入 华泰联合证券有限责任公司 HUATAI UNITED SECURITIES CO.,LTD. 二〇二四年四月 华泰联合证券有限责任公司 关于 华兰生物工程股份有限公司 分拆所属子公司华兰生物疫苗股份有限公司 至创业板上市 之 持续督导意见 独立财务顾问 华泰联合证券有限责任公司（以下简称"华泰联合"或"本独立财务顾问"）接 受华兰生物工程股份有限公司（以下简称"华兰生物"、"上市公司"、"公司"）的 委托，担任其将控股子公司华兰生物疫苗股份有限公司（以下简称"华兰疫苗"、 "子公司"）分拆至深圳证券交易所创业板上市的独立财务顾问。华泰联合对华兰 生物本次分拆上市事项进行了专项核查并出具了核查意见，并持续督导上市公司 维持独立上市地位。 根据《上市公司分拆规则（试行）》（以下简称"《分拆规则》"）等有关法律、 法规的要求，本独立财务顾问对上市公司进行了持续督导，持续督导截止日为 2023 年 12 月 31 日。本独立财务顾问根据相关规定，出具本持续督导意见。 !"#$%&'()*+ 华兰生物于 2020 年 4 月 21 日披露了《华兰生物工程股份有限公司关于分拆 所属子公司华兰生物疫苗有限公司至深圳证券 ...

[ 2T 0a 2b 4l 年e_S 0t 4o 月ckI 0n 5f 日o] 证券研究报告•2023年报点评 当前价： 19.44元 华兰生物（002007） 医药生物 目标价： ——元（6个月） 业绩符合预期，浆量增长超预期 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a发ry布] 2023年报，期间实现收入53.4亿元，同比+18.3%，实现归母 [分Ta析bl师e_：Au杜th向or阳] 净利润14.8亿元，同比+37.7%，扣非归母净利润12.7亿元，同比+41.8%。 执业证号：S1250520030002 电话：021-68416017  全年业绩符合预期。公司前各个季度收入分别为 8.8/7/23.3/14.3 亿元 邮箱：duxy@swsc.com.cn (+37.5%/-58.8%/+85.8%/+56.2)，归母净利润分别为 3.5/1.7/5.4/4.1 亿元 (+50.4%/-49.9%/+70.2%/135.9%)，扣非归母净利润分别为2.8/1.2/5.1/3.6亿元 分析师：王彦迪 (+27.4%/-50.5%/+71.9%/+167%)。季度间增速波 ...

公 司 研 究 [Table_Reportdate] 2024年04月03日 [Table_invest] [华Tabl兰e_N生ewT物itle] （002007）：采浆量提升显著， 买入（维持） 公 增长可期 报告原因：业绩点评 司 简 ——公司简评报告 评 [table_main] [证Ta券b分le析_A师u thors] 投资要点 杜永宏 S0630522040001 dyh@longone.com.cn 医 ➢ 利润端表现亮眼。2023年，公司实现营业收入53.42亿元（+18.26%）、归母净利润14.82 证券分析师 药 亿元（+37.66%）、扣非归母净利润12.67亿元（+41.77%）。其中Q4单季实现营业收入14.29 伍可心 S0630522120001 生 wkx@longone.com.cn 亿元（+56.23%）、归母净利润4.14亿元（+135.85%）、扣非归母净利润3.61亿元 物 联系人 （+166.87%）。公司业绩增长预计主要系血制品和流感疫苗需求增加所致。 林子超 ➢ 血制品业务增长稳健，浆站及采浆量快速提升。公司2023年血制品业务实现营收29.26亿 lzc@ ...

