公 司 研 究 医药 丽珠集团：制剂放量略慢，潜在大单品有望获批 2024 年 10 月 28 日 公司点评 买入/维持 丽珠集团(000513) 昨收盘:37.51 | --- | --- | --- | --- | --- | |-------|----------------------------------------|-----------------|--------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 麗珠醫藥集團股份有限公司 呈交日期： 2024年10月31日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01513 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫 ...

Financial Performance - In the first three quarters of 2024, the company's operating income slightly decreased, while net profit attributable to shareholders increased by 4.44% year-on-year, indicating stable overall performance [1] - The company's net profit excluding non-recurring items grew by 3.51% year-on-year, reflecting improved operational quality [1] - The sales expense ratio and R&D expense ratio have decreased, while the gross profit margin of major business segments such as chemical preparations and traditional Chinese medicine continues to rise [1] Product Sales and Market Challenges - The sales of Aiprazole faced challenges due to a price reduction of 11% in the injection market during medical insurance negotiations, stricter hospital procurement assessments, and increased competition from P-CAB products [2] - In the first three quarters, the revenue from gonadotropin products reached 2.308 billion RMB, with a growth rate of 5.46% [2] R&D and Product Pipeline - The company is actively expanding its product line in the digestive system, with ongoing clinical trials for P-CAB products and new indications for existing products [2][3] - The company has a robust pipeline in reproductive medicine, with a focus on developing a comprehensive range of products for assisted reproduction [2] - The company has introduced several new products in 2023, including the injection of Triptorelin Acetate and new indications for Aiprazole Sodium, which have entered the medical insurance system [3][4] Mental Health Product Development - In the mental health sector, the company achieved revenue of 443 million RMB in the first three quarters of 2024, maintaining stable growth [4] - The revenue in this sector is primarily driven by two key products: Fluoxetine and Perphenazine, with expectations for growth driven by new product launches [4][5] Traditional Chinese Medicine - Revenue from traditional Chinese medicine products reached 1.041 billion RMB in the first three quarters, a year-on-year decline of 16.49% due to a high base from the previous year [5][6] - The company is optimistic about the long-term prospects of its traditional Chinese medicine products, with ongoing development of new products and a focus on building a competitive product portfolio [6]

FF305 呈交日期： 2024年10月30日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | H 股份類別 | | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01513 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price of 43.96 CNY, unchanged from the previous forecast [3][4]. Core Insights - The company is experiencing short-term pressure in the digestive field, but innovative products are expected to offset the impact of centralized procurement. The annual profit is adjusted to a single-digit growth due to declines in key products like Esomeprazole and interest income [4][6]. - The company has actively pursued stock buybacks to enhance investor confidence [4][6]. - Revenue for Q1-Q3 2024 reached 9.082 billion CNY, down 5.9%, while net profit attributable to shareholders was 1.673 billion CNY, up 4.4% [6]. Financial Summary - For Q3 2024, the company reported revenue of 2.799 billion CNY, a decrease of 5.6%, and a net profit of 502 million CNY, an increase of 7.5% [6]. - The company has adjusted its EPS forecasts for 2024-2026 to 2.24, 2.45, and 2.78 CNY respectively, down from previous estimates [6]. - The total market capitalization is approximately 34.768 billion CNY, with a total share capital of 927 million shares [6]. Business Segment Performance - The chemical preparation business generated 1.49 billion CNY in revenue for Q3, down 10.9%, with the digestive field contributing 553 million CNY, a decline of 15.4% [6]. - The traditional Chinese medicine segment achieved 296 million CNY in revenue, a slight increase of 1.1% [6]. - The raw materials and intermediates segment reported 760 million CNY in revenue, down 5.6%, while diagnostic reagents and equipment generated 172 million CNY, up 1.2% [6]. Innovation and Development - The company is advancing its innovative drug pipeline, with several products expected to contribute to revenue growth in the near future [4][6]. - The approval of new indications for existing drugs is anticipated to drive future sales, particularly in the hormone therapy and psychiatric medication sectors [6].

Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Views - The company reported a revenue decline of 5.94% year-on-year for the first three quarters of 2024, totaling 9.082 billion yuan, while net profit increased by 4.44% to 1.673 billion yuan [1] - The decrease in revenue is attributed to the new price negotiations for the Aiprazole injection under the medical insurance policy, which is still being digested [1] - The company anticipates the approval of major products, which is expected to drive long-term growth [1] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 2.799 billion yuan, down 5.59% year-on-year, while net profit rose by 7.45% to 502 million yuan [1] - The revenue from chemical preparations decreased by 8.52% to 4.714 billion yuan, with significant declines in the digestive system segment [1] - The company’s gross profit margin for Q1-3 2024 was 65.81%, an increase of 1.88 percentage points year-on-year [1] Segment Performance - The revenue from the chemical preparations segment was 4.714 billion yuan, with a notable decline in the digestive system products [1] - The biopharmaceutical segment saw a revenue increase of 15.98% to 131 million yuan, while diagnostic reagents and equipment grew by 21.03% to 566 million yuan [1] Profitability Forecast and Valuation - The report projects net profits for 2024, 2025, and 2026 to be 2.058 billion yuan, 2.231 billion yuan, and 2.536 billion yuan respectively, with growth rates of 5.3%, 8.4%, and 13.7% [1][2] - The corresponding price-to-earnings ratios are estimated at 17x, 16x, and 14x for the respective years [1]

