特别荣幸邀请到公司的总秘红总和政宣部长黄总跟大家一起就三级报的情况做一个交流和参考然后今天跟我一起主持的还有我们的同事桑文清那接下来的话我们先进入到第一个环节吧就是先请公司的政宣部长黄总对公司的三级报的情况做一个介绍然后我们进入到第二个问答的环节有请黄总 谢谢谢谢韩老师首先呢也感谢作为投资者百当当中抽出宝贵时间来参加我们精心熬夜三地宝的电话会今天呢我们办这个电话会确实呢也得到了众多卖房机构的支持刚才韩老师已经讲了就是今天参与主持的一共有包括平安在内的13家券商 我们在这里呢就一定向大家对我们长期的支持和帮助表示感谢我们就不一一致谢了那下面呢我先简要的把我们整个三级报的数据向大家汇报一下然后今天我们洪总也参加了后面大家有什么问题的可以和洪总一起来探讨 大家也看到了我们昨天晚上披露的三级报了我们三级度的收入是4.59亿这个同比增长了超过7%然后累计是超过32亿的收入同比增长达到了9.68%规模经历是1.73亿单级这个同比是增长超过10%累计达到5.75亿同比是21.66% 那寇非的净利是1.6单净是1.6亿这个同比增长的是9.14%累计呢是4.94亿同比增长的是13.16%我们京兴呢现金流净现金一向是非常不错的单 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [10][11]. Core Insights - The company's Q3 performance met expectations, with a year-over-year revenue growth of 7.06% and a net profit growth of 10.33%. The main drivers for profit growth are attributed to the continuous improvement in external sales of finished drugs and a reduction in sales expenses [2][3]. - The company has successfully controlled sales expenses, leading to an increase in net profit margin. The gross margin for the first three quarters of 2024 was 51.11%, with a net margin of 18.09% [2][3]. - The company is enhancing its R&D capabilities, with the launch of its first innovative drug, Dazatinib capsules, in March 2024. The company is also actively developing new drugs in the fields of psychiatry and cardiovascular health [2][3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 3,209 million yuan, representing a year-over-year increase of 9.68%. The net profit attributable to shareholders was 575 million yuan, up 21.66% year-over-year [2][4]. - The company forecasts revenues of 4,326 million yuan, 4,763 million yuan, and 5,191 million yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 744 million yuan, 822 million yuan, and 943 million yuan [3][6]. - The projected PE ratios for the next three years are 15, 14, and 12, indicating a favorable valuation outlook [3][6].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock performance that will outperform the market by 10% to 20% over the next six months [5][10]. Core Views - The company has shown strong revenue and profit growth, with a reported revenue of 32.09 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 9.68%. The net profit attributable to shareholders reached 5.75 billion yuan, up 21.66% [6][8]. - The new insomnia drug, Dazisni, is set to launch in March 2024, which is expected to significantly boost sales once included in medical insurance [8][10]. - The company has successfully adjusted its sales structure to enhance its market presence, focusing on both hospital and retail sectors [8]. Financial Summary - Revenue projections for 2024-2026 are set at 43.99 billion yuan, 50.19 billion yuan, and 57.70 billion yuan respectively, with net profit forecasts of 6.98 billion yuan, 8.21 billion yuan, and 9.77 billion yuan [10][13]. - The company reported a gross margin of 51.11% and a net profit margin of 17.92% for the first three quarters of 2024, both showing improvements [8][10]. - The company’s financial ratios indicate a stable growth trajectory, with expected revenue growth rates of 10% in 2024 and 14.1% in 2025 [7][13].

