Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - The company reported a revenue of 10.411 billion yuan for Q1 2024, representing a year-on-year growth of 2.93%. The net profit attributable to shareholders was 0.862 billion yuan, up 14.18% year-on-year. The net profit excluding non-recurring items was 0.838 billion yuan, reflecting a growth of 10.66% year-on-year [6][7] - The medical beauty segment continues to show strong growth, with a revenue increase of 25.30% year-on-year, contributing significantly to the overall performance of the company [7] - The pharmaceutical industrial segment achieved a revenue growth of 10.53%, while the industrial microbiology segment grew by 23%. The pharmaceutical commercial segment experienced a slight decline in revenue due to high base effects from the previous year [6][7] Summary by Sections Financial Performance - For Q1 2024, the company achieved a total revenue of 10.411 billion yuan, with a year-on-year increase of 2.93%. The net profit attributable to shareholders was 0.862 billion yuan, marking a 14.18% increase year-on-year. The net profit excluding non-recurring items was 0.838 billion yuan, up 10.66% year-on-year [6][7] - The company’s net profit attributable to shareholders, after excluding non-recurring items, reached 0.928 billion yuan, which is a 22.45% increase compared to Q1 2023 [6] Business Segments - The medical beauty business continues to lead growth with a revenue of 0.630 billion yuan, growing 25.30% year-on-year. The domestic medical beauty subsidiary, Xinkeli Aesthetic, reported a revenue of 0.257 billion yuan, up 22.65% year-on-year [7] - The pharmaceutical industrial segment, including CSO business, generated a revenue of 3.399 billion yuan, reflecting a growth of 10.53% year-on-year. The industrial microbiology segment also showed robust growth with a 23% increase [6][7] Investment Outlook - The company is expected to maintain strong growth in its medical beauty segment, with ongoing clinical and registration work for various products. The pharmaceutical business is also expected to benefit from the successful launch of liraglutide injection, which is the first biosimilar of its kind approved in China [7] - EPS forecasts for 2024, 2025, and 2026 are projected to be 1.95, 2.26, and 2.50 yuan respectively, supporting the "Buy" rating [7]

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 编号：2024-006 □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 2023年度及2024年第一季度网上业绩说明会 参与单位名 称及人员姓参与人员：个人投资者23人。 名 时间 2024年 4月 30日 15:00-16:30 地点 公司会议室 上市公司接公司董事长兼总经理吕梁、董事会秘书陈波、财务负责人邱仁波、独 待人员姓名 立董事高向东、独立董事黄简、独立董事王如伟 公司于 2024 年 4 月 30 日下午 15:00-16:30 以网络文字互动的方 式召开了 2023 年度及 2024 年一季度网上业绩说明会。公司董事长兼 总经理吕梁、董事会秘书陈波、财务负责人邱仁波、独立董事高向东、 独立董事黄简、独立董事王如伟参加了本次说明会，在信息披露允许 的范围内就投资者关注的事项与投资者进行了沟通与交流。 ...

医药生物 | 证券研究报告 — 业绩评论 2024年4月30日 000963.SZ 华东医药 买入 医美业务增长稳健，医药工业多条管线到达重要节点 原评级：买入 市场价格:人民币 32.77 公司 2024Q1 实现营业收入 104.11 亿元（+2.93%），实现归母净利润 8.62 亿元 板块评级:强于大市 （+14.18%）。公司医药工业多条重要管线到达重要里程碑节点，医美业务增长稳健， 重点医美产品在中国的注册及落地工作持续推进。维持买入评级。 支撑评级的要点 股价表现  利润端保持稳健增长，核心子公司中美华东保持稳定增长趋势。公司 2024Q1 实 9% 现营业收入104.11亿元，同比增长2.93%，实现归母净利润8.62亿元，同比增长 1% 14.18%，实现扣非归母净利润 8.38 亿元，同比增长 10.66%。核心子公司中美华 东在2024Q1实现营业收入（含CSO业务）33.99亿元，同比增长10.53%，实现 (7%) 合并归母净利润7.51亿元，同比增长11.67%。公司医药商业业务2024Q1实现营 (15%) 业收入67.17亿元，同比下降1.86%，实现净利润1.07亿元，同比 ...

