长春高新技术产业（集团）股份有限公司 关于定向可转换公司债券转股价格调整的公告 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。 特别提示： 证券代码：000661 证券简称：长春高新 公告编号：2024-040 1、"高新定转"调整前转股价格为：83.74 元/股，调整后转股价格为：79.24 元/股； 2、转股价格调整生效日期：2024 年 4 月 18 日； 3、本次调整转股价格不涉及暂停转股事项。 一、关于定向可转换公司债券转股价格调整的相关规定 经中国证监会《关于核准长春高新技术产业（集团）股份有限公司向金磊等 发行股份、可转换公司债券购买资产并募集配套资金的批复》（证监许可〔2019〕 2140 号）核准，公司向自然人金磊先生发行 4,500,000 张可转换公司债券购买相 关资产，该定向可转债于 2020 年 3 月 11 日完成登记（定向可转债中文简称：高 新定转，定向可转债代码：124006）。 按照《上市公司证券发行管理办法》等相关法律法规规定，当公司发生送红 股、转增股本、增发新股或配股、派发现金股利等情况（不包括因本次发行的可 转债转股而 ...

公司报告 | 年报点评报告 长春高新（000661） 证券研究报告 2024年04月 11日 投资评级 生长激素板块稳步推进，研发布局不断完善 行业 医药生物/生物制品 6个月评级 买入（维持评级） 当前价格 117.7元 事件: 目标价格 元 3月20日，公司发布2023年年报，2023年实现营业收入145.66 亿元，同 比增长15.35%；实现归母净利润45.32 亿元，同比增长9.47%；扣非归母 基本数据 净利润45.16亿元，同比增长9.63%。四季度单季实现收入38.84 亿元，同 A股总股本(百万股) 404.54 比增长30.30%；归母净利润9.2亿元，同比增长36.12%；扣非归母净利润 8.99亿元，同比增长30.72%。 流通A股股本(百万 401.94 股) 点评: A股总市值(百万元) 47,614.85 生长激素板块稳步推进，新业务快速成长 流通A股市值(百万 47,308.39 2023年子公司金赛药业实现收入110.84亿元，同比增长8.48%；实现归母 元) 净利润45.14亿元，同比增长7.04%，持续推进市场对长效生长激素优效和 每股净资产(元) 54.55 安全性接 ...

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]