Investment Rating - The report maintains a "Buy" rating for Yifan Pharmaceutical (002019) with a target price of 13.06 CNY [4]. Core Views - The company's 2023 performance met expectations, with a revenue of 4.068 billion CNY, a year-on-year increase of 6.03%, while the net profit attributable to shareholders was -551.07 million CNY, reflecting a significant decline of 388.19% [4]. - In Q1 2024, the company reported a revenue of 1.326 billion CNY, a year-on-year increase of 41.3%, and a net profit of 146 million CNY, up 125.6% year-on-year [4]. - The decline in profit for 2023 was primarily due to an impairment charge of 888 million CNY on intangible assets [4]. - The growth in proprietary pharmaceutical products is expected to accelerate revenue growth in 2024, driven by increased sales volume and the launch of new key products [4]. Financial Summary - Revenue is projected to grow significantly from 5.661 billion CNY in 2024 to 7.751 billion CNY in 2026, with growth rates of 39.15% and 23.25% respectively [5]. - The net profit is expected to recover from -551.07 million CNY in 2023 to 532.42 million CNY in 2024, and further to 922.64 million CNY by 2026 [5]. - The company's EBITDA is forecasted to increase from 1.522 billion CNY in 2023 to 1.314 billion CNY in 2026 [5]. Product Performance - The proprietary product revenue reached 2.43 billion CNY in 2023, a year-on-year increase of 19.7%, while other pharmaceutical products saw a decline of 19.5% [4]. - The introduction of new pharmaceutical varieties and the significant increase in sales of proprietary products are key drivers for the revenue growth in Q1 2024 [4]. - The company has successfully launched several new products, enhancing its competitive edge in the market [4].

高增长初兑现，持续关注创新出海 敬请参阅末页重要声明及评级说明 证券研究报告 ✓ 投资建议：维持"买入"评级 ✓ 风险提示 敬请参阅末页重要声明及评级说明 2 / 5 证券研究报告 敬请参阅末页重要声明及评级说明 3 / 5 证券研究报告 财务报表与盈利预测 | --- | --- | --- | --- | --- | |-------------------|---------|------------------------|-------------------|-------| | | 2023A | 2024E | 2025E | 2026E | | | | | | | | | 6.0% | 29.0% | 21.3% | 12.2% | | | -713.8% | 177.0% | 39.1% | 38.7% | | 归属于母公司净利 | -388.2% | 222.1% | 47.7% | 26.6% | | 毛利率（ % ） | 47.8% | 51.1% | 52.2% | 53.3% | | % ） | -13.5% | 12.8% | 15.6% | 17.6% | | （ % ） | ...

| --- | --- | --- | --- | --- | --- | |-------|----------------------------|----------------------|--------------|-------------|----------------------| | 区域 | [Table_SalesPerson] 姓名 | 职务 | 座机 | 手机 | 邮箱 | | | 蒋诗烽 | 总经理助理、销售总监 | 021-68415309 | 18621310081 | jsf@swsc.com.cn | | | 崔露文 | 销售副总监 | 15642960315 | 15642960315 | clw@swsc.com.cn | | | 谭世泽 | 高级销售经理 | 13122900886 | 13122900886 | tsz@swsc.com.cn | | | 汪艺 | 高级销售经理 | 13127920536 | 13127920536 | wyyf@swsc.com.cn | | | 李煜 | 高级销售经理 | 18801732511 | 18801732511 ...

