Investment Rating - Buy (Maintained) [1] Core Views - Performance meets expectations with steady progress in mergers and acquisitions integration [1] - Sales expense ratio continues to optimize, and net profit margin shows a steady increase [1] - Kunming Pharmaceutical integration is progressing steadily, and the proposed acquisition of Tianjin Tasly is expected to contribute incremental growth [1] - The company's long-term strategic planning is clear, with a focus on innovative traditional Chinese medicine and prescription drugs [1] Financial Performance Summary Revenue and Profit - 2024 Q3 revenue: 19.74 billion CNY, up 6.08% YoY [1] - 2024 Q3 net profit attributable to parent company: 2.96 billion CNY, up 23.19% YoY [1] - 2024 Q3 non-GAAP net profit: 2.75 billion CNY, up 19.48% YoY [1] - 2024E revenue forecast: 26.57 billion CNY, up 7% YoY [1] - 2024E net profit attributable to parent company forecast: 3.35 billion CNY, up 17% YoY [1] Profit Margins - Gross margin for the first three quarters of 2024: 52.68%, up 2.08pp YoY [1] - Net margin for the first three quarters of 2024: 14.99%, up 0.89pp YoY [1] Key Financial Ratios - ROE: 12% for 2024E [1] - P/E: 17.6 for 2024E [1] - P/B: 2.7 for 2024E [1] Strategic Developments - Kunming Pharmaceutical integration is progressing steadily, with increased investment in the Panax notoginseng industry chain [1] - Proposed acquisition of Tianjin Tasly for 6.21 billion CNY, expected to be completed in Q1 2025 [1] - Post-acquisition, the company will focus on innovative traditional Chinese medicine and prescription drugs, while Kunming Pharmaceutical will focus on the elderly health industry [1] Financial Forecasts Revenue and Profit Forecasts - 2025E revenue: 29.28 billion CNY, up 10% YoY [1] - 2025E net profit attributable to parent company: 3.88 billion CNY, up 16% YoY [1] - 2026E revenue: 32.09 billion CNY, up 10% YoY [1] - 2026E net profit attributable to parent company: 4.46 billion CNY, up 15% YoY [1] Key Financial Ratios Forecasts - ROE: 12% for 2025E and 2026E [1] - P/E: 15.2 for 2025E and 13.3 for 2026E [1] - P/B: 2.3 for 2025E and 2.0 for 2026E [1] Balance Sheet and Cash Flow Balance Sheet Highlights - Total assets: 43.08 billion CNY for 2024E [2] - Total liabilities: 15.36 billion CNY for 2024E [2] - Equity attributable to parent company: 22.05 billion CNY for 2024E [2] Cash Flow Highlights - Operating cash flow: 5.87 billion CNY for 2024E [2] - Investment cash flow: -1.05 billion CNY for 2024E [2] - Financing cash flow: -865 million CNY for 2024E [2] Valuation and Ratios - P/E: 21 for 2023A, 18 for 2024E, 15 for 2025E, 13 for 2026E [2] - P/B: 3 for 2023A, 3 for 2024E, 2 for 2025E, 2 for 2026E [2] - EV/EBITDA: 40 for 2023A, 33 for 2024E, 30 for 2025E, 27 for 2026E [2] Growth and Profitability - Revenue growth rate: 7.4% for 2024E, 10.2% for 2025E, 9.6% for 2026E [2] - EBIT growth rate: 16.3% for 2024E, 13.4% for 2025E, 15.3% for 2026E [2] - Net profit growth rate: 17.4% for 2024E, 15.7% for 2025E, 14.9% for 2026E [2] - Gross margin: 53.6% for 2024E, 54.4% for 2025E, 55.4% for 2026E [2] - Net margin: 14.0% for 2024E, 14.7% for 2025E, 15.5% for 2026E [2]

