[ T able_StockInfo] 2024 年 08 月 20 日 证券研究报告•2024年半年报点评 买入 （维持） 当前价：30.23 元 华东医药（000963）医药生物 目标价：——元（6 个月） Q2 业绩超预期，创新转型持续兑现 [Table_Summary 事件：公司发布] 2024 年半年报，2024 年上半年公司实现营收 209.7 亿元，同 比增长 2.8%；归母净利润 17亿元，同比增长 18.3%；扣非归母净利润 16.3亿 元，同比增长 13.9%；24Q2 公司实现收入 105.5 亿元，同比增长 2.8%；归母 净利润 8.3亿元，同比增长 22.9%；扣非归母净利润 7.9亿元，同比增长 17.5%。 医药工业：保持稳健增长，产品管线持续丰富。2023年核心子公司中美华东实 现营收 67亿元（含 CSO业务，+10.6%）；归母净利润 13.9亿元（+11.5%）； 净资产收益率 12.3%。工业微生物板块实现销售收入 2.9亿元（+27.4%）。公 司专注于内分泌、自免和肿瘤三大领域，实行"自研+引进"战略，加速创新项 目和外部并购，扩充产品管线。截至 2024H1公司 ...

2024 年 08 月 17 日 评级 买入 | --- | --- | |---------------------|-------------| | | 维持 | | 交易数据 | | | 当前价格（元） | 30.25 | | 52 周价格区间（元） | 26.38-42.98 | | 总市值（百万） | 53068.50 | | 流通市值（百万） | 52964.90 | | 总股本（万股） | 175432.80 | | 流通股（万股） | 175090.40 | 涨跌幅比较 华东医药 化学制药 -30% -20% -10% 0% 10% 20% 2023-08 2023-11 2024-02 2024-05 % 1M 3M 12M 吴号 分析师 执业证书编号: S0530522050003 wuhao58@hnchasing.com 相关报告 华东医药 9.32 -8.44 -23.16 化学制药 4.11 -8.16 -4.93 1 华东医药（000963.SZ）公司点评：业绩增长稳 健，创新成效显现 2024-05-13 公司点评 华东医药(000963.SZ) 医药生物｜ 化学制药 利润增长 ...

华福证券 华东医药（000963.SZ） 医药和医美产品管线丰富，业绩稳健增长 投资要点： 医药业务稳健增长：24 年 H1 公司实现营收 209.65 亿元/yoy+2.84%， 扣 非 净 利 润 16.25 亿 元 /yoy+13.85%, 2024Q2 实 现 营 收 105.54 亿 元 /yoy+2.76%，扣非净利润 7.87 亿元/yoy+17.46%。分板块来看：1）工业板 块：24H1 核心子公司中美华东实现营业收入 66.98 亿元（含 CSO 业务） /+yoy10.63%，归母净利润 13.85 亿元/+11.48%；2）商业板块：24H1 实现 营业收入 135.52 亿元/yoy-0.58%，累计实现净利润 2.18 亿元/yoy+0.90%; 3）工业微生物板块：24H1 实现销售收入 2.85 亿元/yoy+27.43%；4）医美 业务：2024H1 实现营收 13.48 亿元/+yoy10.14%。 国内医美持续增长，海外医美业务承压：2024H1 医美业务实现营收 13.48 亿元/+10.14%，受全球经济增长乏力及 EDB 业务阶段性需求波动影 响，海外医美子公司 S ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 39.79 RMB [5] Core Viewpoints - The company demonstrates steady performance growth, with its innovation pipeline expected to gradually materialize, indicating long-term growth potential [4] - The company's profitability has improved, with a gross margin of 32.70% (+0.97pct) and a net margin of 8.05% (+0.99pct) in H1 2024 [9] - The innovation pipeline is progressing well, with 129 R&D projects, including 86 innovative drugs and biosimilars, expected to yield results in the near future [9] Financial Performance - H1 2024 revenue reached 20.965 billion RMB (+2.84%), with net profit attributable to shareholders of 1.696 billion RMB (+18.29%) [9] - Q2 2024 revenue was 10.554 billion RMB (+2.76%), with net profit attributable to shareholders of 834 million RMB (+22.85%) [9] - The pharmaceutical industrial segment contributed 6.698 billion RMB (+10.63%) in revenue, while the medical aesthetics segment generated 1.348 billion RMB (+10.14%) [9] Innovation Pipeline - Key products such as liraglutide injection for diabetes and weight loss, BCMA CAR-T, and ELAHERE are expected to be approved or achieve milestones in 2024 [9] - The oral small molecule GLP-1 receptor agonist HDM1002 completed Phase II clinical trials for overweight or obesity in August 2024, with top-line results expected in Q4 2024 [9] Market Data - The company's market capitalization stands at 53.735 billion RMB, with a 52-week stock price range of 26.38-42.98 RMB [6] - The company's P/E ratio is 21.50x for 2022, 18.93x for 2023, and is expected to decrease to 15.83x in 2024 [10] Financial Forecasts - Revenue is projected to grow from 43.826 billion RMB in 2024 to 51.664 billion RMB in 2026, with a CAGR of 7.8% [10] - Net profit attributable to shareholders is expected to increase from 3.394 billion RMB in 2024 to 4.475 billion RMB in 2026 [10] - The company's ROE is forecasted to remain stable at around 14.2%-14.6% from 2024 to 2026 [10]

