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]

Financial Performance - The company's operating revenue for Q3 2024 was ¥1,837,940,780.64, a decrease of 21.04% compared to the same period last year[3] - The net profit attributable to shareholders for the same period was ¥483,460,736.46, down 10.58% year-on-year[3] - The net profit after deducting non-recurring gains and losses was ¥454,613,606.58, reflecting a decrease of 10.54% compared to the previous year[3] - The basic earnings per share for Q3 2024 was ¥0.2650, a decline of 10.56% year-on-year[3] - Total operating revenue for Q3 2024 was CNY 3,490,648,261.92, a decrease of 10.8% compared to CNY 3,912,970,763.44 in the same period last year[14] - Net profit attributable to shareholders of the parent company was CNY 923,656,831.05, down 13.5% from CNY 1,067,286,160.09 in Q3 2023[15] - The company reported a gross profit margin of approximately 30.4%, down from 32.5% in the same quarter last year[14] - Basic earnings per share for Q3 2024 were CNY 0.5056, compared to CNY 0.5850 in Q3 2023, indicating a decline of 13.5%[15] Assets and Liabilities - The total assets at the end of the reporting period were ¥16,101,606,403.18, showing a slight decrease of 0.03% from the end of the previous year[3] - The company's total assets amounted to CNY 16,101,606,403.18, slightly down from CNY 16,105,783,295.19 at the end of the previous quarter[13] - Total liabilities decreased to CNY 2,390,509,501.83 from CNY 2,684,600,568.04, reflecting a reduction of approximately 10.9%[15] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 156,695[7] - The largest shareholder, Ankang, holds 17.92% of the shares, totaling 327,787,406 shares[7] - The total equity attributable to shareholders of the parent company was CNY 11,697,012,439.64, reflecting a slight increase from CNY 11,359,430,727.42 at the beginning of the year[13] Cash Flow - Cash flow from operating activities decreased by 33.63% year-on-year, totaling ¥459,709,426.55[3] - The total cash inflow from operating activities was CNY 3,607,081,412.92, compared to CNY 3,560,454,125.64 in the previous period, reflecting a slight increase[16] - The net cash flow from operating activities decreased to CNY 459,709,426.55 from CNY 692,617,559.87 year-on-year[16] - Cash inflow from investment activities surged to CNY 18,045,530,207.37, significantly up from CNY 4,509,215,667.84 in the previous period[16] - The net cash flow from investment activities was CNY 18,539,764.98, a recovery from a negative CNY 547,894,116.69 in the previous year[16] - Cash inflow from financing activities totaled CNY 316,281,000.00, down from CNY 600,000,000.00 in the previous period[17] - The net cash flow from financing activities was negative at CNY -627,795,396.80, compared to CNY -599,154,467.73 in the previous year[17] - The ending balance of cash and cash equivalents was CNY 839,732,455.35, an increase from CNY 642,224,450.63 in the previous period[17] - The company received CNY 17,901,290,166.75 in cash from investment recoveries, a substantial increase from CNY 4,243,424,737.57 in the previous year[16] - The cash paid for purchasing goods and services rose to CNY 1,553,707,874.46 from CNY 1,247,456,232.99 year-on-year[16] Research and Development - The company has ongoing research and development efforts, with development expenditures reported at ¥27,635,945.37, up from ¥26,269,230.64, reflecting an increase of about 5.2%[11] - Research and development expenses for the quarter were CNY 211,913,321.30, a slight decrease from CNY 217,858,152.48 in the previous year[14] Strategic Focus - The company is focusing on market expansion and new product development, although specific figures were not disclosed in the report[11] - The company plans to continue focusing on market expansion and new product development to drive future growth[15] Other Information - The company reported a significant increase in government subsidies, with other income rising by 65.75% year-on-year[6] - The company has not reported any significant mergers or acquisitions during this quarter[11] - The company did not undergo an audit for the third quarter report[17]

证券代码：002007 证券简称：华兰生物 公告编号：2024-022 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限制性股票第一个 2、2023年9月19日至2023年10月8日，公司对首次授予部分激励对象的姓名 和职务在公司内部进行了公示，截止公示期满，公司监事会未收到任何对本次激 励对象提出的异议。2023年10月10日，公司披露了《监事会关于2023年限制性股 票激励计划激励对象名单审核及公示情况的说明》。 3、2023年10月16日，公司召开2023年第一次临时股东大会，审议通过了《关 于<华兰生物工程股份有限公司2023年限制性股票激励计划（草案）>及其摘要的 议案》、《关于<华兰生物工程股份有限公司2023年股权激励计划实施考核管理 办法>的议案》和《关于提请股东大会授权董事会办理华兰生物工程股份有限公 司2023年股权激励计划有关事宜的议案》。公司实施2023年限制性股票激励计划 获得批准，董事会被授权确定授予日、在激励对象符合条件时向激励对象授予限 制性股票，并办理授予所必需的全部事宜。同日披露了《监事会关于公司2023 年限制性股票激励计划内幕信息知情人及激励对象买 ...

