业绩符合预期，昆药融合渐入佳境 华润三九（000999.SZ）/中 证券研究报告/公司点评 2024年03月24日 药 [Table_Industry] [评Ta级ble：_T买itle入] (维持) [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：54.53 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 18,079 24,739 28,067 31,483 34,769 分析师：祝嘉琦 增长率yoy% 18% 37% 13% 12% 10% 执业证书编号：S0740519040001 净利润（百万元） 2,449 2,853 3,298 3,782 4,245 电话：021-20315150 增长率yoy% 20% 17% 16% 15% 12% 每股收益（元） 2.48 2.89 3.34 3.83 4.30 Email：zhujq@zts.com.cn 每股现金流量 3.04 4.24 3.29 4.85 4.39 分析师：孙宇瑶 净资产收益率 14% 12% 12% 12% 12% 执业证书编号：S0740522060002 P/E 22.0 1 ...

Investment Rating - The investment rating for the company is "Buy" [4][15]. Core Views - The company achieved a revenue of 24.739 billion yuan in 2023, representing a year-on-year growth of 36.83%, with a net profit attributable to shareholders of 2.853 billion yuan, up 16.50% [2][4]. - The CHC (Consumer Health Care) business reported a revenue of 11.707 billion yuan, growing by 2.83%, with a gross margin of 60.60%, an increase of 3.89 percentage points year-on-year [3]. - The prescription drug business saw a revenue decline of 12.64% to 5.220 billion yuan, with a gross margin of 52.15%, down 0.68 percentage points [3]. - The integration with Kunming Pharmaceutical Group is progressing steadily, with the group generating a revenue of 7.703 billion yuan, a decrease of 6.99% [3]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 6.131 billion yuan, a growth of 2.72%, but a net profit of 450 million yuan, down 9.29% [2]. - The operating cash flow for 2023 was 4.192 billion yuan, an increase of 39.43% [2]. - The overall gross margin for 2023 was 53.24%, a decrease of 0.78 percentage points, and the net profit margin was 12.83%, down 0.98 percentage points [2]. Business Segments - The CHC business is driven by strong growth in OTC (Over-the-Counter) products, particularly the 999 brand, which includes products like 999 Cold Medicine and 999 Anti-Virus Oral Liquid [3]. - The professional brand business experienced a slight decline due to adjustments in generic drug varieties, while the children's health segment focused on digital marketing strategies [3]. - The prescription drug segment faced challenges due to national standard changes and the initiation of collective procurement in 15 provinces, leading to lower-than-expected performance [3]. Future Outlook - Revenue forecasts for 2024, 2025, and 2026 are projected at 29.191 billion yuan, 33.509 billion yuan, and 37.284 billion yuan, respectively, with corresponding net profits of 3.390 billion yuan, 3.845 billion yuan, and 4.263 billion yuan [4][11]. - The company is expected to maintain its leading position in the OTC market and achieve steady growth through the ongoing integration with Kunming Pharmaceutical Group [11].

证券研究报告 公 2024年03月25日 司 报 告 华润三九(000999) 行 业： 医药生物/中药Ⅱ │ 公 投资评级： 买入（维持） 司 当前价格： 54.53元 业绩符合预期，昆药融合加快内生增长 年 目标价格： 66.74元 报 点 事件： 评 基本数据 公司发布2023年年度报告，2023全年实现收入247.39亿元（yoy+36.83%）， 总股本/流通股本(百万股) 988.18/978.40 归母净利润 28.53 亿元（yoy+16.50%），扣非归母净利润 27.11 亿元 流通A股市值(百万元) 53,351.90 （yoy+22.18%）。2023年Q4季度，公司实现收入61.31亿元（yoy+2.72%）， 每股净资产(元) 19.19 归母净利润 4.50 亿元（yoy-9.29%），扣非归母净利润 4.07 亿元（yoy- 资产负债率(%) 39.57 6.57%）。 一年内最高/最低(元) 68.96/40.52 ➢ 公司营收稳健，CHC业务保持行业领先 （1）2023全年公司CHC健康消费品业务实现营收117.07亿元（yoy+2.83%）， 股价相对走势 巩固了行业领先 ...

