Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved strong performance in H1 2024, with revenue of 6.429 billion yuan, a year-on-year increase of 7.96%, and a net profit attributable to shareholders of 625 million yuan, up 3.96% year-on-year [2] - The raw material drug segment showed steady growth, with sales revenue of 4.704 billion yuan, a year-on-year increase of 11.89%, although gross profit decreased by 1.99% [2] - The CDMO business saw a significant increase in project numbers, with 731 quoted projects, a 51% year-on-year increase, and 876 ongoing projects, a 44% increase [3] - The formulation segment experienced rapid growth, achieving revenue of 680 million yuan, an 18.37% year-on-year increase, and gross profit of 410 million yuan, a 41.67% increase [3] - The company expects revenue for 2024-2026 to be 12.679 billion, 14.317 billion, and 16.014 billion yuan respectively, with net profits of 1.180 billion, 1.466 billion, and 1.747 billion yuan [3] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 6.429 billion yuan and a net profit of 625 million yuan, with Q2 alone achieving a revenue of 3.231 billion yuan, marking a 12.61% increase year-on-year [2] - The gross profit margin for the raw material drug segment was 16.22%, down 2.30 percentage points year-on-year [2] Business Segments - The raw material drug intermediate segment's sales revenue was 4.704 billion yuan, with multiple products achieving record sales [2] - The CDMO segment's revenue was 1.028 billion yuan, with a gross profit margin of 40.09% [3] - The formulation segment's revenue was 680 million yuan, with a gross profit margin of 60.30%, reflecting a significant increase in production capacity and cost control [3] Future Outlook - The company anticipates a steady increase in market share for core antibiotic products and expects new product launches and capacity expansions to contribute to performance [2] - The projected earnings per share (EPS) for 2024-2026 are 1.01, 1.25, and 1.49 yuan, with corresponding price-to-earnings (P/E) ratios of 15.43, 12.42, and 10.42 [3]

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 | --- | --- | |----------------|----------------------------------------------------------------| | 投资者关系活动 | | | | ■其他 （投资者电话交流会） | | 类别 | | | | （孙建、郭双喜、盖文化）浙商证券；（孙媛媛、黄翰漾、翁雨晴） | | | 兴业证券；（邓周宇、魏赟、张智勇）山西证券；（张琎、吴婉桦） | | | 中金公司；（李龙峰、侯彪、许菲菲）招商证券；（韩世通、王郑洋、 | | | 王凯旋）中信医药；（张树声、李雨蓓、祝嘉琦）中泰证券；（乔波 | | | 耀）民生证券；（孙曼萁）华西证券；（张绍辉）华福医药；（胡健 | | | 东）华创证券；（杨馥瑗）华安医药；（阮帅）开源证券；（陈辛、 | | | 李奕玮）华泰证券；（江熠暄、孔维崎）国海医药；（臧文清）平安 | | | 证券；（史慧颖）信达医药；（田鑫）广发医药；（杨天笑）西南医 | | | 药；（彭思宇、沈鹭）国信证券；（陶宸冉）国盛证券； ...

何总副总经理兼董事会秘书周总财务总监张总以及董事会办公室主任兼证券事务代表关总就昨天刚刚发布的2024年公司中报的情况跟大家做沟通和交流然后我先简单介绍一下整个2024年中报我们看到 公司当季度把收入和利润都创了历史的这个单季的新高同时在背后也验证了公司过去几年一直 跟市场传递的从做精油原料做优质剂做强CDMO整个战略的落地无论是我们原料业务过一年的稳定增长还是我们质剂业务环比快速的一个增长这个都让我们看到这句话都在快速兑现同时CDMO的报价项目也呈现了一个非常快速增长我相信这都是过一年公司从能力建设 到公司整个资本开支逐步进入一个兑现期所呈现的一个表现所以我们团队也非常看好公司未来几年持续的这么一个趋势所以也恭喜公司取得这样亮丽的夜景就是今天跟我一起主持的还有我们团队的郭双喜博士以及文化 然后首先我们进入我们今天会议的第一个环节有请普洱药业总经理何总就昨天刚刚发布的中报的情况跟大家做这个简单的一个介绍何总好的各位投资者上午好我是普洱药业何春下面由我对公司上半年的经营情况做个简单的介绍 那么从大环境来看的话上半年整个医药行业的外围环境还是比较严峻的一方面地缘政治影响还在然后行业内卷和国内价格的治理还有医药领域 ...

