美容护理/医疗美容 公 司 研 华熙生物（688363.SH） 2024Q1 利润有所回暖，期待公司变革完成焕新生 究 2024年04月30日 ——公司信息更新报告 投资评级：买入（维持） 黄泽鹏（分析师） 杨柏炜（联系人） huangzepeng@kysec.cn yangbowei@kysec.cn 日期 2024/4/29 证 书编号：S0790519110001 证书编号：S0790122040052 当前股价(元) 60.51  事件：2023年业务调整背景下经营承压，2024Q1利润端有所回暖 公 一年最高最低(元) 99.49/50.22 公司发布年报及一季报：2023年实现营收60.76亿元（同比-4.5%，下同）、归母 司 信 总市值(亿元) 291.46 净利润5.93亿元（-39.0%）；2024Q1实现营收13.61亿元（+4.2%）、归母净利润 息 流通市值(亿元) 119.92 2.43 亿元（+21.4%）。考虑市场竞争激烈，我们下调 2024-2025 年并新增 2026 更 总股本(亿股) 4.82 年盈利预测，预计公司2024-2026年归母净利润为8.51（-2.12） ...

股 票 研 究 [Table_industryInfo] 医药/必需消费 [ Table_Main[华ITnaf 熙bol]e 生_Ti物tle]( 688363) [评Tab级le_：Inv est] 增持 上次评级： 增持 Q1 超预期，医美高增、降费显著 目标价格： 70.93 上次预测： 92.70 公 ——华熙生物2023 年报及2024 年一季报点评 当前价格： 60.51 司 訾猛(分析师) 谈嘉程(分析师) 闫清徽(分析师) 2024.04.30 更 021-38676442 021-38038429 021-38031651 [交Ta易bl数e_M据a rket] 新 zimeng@gtjas.com tanjiacheng@gtjas.com yanqinghui@gtjas.com 证书编号 S0880513120002 S0880523070004 S0880522120004 52周内股价区间（元） 53.00-97.88 报 总市值（百万元） 29,146 告 本报告导读： 总股本/流通A股（百万股） 482/198 流通 B股/H股（百万股） 0/0 2023年公司业绩承压，24 ...

证券研究报告 | 2024年04月30日 华熙生物（688363.SH） 增持 一季度盈利能力拐点初显，医疗终端业务增长领先 核心观点 公司研究·财报点评 2024年一季度收入增长稳健，归母净利润实现21%增长。公司2023年营收 美容护理·医疗美容 60.76亿元，同比-4.45%，归母净利润5.93亿元，同比-38.97%，扣非净利 证券分析师：张峻豪 证券分析师：柳旭 润同比-42.44%，与此前业绩快报数据基本一致。2024年一季度看，公司营 021-60933168 0755-81981311 zhangjh@guosen.com.cn liuxu1@guosen.com.cn 收同比+4.24%，归母净利润同比+21.39%，扣非净利润同比+53.3%，整体盈 S0980517070001 S0980522120001 利水平环比改善明显，受益医疗终端和原料业务增长及费用管控优化。 基础数据 医疗终端业务增长领先，原料业务表现稳健。分业务看，公司医疗终端业务 投资评级 增持(维持) 合理估值 2023年收入同比+58.95%，收入占比同比+7.16pct至17.95%，且2024年一 收盘价 60 ...

证券研究报告 | 2024年04月30日 华熙生物（688363.SH） 增持 一季度盈利能力拐点初显，医疗终端业务增长领先 核心观点 公司研究·财报点评 2024年一季度收入增长稳健，归母净利润实现21%增长。公司2023年营收 美容护理·医疗美容 60.76亿元，同比-4.45%，归母净利润5.93亿元，同比-38.97%，扣非净利 证券分析师：张峻豪 证券分析师：柳旭 润同比-42.44%，与此前业绩快报数据基本一致。2024年一季度看，公司营 021-60933168 0755-81981311 zhangjh@guosen.com.cn liuxu1@guosen.com.cn 收同比+4.24%，归母净利润同比+21.39%，扣非净利润同比+53.3%，整体盈 S0980517070001 S0980522120001 利水平环比改善明显，受益医疗终端和原料业务增长及费用管控优化。 基础数据 医疗终端业务增长领先，原料业务表现稳健。分业务看，公司医疗终端业务 投资评级 增持(维持) 合理估值 2023年收入同比+58.95%，收入占比同比+7.16pct至17.95%，且2024年一 收盘价 60 ...

