Investment Rating - The report maintains a "Buy" rating for Guobang Pharmaceutical (605507) with a target price of 25.00, compared to the last closing price of 19.15 [1]. Core Views - The company's stock repurchase plan, amounting to between 100 million and 200 million RMB, is seen as a demonstration of confidence and aims to enhance investor trust and improve employee motivation through stock ownership plans [4][5]. - The veterinary medicine sector is expected to enter a price increase cycle, with demand for veterinary raw materials likely to rise due to the recovery of the pig farming industry, which began to turn profitable in Q2 2024 [5]. - The company has significantly expanded its fixed assets from 1.178 billion RMB in 2019 to 3.693 billion RMB in 2023, indicating a more than threefold increase in capacity [6]. Financial Projections - Revenue projections for the company are as follows: 2024 at 6.001 billion RMB, 2025 at 6.817 billion RMB, and 2026 at 7.828 billion RMB, with corresponding net profits of 801 million RMB, 1.004 billion RMB, and 1.204 billion RMB respectively [7]. - The report forecasts a revenue growth rate of 12.19% for 2024, 13.59% for 2025, and 14.83% for 2026, with net profit growth rates of 30.76%, 25.37%, and 19.90% for the same years [11]. Market Position - The company holds a high market share in its main products and has a complete industrial chain, with expectations to achieve 30 globally leading products, 80 products in regular production, and the capability to produce 120 products [7].

2025 年 03 月 11 日 公司点评 买入/维持 国邦医药(605507) 目标价: 25.00 昨收盘:19.15 股票回购彰显信心，看好业绩弹性释放 走势比较 (20%) (6%) 8% 22% 36% 50% 24/3/11 24/5/22 24/8/2 24/10/13 24/12/24 25/3/6 股票数据 | 总股本/流通(亿股) | 5.59/3.02 | | --- | --- | | 总市值/流通(亿元) | 107.01/57.78 | | 12 个月内最高/最低价 | 23.09/14.76 | | (元) | | 相关研究报告 <>--2024-10-21 <>--2024-08-30 <<医药业务回暖，动保业务弹性可 期>>--2024-08-29 证券分析师：周豫 E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：乔露阳 E-MAIL：qiaoly@tpyzq.com 分析师登记编号：S1190524080001 事件 投资建议 公司主要产品市占率较高，产业链完备，未来有望实现 30 个规模化 产品全球领先、80 个 ...

走势比较 (20%) (6%) 8% 22% 36% 50% 24/3/11 24/5/22 24/8/2 24/10/13 24/12/24 25/3/6 股票数据 | 总股本/流通(亿股) | 5.59/3.02 | | --- | --- | | 总市值/流通(亿元) | 107.01/57.78 | | 12 个月内最高/最低价 | 23.09/14.76 | | (元) | | 2025 年 03 月 11 日 公司点评 买入/维持 国邦医药(605507) 目标价: 25.00 昨收盘:19.15 股票回购彰显信心，看好业绩弹性释放 相关研究报告 <>--2024-10-21 <>--2024-08-30 <<医药业务回暖，动保业务弹性可 期>>--2024-08-29 证券分析师：周豫 E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：乔露阳 E-MAIL：qiaoly@tpyzq.com 分析师登记编号：S1190524080001 事件 2025 年 3 月 10 日，公司发布回购计划，公司拟以集中竞价交易方式 回购股份，回购金额在 ...

证券代码：605507 证券简称：国邦医药 公告编号：2025-005 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方案的公告 1、回购期限内，若公司股票价格持续超出回购方案披露的价格上限，则存在 回购方案无法实施或者只能部分实施的风险； 2、若发生对公司股票交易价格产生重大影响的事项，或公司生产经营、财务 情况、外部客观情况发生重大变化，或其他导致公司决定终止本次回购方案的事 项发生，则存在回购方案无法顺利实施或者根据相关规定变更或终止本次回购方 案的风险； 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 相关股东是否存在减持计划：截至董事会审议通过本次回购方案决议之日，公 司董事、监事、高级管理人员、控股股东、实际控制人及其一致行动人、持股 5% 以上的股东未来 3 个月、未来 6 个月暂无明确减持公司股份的计划。若上述主体 未来拟实施股票减持计划，将严格遵守相关法律法规的规定并配合公司及时履行 信息披露义务； ● 相关风险提示： ● 回购股份金额：不低于人民币 1 亿元（含），不超过人 ...

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：2025-004 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 孢呋辛酯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：2025YS00148 受理号：CYHS2360475 化学原料药名称：头孢呋辛酯 化学原料药注册标准编号：YBY61302025 有效期：24 个月 包装规格：5kg/桶、10kg/桶、15kg/桶、20kg/桶、25kg/桶 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区纬五路 通知书有效期：至 2030 年 2 月 23 日 二、药物的其它相关情况 头孢呋辛酯适用于敏感细菌造成的感染的治疗。下呼吸道感染：如急性支气 管炎及慢性支气管炎急性发作和肺炎。上呼吸道感染：包括耳 ...

