10, 2024, corresponding to a PE of 27 times for 2024 [9][12]. Summary by Sections Earnings Forecast and Valuation - The company is expected to achieve a net profit attributable to shareholders of 1.75 to 2.15 billion yuan in H1 2024, representing a year-on-year growth of approximately 82% to 124%. For Q2 alone, the estimated net profit is around 1.13 billion yuan, showing a year-on-year increase of about 126% and a quarter-on-quarter increase of about 37% [12]. Investment Highlights - The growth in H1 2024 is attributed to the steady sales growth of advantageous raw materials and the gradual increase in formulation products. The report anticipates that the commercialization of high-barrier raw materials and formulation products will support sustained high growth in revenue and profit from 2024 to 2026. The company’s technology and product layout in the small nucleic acid and peptide fields are expected to open up long-term growth opportunities [9][12]. Financial Projections - The projected operating revenue for 2024 is 1.666 billion yuan, with a year-on-year growth rate of 31.97%. The net profit attributable to shareholders is projected to be 388 million yuan, with a growth rate of 34.06%. The EPS is expected to reach 0.96 yuan in 2024 [26][27].

业绩持续高增，司美格鲁肽投产在即 [Table_Finance] 公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 1008.08 1262.53 1720.70 2189.03 2639.97 增长率 yoy% 25.48% 25.24% 36.29% 27.22% 20.60% 净利润（百万元） 210.96 289.42 395.25 515.49 671.75 增长率 yoy% 25.04% 37.19% 36.57% 30.42% 30.31% 每股收益（元） 0.52 0.71 0.97 1.27 1.65 每股现金流量 0.41 0.95 0.35 0.78 1.33 净资产收益率 12.59% 14.71% 17.16% 19.80% 22.42% P/E 48.67 35.48 25.98 19.92 15.29 PEG 1.94 0.95 0.71 0.65 0.50 P/B 6.13 5.22 4.46 3.94 3.43 备注：数据截至 2024.7.9 分析师：祝嘉琦 电话：021-20315150 [Table_Profit] ...

奥锐特药业股份有限公司 重要内容提示： 公司 2024 年半年度归属于上市公司股东的扣除非经常性损益的净利润 预计在 17,361.04 万元至 21,361.04 万元之间，与上年同期（法定披 露数据）相比，将增加约 7,861.22 万元到 11,861.22 万元，同比增加 约 83%到 125%。 2024 年半年度业绩预增公告 本次业绩预告适用情形为：实现盈利，且净利润与上年同期相比上升 50%以上。 一、本期业绩预告情况 （二）业绩预告情况 1 经财务部门初步测算，公司 2024 年半年度实现归属于上市公司股东的净利 润预计在 17,500.00 万元至 21,500.00 万元之间，与上年同期（法定披露数据） 相比，将增加约 7,910.29 万元到 11,910.29 万元，同比增加约 82%到 124%。 公司 2024 年半年度归属于上市公司股东的扣除非经常性损益的净利润预计 在 17,361.04 万元至 21,361.04 万元之间，与上年同期（法定披露数据）相比， 将增加约 7,861.22 万元到 11,861.22 万元，同比增加约 83%到 125%。 （三）本次业绩预告为公司 ...

证券代码：605116 证券简称：奥锐特 公告编号：2024-029 奥锐特药业股份有限公司 关于全资子公司完成工商变更登记并换发营业执照的 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。 奥锐特药业股份有限公司（以下简称"公司"）近日收到全资子公司扬州奥锐 特药业有限公司通知，其注册地址工商登记信息进行了变更，现已完成相关工商变 更登记手续，并取得了由扬州市邗江区行政审批局换发的新《营业执照》。本次变 更仅涉及注册地址变更，其他登记事项未发生变更，变更后的相关工商登记信息如 下： 名称：扬州奥锐特药业有限公司 成立日期：2015 年 08 月 05 日 经营范围：许可项目：药品生产；药品委托生产；药品进出口；药品批发；药 品零售（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项 目以审批结果为准）一般项目：医学研究和试验发展；化工产品销售（不含许可类 化工产品）；进出口代理；销售代理；货物进出口；技术服务、技术开发、技术咨 询、技术交流、技术转让、技术推广；技术进出口（除依法须经批准的项目外，凭 营业执 ...

