证券代码：000661 证券简称：长春高新 公告编号：2024-036 特别提示： 1.本次股东大会未出现否决议案的情形。 2.本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开情况 1、会议召开时间： （1）现场会议召开日期和时间：2024年4月9日14:00； 长春高新技术产业（集团）股份有限公司 2023 年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 （2）通过互联网投票系统的起止日期和时间：2024年4月9日上午9:15至当 日下午3:00期间的任意时间； （3）通过交易系统进行网络投票的起止日期和时间：2024年4月9日上午 9:15-9:25，9:30-11:30和13:00-15:00。 2、现场会议召开地点：吉林省长春市高新海容广场B座（东蔚山路与震宇街 交汇处）27层报告厅。 3、会议的召开方式：本次会议表决采取现场投票及网络投票相结合的方式。 4、会议召集人：公司董事会。 5、会议主持人：公司董事长马骥先生。 6、本次会议召开符合有关法律、行政法规、部门规章、规范性文件和公司 章程的规定。 二、会议出席情 ...

北 京 大 成 （ 长 春 ） 律 师 事 务 所 北 京 大 成 （ 长 春 ） 律 师 事 务 所 关 于 长 春 高 新 技 术 产 业 （ 集 团 ） 股 份 有 限 公 司 2023 年 度 股 东 大 会 的 法 律 意 见 书 大成（长）证字[2024]第 76-1 号 www.ccdachenglaw.com 长春市生态大街 3777 号明宇金融广场 A4 座 5 层 5th Floor A4 Building Mingyu financial plaza 3777 Shengtai Street Jingyue District 130012 Changchun China 北京大成（长春）律师事务所 关于长春高新技术产业（集团）股份有限公司 2023 年度股东大会的法律意见书 大成（长）证字[2024]第 76-1 号 致：长春高新技术产业（集团）股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）《中华人民共和国 公司法》（以下简称"《公司法》"）和中国证券监督管理委员会《上市公司股东大 会规则（2022 年修订）》（以下简称"《股东大会规则》"）等法律、行政法规和其 他 ...

证券代码：000661 证券简称：长春高新 公告编号：2024-038 公司债权人可持证明债权债务关系存在的合同、协议及其他凭证的原件及复 印件到公司申报债权。 长春高新技术产业（集团）股份有限公司 关于回购注销部分限制性股票减少注册资本暨通知债权人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 长春高新技术产业（集团）股份有限公司（以下简称"公司"）于 2024 年 3 月 18 日召开第十届董事会第三十三次会议、第十届监事会第二十一次会议，并 于 2024 年 4 月 9 日召开 2023 年度股东大会，审议通过了《关于回购注销部分限 制性股票的议案》及《关于变更注册资本并修改<公司章程>的议案》。根据《上 市公司股权激励管理办法》《2022 年限制性股票与股票期权激励计划（草案）》 （以下简称"激励计划（草案）"）等相关规定，针对已授予的限制性股票，公司 首次授予部分中有 8 名激励对象、预留授予部分中有 1 名激励对象因离职不再符 合公司 2022 年限制性股票与股票期权激励计划激励条件，公司拟回购注销其已 获授但尚未解除限售限制性股票 121 ...

