| --- | --- | --- | |-----------|-----------|-------| | | | | | | | | | | | | | | | | | | | | | 2024 年 | 24 日 | | | | 公司点评 | | | | 买入/维持 | | (50%) (38%) (26%) (14%) (2%) 10% 23/4/2423/7/623/9/17 23/11/2924/2/1024/4/23 京新药业 沪深300 <<制剂增量空间不断拓展，开启仿创 结合新时代>>--2024-04-02 <<产能升级释放新动能，仿创结合构 筑业绩增长驱动力>>--2023-11-29 事件： 4 月 24 日，公司发布 2024 年一季度报告，2024Q1 实现营业收入 10.60 亿元，同比增长 10.44%，归母净利润 1.71 亿元，同比增长 13.23%。 ⚫ 风险提示 行业政策变化风险；药品研发及上市不及预期；环保风险；产品销售 不及预期。 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 公 司 研 究 Q1 ...

Investment Rating - The report maintains a "Buy" rating for Jingxin Pharmaceutical (002020) with a target price of 14.04 CNY, while the current price is 10.32 CNY [5][6]. Core Views - The company shows steady revenue growth, with sales reforms beginning to yield positive results. The commercialization of a new insomnia drug and the advancement of its innovative pipeline are expected to drive future growth [6][5]. - The first innovative drug, Dazisni, has been approved and is set to launch in March 2024, which is anticipated to create a new engine for the domestic sedative-hypnotic market [6][5]. - The report highlights that the company's performance in Q1 2024 met expectations, with revenue of 1.061 billion CNY (+10.44%) and net profit of 171 million CNY (+13.23%) [6][5]. Financial Summary - Revenue is projected to grow from 3,999 million CNY in 2023 to 4,489 million CNY in 2024, reflecting a growth rate of approximately 12.3% [5][6]. - The net profit for 2023 is estimated at 673 million CNY, with an EPS forecast of 0.78 CNY for 2024 [6][5]. - The report indicates an improvement in profit margins, with a gross margin of 51.88% and a net margin of 16.33% in Q1 2024 [6][5]. Growth Drivers - The company is expanding its sales channels beyond hospitals to include retail pharmacies, e-commerce, and business circulation, which is expected to provide long-term growth momentum [6][5]. - The report notes that the raw material drug segment is expected to stabilize in 2023 after being affected by inventory cycles, while the medical device segment is anticipated to recover in 2024 due to increased domestic demand [6][5]. Valuation Metrics - The report provides valuation ratios, including a PE ratio of 13.42 and an EV/EBITDA of 10.81 for 2023, indicating a reasonable valuation compared to industry peers [5][6].

Investment Rating - The report recommends a "Strong Buy" rating, expecting the stock to outperform the market by over 20% within the next six months [6][19]. Core Insights - The company has a strong cash position of 2.07 billion, which supports the ongoing development of multiple psychiatric and neurological drug pipelines [13]. - The first class new drug, Didasin Capsules, for short-term treatment of insomnia, was officially launched at the end of March 2024, with ongoing Phase IV clinical trials to further validate its safety [13]. - Revenue projections for 2024-2026 are 4.399 billion, 5.019 billion, and 5.770 billion respectively, with net profits of 698 million, 821 million, and 977 million, indicating a consistent growth outlook [14]. Financial Summary - Revenue for 2022 was 3.78 billion, with a year-over-year growth of 13.3%. For 2023, revenue is projected at 3.999 billion, reflecting a 5.8% increase [2]. - Net profit for 2022 was 662 million, with a decrease to 619 million in 2023, but expected to rise to 698 million in 2024, showing a recovery trend [2]. - Gross margin is expected to improve from 50.6% in 2023 to 57.5% by 2026, while net margin is projected to increase from 15.5% to 16.9% over the same period [2][18]. Operational Performance - The company has adjusted its sales structure for finished drugs, focusing on both hospital and retail markets, which has begun to show positive results in sales capabilities and cost reduction [38]. - The gross margin for Q1 2024 was reported at 51.88%, an improvement of 1.90 percentage points, indicating effective cost management and sales strategy [38]. - The net profit margin for Q1 2024 was 16.33%, reflecting a 0.53 percentage point increase, further demonstrating the company's improving profitability [38].

