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 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------|---------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 9.29 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 9.30%, with a net profit attributable to shareholders of 870 million yuan, up 2.15% [2] - In Q3 alone, the company achieved a revenue of 2.862 billion yuan, an increase of 12.41%, while the net profit attributable to shareholders was 245 million yuan, down 2.19% [2] - The significant decrease in sales expense ratio is attributed to enhanced cost control and optimized market strategies, while the increase in financial expenses is mainly due to exchange losses [2] - The company is progressing well in integrated development, with over 25 formulation projects initiated annually, and is expected to see growth in related products by 2025 [2] - The profit forecast for 2024-2026 has been adjusted to 11.9 billion, 13.8 billion, and 15.6 billion yuan respectively, with a current market value corresponding to P/E valuations of 16, 14, and 12 times [2] Summary by Sections Financial Performance - Total revenue for 2022 was 10.545 billion yuan, with a year-on-year growth of 17.92%, and for 2023, it was 11.474 billion yuan, with a growth of 8.81% [1] - The net profit attributable to shareholders for 2022 was 989.17 million yuan, with a growth of 3.52%, and for 2023, it was 1,055.34 million yuan, with a growth of 6.69% [1] - The latest diluted EPS for 2024 is projected to be 1.02 yuan per share, with a P/E ratio of 15.69 [1] Cost Management - The sales expense ratio for Q3 was 4.16%, down 2.2 percentage points, while the management expense ratio was 4.54%, up 0.06 percentage points [2] - The R&D expense ratio was 5.31%, up 0.13 percentage points, and the financial expense ratio was 1.12%, up 1.86 percentage points due to exchange losses [2] Strategic Development - The company is enhancing its technical platforms and has signed a strategic cooperation framework agreement to strengthen its capabilities in synthetic biology and enzyme catalysis [2] - The integrated development strategy is expected to support the growth of the company's various business segments [2]

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]

证券代码：000739 证券简称：普洛药业 公告编号：2024-49 普洛药业股份有限公司 关于盐酸金刚烷胺片获得美国 FDA 上市批准的公告 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。 4.ANDA 号：218598 5.适应症：用于预防和治疗由甲型流感病毒感染引起的体征和症状。也可用 于治疗帕金森病及各种帕金森综合征（例如脑炎后帕金森综合征、血管性帕金森 综合征和一氧化碳中毒性帕金森综合征）。还可以用于治疗药物引起的锥体外系 反应。 6.申请人：浙江巨泰药业有限公司 7.生产企业：浙江普洛康裕制药有限公司 近日，普洛药业股份有限公司（以下简称"公司"）之全资子公司浙江巨泰 药业有限公司收到美国食品药品监督管理局（以下简称"美国 FDA"）签发的盐 酸金刚烷胺片 100mg（ANDA 号：218598）的批准信。现将相关情况公告如下： 一、药品基本情况 1.药品名称：盐酸金刚烷胺片 2.剂型：片剂 3.规格：100mg 二、药品其他相关情况 金刚烷胺主要机制是促进纹状体多巴胺的合成和释放，减少神经细胞对多巴 胺的再摄取，并有抗乙酰胆碱作用。同时作为临床非 ...

证券代码：000739 证券简称：普洛药业 公告编号：2024-48 普洛药业股份有限公司 关于对下属公司担保的进展公告 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。 3、2024 年 9 月 10 日，公司与中国银行签订《保证合同》（合同编号：横 店 2024 人保字 116 号），同意为公司全资子公司浙江普洛家园药业有限公司（以 下简称"家园药业"）与中国银行签署的《流动资金借款合同》（合同编号：横 店 2024 人借字 116 号）中的流动资金贷款 2,000 万元提供连带责任保证，担保 期限 12 个月。 4、2024 年 9 月 18 日，公司与交通银行股份有限公司金华东阳支行（"交 通银行"）签订《保证合同》（合同编号：C240918GR7324845），同意为公司全 资子公司得邦制药与交通银行签署的《开立银行承兑汇票合同》（合同编号： Z2438BA15671443）中的 7,600 万元银行承兑汇票提供连带责任保证，担保期限 为 6 个月。 5、2024 年 9 月 11 日，公司与中国农业银行股份有限公司东阳市支行（以 下简称"农业银行"） ...

