司 研 华福证券 普洛药业（000739.SZ） 原料药-CDMO-制剂三维共振，业绩有望提速 投资要点： 原料药行业周期底部向上，多重催化下长期成长空间有望开启 2023 年国内原料药产业受 22 年疫情相关订单导致的高基数以及 下游制剂厂商消化疫情期间的库存影响，包括公司在内的多家原料药 企业业绩出现短期波动。当前原料药产量单月同比增长明显，24H1 国 内原料药产量同比回正，出口量持续增长，或意味着原料药去库存已 接近尾声，需求端有望提振。同时考虑到海外专利悬崖下仿制药原料 药及制剂出海空间巨大，原料药-制剂一体化企业有望充分受益。 原料药业务为基石，人用及兽用药双轮驱动 公司深耕原料药领域 30 余载，原料药、中间体业务近年来产销率 水平高，表现出良好的经营韧性。2024H1 公司该业务营收入达 47.0 亿元，同比增长 11.9%。公司产品品类丰富，领域涵盖人用、兽用药 物原料药和中间体，并陆续推出原料药新品种，2024H1 有 2 个 API 品种注册获批，20 个原料药品种新递交国内外 DMF。公司原料药产 品目前获美国DMF认证的原料药25个品种，目前处于有效期内的 CEP 证书 10 个，有 ...

Investment Rating - The report gives a "Buy" rating for the company with a target price of 20.20 yuan [6] Core Views - The company is a comprehensive API leader transitioning to CDMO and formulation development, leveraging its API foundation to build a global CDMO service platform [1] - The company's CDMO business has formed a funnel-shaped structure, with rapid growth in project numbers and clients, indicating strong future performance potential [4] - The company's API business is stable, with new product layouts enhancing competitiveness, especially in the medical aesthetics and cosmetics sector [2] - The formulation business is optimizing, with a diversified product pipeline and stable sales growth [3] - The company is expected to achieve revenue of 12.403 billion yuan in 2024, with a year-on-year growth of 8.10%, and net profit of 1.111 billion yuan, with a year-on-year growth of 5.29% [5] Business Segments API Business - The company is a leading domestic API manufacturer with a strong market position in products like cefixime, bupropion hydrochloride, and amoxicillin side chain series [2] - The company has established a medical aesthetics and cosmetics API division, focusing on synthetic biology, chemical synthesis, and peptide technologies [2] - The API business is expected to maintain stable growth due to good international certifications and accelerated synthetic biology layout [5] Formulation Business - The company has over 120 formulation products, covering anti-infective, cardiovascular, central nervous system, and other therapeutic areas [3] - The formulation business is accelerating a "multi-product" strategy, with 25 new projects underway, focusing on anti-infective, cardiovascular, and central nervous system drugs [3] - The formulation business is expected to benefit from the company's API integration advantage and centralized procurement processes [5] CDMO Business - The CDMO business has seen double-digit growth in revenue and profit, with project structure optimization [4] - In H1 2024, the company had 731 quoted projects, a 51% year-on-year increase, and 876 ongoing projects, a 44% year-on-year increase, including 317 commercial-stage projects [4] - The CDMO business is expected to achieve rapid growth in the future, leveraging its global R&D centers and funnel-shaped project structure [5] Financial Projections - The company is expected to achieve revenue of 12.403 billion yuan in 2024, 13.739 billion yuan in 2025, and 15.194 billion yuan in 2026, with year-on-year growth rates of 8.10%, 10.77%, and 10.59% respectively [5] - Net profit is expected to be 1.111 billion yuan in 2024, 1.243 billion yuan in 2025, and 1.392 billion yuan in 2026, with year-on-year growth rates of 5.29%, 11.88%, and 11.99% respectively [5] - The company's P/E ratio is expected to be 16.77 in 2024, 14.99 in 2025, and 13.39 in 2026 [5] Strategic Developments - The company has established a medical aesthetics and cosmetics API division, focusing on synthetic biology, chemical synthesis, and peptide technologies [2] - The company has formed a strategic partnership with BaiKuiRui to advance synthetic biology applications in biopharmaceuticals, APIs, and intermediates [90] - The company is investing in new production lines and expanding its API and intermediate product portfolio to meet market demand [89]

e公司讯，普洛药业(000739)11月11日晚间公告，近日，公司控股子公司浙江普洛康裕制药有限公司收 到国家药监局签发的丁二磺酸腺苷蛋氨酸肠溶片《药品注册证书》。 丁二磺酸腺苷蛋氨酸肠溶片适用于肝硬化前和肝硬化所致肝内胆汁淤积和妊娠期肝内胆汁淤积。 ...

