Company Overview - Beijing Sunshine Nuohe Pharmaceutical Research Co., Ltd. specializes in comprehensive preclinical and clinical drug research services, providing a one-stop drug development service for domestic pharmaceutical companies and research institutions [2] - The company aims to assist domestic pharmaceutical manufacturers in accelerating import substitution and independent innovation [2] - Major products include drug discovery, pharmacology, pharmaceutical research, clinical research, and bioanalysis [2] Financial Performance - For the fiscal year 2024, the company reported a revenue of 1.078 billion yuan, representing a year-on-year increase of 15.70% [2] - The net profit for the same period was 177 million yuan, showing a year-on-year decrease of 3.98% [2] - The sales gross margin stood at 50.18% [2] Market Position - As of April 18, the company's stock closed at 45.24 yuan, with a PE ratio of 28.56, marking an 11-day low [1] - The total market capitalization is 5.067 billion yuan [1] - In comparison to the industry, the average PE ratio for the medical services sector is 45.89, with a median of 48.60, placing Sunshine Nuohe at the 21st position in the industry ranking [1][3] Shareholder Information - As of March 31, 2025, the number of shareholders for Sunshine Nuohe reached 8,025, an increase of 455 from the previous count [1] - The average market value of shares held by each shareholder is 352,800 yuan, with an average holding of 27,600 shares [1]

事件：公司2024 年实现营业收入10.78 亿元，同比增长15.70%；归母净利润1.77亿元，同比下降 3.98%。单四季度实现营业收入1.62 亿元，同比下降-32.62%；归母净利润-0.3 亿元。。 考虑到行业景气度波动导致订单价格及毛利率水平下降，我们下调公司营业收入及利润水平，预测公司 2025-2026 年每股收益分别为1.98、2.36 元（原预测值为3.58、4.35 元），并新增预测2027 年每股收益 为2.95 元。根据PE 估值法，参考可比公司估值水平，我们认为目前公司的合理估值水平为2025 年的29 倍市盈率，对应目标价为57.42 元，维持"买入"评级。 风险提示 研发进展不及预期的风险，销售不及预期的风险，行业竞争加剧的风险。 新签订单维持快速增长，临床业务优势凸显。2024 年公司新签订单 17.86 亿元，同比增长 18.74%；累 计存量订单32.73 亿元，同比增长27.57%，充足的在手订单为公司未来的发展奠定良好基础。分业务板 块看：1）药学研究业务实现收入5.59 亿元，同比下降1.7%。针对早期药物发现，公司继续聚焦缓控释 制剂、多肽药物、小核酸药物等优势领 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 1.078 billion yuan in 2024, representing a year-on-year growth of 15.7%, while the net profit attributable to the parent company decreased by 3.98% to 177 million yuan [9] - New orders continued to grow rapidly, with a total of 1.786 billion yuan in new orders signed in 2024, an increase of 18.74% year-on-year, and a backlog of 3.273 billion yuan, up 27.57% year-on-year, providing a solid foundation for future growth [9] - The company emphasizes innovation in drug research and development, with R&D expenses increasing by 39% to 172 million yuan in 2024, accounting for 15.9% of revenue [9] Financial Forecast and Investment Recommendations - The forecast for earnings per share (EPS) has been adjusted downwards to 1.98 yuan for 2025 and 2.36 yuan for 2026, with a new estimate of 2.95 yuan for 2027 [2] - The reasonable valuation level for the company is set at a price-to-earnings (PE) ratio of 29 times for 2025, corresponding to a target price of 57.42 yuan [2] Financial Information Summary - The company's revenue is projected to grow from 1.078 billion yuan in 2024 to 1.753 billion yuan in 2027, with respective year-on-year growth rates of 15.7%, 22.0%, 15.6%, and 15.3% [4] - The gross margin is expected to stabilize around 50.5% to 50.8% from 2025 to 2027, while the net profit margin is projected to improve from 16.8% in 2025 to 18.9% in 2027 [4] - The return on equity (ROE) is forecasted to increase from 18.4% in 2025 to 19.6% in 2027 [4]

投资要点 经营质量分析：现金流波动较大，看好快速修复2024 年公司经营性净现金流为0.32 亿元，同比减少较 多，主要或和公司应收周转率下滑有关，2024 年公司应收账款周转天数为123 天，同比增长约27 天。 我们认为，现金流与应收的变化趋势反映了行业及宏观环境的变化，而基于公司围绕中大型药企客户服 务的战略，我们看好公司经营质量的快速修复及未来稳定性。 盈利预测与估值 业绩表现：四季度收入利润增速略有波动 考虑到2024 年仿制药药学研究市场竞争加剧超我们此前预期，我们下调此前盈利预测，我们预计2025- 2027 年，公司分别实现收入12.80/15.01/17.56 亿元，同比增速分别为18.73%/17.19%/17.05%；分别实现 归母净利润1.79/2.16/2.62 亿元，同比增速分别为0.72%/21.09%/21.05%；EPS 分别为1.60/1.93/2.34 元， 2025年4 月14 日收盘价对应2025 年PE 为27x，维持"增持"评级。 2024 年：实现收入10.78 亿元，yoy+15.7%；实现归母净利润1.77 亿元，yoy-3.98%。 2024Q4：实现收入 ...