华东医药 000963 基础数据： 分分析析师师：XXX huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085205 2024 年 8 月 16 日 证券研究报告/公司研究 化学制剂/化学制药/医药生物 创新步入收获期，BD 合作持续推进 事件：公司发布2024年半年报：2024年上半年公司实现营收209.65亿元， 截至 2024 年 8 月 16 日 当前股价 30.25 元 投资评级 买入 评级变动 维持 总股本 17.54 亿股 流通股本 17.50 亿股 总市值 530.59 亿元 流动市值 529.65 亿元 事件点评： 同比增长2.84%；归母净利润16.96亿元，同比增长18.29%；扣非归母净 利润16.25亿元，同比增长13.85%。其中第二季度公司实现营业收入 105.54亿元，同比增长2.76%；归母净利润 8.34亿元，同比增长 22.85%; 扣非归母净利润7.87亿元，同比增长17.46%。如扣除股权激励费用及参 控股研发机构等损益影响，实现归属于上市公司股东的扣除非经常性损 益净利润18.02亿元，相比2023年上半年度 ...

证券代码：000963 证券简称：华东医药 华东医药股份有限公司投资者关系活动记录表 | --- | --- | --- | |------------|---------------|---------------------| | | □特定对象调研 | □分析师会议 | | 投资者关系 | □媒体采访 | □业绩说明会 | | 活动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | ☑其他 华东医药 2024 | 参与单位：华创证券、中信建投证券、兴业证券、中金公司、中信证券、 中国银河证券、浙商证券、申万宏源证券、东吴证券、国金证券、国盛 证券、天风证券、西南证券、方正证券、德邦证券、国联证券、AIHC Capital Management Limited、Franklin Templeton Investments、HGNH International Asset Management (SG) PTE.LTD、KIM 韩国投信、SMC - P notes、The Capital Group、UBS Asset Management (Singapore) Limited、 嘉实基金 ...

Investment Rating - The report maintains a "Recommend" rating for the company [3][4]. Core Viewpoints - The company reported Q2 2024 results that exceeded expectations, with a revenue of 20.965 billion yuan, a year-on-year increase of 2.84%, and a net profit attributable to shareholders of 1.696 billion yuan, up 18.29% year-on-year [2]. - The pharmaceutical industrial segment showed robust growth, achieving a revenue of 6.698 billion yuan in H1 2024, a 10.63% increase year-on-year, while the medical aesthetics business faced challenges due to global economic conditions [2][3]. - The company has a strong pipeline with 129 projects under research, including 86 innovative products and biosimilars, and has increased R&D investment by 10.34% to 1.110 billion yuan in H1 2024 [3][5]. Financial Performance Summary - For H1 2024, the company achieved a revenue of 20.965 billion yuan, with a net profit of 1.696 billion yuan, and a non-recurring net profit of 1.625 billion yuan, reflecting growth rates of 2.84%, 18.29%, and 13.85% respectively [2]. - The forecast for net profit attributable to shareholders for 2024-2026 is projected at 3.429 billion yuan, 3.995 billion yuan, and 4.606 billion yuan, with year-on-year growth rates of 20.78%, 16.52%, and 15.29% respectively [5][6]. - The company’s earnings per share (EPS) are expected to be 1.95 yuan, 2.28 yuan, and 2.63 yuan for 2024-2026, with corresponding price-to-earnings (PE) ratios of 15, 13, and 11 [5][6].