[Table_Stock] 华东医药（000963） 证 业绩符合预期，医美保持良好增长态势 券 研 究 [Table 买_R 入at （ing 维] 持） [◼Ta bl投e_资Su摘mm要a ry] 报 告 事件概述 [行Ta业bl:e _Indu医 st药ry]生 物 公司发布24年第一季度报告。24Q1公司实现营收104.11亿元，同比 日期: s 20h2z4q年da0t4e月m2a6r日k +2.93%，归母净利润8.62亿元，同比+14.18%。 [T分ab析le师_A: utho梁r]瑞 分析与判断 Tel: 021-53686409 医药业务稳定增长，医美保持良好态势。分业务看，（1）公司核心子 E-mail: liangrui@shzq.com 公司中美华东整体经营继续保持稳定增长趋势，实现营业收入（含 SAC编号: S0870523110001 CSO 业务）33.99亿元，同比+10.53%；实现合并归母净利润7.51亿 元，同比+11.67%。（2）医药商业整体实现营业收入67.17亿元，同比 [基Ta本bl数e_据Ba seInfo] -1.86%，实现净利润1.07亿元，同比+1 ...

公[Ta司ble点_H评ead●er] 化学制药 2024 年 04 月26 日 [Table_Title] [Table_StockCode] 华东医药(000963) 业绩增长稳健，新产品进展顺利 [Tabl推e_In荐ves tRank] (维持) 核心观点： 分析师 [⚫T able事_S件u：mm20a2r4y]年 4月 25日，公司发布 2024年一季度报告，2024Q1 公司实现营 [程 Ta培 b le_Authors] 业收入104.11亿元，同比增长 2.93%；归母净利润8.62亿元，同比增长14.18%； ：021-20257805 扣非归母净利润 8.38亿元，同比增长 10.66%。 ：chengpei_yj@chinastock.com.cn ⚫ 主要业务板块增长稳健，医药商业和海外医美短期承压。①医药工业：2024Q1， 分析师登记编码：S0130522100001 核心子公司中美华东营业收入（含 CSO业务）33.99亿元，同比增长 10.53%， 合并归母净利润 7.51 亿元，同比增长 11.67%。②医药商业：营业收入 67.17 孙怡 亿元，同比下降 1.86%， ...

[Table_Title] 证券研究报告 华东医药（000963.SZ）24Q1 财报点评：Q1 欣可丽美学 同比+23%，持续关注后续注射&能量源管线获批进度 公司研究 [Table_ReportDate] 2024年04月26日 [Table_ReportType] 公司点评报告 [华Ta东ble医_S药toc(k0A0n0d9R6a3n)k ] [T事ab件le：_S公umm司ar发y]布 2024 年一季报，24Q1 公司实现收入 104.11 亿元 /yoy+2.9%，归母净利润 8.62 亿元/yoy+14.2%，扣非归母净利润 8.38 亿 投资评级 无评级 元/yoy+10.7%。 ➢ 医药：医药工业&商业均实现较好业绩增长。核心子公司中美华东实 上次评级 无评级 现营收（含 CSO业务）33.99 亿元/yoy+10.53%，实现合并归母净利 润 7.51 亿元/yoy+11.67%；医药商业实现营收 67.17 亿元/yoy- [刘T嘉ab仁le_ 社Au零th&o美r] 护首席分析师 1.86%，实现净利润1.07亿元/yoy+1.51%，公司医药商业营业收入略 执业编号：S150052 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 26 日 华 东医药(000963.SZ) 证券研究报告 医美业务快速发展，驱动公司 2024Q1 医药流通 投资评级 买入-A 业绩稳增长 维持评级 6 个月目标价 46.25元 事件： 股价 (2024-04-25) 32.75元 公司发布了2024 年第一季度报告，2024Q1 公司分别实现营收和归母 净利润 104.11 亿元和8.62 亿元，分别同比增长2.93%和 14.18%。 交易数据 总市值(百万元) 57,454.23 各项业务持续发展，2024Q1 公司业绩稳健增长： 流通市值(百万元) 57,342.11 收入端，2024Q1 公司实现营收104.11 亿元，同比增长 2.93%。其中， 总股本(百万股) 1,754.33 中美华东、医药商业、医美业务（剔除内部抵消）分别实现营收33.99 流通股本(百万股) 1,750.90 亿元（+10.53%）、67.17 亿元（-1.86%）、 6.30 亿元（+25.30%）。 12 个月价格区间 28.95/45.72元 利润端，2024Q1 公司实现归 ...

