Investment Rating - Maintains an "Overweight" rating [2][3] - Target price raised to 25.05 yuan (previously 20.80 yuan) [2][3] Core Views - Steady growth in performance with improved profitability [2] - Revenue for 2024 Q1-Q3 reached 4.418 billion yuan (+9.00% YoY), with net profit attributable to shareholders of 579 million yuan (+18.36% YoY) [2] - Q3 revenue was 1.526 billion yuan (+22.68% YoY), and net profit attributable to shareholders was 1.743 billion yuan (+32.43% YoY) [2] - EPS forecasts for 2024-2026 revised to 1.40/1.67/2.01 yuan (previously 0.98/1.15/1.42 yuan) [2] Profitability Improvement - Gross margin for 2024 Q1-Q3 was 26.17%, up 1.52 pct YoY, with Q3 gross margin at 25.36%, up 0.67 pct YoY [2] - Expense ratios improved: sales expense ratio at 1.14% (-0.19 pct YoY), management expense ratio at 5.16% (-0.5 pct YoY), and R&D expense ratio at 3.63% (-0.39 pct YoY) [2] - Net profit margin for 2024 Q1-Q3 increased to 13.10%, up 1.07 pct YoY [2] Key Projects and Global Expansion - 33 pharmaceutical APIs approved domestically, with over 70 API and intermediate products in production (17 products with revenue over 50 million yuan, 12 products over 100 million yuan) [2] - Key projects include a 70,000-ton key pharmaceutical intermediate project and a 1,420-ton API and intermediate technical transformation project [2] - Products sold to 115 countries across 6 continents, with over 3,000 customers including global pharmaceutical giants like Bayer, Eli Lilly, and Novartis [2] - Established API sales channels in India, the Netherlands, Korea, Pakistan, and Spain, with semi-finished products sold in Southeast Asia and Africa [2] Financial Highlights - Total market capitalization of 11.456 billion yuan [4] - Shareholder equity of 7.84 billion yuan, with net assets per share at 14.03 yuan [5] - Revenue forecast for 2024E at 5.897 billion yuan (+10.2% YoY), with net profit attributable to shareholders at 782 million yuan (+27.6% YoY) [9] - ROE expected to rise from 9.7% in 2024E to 11.6% in 2026E [9] Valuation and Peer Comparison - 2025E PE ratio of 15X, with a target price of 25.05 yuan [2] - Comparable companies include Puluo Pharmaceutical and Chuanneng Biology, with average PE ratios of 17.85X (2024E), 15.08X (2025E), and 12.99X (2026E) [11]

证券代码：605507 证券简称：国邦医药 公告编号：2024-059 国邦医药集团股份有限公司 关于召开 2024 年第三季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： 会议召开时间：2024 年 10 月 30 日（星期三）下午 13:00-14:00 会议召开地点： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 10 月 23 日（星期三）至 10 月 29 日（星期二）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 info@gbgcn.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。 国邦医药集团股份有限公司（以下简称"公司"）已于 2024 年 10 月 19 日发 布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度的经营成果、财务状况，公司计划 ...

Investment Rating - The report maintains a "Buy" rating for Guobang Pharmaceutical (605507) with a last closing price of 20.50 [1] Core Views - Q3 revenue reached a historical high, with a year-on-year increase of 22.68%, while net profit grew by 32.43% [2][4] - The main drivers for revenue and profit growth include a recovery in the pharmaceutical sector, strong overseas demand, and increased product prices [2] - The company has expanded its fixed assets significantly, growing from 1.178 billion in 2019 to 3.693 billion in 2023, indicating a more than threefold increase [2][4] Financial Summary - For the first three quarters of 2024, the company achieved revenue of 4.418 billion (YoY +9.00%) and a net profit of 579 million (YoY +18.36%) [2] - Q3 2024 saw revenue of 1.526 billion, with a gross margin of 25.36% and a net margin of 11.42% [2] - The forecast for 2024/25/26 indicates revenues of 6.001 billion, 6.817 billion, and 7.828 billion respectively, with net profits of 833 million, 1.006 billion, and 1.206 billion [4][6] Market Position - The company has a high market share in its main products and is expected to achieve global leadership in 30 scaled products and regular production of 80 products [2][4] - The report highlights the establishment of an independent management team for specialty APIs, which has improved operational efficiency [2] Future Outlook - The company is projected to have a PE ratio of 14, 11, and 10 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation [4][6] - The report suggests that the company is well-positioned for continued growth due to its complete industrial chain and strong product portfolio [2][4]