Investment Rating - The report maintains a "Buy" rating for Changchun High-tech [5] Core Views - The company achieved a revenue of 14.566 billion yuan in 2023, a year-on-year increase of 15.35%, and a net profit attributable to shareholders of 4.532 billion yuan, up 9.47% year-on-year [1] - The proportion of long-acting water injections in growth hormone sales has increased, leading to significant improvements in sales collection [2] - The company continues to invest heavily in R&D, with R&D expenses amounting to 2.4 billion yuan, accounting for 16.61% of revenue, indicating a steady progress in innovation transformation [2] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 14.566 billion yuan, with a net profit of 4.532 billion yuan and a basic EPS of 11.21 yuan [1] - Quarterly revenue for 2023 was 2.778 billion yuan, 3.390 billion yuan, 4.514 billion yuan, and 3.884 billion yuan, showing a strong recovery in Q4 with a 30.30% year-on-year increase [2] - The operating cash flow improved significantly, reaching 5.104 billion yuan, a year-on-year increase of 80.57% [2] R&D and Innovation - The company invested 2.4 billion yuan in R&D in 2023, with 1.7 billion yuan in expensed R&D and 700 million yuan in capitalized R&D [2] - Key projects in development include Jin Na monoclonal antibody and other injection products, with some entering the approval or Phase III clinical trial stages [2] Profit Forecast and Valuation - The net profit forecast for 2024 and 2025 has been revised down to 5.120 billion yuan and 5.820 billion yuan, respectively, reflecting a decrease of 14% and 17% from previous estimates [3] - The projected EPS for 2024, 2025, and 2026 is 12.66 yuan, 14.39 yuan, and 16.14 yuan, respectively, with corresponding P/E ratios of 10, 8, and 7 times [3]

Investment Rating - The report maintains a "Buy" rating for Changchun High-tech [2][9] Core Views - In 2023, Changchun High-tech achieved operating revenue of 14.566 billion yuan, a year-on-year increase of 15.35%, and a net profit attributable to shareholders of 4.532 billion yuan, up 9.47% year-on-year [4][5] - The company reported a significant increase in operating cash flow, reaching 5.104 billion yuan, which is a year-on-year growth of 80.57% [4][5] - The fourth quarter of 2023 saw a substantial revenue increase of 30.30% year-on-year, with net profit rising by 36.12% [4][5] Financial Performance Summary - **2023 Financial Highlights**: - Operating Revenue: 14,566 million yuan (yoy +15.35%) [2][4] - Net Profit: 4,532 million yuan (yoy +9.47%) [2][4] - Cash Flow: 5,104 million yuan (yoy +80.57%) [4][5] - **2024-2026 Forecast**: - Expected Net Profit: 5,149 million yuan in 2024, 5,740 million yuan in 2025, and 6,277 million yuan in 2026 [2][9] - Corresponding PE ratios: 9.6x for 2024, 8.6x for 2025, and 7.9x for 2026 [2][9] Business Segment Performance - **Subsidiary Performance**: - Jinsai Pharmaceutical's revenue reached 11.084 billion yuan, with a year-on-year growth of 8.48% [5] - Baike Biological's revenue surged by 70.30% to 1.825 billion yuan, driven by the launch of the first domestic shingles vaccine [5] - Huakang Pharmaceutical and Gaoxin Real Estate also reported stable growth, with revenues of 703 million yuan and 915 million yuan, respectively [5] R&D and Product Pipeline - The company increased its R&D investment to 2.419 billion yuan, a year-on-year increase of 45.46% [6] - Key R&D projects include various formulations of recombinant human growth hormone and other innovative therapies, with several in advanced clinical trial stages [7][8] Dividend Policy - The company announced a cash dividend of 45 yuan per 10 shares for the 2023 fiscal year, reflecting its commitment to returning value to shareholders [5]

[Table_StockInfo] 买入 2024年 03月 22日 （维持） 证券研究报告•2023年年报点评 当前价： 125.95元 长春高新（000661） 医药生物 目标价： 176.40元（6个月） 生长激素增长稳健，在研管线蓄势待发 投资要点 西南证券研究发展中心 [T ab事le件_S：u公m司ma发ry布] 2023年年报，实现营业收入145.7亿元，同比增长15.4%；实 [分Ta析bl师e_：Au杜th向or阳] 现归属于母公司股东净利润 45.3亿元，同比增长 9.5%；实现扣非后归母净利 执业证号：S1250520030002 润 45.2亿元，同比增长9.6%。 电话：021-68416017 邮箱：duxy@swsc.com.cn  生长激素增长稳健，非儿科产品收入占比提升。23年子公司金赛药业实现收入 110.8亿元（+8.5%），实现归母净利润 45.1亿元（+7%）。金赛儿科业务稳健 [相Tab对le指_Q数u表ot现eP ic] 增长，生长激素相关剂型积极响应地方集采，长效剂型收入占比持续提升。新 业务战略更加清晰、聚焦。金赛药儿科综合、女性健康、成人内分泌、皮科医 ...