Investment Rating - The report maintains a "Buy" rating for East China Medicine (000963 SZ) [2] Core Views - East China Medicine achieved revenue of RMB 10 411 billion in Q1 2024, a year-on-year increase of 2 93% Net profit attributable to the parent company was RMB 862 million, up 14 18% year-on-year, and adjusted net profit was RMB 838 million, up 10 66% year-on-year [2] - The medical aesthetics segment showed strong growth, with revenue reaching RMB 630 million, a year-on-year increase of 25 30% Domestic subsidiary Sinclair Aesthetics achieved revenue of RMB 257 million, up 22 65% year-on-year and 13 38% quarter-on-quarter [2] - The industrial microbiology segment grew by 23 00% year-on-year, while the pharmaceutical commercial segment saw a slight decline of 1 86% in revenue [2] - R&D progress is rapid, with significant milestones achieved, including the approval of HDM1005 for weight management and type 2 diabetes in China, and the conditional approval of Zevor-cel for multiple myeloma [2] Financial Performance - Core subsidiary Sino-American East China achieved revenue of RMB 3 399 billion, up 10 53% year-on-year, and net profit of RMB 751 million, up 11 67% year-on-year [2] - The pharmaceutical commercial segment generated revenue of RMB 6 717 billion, down 1 86% year-on-year, but net profit increased by 1 51% to RMB 107 million [2] - R&D investment in Q1 2024 was RMB 588 million, with direct R&D expenditure of RMB 349 million, up 13 96% year-on-year [2] Earnings Forecast and Valuation - The report maintains earnings forecasts for 2024-2026, with expected net profits of RMB 3 36 billion (+18%), RMB 3 94 billion (+17%), and RMB 4 57 billion (+16%) respectively [3] - EPS for 2024-2026 is projected at RMB 1 92, RMB 2 25, and RMB 2 61, with corresponding P/E ratios of 16x, 13x, and 12x [3] Historical Performance - Revenue growth for 2022-2026 is projected at 9 12%, 7 71%, 9 86%, 9 73%, and 9 30% respectively [4] - Net profit growth for the same period is expected at 8 58%, 13 59%, 18 48%, 17 11%, and 16 07% [4] - ROE is forecasted to increase from 13 45% in 2022 to 15 31% in 2026 [4] Market Sentiment - The stock has received 76 "Buy" ratings in the past six months, with no "Sell" or "Reduce" ratings [6] - The market average investment recommendation score is 1 00, indicating a strong "Buy" consensus [9]