股 票 研 究 [Table_industryInfo] 医药/必需消费 [ Table_Main[华ITnaf 润bol]e 三_Ti九tle]( 000999) [评Tab级le_：Inv est] 增持 上次评级： 增持 CHC 业务稳增长，昆药融合持续推进 目标价格： 66.68 上次预测： 66.68 公 ——华润三九2023 年报点评 当前价格： 54.53 司 丁丹(分析师) 甘坛焕(分析师) 唐玉青(研究助理) 2024.03.25 更 0755-23976735 021-38675855 021-38031031 [交Ta易bl数e_M据a rket] 新 dingdan@gtjas.com gantanhuan028803@gtjas.com tangyuqing028689@gtjas.com 证书编号 S0880514030001 S0880523080007 S0880123070133 52周内股价区间（元） 41.16-67.66 报 总市值（百万元） 53,886 告 本报告导读： 总股本/流通A股（百万股） 988/978 流通 B股/H股（百万股） 0/0 公司发布2023 ...

证券研究报告·公司点评报告·中药Ⅱ 华润三九（000999） 2023 年业绩点评：CHC 业务稳中有进，昆药 2024 年 03月 25日 业务融合值得期待 证券分析师 朱国广 买入（维持） 执业证书：S0600520070004 zhugg@dwzq.com.cn [Table_EPS] 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 股价走势 营业总收入（百万元） 18,079 24,739 27,300 30,106 33,152 同比 16.31% 36.83% 10.35% 10.28% 10.12% 华润三九 沪深300 归母净利润（百万元） 2,449 2,853 3,343 3,866 4,414 29% 24% 19% 同比 19.16% 16.50% 17.19% 15.63% 14.18% 14% 9% 4% EPS-最新摊薄（元/股） 2.48 2.89 3.38 3.91 4.47 -1% -6% P/E（现价&最新摊薄） 20.94 17.97 15.33 13.26 11.61 --- 211 161 %%% [ [TT aab bl le e_ _ ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company achieved a revenue of 24.739 billion yuan in 2023, representing a year-on-year growth of 36.83%. The net profit attributable to shareholders was 2.853 billion yuan, up 16.50% year-on-year [2][3] - The report highlights stable growth in the CHC (Consumer Health Care) business despite a high base, with a revenue of 11.707 billion yuan, reflecting a year-on-year increase of 2.83% [2][3] - The prescription drug business saw a decline in revenue, down 12.64% year-on-year, amounting to 5.220 billion yuan [2][3] - The company is focusing on the integration with Kunming Pharmaceutical Group, aiming to enhance its capabilities in the elderly health sector [2] Financial Performance Summary - In 2023, the company reported total revenue of 24.739 billion yuan, with a year-on-year growth rate of 36.8% [3] - The net profit attributable to shareholders was 2.853 billion yuan, marking a 16.5% increase compared to the previous year [3] - The company’s EPS (Earnings Per Share) for 2023 was 2.90 yuan [2] - The projected revenues for 2024, 2025, and 2026 are 27.191 billion yuan, 29.831 billion yuan, and 32.695 billion yuan respectively, with corresponding net profits of 3.294 billion yuan, 3.716 billion yuan, and 4.206 billion yuan [2][3] Business Segment Insights - The CHC business is expected to continue its stable growth trajectory, supported by strong brand OTC (Over-the-Counter) products [2] - The company is enhancing its product offerings in the prescription drug segment, with new products entering clinical guidelines and achieving rapid market penetration [2] - The integration with Kunming Pharmaceutical Group is anticipated to strengthen the company's position in the slow disease management and elderly health sectors [2]