Investment Rating - The report maintains a "Buy" rating for Yifan Pharmaceutical (002019 SZ) [20] Core Views - Yifan Pharmaceutical's Q1 2024 performance exceeded market expectations, driven by strong growth in the pharmaceutical sector [6] - The company's revenue for Q1 2024 reached 1 3 billion yuan, a year-on-year increase of 41 28%, with net profit attributable to shareholders of 146 million yuan, up 125 55% [6] - The company's cost reduction and efficiency improvement efforts have significantly contributed to profit growth, with sales expense ratio dropping to 23 74% and management expense ratio to 6 75% in Q1 2024 [6] - The company's "big product" strategy is paying off, with domestic pharmaceutical product revenue reaching 2 01 billion yuan in 2023, a 21 72% increase [6] - The innovative drug Yilisu has completed registration in China, the US, and Europe, and is expected to contribute 72 million yuan in milestone revenue in 2024 [6] - The company's R&D investment continues to grow, with Q1 2024 R&D expenses reaching 59 88 million yuan, a 26% year-on-year increase [6] Financial Performance - The company's revenue is expected to grow from 4 882 billion yuan in 2024E to 7 567 billion yuan in 2026E, with a CAGR of 24 5% [2] - Net profit attributable to shareholders is forecasted to increase from 552 million yuan in 2024E to 922 million yuan in 2026E, with a CAGR of 29 1% [2] - The company's EPS is projected to grow from 0 45 yuan in 2024E to 0 75 yuan in 2026E [2] - ROE is expected to improve from 5 8% in 2024E to 8 4% in 2026E [2] - The company's P/E ratio is forecasted to decrease from 28 1x in 2024E to 16 8x in 2026E, indicating potential undervaluation [2] Product Pipeline - Yilisu, the company's innovative drug, has a potential market size of 7 billion USD and is expected to achieve peak sales of over 5 billion yuan [6] - F652 is progressing well in clinical trials, with the ACLF indication expected to complete key clinical trial design and initiate patient enrollment in 2024 [6] - Hyruan ONE, a cross-linked sodium hyaluronate injection, was approved in China in April 2023 and included in the national medical insurance catalog in December 2023, with potential peak sales of 2 billion yuan [6] - The company has two products in pre-clinical stages for the US and European markets, and three third-generation insulin products in pre-clinical stages [6] Strategic Initiatives - The company plans to have 2 products with overseas sales exceeding 100 million yuan and 4 products with sales exceeding 50 million yuan by 2024 [6] - Domestically, the company aims to have 9 products with sales exceeding 100 million yuan and 9 products with sales exceeding 50 million yuan by 2024 [6] - The company expects to have its first synthetic biology product ready for trial production by the end of 2024 [6]

Investment Rating - The report maintains a "Buy" rating for Yifan Pharmaceutical with a target price of 18.8 RMB for the next 6 months [1] Core Views - Yifan Pharmaceutical is entering a new growth cycle driven by the commercialization of new products and continuous improvement in operations [1] - The company's innovative transformation and internationalization are expected to drive future growth [1] - Q1 2024 performance exceeded expectations, with rapid growth in formulation revenue and improved profitability [10] Financial Projections - Revenue is projected to grow to 5.245 billion RMB in 2024, 6.152 billion RMB in 2025, and 7.093 billion RMB in 2026, representing year-over-year growth of 28.92%, 17.29%, and 15.31% respectively [1] - Net profit attributable to the parent company is expected to reach 576 million RMB in 2024, 860 million RMB in 2025, and 1.079 billion RMB in 2026, with year-over-year growth rates of 204.59%, 49.22%, and 25.44% respectively [1] - The company's PE ratio is forecasted to be 26X in 2024, 17X in 2025, and 14X in 2026 [1] Q1 2024 Performance - Q1 2024 revenue reached 1.326 billion RMB, a year-over-year increase of 41.28% [10] - Net profit attributable to the parent company in Q1 2024 was 146 million RMB, a year-over-year increase of 125.55% [10] - The gross profit margin in Q1 2024 was 47.37%, a slight decrease of 1.41 percentage points year-over-year, while the net profit margin increased by 4.12 percentage points to 11.02% [10] - The company's expense ratio in Q1 2024 was 36.35%, a decrease of 6.46 percentage points year-over-year [10] Product Pipeline and Market Expansion - Yilisu has been approved for marketing in China, the US, and the EU, with global sales expected to exceed 5 billion RMB [10] - F-652, a potential first-in-class drug for liver diseases, is undergoing clinical trials in both China and the US [10] - The company's self-developed products, such as Vincristine Sulfate Injection and Capecitabine Tablets, have contributed significantly to revenue growth [10] Valuation Metrics - The company's 2024 PE ratio is estimated at 25.57X, with a PB ratio of 1.67X and a PS ratio of 2.81X [22] - ROE is projected to increase from 6.52% in 2024 to 10.01% in 2026 [22] - EV/EBITDA is expected to decrease from 14.92X in 2024 to 8.82X in 2026 [22]

