公 司 报 告 公 司 季 报 点 评 科兴制药(688136.SH) 盈利能力修复持续，关注白紫欧盟放量节奏 推荐（维持） 事项： 股价：19.57 元 | --- | --- | |--------------------------|----------------------------------| | | | | 主要数据 | | | 行业 | 医药 | | 公司网址 | www.kexing.com | | 大股东 / 持股 | 深圳科益医药控股有限公司 /66.15% | | 实际控制人 | 邓学勤 | | 总股本 ( 百万股 ) | 199 | | | | | 流通 A 股 ( 百万股 | ) 199 | | 流通 B/H 股 ( 百万股 | ) | | 总市值（亿元） | 39 | | 流通 A 股市值 ( | 亿元 ) 39 | | 每股净资产 ( 元 ) | 8.11 | | 资产负债率 (%) | 46.0 | 行情走势图 科兴制药 == 沪深300指数 相关研究报告 【平安证券】科兴制药（688136.SH）*深度报告*多国 GMP验厂节奏符合预期，白紫出海欧盟确定性较强*推 荐2 ...

Revenue and Profit Performance - Revenue for the first three quarters of 2024 reached RMB 1.038 billion, a year-on-year increase of 7.15%[2] - Overseas revenue grew by 47.16% year-on-year, surpassing the total amount for the full year of 2023[7] - Domestic sales increased year-on-year, driven by the company's focus on terminal markets and deep cultivation of niche markets[7] - Net profit attributable to shareholders for the first three quarters was RMB 17.18 million, with a significant year-on-year increase[7] - Overseas revenue reached 1.49 billion yuan, a year-on-year increase of 47.16%, while domestic revenue was 8.89 billion yuan, up 2.47% year-on-year, with total revenue of 10.38 billion yuan, a 7.15% increase[8] - Net profit attributable to parent company shareholders was RMB 17.18 million, compared to a loss of RMB 54.31 million in the same period last year[19] - Net profit attributable to the parent company increased from 125,451,529.17 RMB to 142,629,780.58 RMB, a growth of approximately 13.7%[15] - Total comprehensive income was RMB 14.11 million, compared to a loss of RMB 58.13 million in the same period last year[19] R&D Investment and Expenses - R&D investment for the first three quarters was RMB 135.39 million, a year-on-year decrease of 52.73%[3] - R&D investment as a percentage of revenue decreased by 16.52 percentage points to 13.04%[3] - R&D expenses decreased to RMB 113.45 million, down 32.6% year-over-year from RMB 168.37 million[18] Cash Flow and Financial Position - Operating cash flow for the first three quarters was RMB 53.27 million, primarily due to reduced operating expenses[7] - Net cash flow from operating activities was RMB 53.27 million, a significant improvement from a net outflow of RMB 74.49 million in the same period last year[21] - Cash received from selling goods and providing services was RMB 864.23 million, a decrease of 3.2% year-over-year[21] - Cash paid for employee compensation decreased to RMB 172.34 million, down 13.0% from RMB 198.15 million in the same period last year[21] - Cash received from investment activities increased to RMB 1.49 billion, up 15.5% from RMB 1.29 billion in the same period last year[21] - Cash paid for construction of fixed assets and intangible assets decreased to RMB 67.24 million, down 61.3% from RMB 173.78 million in the same period last year[21] - Investment cash outflow totaled 1,725,561,951.91, with a net cash flow from investment activities of -234,917,275.06[22] - Cash received from financing activities amounted to 436,755,263.90, with a net cash flow from financing activities of -74,485,021.37[22] - Cash and cash equivalents at the end of the period were 304,529,264.60, a decrease from the beginning balance of 559,930,585.75[22] - Cash paid for investment-related activities was 13,320,050.00[22] - Cash received from borrowing was 436,755,263.90[22] - Cash paid for debt repayment was 437,332,505.83[22] - Cash paid for dividends, profits, or interest was 33,494,795.65[22] - Cash paid for other financing-related activities was 40,412,983.79[22] - The impact of exchange rate changes on cash and cash equivalents was 731,760.74[22] - The net increase in cash and cash equivalents was -255,401,321.15[22] Asset and Liability Changes - Total assets at the end of the reporting period were RMB 3.031 billion, a slight decrease of 1.02% compared to the end of the previous year[3] - Equity attributable to shareholders at the end of the reporting period was RMB 1.626 billion, a slight decrease of 0.68% compared to the end of the previous year[3] - Total assets decreased slightly from 3,031,093,090.30 RMB to 3,000,193,448.63 RMB[15] - Accounts receivable increased from 274,522,885.16 RMB to 406,029,832.16 RMB, a growth of approximately 47.9%[13] - Inventory decreased from 191,364,918.26 RMB to 141,623,802.19 RMB, a reduction of approximately 26%[13] - Total current liabilities increased from 669,994,863.31 RMB to 762,936,045.47 RMB, a growth of approximately 13.9%[14] - Long-term liabilities decreased from 730,303,133.29 RMB to 616,901,503.97 RMB, a reduction of approximately 15.5%[14] International Market Expansion - The company achieved a major breakthrough in the EU market with the approval and first shipment of albumin-bound paclitaxel in July and August 2024, respectively, leading to increased sales orders[8] - The self-built albumin-bound paclitaxel production line has been registered with the EU, which is expected to improve sales gross margins[8] - A new subsidiary was established in Germany to boost sales of albumin-bound paclitaxel in the EU and the UK[8] - Self-produced products such as EPO, GC, and Chang Lekang expanded into more international markets, with overseas sales gross margin increasing by 6.25% year-on-year in the first three quarters of 2024[8] - The company accelerated sales and registration of introduced products in emerging markets, including the first shipment of infliximab to Peru and GMP inspections for adalimumab in the Philippines and liraglutide in Colombia[9] Shareholder and Equity Information - The top shareholder, Shenzhen Keyi Pharmaceutical Holding Co., Ltd., holds 66.15% of the company's shares[10] - The company's top 10 shareholders include institutional investors such as CITIC Securities and China Merchants Fund Management, with no shares pledged or frozen[10] - The company's total number of ordinary shareholders at the end of the reporting period was 8,947[10] Earnings Per Share and Financial Ratios - Basic earnings per share for the first three quarters were RMB 0.09[2] - Basic earnings per share were RMB 0.09, compared to a loss per share of RMB 0.27 in the same period last year[19]

