[Table_Title] 评级：买入（维持） 市场价格：13.27 分析师：祝嘉琦 执业证书编号：S0740519040001 电话：021-20315150 Email：zhujq@zts.com.cn [Table_Finance] 公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 10544.91 11474.16 12140.10 12996.45 14107.15 增长率 yoy% 17.92% 8.81% 5.80% 7.05% 8.55% 净利润 989.17 1055.34 1167.74 1366.82 1610.28 增长率 yoy% 3.52% 6.69% 10.65% 17.05% 17.81% 每股收益（元） 0.84 0.90 0.99 1.16 1.37 每股现金流量 1.13 0.88 0.75 1.14 1.32 净资产收益率 17.95% 16.96% 16.18% 16.72% 17.30% P/E 15.68 14.70 13.28 11.35 9.63 PEG 4.46 2.20 1.25 0.67 0.54 ...

医 药 生 物 公 司 简 评 买入（维持） 报告原因：业绩点评 相关研究 原料药稳健发展，CDMO业务快速增长。分板块来看，1）原料药中间体：销售收入79.87 亿元，同比增长3.23%；实现毛利14.03亿元，毛利率为17.56%，同比提升0.87pct，原料 药中间体业务收入增速放缓盈利能力提升，我们预计主要是因原料药中间体以及上游原材 料价格下跌。报告期内，原料药业务新增客户25个，9个API品种注册获批，15个原料药品 种递交国内外DMF。随着原料药品种增多，有望进一步巩固原料药板块市场竞争力。 2） CDMO：实现收入20.05亿元，同比增长27.10%；实现毛利8.48亿元，毛利率42.29%，同 比提升1.27pct，增长强劲。 3）制剂：实现收入12.49亿元，同比增长15.69%；实现毛利 6.64亿元，毛利率为53.14%。 | --- | --- | --- | --- | --- | --- | --- | |----------------------|----------|-----------------------------------------------|------ ...

2026E 8736 2991 2545 828 15101 85 0 2493 556 260 343 3737 18838 1559 5930 655 1262 9406 149 0 226 375 9781 1179 438 7631 9050 8 9057 18838 2438 | --- | --- | --- | |----------------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 股票投资评级： | 买入 | 分析师给出下列评级中的其中一项代表其根据公司基本面及（或）估值预期以报告日起 6 个月 内公司股价相对于同期市场基准指数表现的看法。 \n股价表现将强于基准指数 20% 以上 | | | 增持 | 股价表现将强于基准指数 5-20% | | | 中性 | 股价表现将 ...

普洛药业（000739） [关键词： Table_Tag#业绩符合预期 ] [Table_Summary] 投资要点 ◼ 产能持续释放，支撑公司长期发展：公司产能持续释放，原料药方面， AH22081 生产线一期项目在 Q3 完成，YP266 生产线进入试生产阶段， 303/304 车间落地在即。CDMO 方面，AS21608 生产线和多功能车间在 2023 年 4 月和 5 月落地使用，首个高活化合物车间在年初落地。制剂 方面，七车间项目在 7 月投产，一条年产 1 亿瓶头孢粉针剂生产线落 地，新建头孢制剂生产线预计 2024 年 3 月落地。 股价走势 基础数据 2023-10-24 公司点评报告 免责及评级说明部分 增持：预期未来 6 个月个股涨跌幅相对基准介于 5%与 15%之间； 中性：预期未来 6 个月个股涨跌幅相对基准介于-5%与 5%之间； 减持：预期未来 6 个月个股涨跌幅相对基准介于-15%与-5%之间； 卖出：预期未来 6 个月个股涨跌幅相对基准在-15%以下。 行业投资评级： 买入（维持） ◼ Q4 短期受到全球去库存影响承压：单季度看，公司 2023Q4 实现收入 29.74 亿元（ ...

[盈利预测与财务指标 Table_Forcast] 推荐 维持评级 当前价格： 13.27 元 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------|--------|--------|--------|--------|----------------------|-------|--------|-------|-------| | [TABLE_FINANCE] 利润表（百万元） | 2023A | 2024E | 2025E | 2026E | 主要财务指标 | 2023A | 2024E | 2025E | 2026E | | 营业总收入 | 11,474 | 12,991 | 14,714 | 16,910 | 成长能力（%） | | | | | | 营业成本 | 8,529 | 9,608 | 10,767 | 12,236 | 营业收入增长率 | 8.81 | 13.22 ...

