证券研究报告 医药生物 | 生物制品 非金融|公司点评报告 hyzqdatemark 2024 年 10 月 30 日 | --- | |------------------------------------------------| | | | | | | | 证券分析师 | | 刘闯 | | SAC：S1350524030002 liuchuang@huayuanstock.com | | 李强 | | SAC：S1350524040001 | | | liqiang01@huayuanstock.com | --- | --- | |----------------------------------------|----------------| | 基本数据 2024 | 年 10 月 29 日 | | 收盘价（元） | 22.41 | | 一 年 内 最 高 / 最 低 （元） | 31.25/19.46 | | 总市值（百万元） | 16,427.50 | | 流通市值（百万元） | 15,380.26 | | 总股本（百万股） | 733.04 | | | | | 资产负债率（%） | 13 ...

[Table_RightTitle] 数据来源：携宁科技云估值,万联证券研究所 [Table_Title] 业绩表现稳健，控费水平提升 [Table_StockName] ——派林生物（000403）点评报告 [Table_ReportDate] 2024 年 10 月 30 日 [Table_Summary] 报告关键要素: 2024 年 10 月 27 日，公司发布三季报。 2024 年前三季度，公司实现营业收入 18.90 亿元（+37.49%），归母净 利润 5.43 亿元（+66.38%），扣非归母净利润 4.98 亿元（+84.71%）； 单看 2024Q3，公司实现营业收入 7.54亿元（同比+13.27%，环比+7.64%）， 归母净利润 2.16 亿元（同比+17.86%，环比+5.22%），扣非归母净利润 2.02 亿元（同比+21.81%，环比+6.66%）。 投资要点: ⚫ 采浆量和产能提升有利于投浆量增长：浆站和采浆量方面，公司截止目 前共有 38 个浆站，10 月 29 日公司公告桦南县派斯菲科单采血浆站和 肇东市派斯菲科单采血浆站获得单采血浆许可证。公司 2023 年采浆量 超 ...

最近的话大家现在能看那整个三级的无论是学力行业还是说整个医药行业就是表现业绩上其实都还是有比较大的压力的就是个外情况但是呢派对生物昨天晚上也发了他三级报我们可以看到公司的收入端和利润端无论是同比还是缓比都实现了一个非常稳定的一个增长这个业绩确实是非常非常不错了 另外的话 在这个旋转的话 其实大家最近对于血运行业的一些情况 其实从市场来看的话 其实也产生了一些一些分歧派连收入的话 作为国内维持不夺产量超过千吨的这样的一个比较大的血运供应商那么我们相信公司对于整个行业的一些情况 其实还是有一定的发育权的 那今天的话 我们这样会议的话也是非常荣幸请到了公司的几位领导分别是公司总经理荣总公司总经理赵总和公司财务部的王总来跟我们做一个交流无论是对于公司的三条情况还是对于行业的情况的话其实我们也非常值得交流能够让大家有一个更多的了解和收获那进入会议流程的话我们大概是分为两个流程第一个的话我们先请 公司董秘赵总那么把三级报的情况做一个简单的分享然后接下来的话就是我们全商分析师和现场投资人的一个问答的一个流程那接下来我们就把时间交给那个董秘赵总 来 有请赵总好的 尊敬的各位股东及投资者 大家上午好我是公司董秘赵玉玲首先非常感 ...

流通股本（万股） 68,631.25 研究所： 证券分析师： 年庆功 S0350524060001 nianqg@ghzq.com.cn [Table_Title] 公司 2024 年 Q3 业绩高增长，新浆站获批增加 供给 ——派林生物（000403）2024 年三季报点评 最近一年走势 事件: 2024 年 10 月 28 日，公司发布 2024 年三季报： 2024 年前三季度公司 营 业 收 入 18.90 亿 元 （ yoy+37.49% ） ， 归 母 净 利 润 5.43 亿 元 （yoy+66.38%），扣非归母净利润 4.98 亿元（yoy+84.71%）。2024 年 Q3 公司营业收入 7.54 亿元（yoy+13.27%），归母净利润 2.16 亿元 （yoy+17.86%），扣非归母净利润 2.02 亿元（yoy+21.81%）。 投资要点: 相对沪深 300 表现 2024/10/28 公司 2024 年 Q3 收入和利润高增长。2024 年前三季度公司营业收 入 18.90 亿元（yoy+37.49%），归母净利润 5.43 亿元（yoy+66.38%）， 扣非归母净利润 4.9 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [3][6]. Core Views - The company continues to show growth in its performance, with new plasma stations contributing to incremental gains. The report highlights that the company has received certification for two new plasma stations, which are expected to enhance plasma collection capacity and market potential [4][6]. - The financial forecasts for EPS are maintained at 1.06, 1.28, and 1.54 CNY for 2024, 2025, and 2026 respectively, with a target price set at 30.72 CNY based on a PE ratio of 24x for 2025 [6]. Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 1.89 billion CNY, representing a year-on-year increase of 37.5%. The net profit attributable to the parent company was 543 million CNY, up 66.4%, and the net profit excluding non-recurring items was 498 million CNY, an increase of 84.7% [6]. - In Q3 2024 alone, the company reported a revenue of 754 million CNY, a 13.3% increase year-on-year, with a net profit of 216 million CNY, up 17.9% [6]. - The company has a total of 38 plasma stations, with 17 currently operational and two new stations recently certified for operation, which is expected to further increase plasma collection capacity [6]. Market Data - The current stock price is 22.41 CNY, with a target price of 30.72 CNY, indicating significant upside potential [3][6]. - The company has a total market capitalization of 16.43 billion CNY and a total share capital of 733 million shares [8]. Comparative Valuation - The report includes a comparative valuation table showing the company’s market cap and PE ratios against peers in the biopharmaceutical sector, indicating a competitive position within the industry [13][14].

