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 ...

证券代码：000739 证券简称：普洛药业 公告编号：2024-39 普洛药业股份有限公司 关于全资子公司产品获得美国 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。 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"）签发的琥 珀酸美托洛尔缓释片 50mg/100mg/200mg（ANDA 号：214110）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：琥珀酸美托洛尔缓释片 2.剂型：片剂 3.规格：50mg；100mg；200mg 4.ANDA 号：214110 5.适应症：高血压；心绞痛；伴有左心室收缩功能异常的症状稳定的慢性心 力衰竭 6.申请人：浙江巨泰药业有限公司 二、药品其他相关情况 美托洛尔是全球首个选择性 β1 受体阻滞剂，可降低支气管收缩风险，因而 成为慢性心衰常用药物。琥珀酸美托洛尔缓释片为治疗高血压、心绞痛、伴有左 心室收缩功能异常的症状稳定的慢性心力衰竭等适应症的药物。 公司该产品已于 2021 年获得国家药品 ...

证券代码：000739 证券简称：普洛药业 公告编号：2024-38 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。 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）。 ...

证券代码：000739 证券简称：普洛药业 公告编号：2024-37 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 6 月 5 日，普洛药业股份有限公司（以下简称"公司"）与中国 银行股份有限公司东阳支行（以下简称"中国银行"）签订《保证合同》（合同 编号：横店 2024 年人保字 078 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《商业汇票承兑协议》（合 同编号：横店 2024 年人承字 078 号）中的 10,000 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 6 月 13 日，公司与中国银行签订《保证合同》（合同编号：横 店 2024 年人保字 080 号），同意为公司全资子公司浙江普洛得邦制药有限公司 （以下简称"得邦制药"）与中国银行签署的《商业汇票承兑协议》（合同编号： 横店 2024 年人承字 081 号）中的 8,000 万元银行承兑汇票提供连带责任保证， 担保期限 6 个月 ...