证券代码：605507 证券简称：国邦医药 公告编号：2025-003 国邦医药集团股份有限公司 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。 | 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 | 6,585,300 股 | | 累计已回购股数占总股本比 | 1.18% | | 例 | | | 累计已回购金额 | 108,035,166.00 元 | | 实际回购价格区间 | 元/股~18.99 元/股 13.05 | 重要内容提示： 一、回购审批情况和回购方案内容 关于回购完成暨回购实施结果的公告 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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7]. Core Views - The company is expected to achieve performance that exceeds expectations over a longer time frame, driven by manufacturing advantages and anticipated price and volume increases [1]. Summary by Sections 1. Industry and Company Overview - The raw material pharmaceutical sector is showing signs of recovery, with prices expected to rebound as supply clears and demand increases [2]. - The company has a strong manufacturing advantage, with continuous increases in the output of key products like doxycycline and florfenicol, leading to improved capacity utilization [2][3]. 2. Market Expectations - There is a prevailing market view that the company's performance is heavily influenced by product price cycles due to its focus on large-volume raw materials [3]. - However, this perspective overlooks the company's manufacturing advantages and the predictable profitability of its core products [3]. 3. Catalysts for Growth - Potential catalysts for the company's growth include price increases for core products, enhanced capacity utilization, and the expansion of new business lines [4]. 4. Earnings Forecast and Valuation - The company is projected to have earnings per share (EPS) of 1.40, 1.76, and 2.17 yuan for the years 2024, 2025, and 2026, respectively [5]. - The estimated price-to-earnings (P/E) ratio for 2025 is 11 times, with a target market capitalization of 147 to 167 billion yuan, indicating a potential upside of 34% to 52% from the latest market value [5]. 5. Competitive Position - The company is a leading supplier in the macrolide and quinolone raw material markets, with a significant market share in key products [15][20]. - The competitive landscape for macrolide raw materials is stable, with the company holding a leading position in exports of azithromycin and clarithromycin [20][21]. 6. Manufacturing and Operational Strengths - The company has established a comprehensive manufacturing and management system, which enhances its competitive edge and allows for scalable production [38]. - The company aims to achieve global leadership in 30 large-scale products and maintain regular production of 80 products, indicating a robust growth strategy [3].

证券代码：605507 证券简称：国邦医药 公告编号：2025-001 国邦医药集团股份有限公司 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 根据《上市公司股份回购规则》及《上海证券交易所上市公司自律监管指引第 7 号——回购股份》的相关规定，现将公司回购股份的进展情况公告如下： 截至 2024 年 12 月 31 日，公司通过集中竞价交易方式累计回购股份 6,212,400 股，已回购股份占公司总股本的比例为 1.11%，成交的最高价为 18.66 元/股，最低 价为 13.05 ...

Investment Rating - The report assigns an "Outperform" rating to the company, indicating a positive outlook for its stock performance relative to the market [29][70]. Core Insights - The company is positioned for steady growth through its dual-platform strategy in the pharmaceutical and animal health sectors, with a focus on antibiotic raw materials and key pharmaceutical intermediates [70]. - The animal health segment is expected to recover from a cyclical low, with significant price increases anticipated for key products like Florfenicol and Oxytetracycline in late 2024 [63][64]. - Revenue and profit forecasts for 2024-2026 show expected growth, with revenues projected at 59.5 billion, 69.4 billion, and 79.0 billion respectively, and net profits expected to reach 7.98 billion, 10.32 billion, and 12.40 billion [12][64]. Summary by Sections Company Overview - The company has a diversified product portfolio, including 34 approved pharmaceutical raw materials and 16 animal health raw materials, establishing a strong competitive position in both sectors [57][58]. Pharmaceutical Segment - The pharmaceutical segment remains the largest revenue source, contributing 65% of total revenue in 2023, down from 75% in 2017, while the animal health segment has increased its contribution from 24.5% to 34.3% over the same period [70]. - The company is a leading manufacturer of antibiotics, with a stable competitive landscape and plans to expand production capacity for key products like Azithromycin [71]. Animal Health Segment - The animal health segment is expected to see a recovery in product prices and demand, with significant price increases already observed for key products [63][64]. - The company has a comprehensive product layout in the animal health sector, which is anticipated to contribute positively to overall performance as market conditions improve [63][64]. Financial Forecasts - The company forecasts a compound annual growth rate (CAGR) of 11.1% for revenue from 2024 to 2026, with net profit growth rates of 30.2%, 29.4%, and 20.2% for the same period [12][64]. - The gross margin is expected to stabilize and improve slightly, reflecting operational efficiencies and market recovery [12][64].

证券时报e公司讯，国邦医药(605507)12月19日晚间公告，近日，公司全资子公司山东国邦香江西一街 02131号厂区通过美国食品药品监督管理局（简称"FDA"）cGMP现场检查，检查范围涉及原料药产品 （氟苯尼考）的生产制造。 氟苯尼考作为公司重点募投项目，产业链完整，自2021年合成生物学酶法量产以来，目前酶法技术已全 面产业化使用，核心优势显著，已在西班牙、德国、法国、英国等三十几个欧洲国家完成注册。 ...