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 23.14 CNY and projected PE ratios of 22, 19, and 16 for the years 2024, 2025, and 2026 respectively [2][3]. Core Insights - The company reported strong performance in its Q3 2024 results, achieving revenue of 1.89 billion CNY, a year-on-year increase of 37.49%, and a net profit attributable to shareholders of 543 million CNY, up 66.38% year-on-year [2]. - The gross profit margin for the first three quarters of 2024 was 28.71%, reflecting a year-on-year increase of 0.47 percentage points, driven by the company's focus on high-margin products [2]. - The company has a diverse product range with 11 varieties across three major categories, and it ranks among the top in the industry for both the number of plasma collection stations and plasma collection scale [2]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a net profit margin of 28.71%, an increase of 5.01 percentage points year-on-year, supported by improved expense ratios [2]. - The company’s revenue for Q3 2024 was 754 million CNY, representing a year-on-year growth of 13.27% and a quarter-on-quarter increase of 7.64% [2]. - The projected net profits for 2024, 2025, and 2026 are 770 million CNY, 920 million CNY, and 1.05 billion CNY respectively, indicating a positive growth trajectory [2][4].

证券代码：000403 证券简称：派林生物 公告编号：2024-058 派斯双林生物制药股份有限公司 关于桦南县派斯菲科单采血浆有限公司和肇东市派斯菲科 单采血浆有限公司获得单采血浆许可证的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 派斯双林生物制药股份有限公司（以下简称"公司"）全资子公司哈尔滨派斯 菲科生物制药有限公司下属桦南县派斯菲科单采血浆有限公司和肇东市派斯菲科单 采血浆有限公司收到黑龙江省卫生健康委员会签发的《单采血浆许可证》，现将主 要信息公告如下： 一、桦南县派斯菲科单采血浆有限公司 机构名称：桦南县派斯菲科单采血浆有限公司 地址：桦南县经济开发区双果路与丰盛街交口 业务项目：采集健康人普通血浆和特免血浆 采浆区域（范围）：佳木斯市、七台河市、双鸭山市和鹤岗市所辖的区、县及 县级市 登记号：MA1C6J62923000016F2009 有效期：2024年10月28日至2026年10月27日 该单采血浆站经核准登记，准予执业。 二、肇东市派斯菲科单采血浆有限公司 机构名称：肇东市派斯菲科单采血浆有限公司 地址：肇东市北部新区移动公司北侧、 ...

证券代码：000403 证券简称：派林生物 派斯双林生物制药股份有限公司投资者关系活动记录表 编号：【2024】007 | --- | --- | --- | |---------------------|---------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | □ 特定对象调研 | □ 分析师会议 | | 投资者关系活 动类别 | □ 媒体采访 □ 新闻发布会 | ☑ 业绩说明会 □ 路演活动 | | | □ 现场参观 | □ 其他 | | | | 华源证券、中金公司、中信证券、西南证券、招商证券、国泰君安、 | | | | 国联证券、中邮证券、中信建投、华西证券、东吴证券、德邦证券、 | | | | 兴业证券、山西 ...