Financial Performance - The company's operating revenue for Q3 2024 reached ¥1,525,790,635.53, representing a year-on-year increase of 22.68%[2] - Net profit attributable to shareholders for the same period was ¥174,287,031.37, up 32.43% compared to the previous year[2] - The net profit after deducting non-recurring gains and losses was ¥169,797,536.14, reflecting a growth of 35.19% year-on-year[2] - The basic earnings per share for Q3 2024 was ¥0.31, an increase of 29.17% from the same period last year[3] - Total operating revenue for the first nine months of 2024 reached ¥4,418,147,150.19, an increase from ¥4,053,476,803.52 in the same period last year, representing a growth of approximately 9.0%[13] - Net profit for the first nine months of 2024 was ¥578,638,198.06, compared to ¥487,655,739.51 in the previous year, indicating a growth of approximately 18.7%[14] - Operating profit improved to ¥673,947,665.53 from ¥563,975,837.46, marking an increase of around 19.5%[14] - The total comprehensive income for the period was ¥578,638,198.06, up from ¥487,655,739.51, indicating an increase of approximately 18.7%[14] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥10,633,387,010.99, showing a 2.62% increase from the end of the previous year[3] - As of September 30, 2024, the total assets of Guobang Pharmaceutical Group Co., Ltd. amounted to approximately CNY 10.63 billion, an increase from CNY 10.36 billion as of December 31, 2023, representing a growth of about 2.6%[9] - The total current liabilities rose to CNY 2.56 billion from CNY 2.45 billion, indicating an increase of approximately 4.4%[10] - The total liabilities decreased to ¥2,787,527,931.11 from ¥2,924,446,559.57, a reduction of approximately 4.7%[11] - Total equity attributable to shareholders increased to ¥7,840,370,923.66 from ¥7,432,033,896.40, reflecting a growth of about 5.5%[11] Cash Flow - The net cash flow from operating activities for the year-to-date period increased by 201.75% to ¥32,877,901.61[5] - The net cash flow from operating activities for the first three quarters of 2024 was CNY 32,877,901.61, compared to CNY 10,895,807.14 in the same period of 2023, indicating a significant increase[16] - Total cash inflow from operating activities reached CNY 3,400,423,392.91, up from CNY 3,105,919,536.32 year-over-year[16] - Total cash outflow from operating activities was CNY 3,367,545,491.30, compared to CNY 3,095,023,729.18 in the same period last year[16] - The net cash flow from financing activities was -CNY 151,036,711.84, an improvement from -CNY 164,313,936.32 in the same period last year[16] Shareholder Information - The company reported a total of 28,241 common shareholders at the end of the reporting period[6] - The largest shareholder, Xinchang Ander Trading Co., Ltd., holds 23.08% of the shares[6] - The company has not reported any significant changes in its major shareholders or their participation in financing activities during the reporting period[8] Expenses and Costs - Total operating costs increased to ¥3,724,615,529.84 from ¥3,478,553,568.83, reflecting a rise of about 7.1%[13] - Research and development expenses were ¥160,287,477.94, slightly down from ¥162,761,109.22, showing a decrease of about 1.5%[13] - The company reported a financial expense of -¥8,334,127.17, a significant improvement compared to -¥44,897,282.10 in the previous year[13] Cash and Equivalents - The company's cash and cash equivalents decreased to CNY 1.48 billion from CNY 2.09 billion, reflecting a decline of approximately 29.4%[9] - Cash and cash equivalents at the end of the period were CNY 1,195,933,856.89, down from CNY 1,523,212,082.84 at the end of the third quarter of 2023[16] - The company received CNY 3,225,232,628.53 in cash from sales of goods and services, compared to CNY 2,792,847,209.49 in the previous year, reflecting a growth of approximately 15.5%[15]

Investment Rating - The report gives a "Buy" rating for the company with a target price of 26.47 CNY for 2025 [6]. Core Viewpoints - The company, Guobang Pharmaceutical, is positioned as a leader in the pharmaceutical raw materials and key intermediates sector, with stable and continuous growth in performance [14]. - The company has a strong competitive edge based on its "one system, two platforms" strategy, focusing on the research, production, and operation of veterinary raw materials and key pharmaceutical intermediates [14][18]. - The company is the largest global producer of sodium borohydride, holding a market share of approximately 45.2% in 2022 [2][29]. Summary by Sections 1. Pharmaceutical Raw Materials and Key Intermediates - Guobang Pharmaceutical's main products, including sodium borohydride, sodium borohydride, and florfenicol, rank among the top globally, with a sales network covering China, the USA, and Europe [1][14]. - The company has shown a steady increase in production and sales volume of its leading products, with revenue growing from 3.8 billion CNY in 2019 to 5.72 billion CNY in 2022, reflecting a CAGR of 14.59% [18]. 2. Intermediate Sector - The company has a high market position in the key pharmaceutical intermediates sector, being one of the few domestic companies capable of large-scale production of sodium borohydride and other products [2][24]. - The production of key intermediates requires high standards in technology, safety, and environmental protection, which creates significant barriers to entry for competitors [24]. 3. Raw Material Sector - The demand for macrolide antibiotics is robust, with over 60% of azithromycin and clarithromycin being exported [3]. - The company is expected to maintain stable growth in its macrolide raw materials segment due to new capacity coming online and favorable supply-demand dynamics [3][30]. 4. Veterinary Sector - The company has a comprehensive product lineup in the veterinary raw materials field, with 16 products approved for domestic use, showcasing strong competitive capabilities [4]. - The price of florfenicol has shown signs of recovery, which could provide significant earnings elasticity for the company [4]. 5. Profit Forecast and Valuation - The company is projected to achieve revenues of 58.20 billion CNY, 67.09 billion CNY, and 76.94 billion CNY for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 8.79%, 15.27%, and 14.69% [5]. - The estimated net profit attributable to the parent company is expected to be 8.03 billion CNY, 9.86 billion CNY, and 11.70 billion CNY for the same years [5].