证券代码：000739 证券简称：普洛药业 公告编号：2024-47 普洛药业股份有限公司 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。 普洛药业股份有限公司（以下简称"公司"）于2024年3月27日召开第九届 董事会第五次会议审议通过了《关于回购公司股份方案的议案》，同意公司使用 自有资金以集中竞价交易方式回购公司部分股份，用于实施公司员工持股计划。 本次回购股份价格不超过人民币20元/股（含），回购资金总额不低于人民币1.5 亿元（含）且不超过人民币3亿元（含）。具体回购股份数量以回购期限届满或 回购股份实施完毕时实际回购股份数量为准。回购期限为自公司董事会审议通过 回购股份方案之日起6个月内。具体内容详见公司分别于2024年3月28日、2024 年3月29日在《证券时报》和巨潮资讯网（http://www.cninfo.com.cn）上披露 的《第九届董事会第五次会议决议公告》（公告编号：2024-20）、《关于回购 公司股份方案的公告》（公告编号：2024-21）及《关于回购股份的报告书》（公 告编号：2024-22）。 因公司实施2023年度分红派 ...

证券代码：000739 证券简称：普洛药业 公告编号：2024-46 普洛药业股份有限公司 关于签署战略合作框架协议的公告 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： 1、本次公司与合作方签署的《战略合作协议》，是本着诚信、平等、 双赢的原则开展合作，双方在现有产品、产能和技术上实现优势互补、强强 合作，建立面向未来的战略合作关系。本协议为框架协议，具体项目合作协 议，待双方协商确定后另行签署。 2、本次签署的《战略合作协议》对公司本年度经营业绩不会构成重大 影响，对公司未来年度经营业绩的影响将视公司与合作方后续签订的具体 项目协议以及实施情况而确定。 3、公司不存在最近三年披露的框架协议无进展或进展未达预期的情况。 一、战略框架协议签署概况 普洛药业股份有限公司(以下简称"普洛药业"或"公司")与百葵锐 （深圳）生物科技有限公司（以下简称"百葵锐"）本着诚信、平等、双赢 的原则开展合作，在现有产品、产能和技术上实现优势互补、强强合作。为 加强双方合作，建立面向未来的战略合作关系，双方愿意结成战略合作伙伴， 并于近日签订了《战略合作协议》。 本 ...

证券代码：000739 证券简称：普洛药业 公告编号：2024-45 普洛药业股份有限公司 关于下属公司对外投资的公告 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。 一、对外投资概述 1、近日，普洛药业股份有限公司（以下简称"公司"）下属孙公司 APELOA HONGKONG LIMITED（以下简称"普洛香港"）与 RTW Holding Limited（以下简 称"RTW"）、Bayer HealthCare LLC（以下简称"Bayer"）与 Ji Xing Pharmaceuticals Limited（以下简称"箕星公司"）共同签署了《SECOND AMENDMENT TO SECURITIES SUBSCRIPTION AGREEMENT》（以下简称《证券认购协 议》）。据此，普洛香港投资 2,750,000.36 美元（按照付款日汇率计算约合人 民币 2004.09 万元），以每股 3.3704 美元的价格认购箕星公司 815,927 股 D 轮 优先股，投资完成后占箕星公司 0.58%的股权。 2、根据《深圳证券交易所股票上市规则》、《公司章 ...

证券代码：000739 证券简称：普洛药业 公告编号：2024-44 普洛药业股份有限公司 关于回购公司股份的进展公告 公司回购股份的时间、回购股份数量、回购股份价格及集中竞价交易的委托 时间均符合《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引 第9号——回购股份》及公司股份回购方案的相关规定。 1、公司未在下列期间内回购公司股份： （1）自可能对公司证券及其衍生品种交易价格产生重大影响的重大事项发生 之日或者在决策过程中，至依法披露之日内； 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。 普洛药业股份有限公司（以下简称"公司"）于2024年3月27日召开第九届 董事会第五次会议审议通过了《关于回购公司股份方案的议案》，同意公司使用 自有资金以集中竞价交易方式回购公司部分股份，用于实施公司员工持股计划。 本次回购股份价格不超过人民币20元/股（含），回购资金总额不低于人民币1.5 亿元（含）且不超过人民币3亿元（含）。具体回购股份数量以回购期限届满或 回购股份实施完毕时实际回购股份数量为准。回购期限为自公司董事会审议通过 回购股份方案之日起6个月 ...