证券研究报告：医药生物 | 公司点评报告 2024年4月1日 股票投资评级 华兰生物(002007) 买入|首次覆盖 采浆量快速提升，疫苗恢复高增长 个股表现 ⚫ 事件： 3 月 30 日，公司发布 2023 年报：公司实现营收 53.42 亿元 华兰生物 医药生物 （+18.26%）、归母净利润14.82亿元（+37.66%）；其中23Q4 单季实 11% 7% 现营收14.29亿元（+56.23%）、归母净利润4.14亿元（+135.85%）。 3% -1% 公司业绩符合预期，单季度业绩波动主要受到流感疫苗批签发和销售 -5% -9% 节奏影响。 -13% ⚫ 采浆量快速提升，血制品实现稳健增长： -17% -21% 2023年公司新增4家在营浆站，年采浆量达1342吨，同比增长 -25% -29% 19.59%。血制品板块实现收入29.26亿元（+9.22%），其中白蛋白、静 2023-04 2023-06 2023-08 2023-11 2024-01 2024-03 丙和其他血制品分别实现收入 10.57 亿元（+6.97%）、8.45 亿元 资料来源：聚源，中邮证券研究所 （+8.96%）和10. ...

上 市 公 司 医药生物 2024 年04月 02 日 华兰生物 (002007) 公 司 研 究 ——血制品盈利能力提升，疫苗贡献业绩弹性 / 公 司 点 报告原因：有业绩公布需要点评 评 增持 投资要点： （维持）  事件：公司发布2023年年报，公司实现营业收入53.42亿元（同比+18.26%），实现归 母净利润14.82亿元（同比+37.66%），实现扣非归母净利润12.67亿元，（同比+41.77%）。 证 市场数据： 2024年04月01日 单 Q4 公司实现营业收入 14.29 亿元（同比+56.23%），实现归母净利润 4.14亿元（同 券 收盘价（元） 19.91 研 一年内最高/最低（元） 25.09/16.51 比+135.85%），实现扣非归母净利润3.61亿元（同比+166.97%）。业绩符合预期。 究 市净率 3.2 报 息率（分红/股价） -  血制品：供需改善带来毛利率提升，新设浆站释放采浆空间。2023 年公司血制品板块实 告 流通A股市值（百万元） 31330 现收入29.26亿元（+9.22%），其中人血白蛋白收入10.57亿元（+6.97%），静丙收入 上证指数/ ...

业绩符合预期，新浆站进入兑现期 华兰生物(002007)/生物制品 证券研究报告/公司点评 2024年04月01日 [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：19.91 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 4516.98 5341.87 6129.73 7216.10 8499.01 分析师：祝嘉琦 增长率yoy% 1.82% 18.26% 14.75% 17.72% 17.78% 执业证书编号：S0740519040001 净利润（百万元） 1076.27 1481.58 1741.03 2059.99 2412.58 电话：021-20315150 增长率yoy% -17.14% 37.66% 17.51% 18.32% 17.12% 每股收益（元） 0.59 0.81 0.95 1.13 1.32 Email：zhujq@zts.com.cn 每股现金流量 0.60 0.54 2.49 2.65 2.85 分析师：张楠 净资产收益率 9% 11% 12% ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 01 日 华 兰生物(002007.SZ) 证券研究报告 血制品及疫苗业务业绩双升，发布未来 生物医药Ⅲ 投资评级 买入-A 三年股东回报规划 维持评级 6个月目标价 24.02元 事件：华兰生物发布 2023 年年报。2023年全年，公司实现营业收 股价 (2024-03-29) 20.17元 入 53.42 亿元，同比增长 18.26%；归母净利润 14.82 亿元，同比增 长 37.66%；扣非归母净利润12.67 亿元，同比增长41.77%。Q4单季 交易数据 度，公司实现营业收入 14.29 亿元，同比增长 56.23%；归母净利润 总市值(百万元) 36,886.51 4.14 亿元，同比增长 135.85%；扣非归母净利润 3.61 亿元，同比增 流通市值(百万元) 31,739.25 长 166.97%。 总股本(百万股) 1,828.78 血制品业务：业绩稳健增长，浆站建设与新品研发有序推进。2023 流通股本(百万股) 1,573.59 年公司血液制品业务实现营业收入 29.31亿元，同比增长8.92% ...

