生物医药Ⅱ 分析师：李琳琳 登记编码：S0730511010010 lill@ccnew.com 021-50586983 血制品增长稳健，流感疫苗消费旺季即将到来 ——华兰生物(002007)中报点评 | --- | --- | --- | --- | |-----------------------------------------------------|--------------------------------------------------------------------------|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

公 司 研 究 医 药 生 物 华兰生物 沪深300 [Table_profits] [Table_Reportdate] 2024年09月04日 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn 联系人 付婷 futing@longone.com.cn | --- | --- | |---------------------------|-------------| | | | | | | | 数据日期 Table_cominfo] | 2024/09/04 | | 收盘价 | 15.03 | | 总股本 ( 万股 ) | 182,878 | | 流通 A 股 /B 股 ( 万股 ) | 157,391/0 | | 资产负债率 (%) | 15.55% | | 市净率 ( 倍 ) | 2.08 | | 净资产收益率 ( 加权 ) | 3.86 | | 12 个月内最高 / 最低价 | 24 ...

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [8]. Core Views - The company reported a revenue of 1.653 billion yuan in the first half of 2024, reflecting a growth of 4.26%, while the net profit attributable to shareholders decreased by 16.42% to 440 million yuan [5]. - The company has achieved a significant increase in plasma collection, with a growth rate of 22.47% in the first half of 2024, supported by the approval of two new plasma stations in Chongqing [6]. - The company maintains a leading position in the influenza vaccine market, with a significant number of batch approvals for its products, and price reductions are expected to enhance vaccination rates [7]. Financial Summary - For the fiscal year 2024, the company is projected to have a net profit of 1.356 billion yuan, with earnings per share (EPS) of 0.74 yuan, and a price-to-earnings (P/E) ratio of 20.32 [9]. - The company's revenue is expected to decline by 3.95% in 2024, followed by a recovery with growth rates of 16.66% and 14.05% in 2025 and 2026, respectively [10]. - The gross margin for the blood products business is reported at 50.10%, showing a year-on-year decrease of 3.62 percentage points, primarily due to price reductions in certain products [6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 22.47 [5][6]. Core Views - The company experienced a revenue growth of 4% in 1H24, while net profit declined by 16% year-on-year. The revenue, net profit attributable to the parent, and net profit excluding non-recurring items for 1H24 were RMB 16.5 billion, RMB 4.4 billion, and RMB 3.6 billion respectively [1]. - The blood products segment showed strong performance with a revenue increase of 13% year-on-year in 1H24, while the vaccine segment is expected to improve in the autumn and winter seasons [2][3]. Summary by Sections Blood Products - Revenue for blood products in 1H24 reached RMB 16.1 billion, reflecting a 13% year-on-year increase, while net profit was RMB 4.2 billion, down 7% year-on-year. In 2Q24, revenue grew by 23% year-on-year, and net profit increased by 13% year-on-year [2]. - The company anticipates a revenue growth rate of 15-20% for blood products from 2024 to 2026. The collection of plasma increased by 22% year-on-year to 770 tons in 1H24, with expectations of 1,590 tons and 1,820 tons in 2024 and 2025 respectively [2]. Vaccines - The vaccine segment reported a revenue of RMB 0.36 billion in 1H24, a decrease of 76% year-on-year. The report suggests that the low revenue is typical for the first half of the year, with expectations for stable growth in annual sales [3]. - The company holds a leading position in production capacity and market share in the vaccine industry, with 66 batches of flu vaccines approved in 1H24. The report anticipates a more balanced supply-demand situation in 2024, which could enhance the sales rate of flu vaccines [3]. Research and Development - The company has a rich pipeline of products under research, which are expected to become new growth points. Key products include high-concentration immunoglobulin and coagulation factor IX, both in advanced clinical stages [4].

| --- | --- | --- | |--------------------------|-------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | ☑ 特定对象调研 | 分析师会议 | | 投 资者关 | □媒体采访 □业绩说明会 | | | 系 活动类 | □新闻发布会 □路演活动 | | | 别 ...

