证券代码：688363 证券简称：华熙生物 公告编号：2024-021 重要内容提示： 投资者可于 2024 年 05 月 29 日(星期三) 至 06 月 04 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 ir@bloomagebiotech.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。 华熙生物科技股份有限公司（以下简称"公司"）已于 2024 年 4 月 30 日发 布公司 2023 年年度报告及 2024 年第一季度报告，为便于广大投资者更全面深入 地了解公司 2023 年度及 2024 年第一季度经营成果、财务状况，公司计划于 2024 年 06 月 05 日 上午 09:00-10:00 举行 2023 年度暨 2024 年第一季度业绩说明会， 就投资者关心的问题进行交流。 一、 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 2023 年度及 2024 年第一 季度的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披 会议召开时间：2024 年 06 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The report indicates that the management transformation is beginning to show results, with significant improvement in profitability for Q1 2024 [6][5]. - The company achieved a total revenue of 6.076 billion yuan in 2023, a year-on-year decline of 4.45%, while the net profit attributable to shareholders was 593 million yuan, down 38.97% year-on-year [5][6]. - In Q1 2024, the company reported revenue of 1.361 billion yuan, a year-on-year increase of 4.24%, and a net profit of 243 million yuan, up 21.39% year-on-year [5][6]. Summary by Sections Financial Performance - In 2023, the company’s revenue decreased by 4.45% to 6.076 billion yuan, with a net profit decline of 38.97% to 593 million yuan [5][6]. - The Q4 2023 revenue was 1.854 billion yuan, down 9.04% year-on-year, and the net profit was 78 million yuan, down 73.37% year-on-year [5][6]. - The gross profit margin for 2023 was under pressure, decreasing by 3.7 percentage points, while the sales expense ratio improved marginally, decreasing by 1.2 percentage points [6][11]. Business Segments - The raw materials business generated revenue of 1.13 billion yuan, up 15% year-on-year, with the high-margin pharmaceutical HA segment growing by 19% [6]. - The medical terminal business saw a revenue increase of 59%, with significant growth in skin, orthopedic, and other categories [6]. - The functional skincare segment experienced an 18% decline, attributed to strategic adjustments in brand management [6]. Future Outlook - The report anticipates that the company’s raw materials business will maintain a solid market position, and the contribution from the medical aesthetics business is expected to increase [6]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.75 yuan, 2.08 yuan, and 2.52 yuan respectively [6][11].

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。 华熙生物科技股份有限公司（以下简称"公司"）首次公开发行股票募集资 金投资项目（以下简称"募投项目"）"华熙生物研发中心提升改造项目"（以下 简称"研发中心项目"）拟使用募集资金金额已投入完毕，"华熙天津透明质酸钠 及相关项目"（以下简称"天津项目"）已达到预定可使用状态，公司决定将其予 以结项，并注销相应募集资金专项账户，现将相关情况公告如下： 一、募集资金基本情况 根据中国证券监督管理委员会于 2019 年 9 月 29 日出具的《关于同意华熙生 物科技股份有限公司首次公开发行股票注册的批复》（证监许可[2019]1796 号）， 公司首次公开发行人民币普通股 49,562,556 股，发行价格为 47.79 元/股，募集资 金总额为人民币 236,859.46 万元，扣除发行费用合计人民币 11,964.01 万元（不 含增值税）后，实际募集资金净额为人民币 224,895.44 万元。上述资金已于 2019 年 10 月 30 日全部到位，致同会计师事务所（特殊普通合 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [12]. Core Views - The company achieved a revenue of 6.08 billion yuan in 2023, a year-on-year decrease of 4.6%. However, the first quarter of 2024 showed a revenue increase of 4.2% year-on-year, reaching 1.36 billion yuan [1][2]. - The raw material and medical business segments exceeded expectations, with raw material product revenue growing by 15% year-on-year to 1.13 billion yuan, and medical terminal product revenue increasing by 59% year-on-year to 1.09 billion yuan [1]. - The company is expected to see revenue growth in the coming years, with projections of 6.6 billion yuan in 2024, 7.6 billion yuan in 2025, and 8.9 billion yuan in 2026, reflecting a compound annual growth rate of 14.1% from 2024 to 2026 [2][6]. Summary by Sections Financial Performance - In 2023, the company reported a gross profit margin of 73.32%, a decrease of 3.67 percentage points year-on-year, with a net profit of 590 million yuan, down 39% year-on-year [1]. - The first quarter of 2024 showed a gross margin improvement to 75.73%, with a net profit of 240 million yuan, up 21% year-on-year [1]. Business Segments - The raw material segment contributed 19% of total revenue, with a gross margin of 64.71%, down 6.83 percentage points due to increased production costs. The overseas market, particularly Europe and Southeast Asia, drove growth, with exports reaching 517 million yuan, up 21% year-on-year [1]. - The medical terminal segment contributed 18% of total revenue, with a gross margin of 82.10%, an increase of 1.24 percentage points. The company expanded its customer base to over 3,500 institutions [1]. - Functional skincare products accounted for 62% of total revenue, with a gross margin of 73.93%, down 4.44 percentage points. The company is optimizing its brand resources and channels [1]. Cost and Expenses - The overall expense ratio for 2023 was 61.72%, an increase of 2.25 percentage points from 2022. The sales expense ratio was 46.78%, down 1.2 percentage points year-on-year [1]. - The company reported a significant improvement in sales expenses, although the decline in functional skincare revenue led to a slight increase in the overall expense ratio [1]. Future Outlook - The company is expected to maintain a strong growth trajectory, with anticipated revenues of 6.6 billion yuan in 2024, 7.6 billion yuan in 2025, and 8.9 billion yuan in 2026, alongside net profits of 850 million yuan, 1.06 billion yuan, and 1.28 billion yuan respectively [2][6].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index within the next six months [12]. Core Views - The company experienced a decline in revenue and net profit in 2023 due to adjustments in its skincare product line, but a significant recovery in performance is anticipated in Q1 2024 [6][8]. - The company is recognized as a global leader in biotechnology and bioactive materials, with a comprehensive value chain in hyaluronic acid production [6][8]. - The report forecasts EPS for 2024, 2025, and 2026 to be 1.71, 2.11, and 2.61 CNY respectively, with corresponding P/E ratios of 37.0X, 29.9X, and 24.3X [6][8]. Financial Summary - In 2023, the company reported revenue of 6,076 million CNY, a year-on-year decrease of 4.45%, and a net profit of 593 million CNY, down 38.97% [2][3]. - The gross margin for 2023 was 73.32%, a decline of 3.67 percentage points from the previous year, while the net margin was 9.59%, down 5.53 percentage points [3][8]. - The first quarter of 2024 showed a revenue increase of 4.24% year-on-year, with a net profit growth of 21.39% [2][3]. Business Performance - The company operates multiple business segments, with significant revenue contributions from raw materials, medical terminal products, and functional skincare products [3][6]. - The revenue from raw materials was 1,129 million CNY, up 15.22%, while medical terminal products saw a remarkable increase of 58.95% to 1,090 million CNY [3][6]. - The company has established a robust distribution network across over 70 countries, with a strong customer base of more than 4,000 global clients [3][6]. Future Outlook - The report indicates that the company is expected to benefit from the release of new production capacity, which will enhance the gross margin of its raw materials business [6][8]. - The expansion of skincare brands is anticipated to yield positive results, with potential for further optimization of expenses [6][8].