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company shows improved profitability with a revenue increase of 9.68% year-on-year to 3.209 billion yuan for the first three quarters of 2024, and a net profit increase of 21.66% to 575 million yuan [3]. - The commercialization of the innovative drug Dazsini is progressing, with over 200 hospitals developed by the first half of 2024 [3]. - The report projects continued revenue growth, with EPS forecasts raised for 2024-2026 to 0.86, 0.97, and 1.13 yuan respectively [3]. Financial Performance Summary - For Q1-Q3 2024, the company reported a gross margin of 51.11%, a slight increase from the previous year, while the sales expense ratio decreased by 5.95 percentage points to 18.31% [3]. - The net profit margin for the first three quarters improved to 18.09%, up 1.82 percentage points year-on-year [3]. - The company’s total revenue for 2024 is expected to reach 4.368 billion yuan, reflecting a growth rate of 9.2% [9]. Market Data - The current stock price is 12.51 yuan, with a target price raised to 15.52 yuan from the previous 13.67 yuan [4][5]. - The company has a total market capitalization of 10.771 billion yuan [5]. Valuation Metrics - The report assigns a PE ratio of 16x for 2025, indicating a favorable valuation compared to peers [3][10]. - The company’s net asset value per share is 6.77 yuan, with a current price-to-book ratio of 1.8 [6].

Financial Performance - The company's revenue for Q3 2024 reached ¥1,058,822,622.34, an increase of 7.06% compared to the same period last year[3]. - Net profit attributable to shareholders was ¥172,890,109.64, reflecting a growth of 10.33% year-over-year[3]. - The net profit excluding non-recurring items was ¥159,767,636.84, up by 9.14% from the previous year[3]. - Total operating revenue for the third quarter reached CNY 3,208,743,897.71, an increase of 9.7% compared to CNY 2,925,537,429.00 in the same period last year[14]. - The net profit for Q3 2024 reached CNY 580,559,428.63, an increase of 22% compared to CNY 475,952,284.31 in Q3 2023[15]. - Operating profit for the quarter was CNY 671,815,265.63, up from CNY 535,489,200.93, reflecting a growth of approximately 25%[15]. - Basic and diluted earnings per share increased to CNY 0.67 from CNY 0.55 year-over-year[15]. Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥8,582,984,385.15, representing a 7.47% increase from the end of the previous year[3]. - Non-current assets totaled CNY 5,672,840,299.49, an increase of 22.5% from CNY 4,632,822,305.29 year-over-year[12]. - Current liabilities increased to CNY 2,362,726,673.03 from CNY 2,074,758,616.48, representing a rise of 13.9%[13]. - The company's equity attributable to shareholders rose to CNY 5,829,285,072.07, up from CNY 5,512,374,486.23, reflecting a growth of 5.7%[13]. - Short-term borrowings increased to CNY 352,000,000.00 from CNY 279,091,047.23, indicating a rise of 26.1%[12]. Cash Flow - Cash flow from operating activities for the year-to-date was ¥612,693,212.93, showing a significant increase of 22.43% compared to the same period last year[3]. - Cash flow from operating activities generated a net amount of CNY 612,693,212.93, an increase from CNY 500,457,167.03 in the same period last year[16]. - Total cash inflow from financing activities was approximately ¥569.55 million, an increase from ¥455.94 million in the previous year[17]. - Cash outflow from financing activities totaled approximately ¥725.43 million, up from ¥617.09 million year-over-year[17]. - Net cash flow from financing activities was approximately -¥155.88 million, slightly improved from -¥161.15 