董事会就以下议案进行了审议，经书面和通讯方式表决，通过决 议如下： 审议通过《关于公司<2024年第一季度报告>的议案》 经审议，董事会认为《2024年第一季度报告》的内容真实、准确、 完整地反映了公司2024年第一季度经营的实际情况，不存在任何虚假 记载、误导性陈述或者重大遗漏，报告编制和审核的程序符合法律、 行政法规和中国证监会的相关规定。具体内容详见公司同日披露于巨 潮资讯网（http://www.cninfo.com.cn）的公司《2024年第一季度报告》。 证券代码：000963 证券简称：华东医药 公告编号：2024-039 华东医药股份有限公司 第十届董事会第二十三次会议决议公告 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、董事会会议召开情况 华东医药股份有限公司（以下简称"公司"）第十届董事会第二 十三次会议的通知于2024年4月22日通过书面和邮件等方式送达各位 董事，于2024年4月25日（星期四）在公司会议室以现场结合通讯的 方式召开。会议应参加董事9名，实际参加董事9名。会议由董事长主 持。会议的召开和表决程序符合《公司法》、《 ...

Financial Performance - The company's revenue for Q1 2024 was CNY 10,410,809,128.72, representing a 2.93% increase compared to CNY 10,114,531,331.77 in the same period last year[3]. - Net profit attributable to shareholders was CNY 862,411,560.96, reflecting a 14.18% increase from CNY 755,284,976.47 year-on-year[3]. - Basic earnings per share increased to CNY 0.4929, up 14.20% from CNY 0.4316 in the same quarter last year[3]. - The total comprehensive income for the period was CNY 900,835,055.99, compared to CNY 728,574,080.80 in Q1 2023, showing a strong performance[24]. - Operating profit increased to CNY 1,072,095,809.87, up from CNY 953,939,762.93, highlighting operational efficiency[23]. Cash Flow - The net cash flow from operating activities was negative CNY 484,522,666.13, a decline of 96.84% compared to negative CNY 246,152,770.16 in the previous year[3]. - The company achieved a net cash inflow from operating activities of CNY 10,079,165,831.31, indicating robust cash generation capabilities[25]. - The net cash flow from investing activities was -707,376,124.89 CNY, worsening from -440,055,312.86 CNY in the same period last year[26]. - Cash inflow from financing activities totaled 1,572,503,524.84 CNY, a significant increase from 966,338,373.66 CNY year-over-year[26]. - The total cash and cash equivalents at the end of the period were 3,105,149,941.54 CNY, down from 4,208,160,010.91 CNY at the beginning of the period[26]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 34,467,844,280.37, a 2.86% increase from CNY 33,509,361,816.98 at the end of the previous year[3]. - Total liabilities rose to CNY 11,980,051,035.45, compared to CNY 11,927,097,090.88, reflecting an increase of 0.44%[21]. - The company's equity attributable to shareholders rose to CNY 21,955,243,888.90, marking a 4.31% increase from CNY 21,047,609,756.66 at the end of the last year[3]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 93,834, with the largest shareholder, China Yuanda Group, holding 41.66%[7]. - The top five shareholders hold a total of 1,070,938,157 shares, representing 58.08% of the total share capital[10]. - The largest shareholder, China Yuanda Group, owns 730,938,157 shares, accounting for 41.66% of the total share capital[10]. - The second-largest shareholder, Hangzhou East Pharmaceutical Group, holds 288,000,000 shares, which is 16.42% of the total share capital[10]. - The top ten shareholders have not engaged in any share lending activities during the reporting period[9]. Research and Development - R&D investment in the pharmaceutical sector amounted to 588 million yuan, with direct R&D expenses of 349 million yuan, marking a 13.96% increase[15]. - The company received approval for the IND application of its dual-target peptide HDM1005 for weight management and type 2 diabetes in March 2024[15]. - The ADC drug ELAHERE® received full approval in the U.S. for treating platinum-resistant ovarian cancer in March 2024[16]. Market and Strategic Outlook - The company reported that the domestic pharmaceutical industry is undergoing deep reforms, leading to increased market competition and differentiation among pharmaceutical enterprises[13]. - The report highlights that the company is focused on achieving its annual performance targets amidst industry challenges[13]. - Future outlook includes potential market expansion and new product development strategies, although specific figures were not disclosed in the current report[22]. - The first quarter performance reflects the company's commitment to its strategic objectives and market expansion efforts[13].