不投资决策并自行承担投资风险华创证券不应使用本次内容所导致的任何损失承担任何责任专家发言内容仅代表专家个人观点不代表本公司观点本次会议内容不得涉及国家保密信息内幕信息未公开重大信息商业秘密个人隐私不得涉及可能引发不当炒作或股价异常波动的敏感信息 不得涉及影响社会或资本市场稳定的言论未经华创证券事先书面许可任何机构或个人不得以任何形式复制、刊载、转载、转发、引用本次会议内容否则,由此造成的一切后果及法律责任由该机构或个人承担本公司保留追究及法律责任的权利市场有风险,投资需谨慎 好的各位投资者上午好欢迎大家参加由华创证券联合中信建筑兴悦中进等券商一起举办的华东医药二零二四年中暴变化会我是华创医药组的郑成以及的还有朱克成 像是公司层面出席的领导有首席科学家刘东州总投资发展部总经理于喜总董事会秘书陈波总财务负责人邱仁波总我们看到公司二级股利润表现还是非常亮眼工业和医美两项业务都是稳健增长研发的项目也是稳步的推进 然后公司现在TA仅15倍市值500亿出头投资价值还是非常显著我们首先请董立成总就上半年经营情况做一个介绍后续我们会开放券商和投资者问答最后董立成总会给我们做个总结我们先有请成总发言 好的 谢谢郑老师也谢谢各位 ...

医药生物 | 证券研究报告 — 业绩评论 2024 年 8 月 16 日 000963.SZ 买入 原评级：买入 市场价格:人民币 30.25 板块评级:强于大市 股价表现 (31%) (23%) (15%) (7%) 2% 10% Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 华东医药 深圳成指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (29.7) 3.1 (15.1) (28.6) 相对深圳成指 (18.7) 8.0 (2.5) (7.0) | --- | |-----------| | 1,754.33 | | 1,750.90 | | 50,050.96 | | 279.62 | | | | 41.66 | | | 以 2024 年 8 月 16 日收市价为标准 相关研究报告 《华东医药》20240430 《华东医药》20240418 《华东医药》20231026 中银国际证券股份有限公司 具备证券投资咨询业务资格 医药生物：化学制药 证券分析师：梁端玉 duanyu.liang@bo ...

Investment Rating - Buy (Maintained) [1] Core Views - The company achieved a revenue of 20.965 billion yuan (+2.84%) and a net profit attributable to the parent company of 1.696 billion yuan (+18.29%) in the first half of 2024 [3] - The pharmaceutical industry segment maintained a steady growth of over 10%, while the pharmaceutical commerce segment experienced a slight decline [3] - The medical aesthetics business achieved a revenue growth of over 10%, with domestic medical aesthetics contributing significantly [3] - The company has a rich pipeline of 129 R&D projects, with 86 being innovative products and biosimilars, providing a foundation for long-term growth [4] Financial Performance - Revenue for 2024H1: 20.965 billion yuan (+2.84%) [3] - Net profit attributable to the parent company for 2024H1: 1.696 billion yuan (+18.29%) [3] - Revenue for Q2 2024: 10.554 billion yuan (+2.76%) [3] - Net profit attributable to the parent company for Q2 2024: 834 million yuan (+22.85%) [3] Segment Performance - Pharmaceutical Industry: Revenue of 6.698 billion yuan (+10.63%), net profit of 1.385 billion yuan (+11.48%) [3] - Pharmaceutical Commerce: Revenue of 13.552 billion yuan (-0.58%), net profit of 218 million yuan (+0.90%) [3] - Medical Aesthetics: Revenue of 1.348 billion yuan (+10.14%), with domestic medical aesthetics contributing 618 million yuan (+19.78%) [3] R&D and Innovation - Total R&D projects: 129, including 86 innovative products and biosimilars [4] - Key areas of focus: Endocrinology, autoimmune diseases, and oncology [4] - Recent approvals: Liraglutide injection for type 2 diabetes and obesity in 2023, and application for recurrent pericarditis in March 2024 [4] Financial Forecasts - Revenue forecast for 2024-2026: 43.511 billion yuan, 47.734 billion yuan, 52.180 billion yuan [2] - Net profit attributable to the parent company forecast for 2024-2026: 3.348 billion yuan, 3.916 billion yuan, 4.561 billion yuan [4] - EPS forecast for 2024-2026: 1.91 yuan, 2.23 yuan, 2.60 yuan [2] Valuation Metrics - Current P/E ratio: 14.95x (2024E), 12.78x (2025E), 10.97x (2026E) [2] - Current P/B ratio: 2.14x (2024E), 1.83x (2025E), 1.57x (2026E) [9] - ROE forecast for 2024-2026: 14.28%, 14.32%, 14.29% [9]