证券研究报告 | 2024年11月03日 普洛药业（000739.SZ）--2024 年三季报点评 优于大市 收入增长稳健，制剂板块毛利率提升显著 24Q3 收入端稳健增长，利润端增长承压。2024 年前三季度，公司实现营收 92.9 亿元（+9.3%），归母净利润 8.7 亿元（+2.2%），扣非归母净利润 8.3 亿元（+0.4%）。其中，第三季度收入 28.6 亿元（+12.4%），归母净利润 2.4 亿元（-2.2%），扣非归母净利润 2.3 亿元（-1.8%）。 分板块业绩：制剂板块表现突出，高基数下 CDMO 板块收入有所下滑。2024 年前三季度各板块情况如下：1）原料药板块：实现营收 69.0 亿元，同比 增长 15.3%；毛利 10.8 亿元，同比下降 0.9%；毛利率 15.6%，同比下降 2.6 个百分点，主要系 2023 年上半年管控放开后，API 销售毛利率基数较高 所致。2）CDMO 板块：实现营收 14.2 亿元，同比下降 11.4%，毛利 5.8 亿元，同比下降 19.6%；毛利率 40.8%，同比下降 4.2 个百分点，主要系 2023 年上半年有特殊订单，2024 年前三季 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 ——普洛药业 2024 年三季报点评 股票研究 /[Table_Date] 2024.10.20 [table_Authors] 丁丹(分析师) 吴晗(分析师) 0755-23976735 dingdan@gtjas.com 登记编号S0880514030001 | --- | --- | --- | --- | --- | --- | |-----------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | 010-83939773 | | | | | | | wuhan024878@gtjas.com | | | | | | | S0880523080005 | | | | | | 本报告导读： 业绩稳定增长，费用率改善，丰富产品管线及一体化布局保障远期业绩增长。 投资要点： [Table_Summary] 维持"增持"评级 ...

编号：2024-05 证券代码：000739 证券简称：普洛药业 普洛药业股份有限公司 投资者关系活动记录表 | --- | --- | |-------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

普洛药业（000739.SZ） 化学制药 证券研究报告/公司点评报告 2024 年 10 月 18 日 业绩符合预期，Q3 淡季收入表现稳健 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------|---------------- ...

证券研究报告·公司点评报告·化学制药 普洛药业（000739） 2024 年三季报点评：业绩符合预期，销售费 用优化，汇兑损失略微影响当期利润 2024 年 10 月 18 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|----------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 10545 | 11474 | 12722 | 14389 | 16057 | | 同比（ % ） | 17.92 | 8.81 | 10.88 | 13.10 | 11.59 | | 归母净利润（百万元） | 989.17 | 1,055.34 | 1,194.18 | 1,380.11 | 1,561.99 | | 同比（ % ） | 3.52 | 6.69 | 13.16 | 15.57 | 13.18 | | EP ...

隐证券 医药生物/化学制药 公 司 研 究 普洛药业（000739.SZ） 2024 年 10 月 18 日 2024 年前三季度业绩稳健增长，汇兑损失有所上升 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |------------------|---------------------------| | | | | 余汝意（分析师） | 阮帅（分析师） | | yuruyi@kysec.cn | ruanshuai@kysec.cn | | S0790523070002 | 证书编号： S0790524040007 | 2024 年前三季度业绩稳健增长 2024 年前三季度公司实现收入 92.9 亿元（同比+9.3%，下文都是同比口径）， 归母净利润 8.7 亿元（+2.15%），扣非归母净利润 8.31 亿元（+0.4%），毛利率 24.23%（-2.55pct），净利率 9.36%（-0.66pct）。2024Q3 公司营收 28.62 亿元 （+12.41%），归母净利润2.45亿元（-2.19%），扣非归母净利润2.29亿元（-1.75%）， 毛利率 23.18%（-4 ...

