公司研究 ——药康生物（688046.SH）2023 年年报及 2024 年一季报点评 点评： 海外业务进展顺利，支持业务高速发展：23 年公司海外业务实现收入 0.93 亿元 （YOY+40%），保持快速增长。公司海外自建销售团队，BD 人数已超 15 人， 覆盖北美、亚洲、欧洲三大地区，在超 20 个国家实现销售，并与全球前十大药 企中的六家建立业务合作。公司首个海外设施落地 San Diego，并于 2024Q1 启 用，将进一步支持公司海外业务发展。 | --- | --- | --- | --- | --- | --- | |---------------------------|--------|--------|--------|--------|--------| | 营业收入（百万元） | 517 | 622 | 759 | 930 | 1,144 | | 营业收入增长率 | 31.17% | 20.45% | 22.00% | 22.55% | 22.99% | | 净利润（百万元） | 165 | 159 | 219 | 269 | 327 | | 净利润增长率 | 31.79% | - ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating strong growth potential in the upcoming months [7][19]. Core Views - The company has demonstrated strong growth potential, supported by a completed domestic facility layout and significant overseas market opportunities. The domestic facility has a capacity of approximately 280,000 cages, representing a 40% increase, making it the only domestic model animal enterprise with a nationwide production layout. The overseas market is expected to continue its high growth trajectory, with demand remaining robust despite a downturn in 2023 [7][19]. - The company is recognized for having the most comprehensive mouse model offerings and continues to innovate with new products, which is expected to drive further growth in performance [7][19]. Financial Summary - In 2023, the company reported revenue of 622 million yuan, a year-on-year increase of 20.5%, while the net profit attributable to shareholders was 159 million yuan, a decrease of 3.49%. The first quarter of 2024 saw revenue of 157 million yuan, up 12.0%, and a net profit of 29.48 million yuan, down 5.1% [1][19]. - The revenue breakdown for 2023 includes 367 million yuan from commercialized mouse models (up 13.6%), 132 million yuan from functional efficacy (up 36.1%), and 79 million yuan from custom breeding (up 22.2%). The overseas revenue reached 93 million yuan, reflecting a 39.9% increase [13][19]. - The company’s projected revenue for 2024 is adjusted to 771 million yuan, with a net profit forecast of 181 million yuan, translating to a price-to-earnings ratio of 29 times [19].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.70 yuan [6][10] Core Views - The company's overseas business is growing rapidly, with overseas revenue reaching 92.95 million yuan in 2023, a 39.94% YoY increase, accounting for 14.94% of total revenue [9] - The company's domestic revenue in 2023 was 529 million yuan, a 17.70% YoY increase [9] - The company's revenue from commercialized mouse models reached 367 million yuan in 2023, a 13.62% YoY increase [9] - The company's functional efficacy business revenue was 132 million yuan in 2023, a 36.09% YoY increase [9] - The company's custom breeding business revenue was 78.85 million yuan in 2023, a 22.24% YoY increase [9] - The company's model customization revenue was 34.78 million yuan in 2023, a 49.42% YoY increase [9] - The company's import/export agency and other revenue was 8.8 million yuan in 2023, a 15.15% YoY increase [9] - The company's overseas facility in San Diego was launched in Q1 2024, which is expected to enhance service capabilities and accelerate overseas market expansion [9] Financial Projections - The company's revenue is expected to be 761 million yuan in 2024, 940 million yuan in 2025, and 1.17 billion yuan in 2026, with growth rates of 22.26%, 23.55%, and 24.51% respectively [6] - The company's net profit attributable to the parent company is expected to be 201 million yuan in 2024, 250 million yuan in 2025, and 314 million yuan in 2026, with growth rates of 26.20%, 24.43%, and 25.65% respectively [6] - The company's EPS is expected to be 0.49 yuan in 2024, 0.61 yuan in 2025, and 0.76 yuan in 2026, with a 3-year CAGR of 25.43% [6] - The company's EBITDA is expected to be 333 million yuan in 2024, 389 million yuan in 2025, and 443 million yuan in 2026 [14] - The company's P/E ratio is expected to be 26.0x in 2024, 20.9x in 2025, and 16.6x in 2026 [14] - The company's P/B ratio is expected to be 2.3x in 2024, 2.1x in 2025, and 1.9x in 2026 [14] - The company's EV/EBITDA is expected to be 11.6x in 2024, 9.2x in 2025, and 7.4x in 2026 [14] Operational Highlights - The company added approximately 80,000 cages of domestic capacity in 2023, bringing the total capacity to approximately 280,000 cages, a 40% increase compared to the end of 2022 [9] - The company operates seven large production facilities in Nanjing, Changzhou, Foshan, Chengdu, Beijing, and Shanghai [9] - The company's operating cash flow is expected to be 388 million yuan in 2024, 351 million yuan in 2025, and 396 million yuan in 2026 [1] - The company's capital expenditure is expected to be -50 million yuan annually from 2024 to 2026 [1] - The company's net cash increase is expected to be 249 million yuan in 2024, 290 million yuan in 2025, and 337 million yuan in 2026 [1] Industry and Valuation - The company operates in the pharmaceutical and medical services industry [10] - The current stock price is 12.72 yuan, with a target price of 14.70 yuan [10] - The company's total market capitalization is 2,594 million yuan, with a total share capital of 410 million shares and a circulating share capital of 203.93 million shares [15] - The company's net asset per share is 5.20 yuan, with a debt-to-asset ratio of 16.73% [15]

2023 年报&2024 年一季报点评：利润短期承 压，海外业务维持高增长 2024 年 05 月 04 日 证券研究报告·公司点评报告·医疗服务 买入（维持） ◼ 事件：2024 年 4 月 27 日公司发布 2023 年年度报告&2024 年一季度报 告，2023 年营收 6.22 亿元（+20.5%，括号内为同比，下同），归母净利 润 1.59 亿元（-3.49%），扣非归母净利润 1.07 亿元（+5.0%）；2024Q1 营 收 1.57 亿元（+12.0%），归母净利润 2948 万元（-5.1%），扣非归母净利 润 2287 万元（+2.7%）。 ◼ 我们认为公司具备较强成长性，主要体现在：①国内设施布局完成，合 计约 28 万笼（+40%），是唯一实现生产设施全国布局的国内模式动物 企业，其中北京大兴自 23Q4，上海宝山、广东二期自 24Q1 开始供鼠， 2024 年有望带来更多增量；②海外市场规模数倍于国内市场，且中国模 式动物企业依靠工程师红利具备全球竞争力，2023 年需求下行的情况 下海外依旧实现了高增长，随着海外产能自 Q1 启用，海外有望继续保 持高增长；③公司为小鼠模型最齐全的 ...

证券代码：688046 证券简称：药康生物 公告编号：2024-026 江苏集萃药康生物科技股份有限公司 2023 年 12 月 12 日，公司董事长高翔先生向公司董事会提议公司以自有资金 通过集中竞价交易方式实施股份回购，回购的股份将在未来适宜时机用于员工持 股计划或股权激励。 2023 年 12 月 25 日，公司召开第二届董事会第三次会议，审 议通过了《关于以集中竞价交易方式回购公司股份方案的议案》，同意公司使用自 有或自筹资金通过集中竞价交易方式进行股份回购，回购股份将用于员工持股计 划或股权激励，回购股份的资金总额不低于人民币 2,000 万元（含），不超过人民 币 4,000 万元（含），回购股份的价格不超过人民币 29 元/股（含），回购股份的 期限自董事会审议通过本次回购股份方案之日起 12 个月内。具体内容详见公司分 别于 2023 年 12 月 27 日、 2024 年 1 月 4 日在上海证券交易所网站 （www.sse.com.cm）上披露的《江苏集萃药康生物科技股份有限公司关于以集中竞 价交易方式回购公司股份方案的公告》（公告编号：2023-068）及《江苏集萃药康 生物科技股份有限 ...

