证券代码：605507 证券简称：国邦医药 国邦医药集团股份有限公司 投资者关系活动记录表 编号：2024-002 | --- | --- | --- | |--------------|--------------------------|----------------------------------------------------------| | | | | | | √ | 特定对象调研 □ 分析师会议 | | 投资者关系活 | □ 媒体采访 □ 业绩说明会 | | | | □ 新闻发布会 □ 路演活动 | | | 动类别 | □ 现场参观 | | | | √ 其他 | | | 接待对象 | | 中信证券、浙商证券、中信建投、天风证券、国泰君安、太平洋 | | | | 证券、招商证券、兴业证券、中泰证券、西南证券、西部证券、 | | | | 开源证券、南方基金、大成基金、广发基金、交银施罗德、永赢 | | | | 基金、康泰基金、博时基金、平安养老、汇添富基金、上投摩根 | | | | 基金、海富通基金、万家基金、华泰资产、农银汇理基金、富国 | | | | 基金、易方达基金、惠理投资、华商基 ...

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 届董事会第六次会议，审议通过了《关于以集中竞价交易方式回购股份方案的议 案》，同意公司使用自有资金以集中竞价交易方式回购公司股份用于后续实施股权 激励或员工持股计划，回购价格不超过人民币 25 元/股（含），回购资金总额不低 于人民币 1 亿元且不超过人民币 2 亿元，回购期限为自董事会审议通过回购股份 方案之日起 12 个月内。具体内容详见公司在上海证券交易所网站（www.sse.com.cn） 披露的相关公告（公告编号：2024-002、2024-004）。 二、回购股份的进展情况 证券代码：605507 证券简称：国邦医药 公告编号：2024-060 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 | ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The company has achieved rapid growth in revenue and profit in Q3 2024, leveraging its scale manufacturing advantages and enhancing market share of core products, with new product commercialization contributing to growth [2][5] - The financial performance for the first three quarters of 2024 shows revenue of 4.418 billion yuan, a year-on-year increase of 9.00%, and a net profit attributable to shareholders of 579 million yuan, up 18.36% year-on-year [2][5] - The pharmaceutical segment continues to grow steadily, with H1 2024 revenue of 2.036 billion yuan, a year-on-year increase of 9.46% [2][5] - The company is entering a capacity release phase, with significant ongoing projects nearing completion, which is expected to enhance its scale manufacturing advantages [2][5] - The company has maintained good cost control, with an increase in gross margin and net margin year-on-year [2][5] Financial Performance Summary - For Q3 2024, the company reported revenue of 1.526 billion yuan, a year-on-year increase of 22.68%, and a net profit of 174 million yuan, up 32.43% year-on-year [2][5] - The gross margin for the first three quarters of 2024 was 26.17%, an increase of 1.52 percentage points year-on-year, while the net profit margin was 13.10%, up 1.07 percentage points year-on-year [2][5] - The operating cash flow for Q1-Q3 2024 was 33 million yuan, a year-on-year increase of 201.75% [5] Growth Potential - The company is well-positioned in the veterinary medicine sector, with a complete product lineup and strong brand advantages, which are expected to contribute positively to its performance as market conditions improve [2][5] - The company anticipates continued growth in its pharmaceutical segment, driven by stable pricing and increased market share of key products [2][5] Earnings Forecast and Valuation - The company’s EPS is projected to be 1.40 yuan in 2024, 1.76 yuan in 2025, and 2.18 yuan in 2026, with a PE ratio of 15 times based on the closing price on October 22, 2024 [5][7]

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 ...