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].

证券代码：000661 证券简称：长春高新 长春高新技术产业（集团）股份有限公司 投资者关系活动记录表 编号：2024-002 □特定对象调研 □分析师会议 投资者关系活动 □媒体采访 □业绩说明会 类别 □新闻发布会 □路演活动 □现场参观 √电话会议 安信基金、宝盈基金、博裕资本、博远基金、财通基金、大 成基金、大摩华鑫、大朴资产、淡水泉、德邦基金、德邦证 券、东北证券、东方红、东方证券、东方证券资管、东吴证 券、东兴基金、蜂巢基金、富兰克林基金、格林基金、光大 保德信、光大资管、广发基金、广发证券、国华人寿保险、 国金资管、国联证券、国盛证券、国投证券、国新国证基 金、海通证券、韩国投资基金、合道投资、泓澄投资、华福 证券、华福资管、华泰证券、华泰证券资管、华西证券、华 夏基金、华夏未来、华鑫证券、汇华理财、汇添富基金、嘉 实基金、坚果资本、建信养老、交银康联人寿保险、交银施 罗德、玖鹏资产、开源证券、名禹资产、奶酪投资、南方基 金、农银人寿、鹏扬基金、平安养老保险、青骊投资、清和 参与单位名称及 泉资管、趣时资管、睿远基金、森锦投资、上汽颀臻、申万 人员姓名 宏源、石锋资产、拾贝投资、太平养老、太平资 ...

Financial Performance - The company's operating revenue for 2023 reached ¥14,566,039,611.98, representing a 15.35% increase compared to ¥12,627,188,966.71 in 2022[20] - The net profit attributable to shareholders was ¥4,532,483,532.14, marking a 9.47% growth from ¥4,140,114,115.74 in the previous year[20] - The net profit after deducting non-recurring gains and losses was ¥4,515,660,901.70, which is a 9.63% increase from ¥4,118,413,628.66 in 2022[20] - Cash flow from operating activities amounted to ¥5,103,687,813.05, an 80.57% increase compared to ¥2,826,408,333.06 in the prior year[20] - Basic earnings per share rose to ¥11.21, up 8.94% from ¥10.29 in 2022[20] - Diluted earnings per share increased to ¥11.06, reflecting an 8.86% rise from ¥10.16 in the previous year[20] - The total assets of Changchun High-tech Industry (Group) Co., Ltd. increased by 18.12% year-on-year, reaching approximately CNY 30.74 billion by the end of 2023[21] - The net assets attributable to shareholders increased by 22.31% year-on-year, amounting to approximately CNY 22.07 billion by the end of 2023[21] - The company's operating income for Q4 2023 was approximately CNY 3.88 billion, with a total annual operating income of approximately CNY 14.57 billion[25] - The net profit attributable to shareholders for Q4 2023 was approximately CNY 920.06 million, contributing to an annual net profit of approximately CNY 4.53 billion[25] Dividend and Shareholder Returns - The company plans to distribute a cash dividend of ¥45 per 10 shares, totaling approximately ¥1,809,000,000 based on the current total share capital[4] - The company has established a "Quality Return Dual Improvement" action plan to enhance shareholder value and maintain a focus on the pharmaceutical industry[126] - The company plans to distribute a cash dividend of 45 CNY per 10 shares (including tax) for the year 2023, reflecting a commitment to shareholder returns[126] Research and Development - R&D investment reached 2.419 billion yuan, reflecting a significant growth of 45.46% compared to the previous year[56] - The company has 1,329 R&D personnel, including 198 with PhDs, enhancing its innovation capabilities[60] - The company is focusing on innovation in drug development, particularly in pediatric and rare disease medications, supported by recent regulatory changes[31] - The company is enhancing its R&D capabilities by increasing investment and attracting industry leaders, focusing on pediatric/adult endocrinology, reproductive gynecology, and oncology[49] - The company is advancing clinical trials for its PEG-recombinant human growth hormone and anti-IL-1β monoclonal antibody, targeting various growth disorders and inflammatory diseases[62][63] Market