医药生物/生物制品 公 司 研 究 科兴制药（688136.SH） 2024 年 09 月 19 日 高效赋能国产生物药出海，海外业务进入加速兑现期 ——公司首次覆盖报告 投资评级：买入（首次） | --- | --- | |-------------------------|-------------| | 日期 | 2024/9/19 | | 当前股价 ( 元 ) | 14.10 | | 一年最高最低 ( 元 ) | 22.82/10.61 | | 总市值 ( 亿元 ) | 28.09 | | 流通市值 ( 亿元 ) | 28.09 | | 总股本 ( 亿股 ) | 1.99 | | 流通股本 ( 亿股 ) | 1.99 | | 近 3 个月换手率 (%) | 28.14 | 股价走势图 -48% -32% -16% 0% 16% 32% 2023-09 2024-01 2024-05 2024-09 科兴制药 沪深300 集采影响逐步减弱，核心产品销售额恢复稳健增长 公司目前贡献收入的上市产品共有 5 个，受区域集采影响，依普定与白特喜 2023 年销售额略微下滑；2024 年以来集采影响逐步减弱，核心 ...

医药生物/生物制品 公 司 研 究 科兴制药（688136.SH） 2024 年 09 月 19 日 高效赋能国产生物药出海，海外业务进入加速兑现期 ——公司首次覆盖报告 投资评级：买入（首次） | --- | --- | |-------------------------|-------------| | 日期 | 2024/9/19 | | 当前股价 ( 元 ) | 14.10 | | 一年最高最低 ( 元 ) | 22.82/10.61 | | 总市值 ( 亿元 ) | 28.09 | | 流通市值 ( 亿元 ) | 28.09 | | 总股本 ( 亿股 ) | 1.99 | | 流通股本 ( 亿股 ) | 1.99 | | 近 3 个月换手率 (%) | 28.14 | 股价走势图 -48% -32% -16% 0% 16% 32% 2023-09 2024-01 2024-05 2024-09 科兴制药 沪深300 集采影响逐步减弱，核心产品销售额恢复稳健增长 公司目前贡献收入的上市产品共有 5 个，受区域集采影响，依普定与白特喜 2023 年销售额略微下滑；2024 年以来集采影响逐步减弱，核心 ...

证券代码: 688136 证券简称：科兴制药 科兴生物制药股份有限公司投资者关系活动记录表 编号：2024-003 | --- | --- | |----------------------|--------------------------------------------------------------------------------------------------------------| | 投资者关系活动类别 | £ 特定对象调研 R 分析师会议 □媒体采访 £业绩 \n说明会 □新闻发布会 □路演活动 £现场参观 其 ☑ \n他（线上交流） | | 参与单位名称及人员姓 | 工银瑞信基金、长盛基金、招商基金、中信资管、 | | 名 | 人保养老、中庚基金、华宝基金、华安基金、金信 | | | 基金、德邦基金、天冶基金、中加基金、鹏扬基 | | | 金、兴银基金、华夏未来资产、长盛基金、国寿安 | | | 保基金、泰信基金、上银基金、博远基金、浙商基 | | | 金、鹏华基金、国联基金、东方资管、正圆投资、 | | | 玄元投资、上海人保、无锡汇蠡投资管理中心（有 | | | 限合伙 ...