Investment Rating - The report suggests a focus on the company's management and organizational adjustments, indicating a potential for recovery in performance, thus recommending attention to the stock [6]. Core Views - The company reported a revenue of 6.076 billion yuan in 2023, a decrease of 4.5% year-on-year, with a net profit of 593 million yuan, down 39.0% year-on-year. However, Q1 2024 showed a revenue increase of 4.2% year-on-year to 1.361 billion yuan and a net profit increase of 21.4% year-on-year to 243 million yuan [3][4]. - The raw materials and medical terminal businesses performed well in 2023, with raw material revenue increasing by 15.22% and medical terminal business revenue increasing by 58.95%. In contrast, the functional skincare segment saw a revenue decline of 18.45% due to strategic adjustments [4][5]. - The company is implementing multi-dimensional adjustments in management, digitalization, and business operations, aiming for a rebound in the skincare business in 2024 [5]. Financial Summary - Revenue projections for 2024-2026 are 7.095 billion yuan, 8.095 billion yuan, and 9.253 billion yuan, with corresponding growth rates of 16.8%, 14.1%, and 14.3%. Net profit projections are 863 million yuan, 1.051 billion yuan, and 1.272 billion yuan, with growth rates of 45.6%, 21.8%, and 21.1% respectively [6][7]. - The company's comprehensive gross margin for 2023 was 73.3%, with a net profit margin of 9.75% [4][6]. - The earnings per share (EPS) for 2024-2026 are projected to be 1.79 yuan, 2.18 yuan, and 2.64 yuan, respectively [6][7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company is experiencing a strategic adjustment, with a focus on enhancing its product lineup and brand image, which is expected to contribute to future growth [8] - The first quarter of 2024 shows a positive revenue growth, indicating that the strategic adjustments are beginning to yield results [8] - The medical terminal business is performing well, with significant growth in both volume and pricing, and expansion into international markets [8] Financial Performance Summary - For the full year of 2023, the company reported revenue of 6,075.92 million yuan, a decrease of 4.45% year-on-year, and a net profit attributable to shareholders of 592.56 million yuan, down 38.97% [7] - In Q4 2023, revenue was 1,854 million yuan, a decline of 9.04%, with a net profit of 78 million yuan, down 73.37% [7] - In Q1 2024, revenue increased to 1,361 million yuan, up 4.24%, and net profit rose to 243 million yuan, an increase of 21.39% [7] - The raw materials and medical terminal businesses showed robust growth, with revenues of 1,129 million yuan and 1,090 million yuan, respectively, representing year-on-year increases of 15.22% and 58.95% [7] - The gross margin for 2023 was 73.32%, down 3.67 percentage points year-on-year, while the net margin was 9.59%, down 5.53 percentage points [7] Future Outlook - The company is expected to achieve revenues of 65.04 billion yuan in 2024, with a growth rate of 7.05%, and a net profit of 791 million yuan, reflecting a growth rate of 33.51% [8] - The company aims to maintain a valuation of 39-43 times earnings for 2024, with a target price range of 63.96 to 70.52 yuan [8]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's revenue and profit were under pressure in 2023, but business adjustments showed initial results in Q1 2024, with significant optimization in sales expense ratio [3] - The raw material business grew steadily, with overseas expansion and synthetic biology layout progressing steadily [3] - The medical aesthetics segment showed strong growth, while the skincare business underwent phased adjustments [4] - The company is expected to achieve EPS of 1.71/2.10/2.49 for 2024-2026, with PE ratios of 37/30/25X [5] Financial Performance - 2023 revenue was 6.076 billion yuan, down 4.45% YoY, with net profit attributable to the parent company at 593 million yuan, down 38.97% YoY [3] - Q1 2024 revenue was 1.361 billion yuan, up 4.24% YoY, with net profit attributable to the parent company at 243 million yuan, up 21.39% YoY [3] - The raw material business achieved revenue of 1.129 billion yuan in 2023, up 15.22% YoY [3] - The medical terminal business achieved revenue of 1.090 billion yuan in 2023, up 58.95% YoY [4] - The functional skincare business achieved revenue of 3.757 billion yuan in 2023, down 18.45% YoY [4] Business Segments - The raw material business saw steady