北京阳光诺和药物研究股份有限公司 2024 年年度股东大会会议资料 证券代码：688621 证券简称：阳光诺和 北京阳光诺和药物研究股份有限公司 2024 年年度股东大会会议资料 二〇二五年四月 1 北京阳光诺和药物研究股份有限公司 2024 年年度股东大会会议资料 北京阳光诺和药物研究股份有限公司 2024 年年度股东大会会议资料目录 | 2024 年年度股东大会会议须知 3 | | --- | | 2024 年年度股东大会会议议程 6 | | 议案一：关于《公司 2024 年度董事会工作报告》的议案 8 | | 2024 议案二：关于《公司 年度财务决算报告》的议案 16 | | 2024 年年度报告》及其摘要的议案 23 议案三：关于《公司 | | 议案四：关于《公司 2024 年度利润分配方案》的议案 24 | | 2024 年度监事会工作报告》的议案 26 议案五：关于《公司 | | 议案六：关于公司 2024 年度关联交易确认以及 2025 年度日常关联交易 | | 31 预计的议案 | | 议案七：关于公司《2024 年度独立董事述职报告》的议案 42 | | 63 议案八：关于公司董事薪酬方案 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [8] Core Views - The company achieved a revenue of 1.078 billion yuan in 2024, representing a year-on-year increase of 15.7%, while the net profit attributable to the parent company was 177 million yuan, down 3.98% year-on-year [1] - The large clinical business segment generated revenue of 512 million yuan in 2024, showing a robust growth of 41.19% year-on-year, indicating a strong support for the company's service sector in the next three years [2] - The self-developed new drug pipeline is progressing well, with key products entering various clinical phases, suggesting that 2025 may be a year of significant new drug transformations for the company [3] - The gross profit margin for 2024 was 50.18%, a decrease of 6.5 percentage points year-on-year, but is expected to stabilize as the market competition in pharmaceutical research stabilizes [4] - The operating cash flow for 2024 was 32 million yuan, a significant decrease, but the company is expected to recover quickly due to its strategic focus on serving large pharmaceutical clients [5] - The revenue forecast for 2025-2027 is set at 1.280 billion, 1.501 billion, and 1.756 billion yuan, with respective year-on-year growth rates of 18.73%, 17.19%, and 17.05% [6] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1.078 billion yuan and a net profit of 177 million yuan, with a notable decline in Q4 revenue to 162 million yuan, down 32.62% year-on-year [1] - The gross profit margin for 2024 was 50.18%, reflecting a decrease due to increased competition in the generic drug market and a higher proportion of lower-margin clinical service revenue [4] Growth Potential - The large clinical business segment is expected to continue its high growth trajectory, with a revenue increase of 41.19% in 2024 [2] - The self-developed new drug pipeline is advancing, with multiple products entering clinical trials, indicating potential for significant revenue contributions starting in 2025 [3] Profitability and Cash Flow - The company’s R&D expense ratio increased to 15.94% in 2024, driven by accelerated clinical progress of core self-developed pipelines [4] - Operating cash flow was reported at 32 million yuan, reflecting challenges in accounts receivable turnover, but a recovery is anticipated [5] Earnings Forecast - The company’s revenue projections for 2025-2027 are 1.280 billion, 1.501 billion, and 1.756 billion yuan, with net profits expected to grow to 179 million, 216 million, and 262 million yuan respectively [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.078 billion yuan in 2024, representing a year-on-year growth of 15.70%, while the net profit attributable to shareholders decreased by 3.98% to 177 million yuan. The fourth quarter saw a revenue decline of 32.62% year-on-year, with a net profit of -30 million yuan, down 321.33% [5][7] - New orders continue to grow, with a total of 1.786 billion yuan in new orders signed in 2024, an increase of 18.74% year-on-year, and a cumulative backlog of 3.273 billion yuan, up 27.57% [5] - The company has significantly increased its R&D investment, with R&D expenses reaching 172 million yuan in 2024, a 39.02% increase, accounting for 15.94% of revenue. The company has over 430 R&D projects, with more than 89 new self-research projects initiated [6] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.078 billion yuan, with a year-on-year growth of 15.70%. The net profit attributable to shareholders was 177 million yuan, down 3.98%. The fourth quarter revenue was 162 million yuan, a decline of 32.62%, and the net profit was -30 million yuan, a decrease of 321.33% [5][10] Business Segments - The revenue from pharmaceutical research services in 2024 was 559 million yuan, down 1.74%, with a gross margin of 61.37%. The clinical trial and bioanalysis business generated 512 million yuan, up 41.19%, with a gross margin of 31.17%. Revenue from equity sharing was 6.5336 million yuan [5] R&D Investment - The company has increased its R&D expenses to 172 million yuan in 2024, a 39.02% increase, representing 15.94% of total revenue. The company has over 430 R&D projects, with significant progress in clinical trials for various indications [6] Future Projections - Revenue projections for 2025 to 2027 are 1.290 billion yuan, 1.513 billion yuan, and 1.781 billion yuan, with year-on-year growth rates of 19.6%, 17.3%, and 17.7% respectively. Net profit projections for the same period are 213 million yuan, 256 million yuan, and 304 million yuan, with growth rates of 20.3%, 20.0%, and 18.7% respectively [7][10]

