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]

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]

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 ...