证券研究报告 | 公司点评 | 化学制药 | --- | --- | |-----------------------------------------------------------------|------------------------------------------| | 普洛药业 (000739) | 报告日期： 2024 年 08 月 17 日 | | 高基数下超预期，看好 H2 表现 ——普洛药业 2024H1 业绩点评 | | 投资要点 ❑ 2024Q2 公司收入&利润均创历史新高，我们认为，公司在 2020 年后进入资本开 支加速期、供给能力升级期，随着投资产能陆续进入释放期，收入结构改善 下，公司有望进入新一轮供给升级驱动的高质量增长周期。 ❑ 财务表现： Q2 收入&利润创新高 2024 年 8 月 15 日公司发布 2024 年半年报，2024H1 公司实现营业收入 64.29 亿 元，同比增长 7.96%；归母净利润为 6.25 亿元，同比增长 3.96%，扣非归母净利 润 6.02 亿元，同比增长 1.24%。单季度看，2024Q2 公司实现营业收入 32.31 亿 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 15.57 yuan [3]. Core Views - The company achieved a revenue of 6.429 billion yuan in the first half of 2024, representing a year-on-year growth of 7.96%, and a net profit attributable to shareholders of 625 million yuan, up 3.96% year-on-year [1]. - The raw material and intermediate business saw significant improvement in Q2, with revenue reaching 4.704 billion yuan, a year-on-year increase of 11.89%, and a gross margin of 16.22% [1]. - The CDMO business experienced a revenue decline of 9.82% to 1.027 billion yuan, but the number of projects increased significantly, with 731 quoted projects, a 51% increase year-on-year [1]. - The formulation business reported revenue of 680 million yuan, an 18.37% increase year-on-year, with a gross margin of 60.30%, up 9.92 percentage points from the previous year [1]. - The company is expected to achieve net profits of 1.182 billion yuan, 1.374 billion yuan, and 1.620 billion yuan for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 15, 13, and 11 times [1][4]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 6.429 billion yuan, a 7.96% increase year-on-year, and a net profit of 625 million yuan, a 3.96% increase year-on-year [1]. - Q2 revenue was 3.231 billion yuan, up 12.61% year-on-year, with a net profit of 381 million yuan, a 5.35% increase year-on-year [1]. Business Segments - The raw material and intermediate segment generated 4.704 billion yuan in revenue in H1 2024, with a gross margin of 16.22% [1]. - The CDMO segment's revenue was 1.027 billion yuan, with a gross margin of 40.09% [1]. - The formulation segment achieved 680 million yuan in revenue, with a gross margin of 60.30% [1]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 1.182 billion yuan in 2024, 1.374 billion yuan in 2025, and 1.620 billion yuan in 2026 [4]. - The company is enhancing its R&D capabilities and expanding its production capacity to support future growth [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3][10] Core Views - The company achieved revenue of 6.429 billion yuan in the first half of 2024, representing a year-on-year increase of 7.96%. The net profit attributable to shareholders was 625 million yuan, up 3.96% year-on-year [3] - The report highlights strong growth in the API segment and a positive outlook for the company's long-term development, maintaining profit forecasts for 2024-2026 [3][4] Financial Performance Summary - Revenue and Profit: - 2024 H1 revenue: 64.29 billion yuan (+7.96% YoY) - 2024 H1 net profit: 6.25 billion yuan (+3.96% YoY) - 2024 H1 gross margin: 24.70% (-1.90 percentage points) [3] - Segment Performance: - API and intermediates revenue: 47.04 billion yuan (+11.89% YoY) - CDMO revenue: 10.28 billion yuan (-9.82% YoY) [5] - Future Projections: - Expected net profit for 2024-2026: 1.238 billion yuan, 1.462 billion yuan, and 1.700 billion yuan respectively [6] Business Development - The formulation business achieved revenue of 680 million yuan in H1 2024, with a gross margin of 60.30% (+9.92 percentage points) [4] - The company has 51 projects under research, with 9 projects completed and 6 submitted for approval, covering various therapeutic areas [4] Market Position and Competitiveness - The company added 15 new API customers in H1 2024 and completed the construction of high-end API production workshops [5] - The CDMO business has 731 quoted projects (+51%) and 876 ongoing projects (+44%) [5]