Expansion and Strategy - The company actively participated in the fourth batch of centralized procurement for public medical institutions in Zhejiang Province, indicating market expansion efforts[33] - The company is focusing on expanding its product pipeline in the chemical drug sector, particularly in pediatric and women's health[49] - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[144] - The company is pursuing a global strategy in the pharmaceutical health industry, actively seeking unique platforms and products in international markets[116] Compliance and Governance - The company is committed to maintaining transparency and accuracy in its financial reporting, as stated by its management team[4] - The company has enhanced its corporate governance by revising multiple governance documents to align with legal and regulatory requirements, improving overall governance standards[75] - The company maintained strict independence from its controlling shareholder in terms of operations, finance, and management, ensuring no conflicts of interest[133] Environmental Sustainability - The company is focused on improving its environmental performance through continuous monitoring and compliance with industry standards[194] - The company plans to expand its production capacity while maintaining its commitment to environmental sustainability[194] - The report highlighted adherence to the "Comprehensive Emission Standards for Air Pollutants" with strict measures in place for managing emissions[200] - The company is actively monitoring and managing emissions of sulfur dioxide and other harmful substances, maintaining levels within regulatory limits[200] Operational Efficiency - The company is implementing a market-oriented management model, establishing a scientific and efficient governance structure to enhance competitiveness[55] - The company aims to enhance brand value and enterprise value while focusing on product innovation and international development strategies[112] - The company is investing in new technologies to reduce emissions and improve waste management processes[194] Employee and Management Structure - The company has a total of 9,029 employees at the end of the reporting period, with 3,279 in production, 3,155 in sales, and 1,653 in technical roles[160] - The company has established a compensation management system for senior management to enhance operational efficiency and align compensation with performance evaluation[175] - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 9.0736 million[150] Strategic Partnerships and Acquisitions - The company is exploring potential acquisitions to enhance its product portfolio, with a budget of 500 million yuan allocated for this purpose[144] - A strategic acquisition of a biotech firm was completed, valued at 1.5 billion CNY, aimed at enhancing R&D capabilities[197] Product Development - The company has received approvals for multiple new products, including a long-acting growth hormone and a shingles vaccine, expanding its product line significantly[61] - New product launches are expected to contribute an additional 200 million yuan in revenue over the next year[144] - The company is expanding its product line with new drugs and vaccines, including a nasal spray flu vaccine and a rabies monoclonal antibody[92]