证券代码：000739 证券简称：普洛药业 公告编号：2024-18 普洛药业股份有限公司 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。 重要内容提示： 公司董事长祝方猛先生、高级副总经理何春先生、独立董事钱娟萍女士、副 总经理兼董事会秘书周玉旺先生、财务总监张进辉先生、董事会办公室主任兼证 券事务代表关键先生。 四、投资者参加方式 （1）投资者可通过网址 https://eseb.cn/1cHlNLpETsI 或使用微信扫描下 方小程序码即可进入参与互动交流。 普洛药业股份有限公司（以下简称"公司"）已于 2024 年 3 月 8 日在《证 券时报》和巨潮资讯网（www.cninfo.com.cn）披露公司 2023 年年度报告。为进 一步加强与投资者的深入交流，使投资者更加全面、深入地了解公司情况，公司 将于 2024 年 3 月 21 日（星期四）下午 15：00-16：00 通过易董价值在线平台 （www.ir-online.cn）举行 2023 年度业绩说明会。 一、说明会类型 本次业绩说明会以网 ...

Financial Performance - The company's operating revenue for 2023 reached ¥11,474,162,365.59, representing an increase of 8.81% compared to the previous year[46]. - Net profit attributable to shareholders was ¥1,055,340,740.79, reflecting a growth of 6.69% year-over-year[46]. - The net profit after deducting non-recurring gains and losses was ¥1,026,437,851.58, which is a significant increase of 22.73% from the previous year[46]. - Basic and diluted earnings per share increased to ¥0.9025, up 7.12% from the previous year[46]. - Total assets at the end of 2023 were ¥12,767,664,072.34, marking a 6.21% increase from the end of 2022[46]. - Net assets attributable to shareholders increased by 12.90% to ¥6,222,728,875.43 compared to the end of 2022[46]. - The company achieved total revenue of ¥11,474,162,365.59, representing an 8.81% increase year-over-year[103]. - The pharmaceutical main business generated revenue of ¥11,440,239,653.78, with a year-over-year growth of 8.89%[103]. - The innovative drug R&D and production services segment saw a revenue increase of 27.10%, reaching ¥2,004,981,793.08[103]. - The gross profit margin for the pharmaceutical main business improved to 25.60%, up by 1.71% compared to the previous year[103]. Dividend Distribution - The company plans to distribute a cash dividend of 3.16 yuan per 10 shares to all shareholders, based on a total of 1,169,323,576 shares[9]. Business Operations - The company reported a significant change in its main business from retail to pharmaceutical chemicals since December 2001[26]. - The company has undergone a change in its registered address, which was updated in April 2019[41]. - The company has confirmed that there are no significant discrepancies in financial indicators compared to previously disclosed quarterly and semi-annual reports[29]. - The company has engaged He Xin Accounting Firm for auditing services during the reporting period[45]. - The company emphasizes that the annual report contains forward-looking statements and does not constitute a substantive commitment to investors[33]. - The company has stated that all board members attended the meeting to review the annual report, ensuring its accuracy and completeness[8]. - The company has acknowledged potential risks in future operations and has outlined corresponding countermeasures[14]. - The company’s stock is listed on the Shenzhen Stock Exchange under the code 000739[41]. Research and Development - The company invested RMB 624.87 million in R&D during the reporting period, representing a 17.25% increase and accounting for 5.45% of total revenue[77]. - The company has submitted 363 patent applications and held 139 valid patents by the end of the reporting period[59]. - The company has registered 9 API products and 2 formulation products during the reporting period, with 5 formulation products submitted for domestic registration[78]. - The company has developed new technology platforms such as PROTAC and ADC, which are currently under construction and partially operational[77]. - The company has established new CDMO R&D centers in Hangzhou, Shanghai, and Boston, with over 500 R&D personnel[121]. - R&D personnel increased to 1,205 in 2023, a growth of 17.45% from 1,026 in 2022[1]. - The number of R&D personnel with master's degrees rose by 41.82% to 312 in 2023, compared to 220 in 2022[1]. - The number of R&D personnel aged under 30 increased by 28.44% to 840 in 2023, compared to 654 in 2022[1]. Production and Capacity - The company has launched a new production line for cephalosporin powder injection with an annual capacity of 100 million bottles, which commenced production in April[81]. - The company aims to achieve a production line for solid formulations by March 2024[81]. - The company has implemented 17 automation projects to enhance operational efficiency during the reporting period[82]. - The company has established 11 wastewater treatment systems with a designed capacity of 5.4 million tons[84]. - Production volume of formulations rose by 25.69% to 110,738,310 units[125]. - API projects totaled 82, a 49% increase year-on-year, with 18 entering commercialization[120]. Market Presence and Client Development - The company expanded its international market presence, with products exported to over 70 countries and regions[114]. - The company has established BD offices in key global markets including Boston, Frankfurt, Tokyo, and Mumbai[114]. - The CDMO business has signed confidentiality agreements with 414 domestic and international innovative pharmaceutical companies, with 55% of clients from abroad[98]. - The company added 25 new clients in the raw material pharmaceutical business, indicating good progress in new customer development[94]. Environmental and Compliance - The company has built a comprehensive environmental management system in compliance with ISO standards, improving its EHS capabilities[84]. - The company has enhanced its operational efficiency, with all pharmaceutical production and distribution subsidiaries certified by NMPA and multiple facilities passing FDA and EU EDQM inspections[90]. Governance and Management - The company’s governance structure includes a board of directors and an audit committee responsible for internal and external audit supervision[180]. - The company’s management structure consists of three business units: API, CDMO, and FDF, aimed at enhancing operational efficiency[180]. - The annual shareholders' meeting had a participation rate of 61.94% on April 18, 2023[182]. - The company is focused on continuous improvement in its business operations and product strategies through a flat organizational structure[180]. - The board members attended a total of 6 board meetings, with an average attendance of 3 in person[199]. - Independent directors receive an annual allowance of 100,000 yuan each, as approved by the shareholders' meeting[196].