华福证券 丽珠集团（000513.SZ） 业绩短期承压，在研管线稳步推进，看好公司长 期发展 投资要点： 公司发布 2024 年三季度报告 2024Q1-3：实现收入 90.8 亿，同比下降 5.9%，实现归母净利润 16.7 亿，同比增长 4.4%，实现扣非归母净利润 16.3 亿，同比增长 3.5%； 2024Q3：实现收入 28 亿，同比下降 5.6%，实现归母净利润 5 亿， 同比增长 7.5%，实现扣非归母净利润 4.8 亿，同比下降 1.4%。 营业收入短期承压，前三季度诊断试剂表现亮眼 2024Q1-3：化学制剂收入 47.1 亿元，同比下降 8.5%，其中，消化 道产品收入 18.5 亿元，同比下降 18.7%；促性激素产品收入 23.1 亿元， 同比增长 5.5%；精神产品收入 4.4 亿元，同比增长 3.1%；抗感染及其 他产品收入 1.1 亿元，同比下降 57.3%。原料药和中间体收入 25.2 亿 元，同比下降 2.6%。中药制剂收入 10.4 亿元，同比下降 16.5%。生物 制品收入 1.3 亿元，同比增长 16%。诊断试剂及设备收入 5.7 亿元，同 比增长 21%。 据计算，2 ...

丽珠医药集团股份有限公司投资者关系活动记录表 编号：2024-13 | --- | --- | --- | |------------------|---------------------------------|--------------------------------------------------| | | √特定对象调研 □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 | | | | 其他 | | | | 丽珠集团——副总裁、董事会秘书 | 杨亮 | | | 丽珠集团——投资者关系总监 | 陈文霞 | | | 东吴证券——分析师 | 张坤 | | 活动参与人员 | 东吴证券——研究员 | 刘若彤 | | | 东方红资管——基金经理助理 | 刘中群 | | | 东方红资管——研究员 | 徐宏 | | 时间 | 10 月 25 日 13:00-14:00 | | | 地点 | 本公司会议室 | | | 形式 | 线上接入 | | | | | 问：请简单介绍前三季度艾普拉唑销售情况？ | | | | ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's performance is generally in line with expectations, with a revenue of 9.082 billion yuan for the first three quarters of 2024, a decrease of 5.94%, and a net profit attributable to the parent company of 1.673 billion yuan, an increase of 4.44% [6][7] - The company is experiencing short-term pressure in the digestive field, while the reproductive, mental health, and diagnostic reagent sectors are performing well [6] - The research pipeline is advancing rapidly, with several key products expected to contribute to future revenue growth [7] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 2.799 billion yuan, down 5.59%, and a net profit of 502 million yuan, up 7.45% [6] - The gross margin for the first three quarters was 65.81%, an increase of 1.88 percentage points year-on-year, while the net profit margin was 21.43%, up 4.61 percentage points [6] - The company has effectively reduced costs, with a sales expense ratio of 27.05%, down 2.10 percentage points [6] Sector Performance - The chemical preparation sector generated 4.714 billion yuan in revenue, down 8.52%, with the digestive field seeing a significant decline of 18.66% [6] - The reproductive hormone sector's revenue increased by 5.46%, driven by expanded coverage and new approvals [6] - The diagnostic reagent and equipment sector saw a revenue increase of 21.03%, primarily due to strong sales of respiratory products [6] Research and Development - The company is focusing on high-barrier complex formulations and specialty biological products, with several key products advancing through clinical trials [7] - Notable products include the long-acting release formulation of leuprolide, which has received FDA approval, and the upcoming launch of aripiprazole microspheres [7] Investment Outlook - The company is expected to achieve net profits of 2.159 billion yuan, 2.382 billion yuan, and 2.663 billion yuan for 2024, 2025, and 2026, respectively [7] - The current stock price corresponds to a price-to-earnings ratio of 16.03 for 2024, indicating a stable investment opportunity [7]

好的非常感谢各位同志由我们东吴医药团队联合国胜华福中金中信和中信里昂联合召开的力助集团000513的2024年的三级报解读的电话会议我是东吴证券的联席所长医药首席分析师朱国广今天和我一块主持的还有我们的分析师刘作桐 立足集团可以说是近几年是我们动物药团队特别看好的标的之一三级豹在当前这种环境这种背景下取得这一个稳健的增长我们认为也还是非常不易所以说我们团队在对于明后年持续的看好 今天呢我们也是非常荣幸就是邀请到公司的这个董事总裁唐总公司副总裁财务负责人施总和这个副总裁董秘杨亮总以及我们的这个维修公司的总经理这个徐总那个前面我先介绍这么多接下来我先请亮总介绍一下这个三级报的整体上的一个经营情况有请亮总好的 感谢东部证券朱老师的介绍也感谢国胜证券华富证券中金公司中信证券中信粮各位老师对力猪的支持各位投资者大家上午好非常感谢各位对力猪集团长期以来的关注与支持并能在百忙之中抽空参加我们三级报的业绩说明会下面由我对 列出三级报的经营情况做一个简要的介绍2024年前三季度公司营业收入实现90.82亿元同比下降5.94%规模经济运动实现16.73亿元同比增长4.44%扣费规模经济运动实现16.31亿元同比增长3.51% 整 ...