Financial Performance - The company's operating revenue for the first half of 2024 was approximately ¥1.65 billion, representing a 4.26% increase compared to ¥1.59 billion in the same period last year[11]. - Net profit attributable to shareholders decreased by 16.42% to approximately ¥440.20 million from ¥526.65 million year-on-year[11]. - The net cash flow from operating activities dropped significantly by 58.13% to approximately ¥321.34 million, down from ¥767.38 million in the previous year[11]. - Basic earnings per share fell by 16.66% to ¥0.2406, compared to ¥0.2887 in the same period last year[11]. - Total assets at the end of the reporting period were approximately ¥15.64 billion, a decrease of 2.91% from ¥16.11 billion at the end of the previous year[11]. - The net assets attributable to shareholders decreased by 0.96% to approximately ¥11.25 billion from ¥11.36 billion year-on-year[11]. - The company reported a net profit of 77,379,037.09 CNY for the first half of 2024[14]. - The company reported a significant increase of 669.42% in net cash flow from investing activities, amounting to ¥1,170,760,914.36, mainly due to cash received from investment recoveries[27]. - The company reported a decrease in sales expenses to ¥122,308,324.35 from ¥159,380,059.29 in the previous year, reflecting a cost-saving strategy[96]. - The company’s tax expenses decreased to ¥85,142,182.97 from ¥125,766,327.17, indicating improved tax efficiency[97]. Market and Industry Insights - The blood products industry is a crucial segment of the biopharmaceutical sector, with significant roles in medical emergencies and specific disease treatments[15]. - The global blood products industry is highly concentrated, with the top five foreign companies holding an 80%-85% market share[16]. - The domestic blood products market is expanding due to increased healthcare coverage and an aging population, leading to a growing demand for blood products[16]. - The vaccine industry is experiencing rapid growth, driven by heightened public awareness and demand for disease prevention[16]. - The global vaccine market is dominated by four major companies, which account for over 80% of the market share[16]. - The company is positioned among leading blood product manufacturers in China, including TianTan Bio, TaiBang Bio, and Shanghai RAAS[16]. - Regulatory policies in China for blood products and vaccines are becoming stricter, enhancing industry standards and safety[16]. - The overall vaccination rate for influenza in China is approximately 3%, significantly lower than the rates in Europe and East Asia, indicating substantial growth potential in the domestic influenza vaccine market[17]. - The monoclonal antibody market in China is still in its early stages, with a projected market size of RMB 194.5 billion by 2025, reflecting a compound annual growth rate (CAGR) of 36.5% from 2020 to 2025[17]. Research and Development - The company aims to increase its R&D investment by over 10% annually during the 14th Five-Year Plan period, focusing on innovation as a core task for high-quality development[17]. - The company has established a strong research and development platform, focusing on innovative vaccines, recombinant proteins, and biosimilars, with multiple projects in various clinical trial phases[22]. - The company is advancing the clinical research of its IVIG (10%) product, which has completed Phase III trials and is in the registration application stage[21]. - The company’s subsidiary has 10 products that have obtained clinical trial approval, with 4 products currently in Phase III clinical trials and 2 in Phase I[17]. - The company has integrated its R&D resources to develop new vaccine products, including the quadrivalent flu vaccine and rabies vaccine, to strengthen its vaccine business[20]. Financial Management and Investments - The company plans to distribute a cash dividend of 3 RMB per 10 shares for the fiscal year 2023, totaling 548,634,277.80 RMB[45]. - The total amount of entrusted financial management reached CNY 425,765.53 million, with an unexpired balance of CNY 110,607.82 million[71]. - The company reported no overdue amounts or impairment provisions for entrusted financial management products[71]. - The company has not engaged in any major related party transactions or non-operating fund occupation during the reporting period[67]. - The company has not faced any penalties or corrective actions related to compliance issues during the reporting period[68]. Environmental and Social Responsibility - The company has complied with various environmental protection laws and has not faced any pollution incidents or administrative penalties during the reporting period[51]. - The company actively participates in social responsibility initiatives, including support for patients with hemophilia and educational assistance for their children[66]. - The company has established a wastewater treatment facility with a capacity of 900 m³/d and another in Chongqing with a capacity of 800 m³/d, both meeting the GB21907-2008 standards for wastewater discharge[58]. - The company has implemented an environmental emergency response plan, with updates made in September 2022 and August 2022 for different locations[61]. Corporate Governance and Shareholder Information - The company held its annual general meeting on April 19, 2024, with a participation rate of 51.02%[46]. - The total number of shares before the recent change was 1,828,780,926, with a decrease of 325,000 shares, resulting in a new total of 1,828,755,926 shares[76]. - The largest shareholder, Ankang, holds 17.85% of the shares, totaling 326,527,406 ordinary shares[81]. - The second largest shareholder, Chongqing Shengkang Biotechnology Development Co., Ltd., holds 15.01%, totaling 274,438,679 ordinary shares[81]. - The company has not undergone any bankruptcy restructuring or significant litigation matters during the reporting period[67]. Accounting and Financial Reporting - The financial report for the first half of 2024 was not audited[88]. - The financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance, ensuring a true and complete reflection of the company's financial condition[123]. - The company has established materiality thresholds for significant receivables and payables, with amounts over 1 million RMB being considered significant[126]. - The company evaluates control over investees based on various factors, including the purpose of establishment and decision-making rights[130]. - The company recognizes financial assets or liabilities when it becomes a party to a financial instrument contract, using the effective interest method for amortized cost calculations[137].