million in the previous year[17]. - The net increase in cash and cash equivalents was approximately -¥1.07 billion, compared to -¥258.50 million in the same period last year[17]. - The ending balance of cash and cash equivalents was approximately ¥204.19 million, a significant decrease from ¥1.21 billion at the end of the previous year[17]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 28,693, with the top 10 shareholders holding 20.77% of the shares[9]. - The company has a major shareholder, Lü Gang, who holds 20.77% of the shares, amounting to 178,796,755 shares[9]. - The top 10 unrestricted shareholders collectively hold 134,966,393 shares, representing a significant portion of the company's equity[9]. - The total number of preferred shareholders is not applicable, indicating no preferred shares were issued[10]. - The company has not reported any changes in the top 10 shareholders due to securities lending activities[10]. Expenses and Income - The company's management expenses rose to ¥194,483,465.65, a 36.73% increase due to higher depreciation and employee compensation[7]. - Other income increased significantly to ¥81,503,553.50, up by 187.96% primarily due to increased government subsidies[7]. - Research and development expenses were CNY 269,444,316.12, slightly higher than CNY 259,456,442.07 from the previous year, indicating a focus on innovation[14]. - The tax expense for the quarter was CNY 95,904,869.65, up from CNY 60,140,798.91 in the previous year[15]. - The company recorded a decrease in financial expenses, with interest expenses at CNY -46,571,874.28 compared to CNY -38,235,729.66 in Q3 2023[15]. Inventory and Receivables - The company reported a substantial increase in accounts receivable, which reached ¥776,130,807.25, a rise of 35.82% attributed to higher sales[6]. - Accounts receivable increased to ¥776,130,807.25 from ¥571,455,790.11 at the beginning of the period, reflecting a significant growth in receivables[11]. - Inventory rose to ¥757,727,994.70 from ¥652,687,352.33, indicating an increase in stock levels[11]. - The trading financial assets increased to ¥865,550,308.22 from ¥150,955,942.00, showing a substantial rise in marketable securities[11]. - The company reported a notable increase in prepayments, which rose to ¥17,555,290.02 from ¥13,333,192.83[11]. Audit and Reporting - The company did not undergo an audit for the third quarter report[17]. - The company reported a net profit margin improvement, with net profit figures to be detailed in future reports, indicating positive future outlook[14].

证券代码：002020 证券简称：京新药业 公告编号：2024029 浙江京新药业股份有限公司 关于大股东股份质押解除的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 | 股东名称 | 持股数量（股） | 持股比例 | 累计被质押数量（股） | 备注 | | --- | --- | --- | --- | --- | | 吕钢 | 178,796,755 | 20.77% | 0 | 公司控股股东及其 | | 京新控股 | 134,966,393 | 15.68% | 0 | 一致行动人（京新控 | | 合计 | 313,763,148 | 36.44% | 0 | 股）已无质押股份 | 三、备查文件 中国证券登记结算有限责任公司证券质押及司法冻结明细表 特此公告。 浙江京新药业股份有限公司董事会 2024 年 10 月 8 日 股东名 称 是否为控股 股东或第一 大股东及其 一致行动人 本次解除质 押股份数量 （股） 占其所 持股份 比例 占公司 总股本 比例 起始日 解除日期 质权人 京新控 股 是 40,567,567 30.06% 4.71% 2 ...

本公司及董事会全体成员保证公告内容的真实、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： 一、本次解除限售股份的基本情况 2021 年 9 月，经中国证券监督管理委员会《关于核准浙江京新药业股份有限公 司非公开发行股票的批复》（证监许可[2021]190 号）的核准，浙江京新药业股份有 限公司（以下简称"公司"或"京新药业"）向京新控股集团有限公司（以下简称"京 新控股"）非公开发行了 67,567,567 股人民币普通股（A 股），发行后公司总股本由 837,751,371 股增加至 905,318,938 股，新增股于 2021 年 9 月 10 日在深圳证券交 易所上市，限售期为自新增股份上市之日起 36 个月。 截至本公告披露日，公司总股本为 861,029,140 股，其中有限售条件股份数量 为 204,628,372 股，占公司总股本的 23.7656%。本次解除限售的股份数量为 67,567,567 股，占公司总股本比例为 7.8473%，将于 2024 年 9 月 11 日上市流通。 二、本次解除限售股份股东作出的承诺及履行情况 证券代码：002020 证券简称：京新药业 ...