Financial Performance - In 2023, the company achieved a net profit attributable to shareholders of RMB 592,555,911.37, with a parent company net profit of RMB 709,303,002.90[5]. - The proposed cash dividend distribution is RMB 3.80 per 10 shares, totaling RMB 181,882,448.74, which accounts for 30.69% of the net profit attributable to shareholders[5]. - The company's operating revenue for 2023 was approximately CNY 6.08 billion, a decrease of 4.45% compared to CNY 6.36 billion in 2022[25]. - Net profit attributable to shareholders decreased by 38.97% to CNY 592.56 million in 2023 from CNY 970.92 million in 2022[25]. - Basic earnings per share fell by 39.11% to CNY 1.23 in 2023, down from CNY 2.02 in 2022[26]. - The company's total assets decreased by 2.44% to CNY 8.47 billion at the end of 2023, compared to CNY 8.68 billion at the end of 2022[25]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 490.48 million, a decrease of 42.44% from CNY 852.14 million in 2022[25]. - The comprehensive gross margin for the reporting period was 73.32%, indicating a stable production and sales situation[161]. Operational Efficiency - The net cash flow from operating activities increased by 10.15% to CNY 699.65 million in 2023, compared to CNY 635.19 million in 2022[25]. - The company has not reported any significant risks that could materially affect its operations during the reporting period[4]. - The company has received a standard unqualified audit opinion from its auditor, Deloitte[5]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties[9]. - The company has not experienced any instances where more than half of the board members could not guarantee the accuracy and completeness of the annual report[9]. - The company has established a comprehensive quality management system, certified by multiple international standards, ensuring high production standards that meet cGMP and GMP requirements[145]. Research and Development - Research and development expenses accounted for 7.35% of operating revenue in 2023, an increase from 6.10% in 2022[26]. - Total R&D expenditure reached approximately CNY 44.63 million, a 14.98% increase from the previous year, representing 7.35% of total revenue[110]. - The company is actively developing 132 R&D projects in raw materials and synthetic biology, focusing on innovative green manufacturing technologies[112]. - The company has initiated 99 medical device R&D projects, with plans to launch multiple products in orthopedics, ophthalmology, and surgery over the next 1-3 years[113]. - The company has launched 1 new key research project in 2023 focused on non-animal sourced chondroitin sulfate, and continues to work on 4 national key research projects related to biomanufacturing technologies[101]. - The company has established deep collaborations with independent institutions to advance efficacy testing for new products, enhancing market competitiveness[117]. Market Expansion and Product Development - The company is focusing on digital transformation, organizational capability enhancement, compliance management, and cost reduction to drive sustainable growth[38]. - The company is expanding its distribution channels, adding coverage to over 3,500 medical institutions in the domestic market during the reporting period[43]. - The company is the exclusive distributor of RegenLab's PRP product in China, promoting it across various medical departments[64]. - The company is exploring the application of new food ingredients like sodium hyaluronate and GABA in health foods, enhancing the health quality of the population[80]. - The company is actively pursuing new strategies in biotechnology and synthetic biology to enhance its product offerings and market competitiveness[120][121]. - The company is expanding its market presence in the cosmetic sector with high molecular weight hyaluronic acid products, targeting skincare, hair care, and makeup applications[200]. Strategic Initiatives - The company is undergoing comprehensive management reforms to improve operational efficiency and adapt to changing market conditions[37]. - The company has established an ESG management system and formed an ESG strategic management center to enhance sustainable development efforts[58]. - The company has signed a strategic cooperation agreement with Jiangnan University in February 2023 to promote research in synthetic biology and human milk oligosaccharide biomanufacturing[52]. - The company is focused on the development of technologies that improve the delivery and stability of active ingredients in skincare products, addressing consumer absorption challenges[116]. - The company is committed to sustainability in its production processes, aligning with industry trends towards eco-friendly and natural ingredients[200]. Risks and Challenges - The company faces risks related to new product development, registration, and potential technology substitution, which could impact its market competitiveness[154]. - The company is exposed to supply chain management risks as it expands its business scale, necessitating effective supplier partnerships[159]. - The company’s overseas sales accounted for 13.47% of total revenue, exposing it to global economic fluctuations and trade tensions[164]. - The company is at risk of declining net profit margins due to increased strategic investments in brand building and talent acquisition[160]. - The company has implemented measures to protect its core technologies, but risks of leakage remain if confidentiality protocols are not effectively enforced[156].

