证券代码：002007 证券简称：华兰生物 公告编号：2024-027 华兰生物工程股份有限公司 关于公司取得单采血浆许可证的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 2024年12月4日，公司全资子公司华兰生物工程重庆有限公司收到重庆市卫 生委员会印发的重庆市巫山县华兰单采血浆站（以下简称"巫山浆站"）《单采血 浆许可证》，主要信息如下： 机构名称：重庆市巫山县华兰单采血浆站 业务项目：机采单采普通原料血浆、机采单采破伤风免疫原料血浆、机采单 采狂犬免疫原料血浆、机采单采乙肝免疫原料血浆 许可证号：50023716F2009030 采浆区域（范围）：重庆市巫山县 有效期限：自2024年12月03日至2026年12月02日 巫山浆站自取得《单采血浆许可证》之日起可正式采浆。巫山浆站实现采浆 将有利于提升公司原料血浆供应能力，对公司长期发展具有积极作用。 特此公告。 华兰生物工程股份有限公司董事会 2024年12月5日 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The approval of Bevacizumab injection marks a significant milestone for the company, indicating a shift towards profitability for its subsidiary, Hualan Gene Engineering Co., Ltd. The drug is expected to contribute to revenue and profit starting next year [11][12] - The company has a rich pipeline with 10 products in clinical trials, including four in Phase III, which positions it for future growth [13] - The projected net profits for the company from 2024 to 2026 are estimated at 1.36 billion, 1.57 billion, and 1.81 billion yuan respectively, with corresponding EPS of 0.74, 0.86, and 0.99 yuan [14] Financial Summary - The latest closing price is 17.39 yuan, with a total market capitalization of 31.8 billion yuan [3][5] - The company reported a revenue of 53.42 billion yuan in 2023, with a projected decrease to 51.31 billion yuan in 2024, followed by growth in subsequent years [16] - The company's net profit for 2023 was 1.48 billion yuan, with a forecasted decline to 1.36 billion yuan in 2024, before recovering in the following years [18] - The company's asset-liability ratio stands at 16.7%, indicating a strong financial position [7]

Investment Rating - The report maintains a "Recommend" rating for the company, citing the rapid growth of its blood products business and the breakthrough in monoclonal antibody drugs with the approval of bevacizumab [6] Core Views - The approval of bevacizumab marks a significant milestone for the company's monoclonal antibody business, achieving a zero-to-one breakthrough in its product portfolio [4] - The bevacizumab market in China is substantial, with total sales reaching 10.7 billion yuan in 2023, and the company's product is expected to enter the market rapidly through centralized procurement [5] - The company's blood products business is in a phase of rapid growth, providing a solid foundation for medium to long-term performance growth [6] Market Data - As of November 21, 2024, the company's closing price was 17.39 yuan, with a total market capitalization of 31.82 billion yuan and a circulating market capitalization of 27.35 billion yuan [2] - The stock's 3-month turnover rate was 52.3%, indicating active trading [2] Financial Forecasts - Revenue is projected to be 5.01 billion yuan in 2024, 5.69 billion yuan in 2025, and 6.39 billion yuan in 2026, with year-on-year growth rates of -6.2%, 13.6%, and 12.3% respectively [6] - Net profit attributable to the parent company is expected to be 1.39 billion yuan in 2024, 1.58 billion yuan in 2025, and 1.80 billion yuan in 2026, with growth rates of -6.0%, 13.7%, and 14.0% respectively [6] - The company's P/E ratio for 2024 is estimated at 22.8x, with a P/B ratio of 2.6x [6] Product Pipeline - The company's subsidiary, Gene Company, has four other products in Phase III clinical trials: adalimumab, trastuzumab, rituximab, and denosumab [4] - Bevacizumab, a humanized anti-VEGF monoclonal antibody, is approved for the treatment of various cancers, including non-small cell lung cancer, colorectal cancer, and hepatocellular carcinoma [4] Market Potential - The domestic bevacizumab market has grown rapidly, with sales in public medical institutions increasing from 970 million yuan in 2016 to 8.42 billion yuan in 2023, representing a compound annual growth rate of 36.2% [5] - As of now, 12 bevacizumab products have been approved in China, with Qilu Pharmaceutical, Roche, and Innovent Biologics leading the market share in domestic medical institutions [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Views - The company has received approval for its product Bevacizumab injection, branded as "Anbeiyou," which is primarily used for treating various types of cancer [4][5] - The sales of Bevacizumab in China reached approximately 10.68 billion yuan in 2023, reflecting a growth of 23.71% compared to 2022, indicating potential revenue growth for the company [5] - The company maintains its earnings forecast for 2024-2026, with expected earnings per share of 0.73 yuan, 0.89 yuan, and 1.03 yuan respectively, corresponding to price-to-earnings ratios of 23.89, 19.44, and 16.87 [6] Financial Data Summary - As of September 30, 2024, the company reported a closing price of 17.39 yuan, with a market capitalization of 27.367 billion yuan [2] - The company’s net profit for 2023 is projected to be 1.762 billion yuan, with a growth rate of 37.66% compared to 2022 [7] - The company’s revenue for 2024 is estimated at 5.366 billion yuan, showing a slight increase of 0.45% from 2023 [7] - The gross profit margin is reported at 61.77%, and the return on equity is 7.90% [2][7]