Group 1: Financial Performance - The company achieved a revenue of 14.566 billion yuan in 2023, representing a year-on-year growth of 15.35% [4] - The net profit attributable to shareholders was 4.532 billion yuan, with a year-on-year increase of 9.47% [4] - R&D investment reached 2.419 billion yuan, showing a growth of 45.46% compared to the previous year [4] Group 2: Product Sales and Market Strategy - The sales proportion of long-acting growth hormone products reached approximately 29% in 2023 [2] - The company plans to enhance product innovation and internationalization strategies to drive future growth [2] - The company aims to increase the sales proportion of long-acting growth hormone to 35% in 2024 [16] Group 3: Shareholder Concerns and Corporate Governance - Investors expressed concerns regarding the significant stock reduction by major shareholders, questioning the impact on shareholder returns [1] - The company has committed to fulfilling disclosure obligations regarding share repurchases and major shareholder actions [2] - There is a call for the company to consider increasing dividends to boost investor confidence [2] Group 4: Future Outlook and Challenges - The company is focusing on reducing reliance on single products and enhancing its R&D capabilities to mitigate risks [2] - Concerns were raised about the impact of declining birth rates on the sales of growth hormone products [13] - The company is exploring potential mergers and acquisitions to strengthen its market position [12]

Investment Rating - The report maintains a "Buy" rating for Changchun High-tech [1] Core Views - In 2023, the company achieved total revenue of 145.66 billion yuan, representing a year-on-year growth of 15.35%. The net profit attributable to shareholders was 45.32 billion yuan, up 9.48% year-on-year [6][12] - The biopharmaceutical business remains robust, with revenue from this segment reaching 129.11 billion yuan, accounting for 88.63% of total revenue, and a gross profit margin exceeding 90% [6][12] - The company plans to distribute a high dividend, proposing a cash dividend of 4.5 yuan per 10 shares for the 2023 fiscal year, which represents 39.93% of the net profit attributable to shareholders [1][6] Financial Performance Summary - **Revenue Forecasts**: - 2022A: 12,627.19 million yuan - 2023A: 14,566.04 million yuan - 2024E: 16,125.73 million yuan - 2025E: 17,965.85 million yuan - 2026E: 19,956.57 million yuan - Year-on-year growth rates: 2023A: 15.35%, 2024E: 10.71%, 2025E: 11.41%, 2026E: 11.08% [1] - **Net Profit Forecasts**: - 2022A: 4,140.11 million yuan - 2023A: 4,532.48 million yuan - 2024E: 5,023.91 million yuan - 2025E: 5,615.41 million yuan - 2026E: 6,240.95 million yuan - Year-on-year growth rates: 2023A: 9.48%, 2024E: 10.84%, 2025E: 11.77%, 2026E: 11.14% [1] - **Earnings Per Share**: - 2022A: 10.23 yuan - 2023A: 11.20 yuan - 2024E: 12.42 yuan - 2025E: 13.88 yuan - 2026E: 15.42 yuan [1] - **Cash Flow Per Share**: - 2022A: 13.78 yuan - 2023A: 18.74 yuan - 2024E: 27.22 yuan - 2025E: 36.60 yuan - 2026E: 47.19 yuan [1] - **Return on Equity**: - 2022A: 20% - 2023A: 18% - 2024E: 16% - 2025E: 15% - 2026E: 15% [1] - **Valuation Ratios**: - P/E: 2022A: 12.95, 2023A: 11.83, 2024E: 10.67, 2025E: 9.55, 2026E: 8.59 - PEG: 2022A: 1.27, 2023A: 1.25, 2024E: 0.98, 2025E: 0.81, 2026E: 0.77 - P/B: 2022A: 2.97, 2023A: 2.43, 2024E: 1.98, 2025E: 1.65, 2026E: 1.39 [1] Segment Performance - **Jinsai Pharmaceutical**: - In 2023, Jinsai Pharmaceutical achieved revenue of 110.84 billion yuan, a year-on-year increase of 8.48%, with a net profit of 45.14 billion yuan, up 7.05% [10][12] - **Other Segments**: - Baike Biological reported revenue of 18.25 billion yuan, a growth of 70.33%, and a net profit of 5.01 billion yuan, up 175.98% - Huakang Pharmaceutical achieved revenue of 7.03 billion yuan, a growth of 6.77%, with a net profit of 0.37 billion yuan, up 17.94% - Gaoxin Real Estate reported revenue of 9.15 billion yuan, a growth of 13.81%, with a net profit of 0.74 billion yuan, up 15.63% [12][16]

