证券代码：688687 证券简称：凯因科技 北京凯因科技股份有限公司 投资者关系活动记录表 - 1 - 北京凯因科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | |------------------|-------------------------|------------------------------------------------------------| | | | 现场调研 □分析师会议 | | | □ | 媒体采访 □业绩说明会 | | 投资者关系活动类 | | □新闻发布会 □路演活动 | | 别 | □ | 现场参观 一对一沟通 ☑ | | | 其他（电话会议） | | | 时间 | 2024 年 11 | 月 27 日 | | 地点 | 公司会议室 | | | 参与单位名称 | 易方达基金 | | | | 董事长兼总裁 周德胜先生 | | | 公司接待人员姓名 | | 副总裁、董秘兼首席财务官 赫崇飞先生 | | | | 董事会办公室主任 李军先生 | | 问答交流 | 1 、 凯力唯 | ® 今年增长情况和未来增长趋势？ | | | | 答：截止公 ...

证券代码：688687 证券简称：凯因科技 公告编号：2024-054 北京凯因科技股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 重要内容提示： 北京凯因科技股份有限公司（以下简称"公司"）已于 2024 年 10 月 22 日发 布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年 第三季度经营成果、财务状况，公司计划于 2024 年 12 月 06 日下午 15:00-16:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对2024年第三季度的经营 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，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 会议召开时间：2024 年 12 月 06 日(星期五)下午 15:00-16:00。 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [2][12]. Core Views - The company's profit exceeded expectations, with significant improvements in marketing efficiency. The sales revenue for the first three quarters of 2024 reached 1.011 billion yuan, a year-on-year increase of 0.82%, while the net profit attributable to shareholders was 108 million yuan, up 19.74% year-on-year [1]. - In Q3 2024, the company achieved sales revenue of 414 million yuan, a decrease of 4.51% year-on-year, but the net profit attributable to shareholders increased by 26.53% year-on-year, primarily due to a significant reduction in sales expenses [1]. - The company plans to acquire an additional 5% stake in its subsidiary, increasing its ownership from 76% to 81% [1]. Financial Performance - For the first three quarters of 2024, the company reported a sales expense ratio of 48.76%, down 9.08 percentage points year-on-year, with absolute sales expenses of 493 million yuan, a decrease of 15% [1]. - The R&D expense ratio was 10.29%, up 3.49 percentage points year-on-year, with absolute R&D expenses of 104 million yuan, an increase of 52.54% [1]. - The management expense ratio was 8.59%, up 1.57 percentage points year-on-year, with absolute management expenses of 86.79 million yuan, an increase of 23.42% [1]. - The company’s gross profit margin was 81.94%, a decrease of 1.39 percentage points year-on-year [1]. Earnings Forecast and Valuation - The company’s innovative drug for hepatitis C, Kai Li Wei, has expanded its reimbursement indications, which is expected to enhance market share. The existing product Jin Shu Xi is projected to reach sales of over 1 billion yuan [1]. - The forecast for net profit attributable to shareholders for 2024-2026 is 140 million yuan, 183 million yuan, and 245 million yuan, with year-on-year growth rates of 20.4%, 30.8%, and 33.4% respectively [2][1]. - The corresponding price-to-earnings ratios are projected to be 35X, 26X, and 20X for the years 2024, 2025, and 2026 [1].

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has shown an improvement in profitability, with a revenue of 1.01 billion yuan in the first three quarters of 2024, reflecting a year-on-year increase of 0.82%. The net profit attributable to shareholders reached 108 million yuan, up 19.74% year-on-year [2][4] - Revenue showed a quarter-on-quarter improvement, with Q3 revenue at 414 million yuan, a decrease of 4.51% year-on-year but an increase of 7.85% quarter-on-quarter. This improvement is attributed to the execution of procurement policies in over 90% of provinces for a key product and the contribution from a newly approved drug [2][4] - The company is advancing its innovative drug development, with a new indication for a key product recently accepted for review by the National Medical Products Administration, indicating significant market potential [2][4] Financial Summary - For 2024 to 2026, the company is projected to achieve revenues of 1.566 billion yuan, 1.858 billion yuan, and 2.245 billion yuan, with year-on-year growth rates of 10.9%, 18.7%, and 20.8% respectively. The net profit attributable to shareholders is expected to be 143 million yuan, 185 million yuan, and 244 million yuan, with growth rates of 22.7%, 29.4%, and 31.6% respectively [2][4] - The company's earnings per share (EPS) is projected to increase from 0.84 yuan in 2024 to 1.42 yuan in 2026, reflecting a positive growth trajectory [4][5]