证券代码：002007 证券简称：华兰生物 公告编号：2024-026 根据国家相关法规规定，利妥昔单抗注射液已获得注册申请受理，报送国家 药品监督管理局药品审评中心进行审评审批。上述药品获得受理通知书对公司近 期业绩不会产生影响，相关药品的注册批件取得时间和结果均具有不确定性。公 司将积极推进该项目进展并对该项目的后续进展情况及时履行信息披露义务，敬 请广大投资者谨慎决策，注意投资风险。 特此公告。 华兰生物工程股份有限公司董事会 2024年11月23日 华兰生物工程股份有限公司 关于参股公司取得药品注册受理通知书的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 2024年11月22日，公司参股公司华兰基因工程有限公司（以下简称"基因公 司"）收到国家药品监督管理局签发的利妥昔单抗注射液（规格：500mg/瓶、100mg/ 瓶）境内生产药品注册上市许可《受理通知书》（受理号：CXSS2400127、 CXSS2400128），国家药品监督管理局根据《中华人民共和国行政许可法》第三十 二条的规定，对上述药品的药品注册上市许可申请进行了审查，决定予以受理。 ...

申请事项：药品注册（境内生产） 规格：100mg（4mL）/瓶 证券代码：002007 证券简称：华兰生物 公告编号：2024-025 华兰生物工程股份有限公司 关于参股公司取得药品注册证书的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 2024 年 11 月 21 日，公司参股公司华兰基因工程有限公司（以下简称"基 因公司"）取得国家药品监督管理局签发的贝伐珠单抗注射液的《药品注册证书》， 现将相关情况公告如下： 一、药品基本情况 药品名称：贝伐珠单抗注射液 剂型：注射剂 注册分类：治疗用生物制品 受理号：CXSS2300048 生产企业：华兰基因工程有限公司 证书编号：2024S02784 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，本品 符合药品注册的有关要求，批准注册，发给药品注册证书。 药品批准文号：国药准字S20240051 基因公司获批的安贝优（贝伐珠单抗注射液）主要用于治疗晚期、转移性或 复发性非小细胞肺癌，转移性结直肠癌，复发性胶质母细胞瘤，肝细胞癌，上皮 性卵巢癌、输卵管癌或原发性腹膜癌，宫颈癌，原研厂家为罗氏公司 ...