Financial Performance - Revenue for the third quarter of 2024 was RMB 2,861,505,455.47, an increase of 12.41% year-over-year[2] - Net profit attributable to shareholders for the third quarter was RMB 244,809,564.16, a decrease of 2.19% year-over-year[2] - Operating revenue reached 9,290,220,207.76 RMB, an increase from 8,500,085,529.08 RMB in the same period last year[12] - Operating costs totaled 8,295,069,270.45 RMB, up from 7,444,588,905.92 RMB[12] - Net profit attributable to the parent company's owners was 5,026,026,552.02 RMB, up from 4,520,034,984.41 RMB[11] - Operating profit for the quarter reached 1,023,122,464.97 yuan, a slight increase from 1,013,524,987.41 yuan in the previous period[13] - Net profit attributable to the parent company's shareholders was 869,652,417.71 yuan, up from 851,344,083.86 yuan in the prior period[13] - Sales revenue from goods and services reached 7,470,804,774.82 yuan, a significant rise from 5,986,375,397.51 yuan in the same period last year[14] - Basic earnings per share increased to 0.7466 yuan from 0.7281 yuan in the previous period[13] - Comprehensive income attributable to the parent company's shareholders rose to 873,223,790.05 yuan, compared to 848,248,390.43 yuan in the prior period[13] Cash Flow and Liquidity - Operating cash flow for the first nine months of 2024 was RMB 1,165,709,114.84, an increase of 37.38% year-over-year[2] - Net cash flow from financing activities was RMB -532,530,690.54, a decrease of 72.15% year-over-year, mainly due to increased stock repurchases and dividend payments[5] - Cash flow from operating activities increased to 1,165,709,114.84 yuan, compared to 848,540,440.86 yuan in the previous year[15] - Cash received from tax refunds amounted to 377,272,002.48 yuan, slightly higher than 366,708,211.74 yuan in the previous year[15] - Cash paid for goods and services increased to 5,241,010,944.55 yuan, up from 4,197,997,038.54 yuan in the prior period[15] - Cash flow from investment activities showed a net outflow of 364,538,076.21 yuan, an improvement from a net outflow of 460,801,711.33 yuan in the previous year[15] - Cash and cash equivalents at the end of the period stood at 2,735,557,535.96 yuan, up from 2,495,464,491.45 yuan at the beginning of the period[16] Assets and Liabilities - Total assets as of the end of the third quarter were RMB 13,339,366,342.08, an increase of 4.48% compared to the end of the previous year[2] - Total assets increased to 13,339,366,342.08 RMB, up from 12,767,664,072.34 RMB in the previous period[10] - Total liabilities rose to 6,751,589,006.48 RMB, compared to 6,537,246,876.10 RMB previously[10] - Owner's equity grew to 6,587,777,335.60 RMB, up from 6,230,417,196.24 RMB[11] - The company's monetary funds increased to 3,892,828,335.80 RMB at the end of the period, up from 3,580,686,915.36 RMB at the beginning of the period[9] - Accounts receivable rose to 1,762,610,761.91 RMB, compared to 1,695,032,971.13 RMB at the start of the period[9] - Inventory decreased to 1,844,380,687.82 RMB from 2,083,301,418.08 RMB at the beginning of the period[9] - Fixed assets stood at 2,866,856,667.27 RMB, down from 3,001,108,252.13 RMB at the start of the period[9] - Construction in progress increased to 767,150,754.39 RMB, up from 545,846,228.04 RMB at the beginning of the period[9] - Short-term borrowings increased to 871,965,120.77 RMB, compared to 807,796,237.52 RMB[10] - Accounts payable and advances from customers totaled 1,969,400,370.43 RMB, down from 2,013,890,900.04 RMB[10] - Intangible assets decreased to 312,410,959.01 RMB, from 319,795,853.83 RMB[10] R&D and Investments - R&D investment for the first nine months of 2024 was RMB 467,201,967.23, an increase of 5.26% year-over-year[5] - R&D expenses amounted to 467,201,967.23 RMB, a decrease from 483,755,349.59 RMB[12] - Prepayments increased by 119.94% year-over-year to RMB 565,176,702.21, mainly due to increased prepayments for materials[5] - Other non-current assets increased by 191.79% year-over-year to RMB 156,849,038.35, primarily due to increased prepayments for equipment[5] Shareholder Information - The company repurchased 10,880,000 shares, representing 0.93% of the total shares, through a dedicated securities account[7] - Hengdian Group Holding Co., Ltd. holds 28.30% of the company's shares, totaling 330,941,729 shares[7] - Zhejiang Hengdian Import & Export Co., Ltd. holds 13.39% of the company's shares, totaling 156,552,903 shares[7] - Zhejiang Hengrun Technology Co., Ltd. holds 5.10% of the company's shares, totaling 59,683,845 shares[7] - Hengdian Group Jiayuan Chemical Co., Ltd. holds 3.83% of the company's shares, totaling 44,750,178 shares[7] Government Subsidies and Returns - Government subsidies received during the third quarter amounted to RMB 19,784,103.27[3] - The weighted average return on equity for the first nine months of 2024 was 13.52%, a decrease of 1.25 percentage points year-over-year[2]