[Table_Summary] [Table_Title] 盈利能力持续改善，海外业务有望加速增长 [Table_ReportDate] 科兴制药(688136)公司简评报告 | 2024.08.22 [Table_Rank] 评级： 增持 核心观点 [Table_Authors] 王斌 首席分析师 SAC 执证编号：S0110522030002 wangbin3@sczq.com.cn 电话：86-10-81152643 [市场指数走势（最近 Table_Chart] 1 年） -0.5 0 0.5 22-Aug 3-Nov15-Jan 28-Mar 9-Jun21-Aug 科兴制药 沪深300 资料来源：聚源数据 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 16.03 | | 一年内最高 / 最低价（元） | 22.82/10.61 | | 市盈率（当前） | -24.40 | | 市净率（当前） | 1.99 | | 总股本（亿股） | ...

华福证券 司 研 科兴制药（688136.SH） 业绩符合预期，看好白紫海外加速兑现 投资要点： 事件：公司发布 2024 年中报，2024H1 实现收入 7.6 亿元（同比+17.1%）， 归母净利润 0.1 亿元（同比+125.0%），扣非净利润 0.2 亿元（同比+130.0%）， 2024Q2 单季度实现收入 4.0 亿元（同比+22.3%），归母净利润 0.0 亿元（同 比+98.6%），扣非净利润 0.1 亿元（同比+119.3%）。 公司控费初显成效，盈利能力稳步增强：2024H1 公司整体毛利率和净 利率分别为 71.4%和 1.3%。费用率方面，2024 年上半年销售费用率为 44.1% （同比-15.1pct），管理费用率 5.6%（同比-0.7pct），研发费用率 10.6%（同 比-8.6pct），财务费用率 2.51%（同比+0.4pct），费用端下降明显。公司盈 利能力大幅提升得益于公司深化全业务流程的精益管理，内部运营效率得 以提升，销售费用率下降。 海外持续高增长，白紫欧盟获批有望带来新增量：2024 年上半年公司 实现海外销售收入 9009.5 万元（同比+33.0%），国际 ...

证券研究报告·公司点评报告·生物制品 科兴制药（688136） 2024 年中报点评：利润扭亏为盈，出海商业 化平台价值加速兑现 2024 年 08 月 20 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|----------|----------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 1316 | 1259 | 1481 | 1779 | 2369 | | 同比（ % ） | 2.39 | (4.32) | 17.62 | 20.16 | 33.13 | | 归母净利润（百万元） | (90.30) | (190.29) | 23.94 | 141.00 | 232.91 | | 同比（ % ） | (193.61) | (110.74) | 112.58 | 489.05 | 65.19 | | EPS- 最新摊薄（元 / ...

大家好我是天空证券的一号在线主持人团队的同事这个曹文清那谁是非常这个辛苦大家这个晚上来参加以我们天空证券以及多家券商联合主持的科兴资料2024年的上半年经营业绩的交流会议那公司的话也是在晚上刚刚挂出的这个半年报啊可能还有很多的这个投资者还没来得及详细看那我大概看了一下整个经营的话我觉得是非常正常的然后呢就已经是在 一些特殊情况影响下我觉得公司的财务数据表现是非常亮眼我们今天也非常荣幸的邀请到了公司的多位管理层包括科兴调的董事总经理赵总公司的董事财务总监董经理王总以及我们大家非常熟悉的IRD段总来给大家做介绍我们整体的话大概是分为三个部分第一个的话先辛苦段总对整个上面的经营情况做一个批评介绍然后最后是我们创商主持人 做这个交流提问然后做投资者的这个提问的交流那提问交流环节将由我的同事文青来主持那段总我先把先交给你谢谢好的我先确认一下我这边的这个信号好不好声音有没有回应可以了段总可以好的好的 好的,非常感谢各位投资人的时间,也非常感谢我们各位券商的老师联合来组织这次我们上半年的这个业绩交流会。那接下来呢,我会花一小部分的时间给大家介绍一下我们上半年,包括业绩,包括一些重大事项的一些进展,然后再进入到我们的交流环节 ...

公 司 报 告 公 司 半 年 报 点 评 证 券 研 究 报 告 科兴制药(688136.SH) 医药 2024 年 08 月 20 日 盈利能力修复有望持续，关注生物药新品出海放量节奏 推荐（维持） 事项： 股价：16.44 元 | --- | --- | |--------------------------|----------------------------------| | 主要数据 | | | 行业 | 医药 | | 公司网址 | www.kexing.com | | 大股东 / 持股 | 深圳科益医药控股有限公司 /66.15% | | 实际控制人 | 邓学勤 | | 总股本 ( 百万股 ) | 199 | | 流通 A 股 ( 百万股 ) | 199 | | 流通 B/H 股 ( 百万股 | | | 总市值（亿元） | 33 | | 流通 A 股市值 ( 亿元 | 33 | | 每股净资产 ( 元 ) | 8.06 | | 资产负债率 (%) | 48.0 | | 行情走势图 | | 相关研究报告 【平安证券】科兴制药（688136.SH）*深度报告*多国 GMP验厂节奏符合预期，白紫出 ...