Investment Rating - The report assigns an initial investment rating of "Buy" for the company [4]. Core Insights - The company has a strong focus on the research and production of complex APIs and formulations, with significant growth potential in its formulation business [3][15]. - In 2023, the company achieved revenue of 1.263 billion yuan, a year-on-year increase of 25.24%, and a net profit attributable to shareholders of 289 million yuan, up 37.19% year-on-year [6][30]. - The company is expected to maintain robust growth, with projected net profits of 381 million, 517 million, and 636 million yuan for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 31.6%, 35.7%, and 23% [6][41]. Revenue and Profitability - The company has established a diversified product chain across six major fields: respiratory, cardiovascular, anti-infection, nervous system, oncology, and women's health, which supports its sustainable development [7]. - The revenue from the company's oncology products has significantly increased, from 36 million yuan in 2020 to 244 million yuan in 2023, with a compound annual growth rate of 89.25% [78]. - The gross profit margin has steadily increased from 47.06% in 2018 to 55.92% in 2023, indicating improved profitability [55]. Market Position and Strategy - The company is actively promoting an integrated development strategy of "API + formulation," which is expected to enhance its market competitiveness [6][17]. - The company plans to issue convertible bonds to raise up to 812 million yuan for investment in various projects, including the production of specialty APIs and anti-tumor formulations [7][41]. - The company has a strong R&D capability with a substantial pipeline of projects, which is expected to contribute to future performance growth [6][9]. Industry Context - The global API market is projected to grow at a compound annual growth rate of 6.6% from 2022 to 2028, driven by factors such as aging populations and advancements in treatment options [36]. - China has become a leading producer and exporter of APIs, accounting for approximately 30% of global production capacity and 20% of the export market share [58].

奥锐特药业股份有限公司: 中国证券监督管理委员会收到上海证券交易所报送的关于你 公司向不特定对象发行可转换公司债券的审核意见及你公司注册 申请文件。根据《中华人民共和国证券法》《中华人民共和国公司 法》《国务院办公厅关于贯彻实施修订后的证券法有关工作的通 知》(国办发〔2020〕5号)和《上市公司证券发行注册管理办法》 (证监会令第206号)等有关规定,经审阅上海证券交易所审核 意见及你公司注册申请文件,现批复如下: 中国证券监督管理委员会 证监许可〔2024〕924 号 关于同意奥锐特药业股份有限公司向 不特定对象发行可转换公司债券注册的批复 三、本批复自同意注册之日起 12个月内有效。 四、 自同意注册之日起至本次发行结束前， 你公司如发生重 大事项， 应及时报告上海证券交易所并按有关规定处理。 一、同意你公司向不特定对象发行可转换公司债券的注册申 请。 二、你公司本次发行应严格按照报送上海证券交易所的申报 文件和发行方案实施。 ...

三、本批复自同意注册之日起 12 个月内有效。 四、自同意注册之日起至本次发行结束前，你公司如发生重大事项，应及 时报告上海证券交易所并按有关规定处理。 关于向不特定对象发行可转换公司债券申请获得中 国证券监督管理委员会同意注册批复的公告 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。 证券代码：605116 证券简称：奥锐特 公告编号：2024-028 2024 年 6 月 24 日，奥锐特药业股份有限公司（以下简称"公司"）收到中 国证券监督管理委员会出具的《关于同意奥锐特药业股份有限公司向不特定对象 发行可转换公司债券注册的批复》（证监许可〔2024〕924 号）。批复内容如下： 一、同意你公司向不特定对象发行可转换公司债券的注册申请。 奥锐特药业股份有限公司 二、你公司本次发行应严格按照报送上海证券交易所的申报文件和发行方 案实施。 2024 年 6 月 25 日 公司董事会将根据相关法律法规及上述批复文件的要求，在公司股东大会 的授权范围内办理本次向不特定对象发行可转换公司债券的相关事宜，并及时 履行信息披露义务。敬 ...

证券代码：605116 证券简称：奥锐特 公告编号：2024-027 奥锐特药业股份有限公司 2023 年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利 0.22 元 相关日期 | | | | | 日 | | --- | --- | --- | --- | --- | | 股份类别 Ａ股 | 股权登记日 2024/6/5 | 最后交易日 － | 除权（息）日 2024/6/6 | 现金红利发放 2024/6/6 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 5 月 20 日的 2023 年年度股东大会审议通过。 二、 分配方案 四、 分配实施办法 1. 实施办法 （1）无限售条件流通股的红利委托中国结算上海分公司通过其资金清算系统 向股权登记日上海证券交易所收市后登记在册并在上海证券交易所各会员办理了 指定交易的股东派发。已办理指定交易的投资者可于红利发放日在其指定的证券 营业部领取现金红利，未办理 ...

国浩律师（杭州）事务所 关于 奥锐特药业股份有限公司 2023 年年度股东大会 网址/Website：http://www.grandall.com.cn 二〇二四年五月 奥锐特 2023 年年度股东大会法律意见书 国浩律师（杭州）事务所 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 国浩律师（杭州）事务所 关 于 奥锐特 2023 年年度股东大会法律意见书 国浩律师（杭州）事务所 奥锐特药业股份有限公司 2023 年年度股东大会 法律意见书 致：奥锐特药业股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受奥锐特药业股份有限公 司（以下简称"公司"）的委托 ...