Financial Performance - The company's operating revenue for Q1 2024 was CNY 1,060,660,180.25, representing a 10.44% increase compared to CNY 960,425,636.79 in the same period last year[15] - Net profit attributable to shareholders for Q1 2024 was CNY 171,207,841.45, up 13.23% from CNY 151,198,043.53 year-on-year[15] - The total comprehensive income for the current period is 173,496,532.07 CNY, compared to 151,899,910.63 CNY in the previous period, indicating an increase of about 14.2%[27] - The net profit for the first quarter of 2024 was RMB 173,212,132.61, compared to RMB 151,748,477.91 in the previous year, representing a growth of 14.1%[39] Cash Flow - The net cash flow from operating activities increased by 77.76% to CNY 353,529,027.32, compared to CNY 198,885,534.01 in the previous year[15] - The net cash flow from operating activities for the current period is 353,529,027.32 CNY, a significant increase of 77.76% from 198,885,534.01 CNY in the previous period, primarily due to increased sales collections[32] - The net cash flow from investing activities shows a negative value of 295,293,598.31 CNY, a drastic change from -257,496,231.46 CNY in the previous period, mainly due to external investments and long-term asset inputs[32] - The net cash flow from financing activities is 48,665,662.75 CNY, compared to -16,034,763.82 CNY in the previous period, indicating a substantial increase due to increased bill financing[32] Assets and Liabilities - The total assets at the end of Q1 2024 were CNY 8,329,814,292.57, a 4.30% increase from CNY 7,986,556,907.16 at the end of the previous year[15] - The total liabilities increased to RMB 2,615,762,455.48 from RMB 2,446,401,602.14, marking an increase of 6.9%[39] - The equity attributable to shareholders was CNY 5,683,856,610.17, which is a 3.11% increase from CNY 5,512,374,486.23 at the end of the previous year[15] - The equity attributable to the owners of the parent company rose to RMB 5,683,856,610.17 from RMB 5,512,374,486.23, reflecting an increase of 3.1%[39] Expenses - The company's management expenses increased by 30.53% to CNY 52,083,952.53, mainly due to higher depreciation costs[6] - Research and development expenses for the first quarter of 2024 amounted to RMB 98,380,244.05, an increase of 21.7% from RMB 80,838,157.33 in the same quarter last year[39] - The total operating costs for the first quarter of 2024 were RMB 870,669,357.50, up from RMB 805,167,987.13, reflecting a year-on-year increase of 8.1%[39] Other Income and Compensation - The company reported a decrease in investment income by 48.62% to CNY 1,793,438.35, primarily due to reduced interest income from structured deposits[6] - The company announced a performance compensation payment of CNY 2,400,100 due to unmet performance commitments by Sha Xi Pharmaceutical[21] - The company received government subsidies amounting to 11,686,199.07 CNY during the reporting period[30] - The non-operating income for the current period totals 14,266,304.45 CNY after tax effects and minority interests[30] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 30,747, with the largest shareholder holding 20.77% of the shares[32] - The company has received partial performance compensation of RMB 2,038,400.00 as of April 23, 2024, from its performance commitment obligations[34] Market Strategy - The company is focused on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[40]

上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于浙江京新药业股份有限公司 2023 年度股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于浙江京新药业股份有限公司 2023 年度股东大会的 法律意见书 致：浙江京新药业股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受浙江京新药业股份有限公 司（以下简称"公司"或"京新药业"）委托，就公司召开 2023 年度股东大会（以 下简称"本次股东大会"）的有关事宜，根据《中华人民共和国公司法》（以下简 称《公司法》）、《上市公司股东大会规则》等法律、法规、规章和其他规范性文 件以及《浙江京新药业股份有限公司章程》（以下简称《公司章程》）的有关规定， 出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对 ...

证券代码：002020 证券简称：京新药业 公告编号：2024016 浙江京新药业股份有限公司 2023 年度股东大会决议公告 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。 4、会议召集人：浙江京新药业股份有限公司董事会。 重要提示： 1、本次股东大会无否决提案的情况； 2、本次股东大会以现场投票和网络投票相结合的方式召开。 1、本次股东大会的召开时间 现场会议时间：2024 年 4 月 22 日 14:00 起。 网络投票：通过深圳证券交易所交易系统进行网络投票的具体时间为 2024 年 4 月 22 日 9:15—9:25,9:30—11:30 和 13:00—15:00；通过深圳证券交易所 互联网投票系统进行网络投票的具体时间为 2024 年 4 月 22 日 9:15 至 15:00 的 任意时间。 2、现场会议地点：浙江省新昌县羽林街道新昌大道东路 800 号本公司行政 楼一楼会议室。 一、会议召开情况 3、会议召开方式：本次会议采取现场投票与网络投票相结合的方式。本次 股东大会通过深圳证券交易所交易系统和互联网投票系统向公司股东提供网络 形式的投票平 ...