Investment Rating - The report maintains a "Buy" rating for the company [3][5][17]. Core Views - The overall performance is in line with expectations, with a continuous reduction in sales expense ratio due to product mix changes and scale advantages, indicating further optimization potential. External mergers and acquisitions are ongoing, which are expected to drive future performance growth [2][3]. Financial Summary - For the first three quarters of 2024, the company achieved revenue of 19.74 billion yuan (+6.08%) and a net profit attributable to shareholders of 2.96 billion yuan (+23.19%). The net profit excluding non-recurring items was 2.75 billion yuan (+19.48%). In Q3 2024, the single-quarter revenue was 5.63 billion yuan (+3.16%), with net profit attributable to shareholders at 561 million yuan (+6.85%) [3][4]. - The report maintains the EPS forecasts for 2024-2026 at 2.62, 2.92, and 3.17 yuan, respectively, with a target price of 58.40 yuan, corresponding to a PE of 20X for 2025 [3][5]. Sales and Profitability - The gross margin for Q3 2024 was 50.47% (up 0.29 percentage points year-on-year), and the net margin was 11.85% (up 0.22 percentage points year-on-year). The sales expense ratio for Q3 2024 was 25.55%, down 1.52 percentage points year-on-year, primarily due to a decrease in the proportion of high-sales-expense prescription drugs and the realization of scale effects in the industrial sector [3][4]. Research and Development - The company is actively expanding its internal product categories in oncology, orthopedics, dermatology, and respiratory treatments, with a R&D expense ratio of 3.30% in Q3 2024 (up 0.31 percentage points year-on-year). Among the four new products developed in-house, one has been submitted for NDA, and two Class 1 chemical drugs have entered clinical Phase I trials [3][4]. Mergers and Acquisitions - The company is continuously advancing quality mergers and acquisitions, with the integration of Kunming Pharmaceutical since its acquisition in 2023. The focus is on enhancing the "Kun Chinese Medicine 1381" premium national medicine brand and improving management efficiency. The acquisition of Tianjin Tasly is also progressing, expected to complete by Q1 2025, which will enhance R&D innovation and operational capabilities [3][4].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][10]. Core Views - The company has shown a slight increase in revenue for Q3 2024, with a year-on-year growth of 3.16%, while the net profit attributable to shareholders increased by 6.85%. However, the net profit after deducting non-recurring items decreased by 6.83% [4][6]. - The core CHC (Consumer Health Care) business remains stable, with a recovery in the prescription granule business. The company is focusing on enhancing brand influence and product value [6][7]. - The company is in the process of acquiring a 28% stake in Tian Shi Li, which is expected to strengthen its capabilities in the innovative Chinese medicine sector [7][9]. Financial Performance Summary - For the first three quarters of 2024, the company achieved an operating income of 19.74 billion yuan, a year-on-year increase of 6.08%. The net profit attributable to shareholders was 2.96 billion yuan, up 23.19%, while the net profit after non-recurring items was 2.75 billion yuan, an increase of 19.48% [4][6]. - The projected net profits for 2024-2026 are 3.31 billion, 3.94 billion, and 4.57 billion yuan, respectively, with growth rates of 16.11%, 19.02%, and 15.83% [9][11]. Financial Ratios and Estimates - The company’s sales gross margin for the first three quarters of 2024 was 52.7%, an increase of 0.9 percentage points. The sales expense ratio decreased by 1.6 percentage points to 24.1% [6][11]. - The projected earnings per share (EPS) for 2024-2026 are 2.58, 3.07, and 3.55 yuan, respectively [10][11]. - The company maintains a strong return on equity (ROE) forecasted at 15.7% for 2024, increasing to 17.3% by 2026 [11].

Investment Rating - The report maintains a "Recommended" investment rating for China Resources Sanjiu (000999) with a target price of 60.9 CNY, compared to the current price of 45.99 CNY [1]. Core Insights - The company's performance in the first three quarters of 2024 aligns with expectations, with total revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching 19.74 billion, 2.96 billion, and 2.75 billion CNY respectively, reflecting year-on-year growth of 6.1%, 23.2%, and 19.5% [1]. - The growth in net profit is primarily attributed to increased non-operating income from the acquisition of Runsheng Pharmaceutical [1]. - The company is actively expanding its brand influence in the CHC (Consumer Health Care) sector and is focusing on product line expansion and value extraction in the prescription drug business [1]. - The integration of Kunming Pharmaceutical is progressing steadily, with plans to acquire a 28% stake in Tianshili, which is expected to enhance the company's competitive edge in the traditional Chinese medicine sector [1]. Financial Performance Summary - For Q3 2024, the company reported a gross margin of 53.2% and a net margin of 12.8%, with a year-on-year increase of 0.29 and 0.22 percentage points respectively [1]. - The company’s revenue for 2024 is projected to reach 27.83 billion CNY, with a year-on-year growth rate of 12.5% [2]. - The net profit attributable to shareholders is expected to be 3.4 billion CNY in 2024, reflecting a year-on-year growth of 19.2% [2]. - The company’s total assets are projected to grow from 40.15 billion CNY in 2023 to 58.91 billion CNY by 2026 [5]. Business Strategy and Outlook - The company is focusing on enhancing its brand matrix and deepening brand influence through quality media resources [1]. - The prescription drug business is expected to benefit from the integration with Kunming Pharmaceutical and the acquisition of Tianshili, which will strengthen the company's position in the market [1]. - The report anticipates steady growth in the OTC (Over-the-Counter) sector, supported by external acquisitions contributing to revenue growth [1].