Investment Rating - The report maintains a "Buy" rating for Changchun High-tech [6] Core Views - The company achieved a revenue of 14.566 billion RMB in 2023, representing a year-on-year growth of 15.35%, and a net profit attributable to shareholders of 4.532 billion RMB, up 9.47% year-on-year [5] - The growth in the growth hormone segment has stabilized, while the non-growth hormone segment is being actively developed, with significant contributions from the vaccine business [5][6] - The company plans to increase investment in the non-growth hormone segment, with a projected net profit of 5.132 billion RMB in 2024, reflecting a growth of 13.2% [6] Financial Summary - Total revenue for 2023 was 14,566 million RMB, with a year-on-year growth rate of 15.4% [7] - The net profit attributable to shareholders for 2023 was 4,532 million RMB, with a year-on-year growth rate of 9.5% [7] - The company’s earnings per share for 2023 was 11.21 RMB, with a projected increase to 12.68 RMB in 2024 [8]

Investment Rating - The report maintains a "Buy" rating for the company, with a previous rating also being "Buy" [1]. Core Views - The company achieved a revenue of 145.66 billion yuan in 2023, representing a year-on-year growth of 15.35%. The net profit attributable to the parent company was 45.32 billion yuan, up 9.47% year-on-year, and the diluted EPS was 11.21 yuan per share, an increase of 8.94% [1]. - The fourth quarter of 2023 saw a revenue of 38.84 billion yuan, a year-on-year increase of 30.30%, and a net profit of 9.20 billion yuan, up 36.20% year-on-year, indicating strong performance [1]. - The company is actively expanding its pediatric business and non-growth hormone products, with the pediatric subsidiary achieving a revenue of 110.84 billion yuan, a year-on-year increase of 8.48% [1]. - The company has a robust R&D pipeline, with significant investments in new drug development across various therapeutic areas, including vaccines and small molecules [1][2]. Financial Performance Summary - The total revenue for 2023 was 145.66 billion yuan, with a growth rate of 15.4% compared to 2022 [2]. - The net profit attributable to the parent company for 2023 was 45.32 billion yuan, reflecting a growth rate of 9.5% [2]. - The gross margin for 2023 was 86.0%, slightly down from the previous year [1][2]. - The company expects revenues of 171.59 billion yuan, 196.38 billion yuan, and 220.50 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 52.35 billion yuan, 57.59 billion yuan, and 62.33 billion yuan [2]. R&D and Product Development - The company has increased its R&D investment, focusing on innovative capabilities and expanding its product pipeline in the biopharmaceutical sector [1]. - The company’s subsidiary, Baike Bio, achieved a revenue of 18.25 billion yuan in 2023, a year-on-year increase of 70.30%, driven by the launch of a domestically developed shingles vaccine [1]. - The company is also advancing its clinical trials for various vaccines and therapeutics, indicating a strong commitment to innovation [1].