[Table_MainInfo] [Table_Title] 京新药业(002020) | --- | --- | --- | |----------|-------------------|-----------------------| | | 丁丹 ( 分析师 ) | 吴晗 ( 分析师 ) | | | 0755-23976735 | 010-83939773 | | | dingdan@gtjas.com | wuhan024878@gtjas.com | | 证书编号 | S0880514030001 | S0880523080005 | 营收稳健增长，销售调整改革正向拉动显现，失眠新药获批，创新管线有望陆续推进， | --- | --- | --- | |-----------------------|------------|------------| | | | | | | 医药 | / 必需消费 | | [Table_Invest] 评级： | | 增持 | | | 上次评级： | 增持 | | 目标价格： | | 14.04 | | | 上次预测： | 16.60 | | 当前价格： | | ...

公司点评 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------|-------|-------|-------|-------|--------|----------------|--------|--------|--------|--------|--------| | 资产负债表（百万） 利润表（百万） | | | | | | | | | | | | | | 2022A | 2023A | 2024E | 2025E | 2026E | | 2022A | 2023A | 2024E | 2025E | 2026E | | 货币资金 | 1,548 | 1,461 | 2,238 | 3,292 | 4,208 | 营业收入 | 3,780 | 3,999 | 4,460 | 4,912 | 5,353 | | 应收和预付款项 | 495 | 585 | 624 | 690 | 756 | 营业成本 | 1,766 | 1,976 | 2 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the company's stock price will outperform the benchmark index by more than 20% over the next 6-12 months [9][23]. Core Insights - The company achieved a revenue of 3.999 billion RMB in 2023, representing a year-on-year growth of 5.79%. However, the net profit attributable to shareholders decreased by 6.55% to 619 million RMB, indicating some pressure on profitability [4][18]. - The company has adjusted its pharmaceutical sales structure from a "line-based" model to a "hospital-retail" model, which is expected to enhance sales capabilities and expand future growth opportunities [4][18]. - Increased investment in research and development (R&D) is noted, with R&D expenses reaching 401 million RMB in 2023, a 9.23% increase year-on-year. The company is advancing its pipeline, including the registration of its first Class 1 new drug, which is set to launch in March 2024 [4][18]. Financial Summary - The company reported a total revenue of 3.999 billion RMB for 2023, with a growth rate of 5.8%. The projected revenues for 2024, 2025, and 2026 are 4.388 billion RMB, 4.851 billion RMB, and 5.415 billion RMB, respectively, with expected growth rates of 9.7%, 10.5%, and 11.6% [19][20]. - The net profit for 2023 was 619 million RMB, with projections for 2024, 2025, and 2026 at 649 million RMB, 749 million RMB, and 889 million RMB, respectively, indicating a recovery in profitability in the coming years [19][20]. - The earnings per share (EPS) for 2023 was 0.72 RMB, with forecasts of 0.75 RMB, 0.87 RMB, and 1.03 RMB for the following years [19][20].

证券代码：002020 证券简称：京新药业 公告编号：2024015 浙江京新药业股份有限公司 关于举行 2023 年度网上业绩说明会的公告 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。 3、出席本次业绩说明会的人员 公司董事长兼总裁吕钢先生，董事兼董事会秘书洪贇飞先生，董事兼副总裁、财务总监陈 美丽女士，独立董事徐攀女士（如有特殊情况，参与人员会有调整）。 4、投资者问题征集及方式 为广泛听取投资者的意见和建议，提前向投资者征集问题，提问通道自发出公告之日起开 放，投资者可以于2024年4月7日(星期日) 15:00 前通过上述投资者参与方式进入"京新药业 2023年度业绩说明会"页面进行提问。公司将在本次业绩说明会上对投资者普遍关注的问题进 行重点回答。 浙江京新药业股份有限公司（以下简称"公司"）已于 2024 年 3 月 30 日在巨潮资讯网 （http://www.cninfo.com.cn/）上披露了《2023 年年度报告》及其摘要。为便于广大投资者 进一步了解公司 2023 年年度经营情况，公司定于 2024 年 4 月 8 日（星期一）下午 ...