Investment Rating - The report assigns a "Buy" rating to Jingxin Pharmaceutical (002020) [1] Core Views - Jingxin Pharmaceutical achieved revenue of 2.15 billion yuan (+11.02% YoY) and net profit attributable to shareholders of 402 million yuan (+27.28% YoY) in H1 2024 [2] - Finished drugs returned to growth trajectory, with revenue reaching 1.301 billion yuan (+17.13% YoY) in H1 2024 [2] - Domestic sales of finished drugs grew approximately 16% YoY, while revenue from out-of-hospital markets surged over 80% YoY [2] - The company's new sales system is expected to drive further growth in generic drugs in primary and out-of-hospital markets [2] - Didaxinib capsules, launched in March 2024, have been introduced in over 200 hospitals and are expected to contribute to performance from H2 2024 [2] - Operating efficiency continues to improve, with sales expenses decreasing by 3.63% YoY to 384 million yuan in H1 2024 [2] - New production capacity expansions in Xinchang Daming and Shandong chemical bases have been completed and put into operation [2] Financial Projections - Revenue is projected to reach 4.417 billion yuan (+10.5% YoY) in 2024, 4.948 billion yuan (+12.0% YoY) in 2025, and 5.505 billion yuan (+11.3% YoY) in 2026 [2] - Net profit attributable to shareholders is forecasted at 730 million yuan (+17.9% YoY) in 2024, 798 million yuan (+9.4% YoY) in 2025, and 917 million yuan (+14.8% YoY) in 2026 [2] - EPS is expected to be 0.85 yuan in 2024, 0.93 yuan in 2025, and 1.06 yuan in 2026 [2] - Current PE ratios are 13.4x for 2024, 12.3x for 2025, and 10.7x for 2026 [2] Company Fundamentals - Latest closing price: 11.37 yuan [5] - 52-week high/low: 14.95 yuan/7.98 yuan [5] - Current PE ratio: 13.88x [5] - Current PB ratio: 1.73x [5] - Total shares outstanding: 861 million [5] - Market capitalization: 9.79 billion yuan [5] Financial Ratios - Gross margin: 50.6% in 2023, projected to increase to 53.4% by 2026 [5] - Net margin: 15.6% in 2023, expected to reach 16.8% by 2026 [5] - ROE: 11.2% in 2023, forecasted to remain stable around 11.5% by 2026 [5] - ROIC: 14.0% in 2023, projected to reach 16.5% by 2024 and maintain through 2026 [5] - Debt-to-asset ratio: 30.6% in 2023, expected to decrease to 26.0% by 2026 [5]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The marketing model reform is showing effects, leading to incremental growth opportunities [2] - The company is advancing the commercialization of its first insomnia treatment drug, Didasyn, which was officially launched on March 25, 2024 [3] - The company has a strong product pipeline and brand influence in the mental health sector, positioning itself as a leader in the industry [3] Summary by Relevant Sections Financial Performance - In the first half of 2024, the company achieved revenue of 2.15 billion yuan, a year-on-year increase of 11.02% [1] - The net profit attributable to shareholders was 402 million yuan, up 27.28% year-on-year, with a basic EPS of 0.47 yuan [1] - Operating cash flow reached 476 million yuan, reflecting a 15.25% increase year-on-year [1] Product Revenue - The company reported a revenue of 1.30 billion yuan from finished drugs, representing a year-on-year growth of 17.13% [2] - The internal trade revenue from finished drugs grew approximately 16% year-on-year, with the external market revenue increasing by over 80% [2] Research and Development - R&D investment in the first half of 2024 was 197 million yuan, a 15.14% increase year-on-year [3] - The company is focusing on innovative drugs for mental health and cardiovascular treatments, with several projects entering clinical research phases [3] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is 654 million, 751 million, and 948 million yuan respectively, with corresponding PE ratios of 15, 13, and 11 times [3]

2024 年 08 月 15 日 公司点评 买入/维持 京新药业(002020) 目标价: 昨收盘:10.78 Q2 业绩超预期，成品药院外市场持续发力 公 司 研 究 | --- | --- | --- | --- | |-------|--------------------------------------------------------------------------------------|------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...