普洛药业股份有限公司 公司法定代表人:祝方猛 主管会计工作的负责人:张进辉 会计机构负责人: 石新跃 单位: 万元 2024年半年度非经营性资金占用及其他关联方资金往来情况汇总表 编制单位:普洛药业股份有限公司 | 丰经营性资金占用 | 资金占用方名称 | 占用方与上市公司 | 上市公司核算 | 2024年初占用资金 | 2024年度1-6月占用累计发 | 2024年度1-6月资金占用 2024年度1-6月偿还累 | | 2024年6月30日占 | 占用形成原 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 的关联关系 | 的会计科目 | 余額 | 生全額(不含利息) | 的利息(如有) | 计发生金额 | 用资金余额 | 因 | | | 控股股东、实际控制人 | | | | | | | | | | | | 及其附屬定不 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 前控股股东、实际控 制人及其朗雪企不 | | | | | | | | | ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 6,428,714,752.29, representing a 7.96% increase compared to CNY 5,954,455,753.01 in the same period last year[11]. - The net profit attributable to shareholders was CNY 624,842,853.55, which is a 3.96% increase from CNY 601,065,331.00 in the previous year[11]. - The net cash flow from operating activities increased by 32.11% to CNY 980,781,274.48, up from CNY 742,373,240.68 in the same period last year[11]. - The total assets of the company at the end of the reporting period were CNY 13,515,257,382.48, a 5.86% increase from CNY 12,767,664,072.34 at the end of the previous year[11]. - The net assets attributable to shareholders increased by 1.78% to CNY 6,333,267,755.69 from CNY 6,222,728,875.43 at the end of the previous year[11]. - The basic earnings per share rose by 4.09% to CNY 0.5350, compared to CNY 0.5140 in the same period last year[11]. - The company achieved operating revenue of 642,871.48 million yuan, a year-on-year increase of 7.96%[17]. - The net profit attributable to shareholders reached 62,484.29 million yuan, reflecting a growth of 3.96% year-on-year[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 60,239.48 million yuan, up 1.24% year-on-year[17]. Business Operations - The raw material intermediate business generated sales revenue of 470,442.27 million yuan, an increase of 11.89% year-on-year[18]. - The gross profit for the raw material intermediate business was 76,300.28 million yuan, with a gross margin of 16.22%, down 1.99% year-on-year[18]. - The company added 15 new clients in the raw material business during the reporting period, contributing to stable growth in multiple products[18]. - The CDMO business continued to strengthen its core competitiveness, with a growing number of clients and projects[18]. - The company has established CDMO R&D centers in Hengdian, Shanghai, and Boston, employing over 500 R&D personnel[18]. - The company reported a total of 731 quoted projects, a year-on-year increase of 51%, and 876 ongoing projects, up 44%, with 317 in the commercialization stage, reflecting a 28% growth[19]. - The CDMO business generated revenue of 1,027.54 million CNY, a decrease of 9.82%, with a gross profit of 411.93 million CNY, down 19.25%, resulting in a gross margin of 40.09%[19]. - The formulation business achieved revenue of 679.56 million CNY, an 18.37% increase, and a gross profit of 409.74 million CNY, up 41.67%, with a gross margin of 60.30%[20]. Research and Development - The company has 1,085 R&D personnel, with R&D expenses amounting to 314.77 million CNY, supporting its three major business segments[20]. - The company submitted 381 patent applications, holding 144 valid patents, including 133 invention patents, with 18 new invention patent applications filed during the reporting period[21]. - The company completed the construction of high-end API production workshops in March, enhancing its manufacturing capabilities[21]. - The company is in the design phase for a new peptide production line to meet market demand[21]. - The company has initiated 13 technical transformation projects to enhance automation and operational efficiency, significantly improving productivity[22]. - The company is leveraging AI technology in R&D and production processes to improve efficiency and operational management[22]. - The company plans to increase R&D investment to enhance core competitiveness in response to stricter regulations in the pharmaceutical industry[45]. - The company plans to increase its R&D budget by 25% in 2025 to support ongoing innovation and product development[186]. Environmental, Social, and Governance (ESG) - The company is committed to reducing pollution emissions and promoting green factory initiatives as part of its ESG strategy[24]. - The company has established a robust EHS management system in compliance with international standards to enhance safety and environmental protection[23]. - The company has a wastewater treatment system with an annual capacity of 5.4 million tons and 15 sets of RTO facilities with a total design processing capacity of 300,000 m³/h[23]. - The company has implemented various information systems, including RDMS and MES, to enhance R&D and production efficiency[22]. - The company has received various environmental management