Investment Rating - The investment rating for the company is "Buy" (maintained) [10]. Core Insights - The company achieved a revenue of 11.474 billion yuan in 2023, representing a year-on-year increase of 8.81%. The net profit attributable to shareholders was 1.055 billion yuan, up 6.69% year-on-year, while the net profit excluding non-recurring items increased by 22.73% to 1.026 billion yuan. The gross margin improved to 25.66%, up 1.76 percentage points, and the net margin was 9.2%, down 0.18 percentage points [10]. - The CDMO (Contract Development and Manufacturing Organization) business is rapidly growing, with revenue reaching 2.005 billion yuan, a 27.1% increase year-on-year, and a gross margin of 42.29%, up 1.27 percentage points. The number of CDMO projects has significantly increased, with 905 quoted projects (up 10% year-on-year) and 736 ongoing projects (up 40% year-on-year) [26]. Financial Performance Summary - In 2023, the revenue from the raw materials and intermediates business was 7.987 billion yuan, a 3.23% increase, with a gross margin of 17.56% (up 0.87 percentage points). The formulation segment achieved revenue of 1.249 billion yuan, a 15.69% increase, with a gross margin of 53.14% (up 1.01 percentage points) [4]. - The company has made significant investments in production capacity, including the completion of a new production line for product AH22081 and the expansion of the formulation workshop, which has been operational since July 2023 [4]. - The financial forecasts for 2024 to 2026 predict a net profit attributable to shareholders of 1.248 billion yuan, 1.486 billion yuan, and 1.732 billion yuan, respectively, with corresponding P/E ratios of 12.8, 10.7, and 9.2 times [10][12].

证券代码：000739 证券简称：普洛药业 公告编号：2024-16 普洛药业股份有限公司 关于注销回购股份并减少注册资本的公告 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。 普洛药业股份有限公司（以下简称"公司"）为维护公司价值和股东权益， 优化公司资本结构，拟对 2022 年实施回购并存放于回购专用证券账户的 9,199,916 股股份全部予以注销，并相应减少公司注册资本。本次注销完成后， 公司股份总数将由 1,178,523,492 股变更为 1,169,323,576 股。本次拟注销回 购股份相关事项具体如下： 一、回购方案概述及实施情况 公司于 2022 年 5 月 5 日召开第八届董事会第十二次会议审议通过了《关 于回购公司股份方案的议案》，同意使用不低于人民币 2 亿元（含）且不超过 人民币 4 亿元（含）的自有资金，以不超过 30 元/股（含）的价格，通过集中 竞价交易方式回购公司股份，用于实施公司股权激励或员工持股计划。若公司 在股份回购完成后 36 个月内未能实施前述用途，未使用部分将依法履行相关 程序后予以注销。 公司于 2022 年 ...

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"）第九届董事会第四次会议通知于 2024 年 2 月 24 日以短信的方式发出，会议于 2024 年 3 月 6 日上午 10:30 通过现场会议的方 式召开，会议应到董事 6 人，实到董事 6 人。会议由公司董事长祝方猛先生主持，公司 3 名监事及 6 位高管列席了会议。本次会议的召开，符合《中华人民共和国公司法》和 本公司章程的规定。出席会议的董事认真审议并通过了以下议案： 证券代码：000739 证券简称：普洛药业 公告编号：2024－07 普洛药业股份有限公司 第九届董事会第四次会议决议公告 四、审议通过《关于计提资产减值准备的议案》 表决结果：同意票 6 票，反对票 0 票，弃权票 0 票。 一、审议通过《2023 年年度报告全文及摘要》 表决结果：同意票 6 票，反对票 0 票，弃权票 0 票。 本议案尚须提交公司股东大会审议。 二、审议通过《2023 年度董事会工作报告》 表决结果：同意票 6 票，反对票 0 票，弃权票 0 票。 本议案尚须提交公司股东大会审议 ...