| 编制单位：华兰生物工程股份有限公司 | | | | | | | | | | 单位：元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性 | 资金占用方名称 | 占用方与上市公司 | 上市公司核算的会计科目 | 2024年期初占用资金余额 | 2024年半年度占用累计发 | 2024年半年度占用资金的 | 2024年半度度偿还累计发 | 2024年半年度期末占用资 | 占用形成原因 | 占用性质 | | 资金占用 | | 的关联关系 | | | 生金额（不含利息） | 利息（如有） | 生金额 | 金余额 | | | | 控股股东、实 际控制人及其 | | | | | | | | | | 非经营性占用 | | 附属企业 | | | | | | | | | | 非经营性占用 | | 小计 | — | — | — | | | | | | | — | | 前控股股东、 | | | | | | | | | | 非经营性占用 | | 实际控制人及 其附属企业 | | | | | | | | | | 非经营性占用 | ...

证券代码：002007 证券简称：华兰生物 公告编号：2024-017 华兰生物工程股份有限公司董事会 2024年8月24日 关于全资子公司获批设置单采血浆站的公告 重庆公司将按照《血液制品管理条例》《单采血浆站管理办法》和《单采血 浆站基本标准》等法规标准，加快该单采血浆站的建设及相关执业登记手续的办 理。该单采血浆站建成并通过验收后，将有利于进一步提升公司原料血浆的供应 能力,提高公司盈利水平。公司将根据该事项的进展情况及时进行信息披露。 特此公告。 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。 华兰生物工程股份有限公司 2024年8月23日，公司全资子公司华兰生物工程重庆有限公司（以下称"重 庆公司"）收到《重庆市卫生健康委员会关于华兰生物工程重庆有限公司在丰都 县设置单采血浆站的批复》（渝卫复[2024]232号）和《重庆市卫生健康委员会 关于华兰生物工程重庆有限公司在巫山县设置单采血浆站的批复》（渝卫复 [2024]233号），重庆市卫生健康委员会同意重庆公司在丰都县和巫山县设立单 采血浆站。 ...

[ T able_StockInfo] 2024 年 07 月 09 日 证券研究报告•公司动态跟踪报告 当前价:15.15 元 华兰生物(002007)医药生物 目标价:——元(6 个月) 实控人及高管拟增持公司股份,彰显长期发展潜力 [Table_Summary 事件:1)近日公司 ] 公告董事长及部分董事增持或拟增持公司股份;2)公司发 布公告杞县、襄城单采浆站收到《单采血浆许可证》。 董事、高管增持计划彰显公司长期投资价值。公司董事长、实际控制人安康、 董事安文琪以集中竞价交易方式完成增持公司股份 45万股、1万股。此外,公 司董事长、部分董事、高管共 10人拟以自有资金于未来 6个月内增持公司股份, 合计增持数量不低于 122 万股,不高于 242 万股。此次增持计划彰显了公司董 事会成员及高管对公司长期投资价值的认可和未来发展信心。 杞县、襄城浆站获批开采,2024年浆量增长可期。根据全国第七次人口普查数 据和襄城县国民经济和社会发展统计公报,2020年杞县常住人口 93万人,2021 年襄城县常住人口 68万人。公司于 2022 年获河南省批准建设 7家新浆站,杞 县、襄城浆站系其中第六、七家获 ...

Investment Rating - The report gives a "Buy" rating for the company, with expected relative stock price growth of over 20% compared to the benchmark index within 6 months [7][10] Core Views - The company's blood products business is developing steadily, with a share buyback plan announced by the chairman and controlling shareholder [3] - Plasma collection volume is expected to maintain high growth, with all 7 plasma stations in Henan province operational, laying a solid foundation for sustained growth [5] - Influenza vaccine prices have been reduced by about 30%, which is expected to boost market penetration [6] Company Overview - Latest closing price: 15.15 yuan [1] - Total market capitalization: 27.7 billion yuan [1] - P/E ratio: 18.66 [1] - Debt-to-asset ratio: 16.7% [1] Financial Projections - Expected net profit attributable to parent company: 1.688 billion yuan in 2024, 1.923 billion yuan in 2025, and 2.152 billion yuan in 2026 [7] - Projected EPS: 0.92 yuan in 2024, 1.05 yuan in 2025, and 1.18 yuan in 2026 [7] - Forecasted revenue growth: 15.03% in 2024, 14.91% in 2025, and 13.45% in 2026 [8] Business Development - Plasma collection reached 1,342 tons in 2023, with double-digit growth expected in 2024 [5] - In Q2 2024, the company received 50 batches of albumin approvals and 31 batches of immunoglobulin approvals [5] - Influenza vaccine received 54 batches of approvals for quadrivalent vaccine and 4 batches for trivalent vaccine in H1 2024 [6] Shareholder Activity - The controlling shareholder and some directors plan to buy back 1.22-2.42 million shares within 6 months starting from July 8, 2024 [4] - The chairman and controlling shareholder have already repurchased 450,000 shares at an average price of 15.03 yuan per share [4]