Financial Performance - The company's operating revenue for Q1 2024 was RMB 1,360,531,915, representing a year-on-year increase of 4.24%[4] - The net profit attributable to shareholders was RMB 243,367,321.40, reflecting a year-on-year growth of 21.39%[4] - The net profit after deducting non-recurring gains and losses was RMB 231,475,776.61, which increased by 53.30% compared to the same period last year[4] - Basic and diluted earnings per share were both RMB 0.51, marking a 21.43% increase year-on-year[5] - Net profit for Q1 2024 was CNY 243,387,652.32, compared to CNY 200,972,272.94 in Q1 2023, reflecting an increase of approximately 21.0%[20] - Basic earnings per share for Q1 2024 were CNY 0.51, up from CNY 0.42 in Q1 2023, representing a growth of approximately 21.4%[21] Cash Flow - The net cash flow from operating activities was RMB 34,851,268.21, with a significant increase attributed to reduced expenses and employee bonuses[8] - In Q1 2024, the net cash flow from operating activities was 34,851,268.21, a significant improvement from -198,334,371.86 in Q1 2023[23] - Total cash inflow from operating activities was 1,380,453,113.82, compared to 1,524,539,434.51 in the same period last year, reflecting a decrease of approximately 9.4%[22] - Cash outflow from operating activities totaled 1,345,601,845.61, down from 1,722,873,806.37 in Q1 2023, indicating a reduction of about 21.9%[23] - The ending balance of cash and cash equivalents was 571,232,634.73, down from 1,106,405,377.17 at the end of Q1 2023, representing a decrease of approximately 48.3%[24] Assets and Liabilities - Total assets at the end of the reporting period were RMB 8,315,390,858.15, a decrease of 1.83% from the end of the previous year[5] - The company's total assets as of March 31, 2024, amounted to RMB 8,315,390,858.15, compared to RMB 8,470,008,293.83 as of December 31, 2023[16] - The company reported a total liability of CNY 1,188,057,942.06, down from CNY 1,486,581,550.49, indicating a decrease of approximately 20.0%[18] - The total equity attributable to shareholders increased to CNY 7,087,986,444.98 from CNY 6,944,100,603.15, a growth of about 2.1%[18] Research and Development - Research and development expenses totaled RMB 95,741,342.10, accounting for 7.04% of operating revenue, which is an increase of 0.67 percentage points from the previous year[5] - Research and development expenses rose to CNY 95,741,342.10 from CNY 83,153,130.85, marking an increase of about 15.5%[19] Shareholder Information - The top ten shareholders held a total of 58.86% of the shares, with the largest shareholder owning 283,500,000 shares[9] - As of April 26, 2024, the company has repurchased a total of 3,040,219 shares, accounting for 0.6312% of the total share capital of 481,678,242 shares, with a total expenditure of RMB 203,975,735.27[14] Government Support and Investments - The company received government subsidies amounting to RMB 11,028,362.09, which are closely related to its normal business operations[6] - The company received 7,139,138.96 in investment income, an increase from 4,737,573.13 in Q1 2023, reflecting a growth of about 50.7%[23] - The company has established strategic partnerships for investment in medical ventures, indicating a focus on expanding its healthcare investment portfolio[12] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[20]