医药 公 2024年04月01日 司 报 华兰生物(002007.SZ) 告 血制品需求旺盛提升利润率，流感疫苗需求增加 推荐 ( 维持 ) 事项： 公司发布2023年财报，全年实现营收53.42亿元（+18.26%），实现归属净利 股价:20.17元 润14.82亿元（+37.66%），扣非后归属净利润为12.67亿元（+41.77%）。符 公 主要数据 合市场预期。 行业 医药 司 分红预案：每10股派现3元（含税）。 ...

\\\\\\\\\\\ 业绩简评 2024 年 3月 29 日，公司发布2023 年年度报告，2023年公司实现 收入 53.42 亿元，同比+18%；实现归母净利润 14.82 亿元，同比 +38%；实现扣非归母净利润12.67 亿元，同比+42%；单季度来看， 2023 年第四季度公司实现收入14.29 亿元，同比+56%；实现归净 润 4.14 亿元，同比+136%；实现扣非归母净利润3.61 亿元，同比 +167%。 经营分析 血制品业务增速稳健，浆站建设持续推进。根据公司公告，2023年 公司血液制品实现营业收入29.26 亿元，同比增长 9.22%。其中人 血白蛋白实现收入10.57 亿元，同比增长 6.97%；静注丙球实现收 入 8.45 亿元，同比增长8.96%；其他血液制品实现收入10.25 亿 元，同比增长11.87%。2023 年公司潢川县、商水县、夏邑县和伊 人民币(元) 成交金额(百万元) 川县浆站建成并顺利取得《单采血浆许可证》，新浆站的投入使用 26.00 1,200 及原有浆站的浆源拓展为公司血液制品业务保持增长奠定了坚实 24.00 1,000 基础，2023 年公司采浆量为 ...