业绩简评 2024 年 3月 22日，公司发布 2023 年年度报告。2023 年公司实现 收入247.39 亿元（同比+36.83%），归母净利润28.53 亿元（同比 +16.50%），扣非归母净利润27.11 亿元（同比+22.18%）。 单季度看，公司2023 年Q4 实现收入61.31 亿元（同比+2.72%）， 归母净利润4.50 亿元（同比-9.29%），扣非归母净利润4.07 亿元 （同比-6.57%）。 经营分析 CHC 业务保持增长，夯实品牌基石。2023 年公司 CHC 健康消费品 业务实现收入 117.07 亿元，同比+2.83%。处方药业务实现收入 52.20 亿元，同比-12.64%，主要是中药配方颗粒业务受国标切换 及15 省启动联盟集采影响。昆药集团于2023 年1 月19 日并表， 并表后贡献收入约 71.41 亿元。公司 CHC 健康消费品业务持续丰 富品牌矩阵，品牌 OTC 业务增长较好，康慢业务消化集采影响保 人民币(元) 成交金额(百万元) 持稳定增长，专业品牌业务由于普药品种规模调整略有下滑。 71.00 1,200 强化处方药医学引领，打造全产业链竞争优势。公司从 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 24 日 华 润三九(000999.SZ) 证券研究报告 主业 CHC 健康消费品平稳增长，昆药 中成药 投资评级 买入-A 集团融合顺利 首次评级 6个月目标价 67.00元 事件： 股价 (2024-03-22) 54.53元 2024 年 3 月 22 日，公司发布 2023 年年度报告。2023 年公司实现 营业收入 247.39 亿元，同比增长 36.83%，实现归母净利润 28.53 亿 交易数据 元，同比增长 16.50%，实现扣非净利润 27.11 亿元，同比增长 总市值(百万元) 53,885.67 22.18%。单季度来看，2023 年 Q4 公司实现营业收入 61.31 亿元， 流通市值(百万元) 53,351.90 同比增长 2.72%，实现归母净利润 4.50 亿元，同比下滑 9.29%，实 总股本(百万股) 988.18 现扣非净利润 4.07 亿元，同比下滑 6.57%。 流通股本(百万股) 978.40 12个月价格区间 41.16/67.66元 893365999 业绩符合预期，主业 CH ...

