[ 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@ ...

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% ...

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. ...

Investment Rating - The report maintains an "Outperform" rating for the company [6]. Core Views - The company reported a revenue of 5.342 billion yuan in 2023, representing a year-on-year increase of 18.26%, and a net profit attributable to shareholders of 1.482 billion yuan, up 37.66% year-on-year [6]. - The blood products segment showed steady growth with a revenue of 2.926 billion yuan, an increase of 9.22%, driven by improved supply-demand dynamics and new plasma collection stations [6]. - The vaccine segment achieved a revenue of 2.405 billion yuan, a growth of 32.30%, with the company leading in the number of flu vaccine batches approved for release [6]. Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 1.429 billion yuan, a year-on-year increase of 56.23%, and a net profit of 414 million yuan, up 135.85% year-on-year [6]. - The company’s total revenue for 2024 is projected to be 6.201 billion yuan, with a net profit of 1.754 billion yuan, reflecting a growth rate of 18.4% [8]. Blood Products Segment - The blood products segment's revenue for 2023 was 2.926 billion yuan, with human albumin revenue at 1.057 billion yuan and immunoglobulin revenue at 845 million yuan [6]. - The gross margin for human albumin improved by 7.32 percentage points year-on-year, attributed to increased demand and pricing post-pandemic [6]. Vaccine Segment - The vaccine segment's revenue for 2023 was 2.405 billion yuan, with the company obtaining 94 batches of flu vaccine approvals, maintaining a leading position in the domestic market [6]. - The company is expanding its vaccine product line, having received registration certificates for new vaccines in 2023 [6]. Shareholder Returns - The company announced a shareholder return plan for 2024-2026, committing to a cash dividend of no less than 30% of the annual net profit [7]. Earnings Forecast - The company’s projected net profits for 2024, 2025, and 2026 are 1.754 billion yuan, 1.962 billion yuan, and 2.188 billion yuan, respectively, with corresponding EPS of 0.96, 1.07, and 1.20 yuan [8].

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）。 ...

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% ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 5.342 billion RMB in 2023, representing an 18% year-on-year increase, and a net profit attributable to shareholders of 1.482 billion RMB, up 38% year-on-year [2] - The blood products business showed steady growth, with revenue reaching 2.926 billion RMB, a 9.22% increase year-on-year, supported by the construction of new plasma collection stations [3] - The flu vaccine segment experienced rapid growth, generating 2.405 billion RMB in revenue, with a 32.19% year-on-year increase, and the company maintained a leading position in the number of flu vaccine batches issued [3] - The company is increasing R&D investments to cultivate new profit growth points, focusing on various drug developments and clinical research [3] - Profit forecasts for 2024-2026 remain unchanged, with expected net profits of 1.71 billion RMB (+15%), 1.96 billion RMB (+15%), and 2.23 billion RMB (+14%) respectively [3] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 5.342 billion RMB, with a growth rate of 18.26% compared to 2022 [6] - The net profit attributable to shareholders was 1.482 billion RMB, reflecting a growth rate of 37.66% year-on-year [6] - The diluted earnings per share (EPS) for 2023 was 0.81 RMB, with projections of 0.90 RMB, 1.05 RMB, and 1.16 RMB for 2024, 2025, and 2026 respectively [6] Business Segments - Blood products revenue was 2.926 billion RMB in 2023, with a 9.22% increase year-on-year, driven by the expansion of plasma collection stations [3] - The flu vaccine segment generated 2.405 billion RMB in revenue, with a significant 32.19% year-on-year growth [3] R&D and Future Outlook - The company is focusing on accelerating the development of new drugs and enhancing its clinical research pipeline to create new profit growth points [3] - The company plans to maintain its growth trajectory with steady revenue and profit increases projected for the next three years [3]

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].

华兰生物工程股份有限公司 控股股东及其他关联方资金占用情况的 专项说明 大华核字[2024]0011000567 号 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn) 报告编码:京24UQB 华兰生物工程股份有限公司 控股股东及其他关联方资金占用情况的专项说明 (截止 2023 年 12 月 31 日） 目 录 页 次 1 控股股东及其他关联方资金占用情况的专项 1-2 说明 I Í 华兰生物工程股份有限公司 2023 年度非经营 1-2 性资金占用及其他关联资金往来情况汇总表 大 华 会 计 师 事 务 所 (特 殊 普 通 合 伙 ) Da Hua Certified Public Accountants（Special General Partnership） 大华会计师事务所(特殊普通合作 市海淀区西四环中路 16 号院 7 号楼 12 层 [1000 电话:86 (10) 5835 0011 传真: 86 (10) 5835 0006 控 股 股 东 及 其 他 关 联 方 资 金 占 用 情 况 的 专 项 说 明 大华核字[2024]0011 ...