growth, with overseas expansion and new product launches [3] - The medical aesthetics segment added coverage to over 3,500 institutions, with skin-related medical products achieving revenue of 747 million yuan, up 60.29% YoY [4] - The skincare business is undergoing phased adjustments, with a focus on building blockbuster product series and optimizing channel structure [4] Future Outlook - The company is expected to continue its growth trajectory, driven by its core hyaluronic acid business and diversified bio-active material product matrix [5] - The report forecasts revenue growth of 11.59%, 14.77%, and 13.29% for 2024-2026, respectively [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][11]. Core Insights - The company faced performance pressure in 2023, but in Q1 2024, the net profit attributable to shareholders increased by 21% year-on-year. In 2023, the company achieved revenue of 6.076 billion yuan (down 4.45% year-on-year) and a net profit of 593 million yuan (down 38.97% year-on-year). In Q1 2024, revenue was 1.361 billion yuan (up 4.24% year-on-year) and net profit was 243 million yuan (up 21.39% year-on-year) [4][11]. Summary by Sections Revenue and Profitability - In 2023, the company reported a revenue of 60.76 billion yuan, with a net profit of 5.93 billion yuan. The net profit margin was 9.59%, down 5.53 percentage points year-on-year. The company plans to distribute a cash dividend of 3.80 yuan per 10 shares, totaling approximately 182 million yuan [4][11]. Business Segments - Raw Material Business: Revenue reached 1.129 billion yuan (up 15.22% year-on-year), driven by growth in pharmaceutical-grade and cosmetic-grade raw materials. The gross margin decreased by 6.83 percentage points to 64.71% [4]. - Medical Terminal Business: Revenue increased by 58.95% year-on-year to 1.090 billion yuan, with a gross margin of 82.10%. The aesthetic medicine segment saw significant growth, with skin-related medical products generating 747 million yuan (up 60.29% year-on-year) [4]. - Functional Skincare Products: Revenue declined by 18.45% year-on-year to 3.757 billion yuan, primarily due to strategic adjustments in the product line [11]. - Functional Food Business: Revenue fell by 22.53% year-on-year to 58 million yuan, attributed to proactive adjustments in business strategy and brand planning [11]. Financial Forecast - The company forecasts revenues of 66.30 billion yuan, 76.13 billion yuan, and 87.64 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 746 million yuan, 907 million yuan, and 1.113 billion yuan [5][14]. Valuation Metrics - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.55 yuan, 1.88 yuan, and 2.31 yuan, respectively. The price-to-earnings (PE) ratios are estimated at 41, 34, and 28 times for the same years [11][14].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 63.24 CNY [4][6] Core Insights - The company achieved a revenue of 6.08 billion CNY in 2023, a year-on-year decline of 4.5%, and a net profit attributable to shareholders of 593 million CNY, down 39% year-on-year. In Q1 2024, revenue and net profit attributable to shareholders grew by 4.2% and 21.4% year-on-year, respectively [1][2] - The raw materials business showed steady growth, with revenue reaching 1.13 billion CNY in 2023, up 15.2% year-on-year, driven by increases in pharmaceutical-grade and cosmetic-grade raw materials [1] - The medical terminal business, particularly in aesthetic medicine, saw significant growth, with revenue of 1.09 billion CNY in 2023, a year-on-year increase of 58.95%. Notably, skin-related medical products generated 750 million CNY, up 60.3% year-on-year [1] - The functional skincare segment faced challenges, with revenue declining by 18.5% to 3.76 billion CNY in 2023, prompting strategic adjustments in channel management [1] - Q1 2024 performance showed signs of stabilization, driven by continued growth in the aesthetic medicine sector and improvements in gross margin and sales expense ratio [1] Financial Summary - The company’s financial performance for 2022 and projections for 2024-2026 are as follows: - Revenue (million CNY): 2022A: 6,359, 2023A: 6,076, 2024E: 6,586, 2025E: 7,514, 2026E: 8,451 [3] - Net profit (million CNY): 2022A: 971, 2023A: 593, 2024E: 818, 2025E: 1,042, 2026E: 1,298 [3] - Earnings per share (CNY): 2022A: 2.02, 2023A: 1.23, 2024E: 1.70, 2025E: 2.16, 2026E: 2.69 [3] - Gross margin (%): 2022A: 77.0%, 2023A: 73.3%, 2024E: 74.3%, 2025E: 75.1%, 2026E: 75.5% [3]