证券代码：002019 证券简称：亿帆医药 公告编号：2024-028 亿帆医药股份有限公司 关于获得药品注册证书的公告 8、药品批准文号：国药准字H20243542 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 亿帆医药股份有限公司（以下简称"公司"）全资子公司辽宁亿帆药业有限 公司于2024年4月23日收到国家药品监督管理局核准签发的尼莫地平注射液《药 品注册证书》。现将相关情况公告如下： 一、药品注册证书主要信息 1、药品名称：尼莫地平注射液 2、剂型：注射剂 3、申请事项：药品注册（境内生产） 4、注册分类：化学药品4类 5、规格：50ml∶10mg 6、药品受理号：CYHS2201900 7、证书编号：2024S00625 9、药品批准文号有效期：至2029年04月16日 10、上市许可持有人：辽宁亿帆药业有限公司 11、生产企业：辽宁亿帆药业有限公司 12、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。 二、产品简介 尼莫地平注射液适用于预防和治疗动脉瘤性蛛网膜下腔出血后脑 ...

证券代码：002019 证券简称：亿帆医药 公告编号：2024-029 亿帆医药股份有限公司 关于获得药品补充申请批准通知书的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、药品补充申请批准通知书主要信息 亿帆医药股份有限公司（以下简称"公司"）全资子公司四川德峰药业有限 公司于2024年4月23日收到国家药品监督管理局核准签发的富马酸依美斯汀缓释 胶囊《药品补充申请批准通知书》。现将相关情况公告如下： 1、药品名称：富马酸依美斯汀缓释胶囊 2、剂型：胶囊剂 3、申请事项：境内生产药品一致性评价申请 9、上市许可持有人：四川德峰药业有限公司 10、生产企业：四川德峰药业有限公司 11、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，本品通过仿制药质量和疗效一致性评价。 二、产品简介 富马酸依美斯汀缓释胶囊适用于过敏性鼻炎和荨麻疹。 公司于 2023 年 5 月向国家药品监督管理局药品审评中心递交了境内生产药 品一致性评价申请，于 2023 年 6 月获得受理，并于 2024 年 4 月收到富马酸依美 斯汀缓释胶囊《药品补充申请批准通知 ...

证券代码：002019 证券简称：亿帆医药 公告编号：2024-027 中选的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 2024年4月23日，亿帆医药股份有限公司（以下简称"公司"）全资子公司 合肥亿帆生物制药有限公司（以下简称"亿帆制药"）参加了国家组织药品联合 采购办公室（以下简称"联合采购办公室"）组织开展的全国药品集中采购（胰 岛素专项接续）（简称"胰岛素接续采购"）的申报工作。公司持有31.65%股权 的参股公司Bioton S.A.（以下简称"佰通公司"，公司为其第一大股东）生产的 人胰岛素注射液产品中本次申报的3个产品（国内分包装产品）均以A类排名拟中 选本次胰岛素接续采购。现将相关情况公告如下： 注：上述产品的中选价格及同组排名均以联合采购办公室发布的最终数据为 准。 二、对公司的影响 亿帆医药股份有限公司 关于全资子公司参加全国药品集中采购（胰岛素专项接续）拟 三、风险提示 上述产品的采购合同签订等后续事项尚具有不确定性。公司将密切关注该事 项的进展情况并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。 ...