证券代码：002007 证券简称：华兰生物 公告编号：2024- 024 华兰生物工程股份有限公司 关于2023年限制性股票激励计划首次授予的第一期限制性股票 解锁上市流通的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次解锁的限制性股票数量为 1,324,260 股，占公司现有总股本的 0.0724%。 2、公司 2023 年限制性股票激励计划首次授予第一期限制性股票解锁上市流 通日为 2024 年 11 月 22 日。 3、本次符合解除限售条件的激励对象人数为 83 人。 华兰生物工程股份有限公司（以下简称"公司"）于2024年10月29日召开的 第八届董事会第十四次会议及第八届监事会第十四次会议分别审议通过了《关于 2023年限制性股票激励计划首次授予的限制性股票第一个解锁期解锁条件成就 的议案》，同意董事会按照《2023年限制性股票激励计划（草案）》（以下简称 "《激励计划》"）、《2023年限制性股票激励计划实施考核管理办法》的相关 规定办理首次授予的限制性股票第一个解除限售期解锁事宜。现将本次解锁股份 上市流通事项公 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The blood products business shows steady growth, while the vaccine segment faces short-term pressure [3][4] - For the first three quarters of 2024, the company achieved operating revenue of 3.491 billion yuan, a decrease of 10.79%, and a net profit attributable to shareholders of 924 million yuan, down 13.46% [3] - The vaccine business reported a significant decline in revenue, with a 44.28% drop, primarily due to reduced sales and price decreases of flu vaccines [4] - The company’s blood products segment generated revenue of 2.534 billion yuan, reflecting a growth of 15.44%, with a net profit of 744 million yuan, up 15.89% [3] Financial Summary - The company’s projected net profits for 2024-2026 are 1.356 billion yuan, 1.571 billion yuan, and 1.808 billion yuan, respectively, with corresponding EPS of 0.74, 0.86, and 0.99 yuan [5] - The current price-to-earnings ratio (P/E) is projected to be 22.23, 19.18, and 16.67 for the years 2024, 2025, and 2026, respectively [7] - The company’s operating revenue is expected to decline to 5.131 billion yuan in 2024, followed by growth to 5.986 billion yuan in 2025 and 6.827 billion yuan in 2026 [7][9]

分析师：李琳琳 登记编码：S0730511010010 lill@ccnew.com 021-50586983 第三季度血制品利润快速增长 生物医药Ⅱ ——华兰生物(002007)三季报点评 证券研究报告-季报点评 买入(维持) | --- | --- | |-------------------------------|-----------------------| | 市场数据 (2024-11-01) | | | 收盘价 ( 元 ) | 16.42 | | 一年内最高 / 最低 ( 元 ) | 24.44/13.84 | | 沪深 300 指数 | 3,890.02 | | 市净率 ( 倍 ) | 2.57 | | 流通市值 ( 亿元 ) | 258.25 | | 基础数据 (2024-09-30) | | | 每股净资产 ( 元 ) | 6.40 | | 每股经营现金流 ( 元 ) | 0.25 | | 毛利率 (%) | 61.77 | | 净资产收益率 _ 摊薄 (%) | 7.90 | | 资产负债率 (%) | 14.85 | | 总股本 / 流通股 ( 万股 ) | 182,878.09/ ...

Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company reported a revenue of 3.491 billion yuan for the first three quarters of 2024, a year-on-year decrease of 11%. The net profit attributable to shareholders was 924 million yuan, down 13% year-on-year [2] - Excluding the vaccine business, the company achieved a revenue of 2.533 billion yuan in the first three quarters, representing a year-on-year increase of 15% [2] - The blood product business continues to grow steadily, with the company expanding its plasma collection stations [2] - A price adjustment for flu vaccines has put short-term pressure on the vaccine subsidiary's performance, but there is significant growth potential in the domestic flu vaccine market [2] - The company is advancing product innovation, with several projects in various stages of clinical research, indicating a promising pipeline for future growth [2] Summary by Sections Performance Overview - For Q3 2024, the company reported a revenue of 1.838 billion yuan, a decrease of 21% year-on-year, and a net profit of 483 million yuan, down 11% year-on-year [2] - The adjusted net profit for Q3 was 455 million yuan, also down 11% year-on-year [2] Business Analysis - The blood product segment showed robust growth, with a revenue increase of approximately 21% in Q3 when excluding the vaccine business [2] - The company has successfully opened new plasma collection stations and is accelerating the establishment of additional stations in Chongqing [2] Pricing and Market Dynamics - The company has implemented a new pricing system for its flu vaccines, which has led to short-term performance pressure [2] - The overall flu vaccine coverage in China is around 3%, suggesting substantial room for market growth as public awareness and government policies evolve [2] Product Development - The company is actively pursuing product innovation, with several key projects in advanced clinical stages, including IVIG and a meningococcal vaccine expected to be submitted for production approval in 2025 [2]