and energy-saving certifications, including B-level performance evaluation and "green factory" recognition[66]. - In the first half of 2024, the company established an ESG organizational structure to promote ESG-related work[67]. - The company has actively engaged in social responsibility initiatives, including setting up an "Employee Love Fund" to assist employees in need[70]. Financial Position - The company's cash and cash equivalents at the end of the reporting period amounted to CNY 3,948,093,757.21, accounting for 29.21% of total assets, an increase of 1.17% from the previous year[36]. - Accounts receivable increased to CNY 2,045,493,381.83, representing 15.13% of total assets, up by 1.85% year-over-year[36]. - Inventory decreased to CNY 1,750,809,080.60, accounting for 12.95% of total assets, down by 3.37% compared to the previous year[36]. - The company reported a total of 731 quoted projects, a year-on-year increase of 51%, and 876 ongoing projects, up 44%, with 317 in the commercialization stage, reflecting a 28% growth[19]. - The company has a total of CNY 3,377,139.48 in other comprehensive income for the half-year, contributing to the overall equity[117]. - The total assets at the end of the reporting period were CNY 2,475,206,612.58, showcasing the company's financial strength[117]. - The total liabilities at the end of the reporting period were CNY 1,296,683,119.67, indicating a manageable debt level relative to assets[117]. Shareholder Information - The company will not distribute cash dividends or issue bonus shares for the half-year period[49]. - The employee stock ownership plan includes 252 employees holding a total of 22,559,016 shares, representing 1.93% of the company's total equity[49]. - The company has distributed a total of 2,259.82 million CNY in cash dividends to shareholders, which is 35% of the net profit attributable to shareholders for the year[69]. - The largest shareholder, Hengdian Group Holdings Co., Ltd., holds 28.30% of the shares, totaling 330,941,729 shares, which are currently pledged[87]. - The total number of ordinary shareholders at the end of the reporting period was 44,077[87]. Market Outlook - The global pharmaceutical market is projected to reach $2,090.8 billion by 2030, driven by aging populations and increased healthcare awareness[15]. - China's pharmaceutical market is expected to reach 2.89 trillion yuan by 2030, accounting for 1/6 of the global market[15]. - The company has provided a positive outlook for the second half of 2024, projecting a revenue growth of 10% to 15%[183]. - New product development includes the launch of two innovative drugs, expected to contribute an additional 300 million RMB in revenue by the end of 2024[186]. - The company is expanding its market presence, targeting an increase in market share by 5% in the next fiscal year[181]. Compliance and Governance - The company has not faced any administrative penalties for environmental issues during the reporting period[64]. - The company has not engaged in any significant related party transactions during the reporting period[72]. - The company has not experienced changes in senior management, including the appointment of a new general manager[48]. - The company has not engaged in any asset or equity acquisitions or sales during the reporting period[72]. - The company has a comprehensive financial report approved by the board on August 14, 2024[127].

证券代码：000739 证券简称：普洛药业 公告编号：2024-41 普洛药业股份有限公司 关于回购公司股份的进展公告 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。 一、回购公司股份的进展情况 截至2024年7月31日，公司通过回购专用证券账户以集中竞价交易方式累计 回购公司股份10,880,000股，占公司目前总股本的0.93%，最高成交价15元/股， 最低成交价12.64元/股，成交总金额为人民币153,069,994元（不含交易费用）。 本次回购符合公司回购股份方案及相关法律法规的要求。 二、其他说明 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； （2）中国证监会和深圳证券交易所规定的其他情形。 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 ...

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。 一、担保情况概述 1、2024 年 7 月 16 日，普洛药业股份有限公司（以下简称"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"）签订《保证合同》 （合同编号：33100120240011216），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"）与农业银行签署的《商业汇票银行承兑合同》 证券代码：000739 证券简称：普洛药业 公告编号：2024-40 （合同编号：33180120240010879）中的 3,000 万元银行承兑汇票提供连带责任 保证，担保期限 6 个月。 2、2024 年 7 月 18 日，公司与中国进出口银行浙江省分行（以下简称"进 出口银行"）签订《保证合同》[合同编号：（2024）进出银（浙信保）字第 3-003 号]，同意为公司全资子公司家园药业与进出口银行签署的《借款合同》[合同编 号：（2024）进出银（浙信合）字第 3-020 号]中的 3,000 万元出口卖方信贷提 供连带责任 ...