2023 年限制性股票激励计划首次授予的限制性股票 第一个解除限售期解锁条件成就及预留权益失效 安徽承义律师事务所 关于华兰生物工程股份有限公司 相关事宜的 法律意见书 安徽承义律师事务所 中国.合肥市政务区怀宁路 200 号栢悦中心 5 楼 邮编: 230022 电话（Tel）: （86-551）65609815 传真（Fax）: （86-551）65608051 网址（Website）: www.chengyi-law.com 电子信箱（E-mail）：chengyilawyer@163.com 安徽承义律师事务所 法律意见书 安徽承义律师事务所 关于华兰生物工程股份有限公司 2023 年限制性股票激励计划首次授予的限制性股票 第一个解除限售期解锁条件成就及预留权益失效 相关事宜的法律意见书 （2023）承义法字第 00271-3 号 致：华兰生物工程股份有限公司 根据安徽承义律师事务所（以下简称"本所"）与华兰生物工程股份有限公司 （以下简称"华兰生物"或"公司"）签订的《聘请律师协议》之约定，本所指派鲍 金桥、万晓宇律师（以下简称"本律师"）作为华兰生物 2023 年限制性股票激励 计划（以下简称"本 ...

1、2023年9月18日，公司第八届董事会第八次会议审议通过了《关于<华兰 生物工程股份有限公司2023年限制性股票激励计划（草案）>及其摘要的议案》、 《关于<华兰生物工程股份有限公司2023年股权激励计划实施考核管理办法>的 议案》和《关于提请股东大会授权董事会办理2023年股权激励计划相关事宜的议 案》。同日，公司召开第八届监事会第八次会议，审议通过了《关于华兰生物工 程股份有限公司<2023年限制性股票激励计划（草案）>及其摘要的议案》、《关 于华兰生物工程股份有限公司<2023年限制性股票激励计划实施考核管理办法> 的议案》和《关于核查<华兰生物工程股份有限公司2023年限制性股票激励计划 首次授予激励对象名单>的议案》。公司独立董事发表了独立意见。 证券代码：002007 证券简称：华兰生物 公告编号：2024-023 华兰生物工程股份有限公司 关于2023年股票激励计划预留权益失效的公告 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。 重要内容提示： 华兰生物工程股份有限公司（以下简称"公司"）2023年 限制性股票激励计划预留权益失效数量：50 ...

证券代码：002007 证券简称：华兰生物 公告编号：2024-020 华兰生物工程股份有限公司 第八届监事会第十四次会议决议公告 本公司及监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。 一、监事会会议召开情况 经审核，监事会认为董事会编制和审核的公司2024年第三季度报告的程序符 合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了上 市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 表决结果：3 票赞成，0 票反对，0 票弃权。 《2024 年第三季度报告》详见同日刊登于公司信息披露媒体《证券时报》 及指定信息披露网站巨潮资讯网（www.cninfo.com.cn）的 2024-021 号公告。 2、会议以 3 票同意，0 票反对，0 票弃权的表决结果通过了《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》。 经核查，监事会认为：根据公司《上市公司股权激励管理办法》《2023 年 限制性股票激励计划（草案）》的相关规定，公司 2023 年限制性股票激励计划 第一个限售期解除限售条件已成就，同 ...

证券代码：002007 证券简称：华兰生物 公告编号：2024-019 一、董事会会议召开情况 华兰生物工程股份有限公司（以下简称"公司"）第八届董事会第十四次会 议于 2024 年 10 月 19 日以电话或电子邮件方式发出通知，于 2024 年 10 月 29 日以通讯表决的方式召开。会议由公司董事长安康先生主持。会议应到董事 9 名，实到董事 9 名，公司监事、高级管理人员列席了会议。会议符合《公司法》 和《公司章程》的规定。 二、董事会会议审议情况 经与会董事审议，通过如下议案： 华兰生物工程股份有限公司 第八届董事会第十四次会议决议公告 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。 1、会议以 9 票同意，0 票反对，0 票弃权的表决结果审议通过了《2024 年 第三季度报告》。 公司严格按照《证券法》及《深圳证券交易所股票上市规则》等有关规定， 完成了 2024 年第三季度报告的编制工作。公司董事、高级管理人员对该报告签 署了书面确认意见，公司监事会出具了书面审核意见。 表决结果：9 票赞成，0 票反对，0 票弃权。 《2024 年第三季度报告》 ...

[Table_Main] 证券研究报告 | 公司点评 华兰生物(002007.SZ) 2024 年 09 月 16 日 买入（维持） 所属行业：医药生物/生物制品 当前价格(元)：13.84 证券分析师 周新明 资格编号：S0120524060001 邮箱：zhouxm＠tebon.com.cn 吴明华 资格编号：S0120524050002 邮箱：wumh3＠tebon.com.cn 研究助理 市场表现 -43% -34% -26% -17% -9% 0% 9% 17% 2023-09 2024-01 2024-05 华兰生物 沪深300 | --- | --- | --- | --- | |--------------------------------|--------|--------|--------| | | | | | | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅 (%) | -11.90 | -15.30 | -19.02 | | 相对涨幅 (%) | -6.44 | -6.18 | -8.22 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《 ...