Financial Performance - Revenue for the third quarter reached 754.09 million yuan, a year-on-year increase of 13.27%[3] - Net profit attributable to shareholders of the listed company was 215.75 million yuan, up 17.86% year-on-year[3] - Total revenue for the quarter reached 1,890,265,336.27 yuan, a significant increase from 1,374,813,312.16 yuan in the same period last year[16] - Net profit for the quarter was 542,758,460.07 yuan, up from 325,813,319.79 yuan in the previous year[17] - Operating profit increased to 638,752,175.75 yuan, compared to 372,635,563.90 yuan in the prior year[17] - Comprehensive income for the period totaled 542,752,820.16 yuan, an increase from 325,834,307.14 yuan in the previous period[18] - Basic and diluted earnings per share were 0.7425 yuan, up from 0.4460 yuan in the previous period[18] Assets and Liabilities - Total assets as of the end of the reporting period were 9.05 billion yuan, an increase of 4.90% compared to the end of the previous year[3] - Total assets grew to 9,053,216,302.97 yuan, up from 8,630,474,084.53 yuan at the end of the previous quarter[13][15] - Fixed assets increased by 45.70% to 1.37 billion yuan as construction projects reached the expected usable state[6] - Fixed assets increased to 1,373,956,195.97 yuan, compared to 942,994,319.65 yuan in the previous quarter[13] - Total liabilities stood at 1,228,389,449.24 yuan, slightly higher than 1,208,610,202.73 yuan in the previous quarter[14] - Equity attributable to the parent company's shareholders increased to 7,831,710,847.17 yuan, up from 7,428,649,258.06 yuan in the previous quarter[15] Cash Flow and Investments - The company's cash flow from investment activities decreased by 78.03% to -841.55 million yuan, mainly due to increased purchases of cash management products[7] - Investment income surged by 574.51% to 29.39 million yuan due to realised gains from cash management products[7] - Cash received from sales of goods and services was 1,868,361,377.74 yuan, compared to 1,573,400,641.94 yuan in the previous period[19] - Net cash flow from operating activities was 227,534,196.54 yuan, slightly higher than 225,733,198.18 yuan in the previous period[20] - Cash received from investments was 940,000,000.00 yuan, doubling from 470,000,000.00 yuan in the previous period[20] - Net cash flow from investing activities was -841,549,214.80 yuan, a decrease from -472,711,848.24 yuan in the previous period[20] - Net cash flow from financing activities was -60,650,552.66 yuan, compared to 28,452,153.67 yuan in the previous period[20] - Net increase in cash and cash equivalents was -674,688,890.07 yuan, a decrease from -218,461,879.92 yuan in the previous period[21] - Ending cash and cash equivalents balance was 753,590,120.03 yuan, down from 781,808,629.21 yuan in the previous period[21] Research and Development - R&D expenditure increased by 36.16% to 92.10 million yuan, driven by increased capitalised R&D spending[6] - Research and development expenses decreased to 45,975,375.17 yuan, down from 53,761,401.55 yuan in the same period last year[16] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 19,784[8] - The largest shareholder, GQC Shengbang Yinghao Investment Partnership, holds 20.97% of the shares, amounting to 153,752,812 shares[8] - The second-largest shareholder, Harbin Tongzhicheng Technology Development Co., Ltd., holds 10.97% of the shares, amounting to 80,381,128 shares[8] - The third-largest shareholder, Shenzhen Shipping Health Technology Co., Ltd., holds 4.46% of the shares, amounting to 32,694,301 shares[8] Financial Position - The company's monetary funds at the end of the period were 754,186,603.94 yuan, a decrease from 1,429,349,951.47 yuan at the beginning of the period[12] - The company's trading financial assets increased to 1,000,209,682.43 yuan from 423,337,138.12 yuan at the beginning of the period[12] - The company's accounts receivable decreased to 571,175,853.29 yuan from 583,578,747.20 yuan at the beginning of the period[12] - The company's inventory increased to 1,139,194,714.69 yuan from 909,374,530.76 yuan at the beginning of the period[12] - The total current assets at the end of the period were 3,542,327,499.32 yuan, slightly increased from 3,426,074,653.60 yuan at the beginning of the period[12] Loans and Subsidies - The company's long-term loans rose by 38.33% to 271.23 million yuan, driven by increased fixed asset loans for project construction[6] - Government subsidies received during the period decreased by 33.96% to 6.41 million yuan[6] Return on Equity - The company's weighted average return on equity (ROE) increased by 0.18 percentage points to 2.79%[3] Construction Projects - The company's investment in construction projects decreased to 463,311,557.62 yuan, down from 582,699,721.94 yuan in the previous quarter[13] Financial Expenses - The company's financial expenses showed a net benefit of -36,946,315.96 yuan, compared to -42,850,779.46 yuan in the same period last year[16]

证券代码：000403 证券简称：派林生物 公告编号：2024-056 派斯双林生物制药股份有限公司 关于召开2024年第三次临时股东大会的通知 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、 召开会议基本情况 1、股东大会届次：2024 年第三次临时股东大会 2、股东大会召集人：公司董事会，本次股东大会经公司第十届董事会第十次会 议（临时会议）决议召开。 3、会议召开的合法、合规性：本次会议的召集和召开符合《中华人民共和国公 司法》《派斯双林生物制药股份有限公司章程》的有关规定，合法有效。 4、会议召开时间： 现场会议时间：2024 年 11 月 13 日（星期三）15:00 网络投票时间：其中，通过深圳证券交易所交易系统网络投票的时间为：2024 年 11 月 13 日上午 9:15—9:25；9:30—11:30，下午 13:00—15:00；通过深圳证券交易所 互联网投票系统网络投票时间为：2024 年 11 月 13 日上午 9:15 至下午 15:00 期间的 任意时间。 5、会议召开方式：会议采取现场投票与网络投票相结合方式召开。 公司将通 ...