Financial Performance - The company's operating revenue for 2023 reached ¥24.74 billion, representing a 36.83% increase compared to ¥18.08 billion in 2022[19]. - Net profit attributable to shareholders for 2023 was ¥2.85 billion, up 16.50% from ¥2.45 billion in 2022[19]. - The net profit after deducting non-recurring gains and losses was ¥2.71 billion, reflecting a 22.18% increase from ¥2.22 billion in 2022[19]. - The net cash flow from operating activities for 2023 was ¥4.19 billion, a 39.43% increase from ¥3.01 billion in 2022[19]. - The total assets at the end of 2023 amounted to ¥40.15 billion, marking a 48.02% increase from ¥27.12 billion at the end of 2022[19]. - The net assets attributable to shareholders at the end of 2023 were ¥18.97 billion, an increase of 11.51% from ¥17.01 billion at the end of 2022[19]. - The company reported a basic earnings per share of ¥2.90 for 2023, up 16.94% from ¥2.48 in 2022[19]. - The weighted average return on equity for 2023 was 15.86%, slightly up from 15.15% in 2022[19]. - The total operating revenue for 2023 reached ¥24,738,963,319.76, representing a year-on-year increase of 36.83% compared to ¥18,079,461,482.75 in 2022[69]. - The pharmaceutical sector contributed ¥21,014,554,518.09, accounting for 84.94% of total revenue, with a growth of 21.05% from ¥17,360,025,771.89 in the previous year[69]. - The self-diagnosis (CHC) segment generated ¥11,707,041,581.73, which is 47.32% of total revenue, showing a slight increase of 2.83% year-on-year[70]. Shareholder Returns - The company reported a cash dividend of 15 RMB per 10 shares (including tax) and a capital reserve increase of 3 shares for every 10 shares held[5]. - In 2023, the total cash dividend amounted to 50% of the net profit attributable to shareholders, reflecting a commitment to shareholder returns[132]. - The company’s profit distribution plan includes a cash dividend of RMB 15 per 10 shares and a capital reserve increase of 3 shares per 10 shares, based on a total share capital of 988,184,000 shares[187]. - The proportion of cash dividends to net profit has increased, demonstrating a focus on long-term investment returns for shareholders[132]. Market and Growth Outlook - The company anticipates continued growth in the pharmaceutical market, with a projected annual growth rate of 4-6% for 2023[29]. - The company is focusing on product innovation and compliance, supported by government initiatives to enhance the healthcare system and regulatory environment[29]. - The Chinese pharmaceutical market is projected to continue its strong growth, driven by an aging population and increasing consumer demand for high-quality and diverse products and services[31]. - The company provided a positive outlook for 2024, projecting a revenue growth of 12% to 15% based on current market trends[127]. - Future guidance projects a revenue growth of approximately 15% for the next fiscal year, driven by new product launches and market expansion strategies[147]. Research and Development - R&D investment for the year amounted to 889 million yuan, with 112 projects under development focusing on various therapeutic areas[44]. - The company’s innovative projects include 71 invention patents and 64 utility model patents granted during the reporting period[44]. - The company is investing heavily in R&D, with a budget increase of 25% for new technology development[127]. - The company has established a comprehensive R&D system and long-term planning to mitigate risks associated with new product development failures[119]. - The company is committed to deepening research on classic Chinese medicine formulas and the standardization of Chinese medicine formula granules[173]. Strategic Initiatives - The company has established strategic partnerships with major online platforms like JD Pharmacy and Alibaba Health, covering over 400,000 pharmacies nationwide[38]. - The company is actively exploring the integration of traditional Chinese medicine with modern pharmaceutical practices to enhance product quality and safety[30]. - The company aims to strengthen the brand and academic construction of Kunming Pharmaceutical, focusing on the "Kun Chinese Medicine 1381" brand and its classic formulas[200]. - The company is focusing on the integration of traditional Chinese medicine into various health management processes, highlighting its unique advantages[102]. - The company is enhancing its digital capabilities by increasing investments in digital business and improving digital channel coverage to drive brand development and business growth[174]. Risk Management - The company faces various risks including market and policy risks, R&D innovation risks, and raw material price fluctuation risks[5]. - The company emphasizes the importance of reading the full annual report to understand investment risks[5]. - The company is committed to building a compliance management system, enhancing legal risk prevention mechanisms, and conducting compliance checks in marketing operations[66]. Corporate Governance - The company’s financial report has been confirmed as true, accurate, and complete by its board and management[4]. - The governance structure was enhanced, ensuring compliance with legal and regulatory requirements, and improving investor communication[135]. - The company maintained independence from its controlling shareholder in terms of business, personnel, assets, and finance, ensuring autonomous operational capabilities[138]. - The company has established a robust internal control system to manage insider information and ensure compliance with relevant regulations[137]. Environmental Responsibility - The company has been recognized as a "Green Low-Carbon Pioneer Enterprise" in Shenzhen, with all pollutant emissions meeting national and local environmental standards[52]. - The company has implemented a long-term carbon peak planning and management strategy, achieving a reduction of 5,408.78 tons of CO2e through various energy projects[53]. - The company is committed to fulfilling ecological and environmental responsibilities, aligning with national dual carbon strategies[110]. - The company aims to achieve carbon neutrality by 2030, aligning with global sustainability trends[161]. Employee and Management Structure - The total number of employees at the end of the reporting period is 20,318, including 4,186 from the parent company and 5,051 from major subsidiaries[178]. - The professional composition includes 8,047 production personnel, 7,283 sales personnel, 2,544 technical personnel, 954 financial personnel, and 1,490 administrative personnel[178]. - The company has a remuneration structure for senior management consisting of basic salary, annual performance bonus, and equity incentives[165]. - The company has established a "three-category talent" training system, including the "Qinglian Plan" for management talent, with 35 participants in the leadership program and 55 graduates from the advanced talent development class[182]. Acquisitions and Partnerships - The company completed the acquisition of Kunming Pharmaceutical Group and established several new subsidiaries during the reporting period[77]. - The company acquired a 28.01% stake in Kunming Pharmaceutical Group Co., Ltd. for CNY 212,311,616, gaining control on January 19, 2023[94]. - The company acquired a 51% stake in Jiangzhong Group, enhancing its market position and reducing competition[141]. - The company has committed to avoiding competition with Kunming Pharmaceutical Group for five years following the acquisition, including measures such as restructuring and product adjustments[141].

华润三九医药股份有限公司 自 2023 年 1 月 1 日 至 2023 年 12 月 31 日止年度内部控制审计报告 出外脚呈古外壁共窗口分 (特殊普通合伙) 中国北京 东长安街1号 东方广场毕马威大楼8层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 内部控制审计报告 毕马威华振审字第 2403606 号 华润三九医药股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了华润 三九医药股份有限公司 (以下简称 "贵公司" ) 2023 年 12 月 31 日的财务报告内部控制的有效 性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指 引》的规定，建立健全和有效实施内部控制，并评价其有效性是贵公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见,并 对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 KPMG Huazhen ...