证券代码：605507 证券简称：国邦医药 公告编号：2024-058 国邦医药集团股份有限公司 关于公司全资子公司原料药获得 CEP 证书的公告 三、药品的市场状况 盐酸多西环素原料药国内主要生产厂家有扬州联博药业有限公司、河北久鹏 制药有限公司、盐城苏海制药有限公司等。目前公司无法从公开渠道获悉上述兽 （一）药品名称：Doxycycline Hyclate/盐酸多西环素 （二）产品剂型：原料药 （三）证书编号：CEP 2022-336-Rev 00 （四）持有人：山东国邦药业有限公司 （五）地址：山东省潍坊市滨海区先进制造产业园香江西一街 02131 号 （六）发证机构：欧洲药品质量管理局（EDQM） 药产品的市场销售数据。 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。 近日，国邦医药集团股份有限公司（以下简称"公司"）全资子公司山东国 邦药业有限公司（以下简称"山东国邦"）收到了欧洲药品质量管理局（以下简 称"EDQM"）签发的盐酸多西环素原料药 CEP 证书，现将有关情况公告如下： 一、CEP 证书相关信息 二、产品 ...

国邦医药集团股份有限公司关于 证券代码：605507 证券简称：国邦医药 公告编号：2024-057 全资子公司收到化学原料药上市申请批准通知书的公告 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。 国邦医药集团股份有限公司（以下简称"公司"）全资子公司浙江东盈药业 有限公司（以下简称"浙江东盈"）近日收到国家药品监督管理局核准签发的头 孢唑林钠化学原料药上市申请批准通知书。现将相关情况公告如下： 一、药物的基本情况 通知书编号：2024YS01022 受理号：CYHS2360187 化学原料药名称：头孢唑林钠 化学原料药注册标准编号：Y20230000051 包装规格：10kg/瓶×2 瓶/箱。8kg/瓶×2 瓶/箱。5kg/瓶×2 瓶/箱。4kg/瓶× 2 瓶/箱 申请事项：境内生产化学原料药上市申请 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，本品 符合药品注册的有关要求，批准本品注册申请。生产工艺、质量标准和包装标签 照所附执行。 生产企业：浙江东盈药业有限公司 生产地址：浙江省杭州湾上虞经济技术开发 ...

证券代码：605507 证券简称：国邦医药 公告编号：2024-056 国邦医药集团股份有限公司 关于以集中竞价交易方式回购股份的进展公告 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 | 2024/1/27 | | | --- | --- | --- | | 回购方案实施期限 | 董事会审议通过后 个月 12 | | | 预计回购金额 | 1 亿元~2 | 亿元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | □用于转换公司可转债 □为维护公司价值及股东权益 | | | 累计已回购股数 | 6,212,400 | 股 | | 累计已回购股数占总股本比 | 1.11% | | | 例 | | | | 累计已回购金额 | 100,995,168.00 元 | | | 实际回购价格区间 | 元/股~18.66 元/股 13.05 | | 一、回购股份的基本情况 国邦医药集团股份有限公司（以下简称"公司"）于 2024 年 1 月 26 日召开第二 届董事 ...

证券代码：605507 证券简称：国邦医药 公告编号：2024-055 重要内容提示： 会议召开时间：2024 年 9 月 23 日（星期一）上午 9:00-10:00 会议召开地点： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 9 月 12 日（星期四）至 9 月 22 日（星期日）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 info@gbgcn.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。 国邦医药集团股份有限公司（以下简称"公司"）已于 2024 年 8 月 30 日发布 公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年 度的经营成果、财务状况，公司计划于 2024 年 9 月 23 日（星期一）上午 9:00-10:00 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一、业绩说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2024 年半 ...

[Table_StockInfo] 2024 年 09 月 04 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：18.92 元 国邦医药（605507）医药生物 目标价：——元（6 个月） 医药业务回暖，Q2 业绩优秀 [Table_Summary 业绩总结：公司发布 ] 2024半年度报告，2024H1公司实现营收 28.92亿，同比 增长 2.94%；归母净利润 4.05 亿，同比增长 13.18%。其中 24Q2 单季度实现 营收 15.54亿，同比增长 11.01%；归母净利润 2.06亿，同比增长 26.42%；扣 非归母净利润 2.02 亿，同比增长 21.99%。 点评：原料药及中间体齐发力，逆势增长巩固市场地位。上半年公司医药板块 实现营业收入 20.36亿元，同比增长 9.46%，占总收入的 70%。公司上半年 26 个主要产品中有 20个实现了销售量增长，尽管整体需求尚未完全复苏，但公司 通过优化生产工艺和提升产品竞争力，逆势实现了增长。动保板块实现收入 8.2 亿元，同比下降约 10%，但销量大幅提升，成本端有所下降。 养殖业周期反转或带动动保板块量价齐升。2024 ...