诺和阳光已先后为国内约1000家客户提供药物研发服务，2024年新签订单金额达17.86亿元，增长率达 18.74%，累计存量订单32.73亿，同比增长27.57%。分业务板块来看，2024年，药学研究服务实现5.59 亿元收入，同比下滑1.74%；临床试验和生物分析服务实现5.12亿元收入，同比增长41.19%，加上权益 分成，主营业务收入合计10.77亿元。 主营业务收入并未出现太大波动，是什么影响了阳光诺和的净利润？对此，阳光诺和表示，2024年在营 收增幅放缓之下，公司采取了降本增效等管理控制措施提升公司经济效益，但由于人员、设备等固定成 本的存在以及积极推进研发战略转型，研发投入增大，归母净利润同比下滑。 2024年阳光诺和研发费用为1.72亿元，同比增长达到39.02%，研发费用占营业收入的比例为15.94%，研 发项目累计已超430项，其中新立项自研项目达89项。 应收账款风险激增，股价腰斩 值得关注的是，2024年，阳光诺和应收票据和应收账款的增速均高于营业收入增速。应收票据较期初增 长66.77%，应收账款较期初增长51.01%，而同期营业收入同比增幅仅为15.7%。其中，应收账款近三年 来 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 根据中国证券监督管理委员会出具的《关于同意北京阳光诺和药物研究股份有限公司首次公开发行股票 注册的批复》（证监许可【2021】1629号），同意北京阳光诺和药物研究股份有限公司（以下简称"阳 光诺和"、"公司"）首次公开发行股票的注册申请，公司获准向社会公开发行人民币普通股20,000,000 股。每股面值为1元，每股发行价格为26.89元，募集资金总额537,800,000.00元。上述募集资金总额扣除 发行费用70,618,507.55元（相关费用均为不含税金额）后，本次公司公开发行新股的募集资金净额 467,181,492.45元。本次发行证券已于2021年6月21日在上海证券交易所科创板上市。民生证券股份有限 公司（以下简称"保荐机构"或"民生证券"）担任其持续督导保荐机构，持续督导期间为2021年6月21日 至2024年12月31日。 2024年12月31日，持续督导期已届满，民生证券根据《证券发行上市保荐业务管理办法》《上海证券交 易所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管指引第1号一一规范运作》等法 规、规范性文件相关要求，出 ...

民生证券股份有限公司 关于北京阳光诺和药物研究股份有限公司 首次公开发行股票并在科创板上市之保荐总结报告书 根据中国证券监督管理委员会出具的《关于同意北京阳光诺和药物研究股份 有限公司首次公开发行股票注册的批复》（证监许可【2021】1629 号），同意北 京阳光诺和药物研究股份有限公司（以下简称"阳光诺和"、"公司"）首次公开 发行股票的注册申请，公司获准向社会公开发行人民币普通股 20,000,000 股。每 股面值为 1 元，每股发行价格为 26.89 元，募集资金总额 537,800,000.00 元。上 述募集资金总额扣除发行费用 70,618,507.55 元（相关费用均为不含税金额）后， 本次公司公开发行新股的募集资金净额 467,181,492.45 元。本次发行证券已于 2021 年 6 月 21 日在上海证券交易所科创板上市。民生证券股份有限公司（以下 简称"保荐机构"或"民生证券"）担任其持续督导保荐机构，持续督导期间为 2021 年 6 月 21 日至 2024 年 12 月 31 日。 2024 年 12 月 31 日，持续督导期已届满，民生证券根据《证券发行上市保 荐业务管理办法》 ...