Summary of Conference Call Notes Company/Industry Involved - The conference call involved over 100 listed companies in the Shenzhen area, focusing on investor relations and communication with investors [1][2][4]. Core Points and Arguments - **Investor Relations Management**: The event highlighted the importance of investor relations management, with a focus on transparency and building trust between listed companies and investors. The Shenzhen Stock Exchange and various organizations are promoting this initiative [3][4]. - **Quality of Information Disclosure**: The latest evaluation results showed that the proportion of A-class companies in the Shenzhen area increased to 23.8%, while B-class companies accounted for 62.1%, indicating steady improvement in information disclosure quality [4]. - **Active Participation**: The Shenzhen listed companies have been active participants in investor relations, with a high response rate to investor inquiries, achieving an average reply rate of 98.99% [7]. - **Focus on Small and Medium Investors**: Regulatory measures have been implemented to protect the rights of small and medium investors, including stricter penalties for financial fraud and promoting regular dividends and buybacks [3][4]. - **Economic and Industry Growth**: Shenzhen has 424 A-share listed companies with a total market capitalization exceeding 10 trillion yuan, with a significant portion in the manufacturing sector [6]. Other Important but Possibly Overlooked Content - **Investor Education**: The conference included discussions on investor education, emphasizing the need to enhance financial literacy and risk prevention among investors [9][27]. - **Macroeconomic Context**: The macroeconomic analysis presented by a macroeconomic analyst highlighted the importance of the upcoming 15th Five-Year Plan, focusing on high-quality development and technological advancements [28][29][30]. - **Challenges and Opportunities**: The conference addressed the challenges posed by global uncertainties and domestic economic transitions, emphasizing the need for innovation and adaptation in the face of these changes [30][32][34]. - **Future Projections**: Expectations for economic growth and consumer spending were discussed, with projections indicating a potential increase in consumer spending rates by 2.5 percentage points over the next five years [44][46]. This summary encapsulates the key points discussed during the conference call, focusing on the importance of investor relations, the quality of information disclosure, and the broader economic context affecting listed companies in Shenzhen.

证券代码：000999 证券简称：华润三九 投资者关系活动记录表 编号：2024-023 | --- | --- | --- | |--------------|--------------------------|----------------------------------------------------------------------------------| | | | | | | □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 | | | | 中信建投、国联证券、中金公司、海通证券、兴业证券、招商证券、天风证券、国信证券、 | | 参与单位名称 | | 中邮证券、申万宏源、中信证券、华创证券、国金证券、浙商证券、国海证券、东北证券、 | | 及人员姓名 | 等证券、投资机构分析师 | 信达证券、华福证券、国盛证券、长江证券、西部证券、中泰证券、东吴证券、华源证券 | | 时间 | 2024 年 10 月 28 日 | | | 地点、方式 | 综合办公中心（电话 ...

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。 特别提示： 1、华润三九医药股份有限公司（以下简称"公司"或"华润三九"）于 2024 年 8 月 5 日披露的《华润三九医药股份有限公司重大资产购买预案》（以下简称"本次交易 预案"）及其摘要中已对本次交易涉及的有关风险因素及尚需履行的审批程序进行了详 细说明，公司将根据相关事项的进展情况，及时履行信息披露义务，提请广大投资者关 注后续进展公告并注意投资风险。 股票代码：000999 股票简称：华润三九 编号：2024—116 华润三九医药股份有限公司 关于重大资产重组的进展公告 2、截至本公告披露日，除本次交易预案中披露的有关风险因素外，公司尚未发现 可能导致公司董事会或者交易对方撤销、中止本次重组方案或者对本次重组方案作出实 质性变更的相关事项，本次交易工作正在有序进行中。 特此公告。 一、本次重大资产重组进展情况 华润三九拟以支付现金的方式向天士力生物医药产业集团有限公司（以下简称"天 士力集团"）及其一致行动人天津和悦科技发展合伙企业（有限合伙）（以下简称"天津 和悦"）、天津康顺科技发展合伙企业（有限 ...