证券代码：688687 证券简称：凯因科技 北京凯因科技股份有限公司 投资者关系活动记录表 - 1 - 北京凯因科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | |------------------|------------------|--------------------------------------------------------| | | | 现场调研 □分析师会议 | | | □ | 媒体采访 □业绩说明会 | | 投资者关系活动类 | | □新闻发布会 □路演活动 | | 别 | □ | 现场参观 □一对一沟通 | | | 其他（电话会议） | | | 时间 | 2024 年 10 | 月 22 日 | | 地点 | 公司会议室 | | | 参与单位名称 | | 国盛证券、德邦证券、申万宏源、中信证券、民生证券、国金 | | | | 证券、华西证券、海通证券、首创证券、东吴证券、西部证 | | | | 券、国海证券、华泰证券、国信证券、西南证券、兴业证券、 | | | | 永赢基金管理有限公司、华美国际投资集团有限公司、华西基 | | | | 金管理有限 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price range of 31.50 to 36.75 CNY per share based on a projected PE ratio of 30-35 times for 2025 [6][9]. Core Insights - The company has shown a significant decrease in sales expense ratio, which has driven rapid profit growth. For the first three quarters of 2024, the company achieved operating revenue of 1.011 billion CNY, a year-on-year increase of 0.82%, and a net profit attributable to shareholders of 108 million CNY, up 19.74% year-on-year [4]. - The company’s innovative biological product, Paiyisheng, has received acceptance for its listing application for treating chronic hepatitis B, which could create a second growth curve for the company. The potential market for chronic hepatitis B treatment in China is substantial, with approximately 20-30 million patients [5]. Financial Performance Summary - For 2024, the company is expected to achieve a net profit of 142 million CNY, with earnings per share (EPS) projected at 0.83 CNY. The compound annual growth rate (CAGR) for profit over the next three years is anticipated to exceed 20% [5]. - The company’s operating revenue is forecasted to grow from 11.60 billion CNY in 2022 to 21.17 billion CNY by 2026, with net profit increasing from 830 million CNY to 2.32 billion CNY over the same period [7]. - The gross profit margin for Q3 2024 was reported at 80.53%, with a net profit margin of 17.11%, reflecting a year-on-year increase of 3.41 percentage points [4]. Market Comparison - As of October 22, 2024, the company’s market capitalization stands at approximately 4.954 billion CNY, with a current price of 28.97 CNY per share, within a 52-week price range of 19.44 to 37.62 CNY [1].

这次电话会我们很荣幸的请到了公司的副总裁董事会秘书贺总 首席办公室主任、财务总监刘总、总办理这个主任李总三位领导来给大家共同举办这次见话会那接下来的时间我们先把时间交给贺总贺总有一个简短的开场发言各位同志们大家上午好 我是凯云科技副总裁孔密兼首席财务官贺荃飞欢迎各位参加凯云科技2024年三级报业绩交流会很高兴通过这个机会与各位投资者及行业专家进行交流在此我仅代表公司管理层衷心感谢大家一直以来对凯云科技的关注和支持首先我向各位投资者汇报一下凯云科技前三季度的整体经营情况 1到9月份公司实现营业收入10.1亿元同比增长0.82%实现规模净利润1.08亿元同比增长近20%规模扣费净利润1.10亿元同比增长16.3%其中三季度规模净利润环比增长超过200%同比增长超过26%销售净利润率达到了17.1% 环比提升近10个百分点在公司干扰处被纳入基彩的背景下公司能实现这样的业绩增长还是很不容易的这也体现出公司全体员工上下互动努力的结果金融企业基彩后最后的缴获是业绩增长的重要支撑1到9月份金融企业销售额从底下降7.3% 江湖比上半年缩短近29个百分点其中三季度单季度销量同比增长超过35%环比实现半倍增长安波斯销售模式变更后 ...

证券研究报告|公司点评报告 [Table_Date] 2024 年 10 月 22 日 [Table_Title] 公司经营效率提升明显，持续加大研发投入 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告 资料来源：Wind 凯因科技 (688687 CH) 金舒喜集采基本落地，利润充分释放 华泰研究 季报点评 2024 年 10 月 22 日│中国内地 生物医药 公司公布三季度业绩：收入 4.1 亿元，同比-5%，环比+8%；归母净利润 0.7 亿元，同比+27%，环比+224%。前三季度公司实现收入 10.1 亿元，同比 +1%；归母净利润 1.1 亿元，同比+20%。随着创新药凯力唯持续放量以及 金舒喜集采落地，公司利润快速增长，此外长效干扰素拓展慢乙肝适应症已 申报上市，有望 25 年内获批，我们维持对公司的"买入"评级。 金舒喜集采基本落地，安博司持续恢复 1）作为独家品种，金舒喜集采降价温和（降幅仅 21%）。截至 3Q24 超 90% 省份金舒喜集采开始执行，补标+集采带量+自然增长推动下当前产品销售 稳步增长；2）公司于 24 年初收回安博司代理，2Q24 交接结束后开始回归 正常销售轨道；3）得益于金舒喜集采和安博司收回代理，3Q24 公司销售 费用率环比下降 10pct（4Q23~3Q24 分别为 52/49/54/44%），利润得到充 分释放（3Q24 在研发费用同比增加 1 ...

证券研究报告 | 2024年10月23日 凯因科技（688687.SH） 优于大市 季度营收环比稳健增长，凯因益生治疗慢乙肝适应症上市申请获受理 季度营收环比稳健增长。2024Q1-3，公司实现营收10.11 亿元（同比+0.8%）， 归母净利润 1.08 亿元（同比+19.7%），扣非净利润 1.10 亿元（同比+16.3%）。 分季度看，2024Q1/2/3 公司分别实现营收 2.13/3.84/4.14 亿元（分别同比 +10.3%/+2.1%/-4.5%，Q3 单季度环比+7.8%），分别实现归母净利润 0.22/0.20/0.66 亿元（分别同比+4.8%/+17.7%/+26.5%，Q3 单季度环比 +224%）。 销售费用率持续改善。2024 年前三季度，公司实现销售毛利率 81.9%（同 比-1.4pp），预计主要由于核心产品金舒喜集采降价及产品收入结构变化所 致；销售/ 管理/ 研发费用率分别为 48.8%/8.6%/10.3% ，分别同比 -9.1pp/+1.6pp/+3.5pp，其中销售费用率改善预计主要由于金舒喜、复方甘 草酸苷系列等产品集采后整体销售投入占比降低，以及凯力唯销售增长带 ...