证券代码：688363 证券简称：华熙生物 公告编号：2024-008 华熙生物科技股份有限公司 关于变更签字注册会计师的公告 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"）于 2023 年 3 月 30 日分别召 开第二届董事会第五次会议和第二届监事会第五次会议，审议通过了《关于续聘公 司 2023 年度审计机构的议案》，同意公司续聘致同会计师事务所（特殊普通合伙） （以下简称"致同所"）作为公司 2023 年度财务报告及内部控制审计机构。该议 案已于 2023 年 6 月 2 日经公司 2022 年年度股东大会审议通过。具体内容详见公司 分别于 2023 年 3 月 31 日、2023 年 6 月 3 日在上海证券交易所网站（www.sse.com.cn） 披露的《华熙生物科技股份有限公司关于续聘会计师事务所的公告（公告编号： 2023-005）》和《华熙生物科技股份有限公司 2022 年年度股东大会决议公告（公 告编号：2023-018）》。 近日，公司收到致同所出具的《 ...

证券代码：688363 证券简称：华熙生物 公告编号：2024-007 华熙生物科技股份有限公司 关于核心技术人员离职的公告 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、准确性和完整性依法承担法律责任。 重要风险提示： 公司原核心技术人员马守伟先生因个人原因辞去公司职务，辞职后其在 公司及子公司将不再担任任何职务。 马守伟先生与公司不存在涉及职务发明专利等知识产权权属纠纷或潜在 纠纷的情形，其离职亦不影响公司专利等知识产权权属的完整性。 马守伟先生离职不会对公司的技术优势、核心竞争力、业务发展和产品 创新产生重大不利影响。 一、 核心技术人员离职的具体情况 华熙生物科技股份有限公司（以下简称"公司"）原核心技术人员马守伟先生 因个人原因辞去公司职务，辞职后其在公司及子公司将不再担任任何职务。 （一） 马守伟先生的基本情况 马守伟先生，1983 年 7 月出生，中国国籍，无境外永久居留权。毕业于中国 药科大学药剂学专业，硕士学历。2008 年至 2012 年服务于联合利华（中国）研究 中心，2012 年至 2020 年任职于欧莱雅（中国）研究与创新中心。 ...

华熙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、准确性和完整性依法承担法律责任。 重要内容提示： 证券代码：688363 证券简称：华熙生物 公告编号：2024-006 1 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，现将公司回购进展情况公告如下： 2024 年 3 月，公司通过集中竞价交易方式已累计回购股份 330,184 股，占公 司总股本 481,678,242 股的比例为 0.0685%，回购成交的最高价为 64.00 元/股， 最低价为 62.90 元/股，支付的资金总额为人民币 20,996,923.96 元（不含印花税、 交易佣金等交易费用）。截至 2024 年 3 月 31 日，公司已累计回购公司股份 3,040,219 股，占公司总股本 481,678,242 股的比例为 0.6312%，回购成交的最高 价为 89.71 元/股，最低价为 56.90 元/股，支付的资金总额为人民币 203,975,735.27 ...

证券代码：688363 证券简称：华熙生物 公告编号：2024-005 华熙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、准确性和完整性依法承担法律责任。 重要内容提示： ● 截至 2024 年 2 月 29 日，华熙生物科技股份有限公司（以下简称"公司"） 通过上海证券交易所交易系统以集中竞价交易方式累计回购公司股份 2,710,035 股，占公司总股本 481,678,242 股的比例为 0.5626%，回购成交的最高价为 89.71 元/股，最低价为 56.90 元/股，支付的资金总额为人民币 182,978,811.31 元（不含 印花税、交易佣金等交易费用）。 一、回购股份的基本情况 公司于 2023 年 8 月 29 日召开第二届董事会第八次会议，审议通过《关于以 集中竞价交易方式回购公司股份的议案》，同意公司以自有资金通过集中竞价交 易方式进行股份回购，用于员工持股计划或者股权激励。公司拟用于本次回购的 资金总额不低于人民币 2 亿元（含），不超过人民币 3 亿元（含），回 ...