[Table_Page] 年报点评|医药生物 证券研究报告 [长Table_春Title] 高新（000661.SZ） [公Tab司le_I评nves级t] 买入 当前价格 132.50元 长效生长激素占比提升，带状疱疹快速放量 合理价值 188.52元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-03-20 ⚫ 公司发布2023年报。2023年公司实现收入145.66亿元（+15%，以 相[Ta对ble市_Pi场cQu表ote现] 下均为同比口径）、归母净利润 45.32 亿元（+9%）、扣非归母净利润 45.16亿元（+10%）。其中，23Q4实现收入38.84亿元（+30%）、归 11% 母净利润 9.20 亿元（+36%）、扣非归母净利润 8.99 亿元（+31%）， 3% 业绩符合预期。 -5%03/23 05/23 07/23 09/23 11/23 01/24 ⚫ 长效生长激素占比稳步提升，百克带状疱疹快速放量。分业务来看，金 -13% 赛药业全年实现收入110.84亿元（+8%）、净利润45.14亿元（+7%）， -21% 公司持续推进市场对长效生长 ...

业绩简评 2024 年 3月 19 日，公司发布2023 年年度报告。公司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%；实现扣非归母净利润45.16亿元， 同比增长 9.63%。分季度看，2023 年第四季度实现收入 38.84 亿 元，同比增长 30.30%；实现归母净利润 9.20 亿元，同比增长 36.20%；实现扣非归母净利润8.99 亿元，同比增长30.72%。 经营分析 核心业务稳步推进，各板块实现稳健增长。公司及各子公司稳健 经营，核心医药企业收入、净利润均有增长。其中子公司金赛药 业实现收入 110.84 亿元（+8%），实现归母净利润 45.14 亿元 （+7%）；子公司百克生物实现收入18.25亿元（+70%），实现归母 净利润 5.01 亿元（+176%）；子公司华康药业实现收入 7.03 亿元 人民币(元) 成交金额(百万元) 182.00 3,000 (+7%),实现归母净利润 0.37 亿元（+18%）；子公司高新地产实现 170.00 2,500 收入 9.15 亿元（+14%）；实现归母净利润0.74 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 20 日 长 春高新(000661.SZ) 证券研究报告 长效生长激素份额持续提升，创新药布 生物医药Ⅲ 投资评级 买入-A 局即将进入兑现阶段 维持评级 6个月目标价 190.77元 事件：公司发布 2023 年年报，报告期内公司实现营收 145.66 股价 (2024-03-20) 129.09元 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%；实现扣非归母净利润 45.15亿元，同比增长 9.63%。 交易数据 总市值(百万元) 52,222.61 长效生长激素份额持续提升，非儿科业务多元化持续推进。2023 流通市值(百万元) 51,886.49 年子公司金赛药业实现收入 110.84亿元，同比增长 8.48%；单季 总股本(百万股) 404.54 度来看，23Q4 实现收入29.66亿元，同比增长 23.74%。公司生长 流通股本(百万股) 401.94 激素核心业务业绩稳定增长，据公司投资者关系活动记录表披露， 12个月价格区间 110.7/173.8元 目前长效生长激素占比 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - The company's performance in 2023 met expectations, driven by the growth of long-acting growth hormone and the vaccine subsidiary creating a second growth engine [1][5]. - The company reported a revenue of 14.566 billion RMB in 2023, a year-on-year increase of 15.35%, and a net profit attributable to shareholders of 4.532 billion RMB, up 9.47% [1][5]. - The company plans to distribute a cash dividend of 45 RMB per 10 shares, totaling 1.81 billion RMB, with a dividend yield of 3.4% [1]. Financial Performance - In Q4 2023, the company achieved a revenue of 3.884 billion RMB, a year-on-year increase of 30.3%, and a net profit of 0.92 billion RMB, up 36.12% [1]. - The revenue breakdown by segment for 2023 includes: - Jinsai Pharmaceutical: 11.084 billion RMB (+8.48%) - Baike Biological: 1.825 billion RMB (+70.30%) - Huakang Pharmaceutical: 0.703 billion RMB (+6.73%) - Gaoxin Real Estate: 0.915 billion RMB (+13.71%) [1]. - R&D investment increased, with the R&D expense ratio at 11.83%, up 1.07 percentage points [1]. Growth Drivers - The long-acting growth hormone is expected to continue its rapid growth, with the Guangdong regional procurement expected to achieve volume growth through price adjustments [1]. - The vaccine subsidiary has received approval for the shingles vaccine, contributing to new profit growth, with further products in development [1][5]. Profit Forecast - The report adjusts profit forecasts, estimating net profits attributable to shareholders for 2024-2026 at 5.156 billion RMB, 5.908 billion RMB, and 6.706 billion RMB, with year-on-year growth rates of 13.8%, 14.6%, and 13.5% respectively [1][5]. - Corresponding P/E ratios are projected at 10x, 9x, and 8x, indicating high valuation attractiveness [1].

证券代码：000661 证券简称：长春高新 公告编号：2024-035 长春高新技术产业（集团）股份有限公司 长春高新技术产业（集团）股份有限公司（以下简称"公司"）2023年年度 报告已于 2024 年 3 月 20 日披露，为了让广大投资者进一步了解公司 2023 年年 度报告和经营情况，公司将举办 2023 年度网上业绩说明会。具体情况如下： 一、会议召开日期与时间 2024 年 3 月 25 日（星期一）15:00-16:00 二、会议召开方式 本次说明会将在"全景网"平台采用网络远程以文字问答方式举行。 投资者可登陆全景网"投资者关系互动平台"（http://ir.p5w.net）参与 本次业绩说明会。 关于举行 2023 年年度报告网上业绩说明会的公告 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。 三、会议出席人员 董事长马骥先生，董事、总经理姜云涛先生，董事、常务副总经理叶朋先 生，独立董事李春好先生，副总经理李秀峰先生，副总经理、财务总监朱兴功 先生，董事会秘书张德申先生。 四、投资者参与方式 （业绩说明会投资者问题征集专用二维码） 特此公告 ...