Investment Rating - The investment rating for the company is "Accumulate" [2][35] Core Views - The company achieved a revenue of 622 million yuan in 2023, representing a year-on-year increase of 20.5%, while the net profit attributable to shareholders was 159 million yuan, down 3.5% year-on-year. The decline in profit is attributed to ongoing business expansion, high R&D investments, and increased depreciation from new capacity coming online [1][6] - In Q1 2024, the company reported a revenue of 157 million yuan, a 12.0% increase year-on-year, with a net profit of 29.48 million yuan, down 5.1% year-on-year. The gross margin improved to 66.0%, indicating potential for further improvement as new facilities ramp up production [1][6] Summary by Sections Financial Performance - In 2023, the company generated revenue of 622 million yuan, with a net profit of 159 million yuan. The revenue growth was driven by a 40% increase in overseas market revenue and a 17.7% increase in domestic revenue [1][7] - The company expects net profits for 2024 and 2025 to be 204 million yuan and 259 million yuan, respectively, with a new forecast for 2026 at 297 million yuan [35] Business Segments - The commercialization of mouse models generated 367 million yuan in revenue, accounting for 59% of total revenue, with a gross margin of 71.6%. The functional efficacy services segment achieved 132 million yuan in revenue, up 36.1% year-on-year [21] - Custom breeding services generated 79 million yuan, with a gross margin of 60.2%, while model customization services saw a revenue increase of 49.4% to 35 million yuan [21] Market Expansion - In 2023, the domestic market revenue reached 529 million yuan, with over 2,300 domestic clients served, including nearly 600 hospitals. The overseas market revenue was 92.95 million yuan, accounting for approximately 15% of total revenue, with sales in over 20 countries [7][1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company has shown steady revenue growth driven by the gradual production of domestic and international capacities, with a focus on high-value mouse models and rapid international expansion [7][11][12] - In 2023, the company achieved operating revenue of 622 million yuan, a year-on-year increase of 20.45%, while the net profit attributable to shareholders decreased by 3.49% to 159 million yuan [7][14] - The company is expected to maintain a positive long-term outlook, with profit forecasts for 2024-2026 set at 204 million, 251 million, and 319 million yuan respectively, indicating a commitment to high-value product development and overseas market expansion [7][14] Financial Performance Summary - In Q1 2024, the company reported operating revenue of 157 million yuan, up 11.96% year-on-year, with a net profit of 29.48 million yuan, down 5.06% [7] - The company has a total market capitalization of 5.346 billion yuan and a circulating market capitalization of 2.659 billion yuan [7] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.50, 0.61, and 0.78 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 26.3, 21.3, and 16.8 [7][14] Business Development - The company has expanded its mouse model offerings to over 22,000 species, with an annual model creation capacity exceeding 6,000 [11] - The international market has shown significant growth, with overseas revenue reaching 92.95 million yuan in 2023, a year-on-year increase of 39.94% [12] - The company has established a business development team of nearly 90 people, serving approximately 2,300 clients domestically and over 200 clients internationally [12]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 15.12 CNY based on a 2024 PE of 31 times [3][12][23]. Core Views - The company is expected to maintain steady growth, with projected net profits of 200 million, 248 million, and 301 million CNY for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 26%, 24%, and 21% [3][21]. - The company has successfully expanded overseas, achieving a revenue of 90 million CNY in 2023, a year-on-year increase of 39.9%, and 30 million CNY in Q1 2024, a year-on-year increase of 58.3% [15][21]. - The company is recognized as a leader in the experimental animal model sector, with strong innovation capabilities and a diverse product range [3][21]. Financial Summary - In 2023, the company reported a revenue of 622 million CNY, a 20.5% increase, and a net profit of 159 million CNY, a decrease of 3.5% [14][21]. - The revenue breakdown for 2023 includes: 370 million CNY from commercial mice (+13.6%), 130 million CNY from functional efficacy (+36.1%), 80 million CNY from breeding (+22.2%), and 40 million CNY from customized models (+49.4%) [21]. - The company’s operating income is projected to reach 772 million CNY in 2024, with a growth rate of 24% [16].

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关于江苏集萃药康生物科技股份有限公司 2023 年度募集资金存放与实际使用情况 鉴证报告 致同会计师事务所（特殊普通合伙） t and the subject of t and the subject of the subject of the subject of the subject of the subject of the subject of the subject of the subject of t . 目 录 关于江苏集萃药康生物科技股份有限公司 2023年度募集资金 存放与实际使用情况鉴证报告 江苏集萃药康生物科技股份有限公司 2023年度募集资金 1-10 存放与实际使用情况的专项报告 Grant Thornton 载目 中国北京 朝阳区建国门外大街 2 塞特广场 5 目 邮编 100004 +86 10 8566 5588 关于江苏集萃药康生物科技股份有限公司 2023 年度募集资金存放与实际使用情况 鉴证报告 致同专字(2024) 第 110A009301 号 江苏集萃药康生物科技股份有限公司全体股东: 我们接受委托,对后附的江苏集萃药康生物科技股份有限公司(以下简 称 药 康 生 ...