感谢大家参加本次会议会议即将开始请稍后 大家好 欢迎参加华润39三级报交流电话会目前所有参会者均处于静音状态下面开始布报 领责声明声明布报完毕后 主持人可直接开始发言 本次会议为中信建投证券股份有限公司中信建投协助上市公司组织的白名单会议仅限受邀嘉宾参会本次会议内容在任何情形下都不构成对会议参加者的投资建议敬请会议参加者充分了解各类投资风险根据自身情况自主做出投资决策并自行承担投资风险 未经中信箭头和演讲嘉宾许可任何机构和个人不得以任何形式将会议内容和相关信息对外公布、转发、转载、传播、复制、编辑、修改等如有上述违法行为中信箭头保留追究相关方法律责任的权利 华人三角的各位领导各位投资人大家晚上好欢迎大家来参加公司三季度业绩交流电话会我是中信建投的医药分析师贺吉尹今天我们非常荣幸的邀请到了公司的董事长邱华伟先生副总裁周辉女士财务总监兼董事会秘书梁珍先生和大家一起来交流公司的三季度的经营情况 和我一起在线主持的还有我们组的分析师刘二飞、袁全和沈欣熙以及来自东北、国联、中京等23家券商的分析师接下来我首先把时间交给公司的董秘梁总请梁总为我们分享一下三季度的经营情况和亮点之后我们也会有一些大家共同关心的问题的一些提问 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][11]. Core Insights - The company reported a revenue of 19.74 billion yuan (+6.08%) and a net profit of 2.96 billion yuan (+23.19%) for the first three quarters of 2024. In Q3 2024, the revenue was 5.63 billion yuan (up 3.16% year-on-year, down 17.29% quarter-on-quarter), with a net profit of 561 million yuan (up 6.85% year-on-year, down 45.73% quarter-on-quarter) [2][3]. Summary by Sections Business Strategy and Performance - The company is focusing on optimizing its business layout, enhancing brand recognition in the CHC sector, and expanding communication with consumers through various media formats. The prescription drug business is being enriched with a focus on product value and competitiveness, while the national medicine business is solidifying its foundational operations [3]. - The company is also pursuing strategic acquisitions, including a planned acquisition of 28% of Tian Shi Li, which will enhance collaboration in areas such as herbal material cultivation and innovative research [3]. Financial Metrics - For the first three quarters of 2024, the company achieved a gross margin of 52.68% (up 0.89 percentage points year-on-year) and a net margin of 16.44% (up 1.96 percentage points year-on-year). The comprehensive gross margin for Q3 2024 was 50.47% (down 0.29 percentage points year-on-year, down 3.25 percentage points quarter-on-quarter) [4][7]. - The company’s total expenses as a percentage of revenue decreased by 1.66 percentage points year-on-year, with sales, management, and financial expense ratios at 24.07%, 5.44%, and -0.07%, respectively [4]. Earnings Forecast - The earnings forecast for the company has been adjusted, with expected net profits of 3.37 billion yuan, 3.82 billion yuan, and 4.23 billion yuan for 2024, 2025, and 2026, respectively. The corresponding EPS is projected to be 2.62 yuan, 2.97 yuan, and 3.29 yuan [7][9].

来源：公司年报、国金证券研究所 持续提升品牌影响力,并购整合工作稳步推 医药组 分析师： 袁维（执业 S1130518080002） yuan_wei@gizq.com.cn 市价(人民币):47.44元 相关报告: 永 实发员三届》, 2024.8.25 永 实发网三九公司点评：业绩增长凸显强韧性，内生外延 2. 《华润三九公司点评：.8.8 合巩固公司行...对，2024.8.8.8 2024.3.23 0 200 400 600 800 1,000 1,200 1,400 1,600 30.00 34.00 38.00 42.00 46.00 50.00 54.00 231027231127231227240127240227240327240427240527240627240727240827240927 人民币(元) 成交金额(百万元) 成交金额 华润三九 沪深300 | --- | --- | --- | --- | --- | --- | |-------------------------------|--------|--------|--------|--------|--------| ...