Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The report highlights that the company is entering a phase of significant growth for its innovative drugs, with a clear trend of performance reversal [8] - The company reported a revenue of 4.068 billion yuan in 2023, a year-on-year increase of 6.03%, but a net loss attributable to shareholders of 551 million yuan, a decline of 388.19% [3][4] - In Q1 2024, the company achieved a revenue of 1.326 billion yuan, representing a substantial increase of 41.28%, and a net profit attributable to shareholders of 146 million yuan, an increase of 125.55% [3][4] Summary by Sections Financial Performance - In 2023, the company faced multiple negative factors leading to a significant decline in profits, including increased asset impairment losses and rising R&D expenses [9] - The company's proprietary products saw rapid growth, with domestic proprietary (including imported) product revenue reaching 2.010 billion yuan, up 21.72% [9] - The core innovative product, Yili Shu® (艾贝格司亭 α injection), received approvals and is expected to see rapid growth in both domestic and international markets in 2024 [9] Revenue and Profit Forecast - The company forecasts revenues of 5.333 billion yuan, 6.362 billion yuan, and 7.299 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 31.1%, 19.3%, and 14.7% [11] - The net profit attributable to shareholders is projected to be 507 million yuan, 763 million yuan, and 1.031 billion yuan for the same years, with significant growth rates [11] Market Position and Product Development - The company has successfully introduced new products into the market, including those that have been included in the national medical insurance catalog, which is expected to drive revenue growth [9] - The report indicates that the raw material pharmaceutical business remains resilient despite industry challenges, with revenue of 800 million yuan in 2023, a slight increase of 1.58% [9]

[Table_Stock] 亿帆医药（002019） 证 券 研 究 报 告 公 司 点 评 减值风险出清，自有产品显著增长，拐 点已现 ——亿帆医药 2023 年报及 2024 年一季报点评 [行业: 日期: Table_Industry] 医药生物 shzqdatemark 2024年04月30日 | --- | --- | |-------------------------|----------------------| | | | | | | | [Table_Author] 分析师 : | 张林晚 | | Tel: | 021-53686155 | | E-mail: | zhanglinwan@shzq.com | | SAC 编号 : | S0870523010001 | | --- | --- | |-----------------------------|------------| | | | | [Table_BaseInfo] 基本数据 | | | 最新收盘价（元） | 12.81 | | 12mth A 股价格区间（元） | 9.43-16.61 | | 总股本（百万股） | 1, ...

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。 ...