Financial Performance - The company's operating revenue for 2023 was ¥5,341,872,557.46, representing an increase of 18.26% compared to ¥4,516,979,408.06 in 2022[13]. - Net profit attributable to shareholders for 2023 was ¥1,481,578,849.25, a 37.66% increase from ¥1,076,265,283.57 in 2022[13]. - The net profit after deducting non-recurring gains and losses was ¥1,266,787,950.25, up 41.77% from ¥893,520,265.06 in 2022[13]. - The net cash flow from operating activities for 2023 was ¥1,345,838,781.04, reflecting a 40.59% increase from ¥957,311,907.10 in 2022[13]. - Basic earnings per share for 2023 were ¥0.8121, a rise of 37.71% compared to ¥0.5897 in 2022[13]. - Total assets at the end of 2023 were ¥16,105,783,295.19, marking a 9.24% increase from ¥14,740,966,166.50 at the end of 2022[13]. - The net assets attributable to shareholders at the end of 2023 were ¥11,359,430,727.42, also a 9.24% increase from ¥10,398,562,106.26 at the end of 2022[13]. - Total revenue for 2023 reached ¥5,341,872,557.46, an increase of 18.26% compared to ¥4,516,979,408.06 in 2022[34]. - Blood products generated ¥2,926,332,810.99, accounting for 54.78% of total revenue, with a year-on-year growth of 9.22%[35]. - Vaccine products revenue was ¥2,404,650,361.84, representing 45.02% of total revenue, with a significant increase of 32.30% from ¥1,817,533,244.46 in 2022[34]. Dividend Distribution - The company plans to distribute a cash dividend of 3 RMB per 10 shares to all shareholders, totaling 1,828,780,926 RMB[2]. - The cash dividend distribution plan proposes a cash dividend of CNY 3 per 10 shares, totaling CNY 548,634,277.80, which represents 100% of the profit distribution[97][98]. Market Position and Industry Trends - The blood products industry is experiencing increased concentration, with the top five foreign companies holding 80%-85% of the market share globally[20]. - In 2023, the top four blood product companies in China collected over 7,100 tons of plasma, accounting for approximately 60% of the total plasma collection in the country[21]. - The overall vaccination rate for influenza vaccines in China is around 3%, significantly lower than that of the US and East Asia, indicating substantial growth potential in the domestic market[23]. - The Chinese monoclonal antibody market is expected to grow to RMB 194.5 billion by 2025, with a compound annual growth rate of 36.5% from 2020 to 2025[23]. - The company operates in the blood products, vaccines, and biopharmaceuticals sectors, with a comprehensive range of 11 blood products and 34 specifications, making it one of the leading firms in China's blood products industry[24]. Research and Development - The company is focused on the development of recombinant protein drugs, with a rich pipeline covering various diseases, including cancers and autoimmune disorders[23]. - The company has 10 monoclonal antibody products that have received clinical trial approval, with plans for further clinical studies and product registrations in the near future[23]. - The company is actively pursuing innovation in biopharmaceuticals, with multiple products in various stages of clinical development, reflecting a commitment to R&D[25]. - The company is developing a purification process for von Willebrand factor (vWF) to create a new product, with clinical research currently underway[45]. - The company is upgrading the process for intravenous immunoglobulin (IVIG) and is currently in the clinical trial stage[45]. - The company is developing a subcutaneous injection process for immunoglobulin, which is in preclinical research[45]. Regulatory and Compliance - The company has detailed potential risks that may adversely affect its future development strategies and operational goals in the report[3]. - The regulatory environment for the vaccine industry in China is becoming stricter, promoting standardized and centralized production among vaccine companies[22]. - The company emphasizes compliance with regulations and governance standards, ensuring effective operation of its shareholder meetings and protecting investor rights[70]. - The company has implemented a comprehensive management system for plasma collection stations to mitigate regulatory risks and ensure operational compliance[65]. Operational Efficiency - The company has established two production bases in Xinxiang and Chongqing, leading the domestic market in production scale for blood products, with 11 product varieties including human albumin and immunoglobulins[32]. - The company has a high plasma utilization rate, indicating efficient production processes and a strong supply chain in the blood products sector[24]. - The company has strengthened its strategic cooperation with domestic and international enterprises to enhance core competitiveness and form a large biopharmaceutical industry pattern centered on blood products, vaccines, and innovative drugs[29]. - The company has established multiple independent and interconnected R&D platforms to support the development of blood products, vaccines, and gene-engineered products[31]. Shareholder and Management Structure - The management team has extensive experience in the biopharmaceutical industry, ensuring effective communication and a shared vision for future development[32]. - The company maintains independence in personnel, assets, finance, organization, and business from major shareholders[72]. - The board of directors consists of four specialized committees, enhancing operational efficiency[72]. - The company has established a transparent performance evaluation and incentive mechanism for senior management[75]. - The total number of shares held by the chairman, An Kang, remains unchanged at 3,265,274 shares[78]. Environmental Responsibility - Hualan Biological is classified as a key pollutant discharge unit by environmental protection authorities[108]. - The company strictly adheres to multiple environmental protection laws and has not faced any pollution incidents or administrative penalties during the reporting period[108]. - The company has constructed wastewater treatment facilities with a capacity of 900 m³/d and 800 m³/d at its main site and Chongqing company, respectively, ensuring compliance with the "Biological Engineering Pharmaceutical Industry Water Pollutants Discharge Standard" (GB21907-2008)[114]. - The company emphasizes energy management and has achieved energy management system certification, focusing on reducing carbon emissions and enhancing energy efficiency[118]. Corporate Social Responsibility - The company actively participates in poverty alleviation and rural revitalization efforts, fulfilling its corporate social responsibility[122]. - The company has published its 2023 Environmental, Social, and Governance (ESG) report, detailing its social responsibility initiatives[121].