Financial Performance - Net profit for the quarter was ¥117,548,462.21, compared to ¥43,990,187.10 in the same period last year, reflecting a significant increase of approximately 167.0%[1] - The net profit attributable to shareholders increased by 125.55% year-on-year, with a net profit excluding non-recurring gains and losses growing by 83.93%[22] - The company's operating revenue for the reporting period reached ¥1,325,969,392.93, representing a year-on-year increase of 41.28%[46] - The total comprehensive income for the first quarter of 2024 was CNY 103,628,790.72, compared to CNY 26,357,285.27 in the same period last year, indicating a significant increase[65] - The net income attributable to the parent company for the first quarter was CNY 132,186,331.58, up from CNY 47,666,310.90 year-over-year[65] Operating Costs and Expenses - Total operating costs for the first quarter reached ¥1,189,455,724.43, an increase from ¥892,797,132.61 in the previous year, representing a growth of approximately 33.2%[1] - Research and development expenses amounted to ¥59,876,908.40, up from ¥47,510,975.21, indicating a year-over-year increase of about 26.0%[1] - Cash paid for goods and services was ¥516,532,728.18, compared to ¥509,033,106.83 in the previous period, showing a slight increase of about 1.0%[42] Cash Flow and Liquidity - The company reported a net cash inflow from operating activities of ¥180,839,724.48, a substantial rise from ¥2,042,875.34 in the previous year[3] - The net cash flow from operating activities surged to ¥180,839,724.48, marking an extraordinary increase of 8,752.22% compared to the previous year[46] - Cash and cash equivalents at the end of the period totaled ¥688,839,805.94, down from ¥794,222,368.09, marking a decrease of about 13.3%[3] - The company’s cash and cash equivalents at the end of the reporting period were approximately 810.56 million RMB, up from 698.37 million RMB at the beginning of the period[38] Assets and Liabilities - Total current assets increased to ¥3,537,066,066.19 from ¥3,251,142,647.73, showing a growth of approximately 8.8%[39] - Total liabilities increased to ¥3,431,956,993.82 from ¥3,244,679,252.50, reflecting a rise of about 5.8%[40] - The company's total owner's equity increased to ¥8,349,206,466.80 from ¥8,254,906,529.64, representing a growth of approximately 1.1%[40] - The company recorded a decrease of 66.67% in trading financial assets, dropping to ¥25,000,000.00 from ¥75,010,256.50, primarily due to the maturity of financial products[14] Government Subsidies and Support - The company received government subsidies amounting to ¥1,434,862.57, which are closely related to its normal business operations[13] - The company received government subsidies related to income amounting to 28.50 million RMB, accounting for 14.90% of the audited net profit attributable to shareholders for the year 2022[37] - The company received government subsidies amounting to ¥43,729,939.86 during the reporting period, which contributed to the increase in other income[47] - The company is actively pursuing government subsidies to support its operations and growth initiatives[61] Shareholder and Management Activities - The company plans to increase shareholdings by directors and senior management, with a total investment of no less than 30 million RMB and no more than 50 million RMB within six months starting from February 2, 2024[33] - A total of 220 directors and senior management personnel increased their shareholding by 3,013,400 shares, representing 0.25% of the total share capital[58] - The company's controlling shareholder, Cheng Xianfeng, notified that part of his shares has been pledged and released, which may impact shareholder confidence[61] Product Development and Innovation - The subsidiary received a drug registration certificate for a new product, indicating ongoing product development and regulatory approval efforts[31] - The company’s subsidiary received a high-tech enterprise certificate, reaffirming its commitment to innovation and technology development[36] - The company introduced new pharmaceutical products, leading to a substantial increase in sales and contributing to the overall revenue growth[50] - The company’s wholly-owned subsidiary received approval for the registration of a new traditional Chinese medicine product in Singapore, enhancing its market presence[57] Impairment and Losses - The company reported a significant increase in credit impairment losses of 12,922.04%, attributed to the increased provision for bad debts based on aging of receivables[26] - Asset impairment losses rose by 250.94%, mainly due to increased provisions for inventory impairment during the reporting period[26] Miscellaneous - The first quarter report is part of the company’s ongoing commitment to transparency and regular updates to stakeholders[75] - The company’s total assets and liabilities will be detailed in the upcoming audited financial statements, as the current report is unaudited[67]

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