证券代码：002020 证券简称：京新药业 公告编号：2024031 浙江京新药业股份有限公司 关于地达西尼胶囊纳入国家医保目录的公 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。 近日，根据国家医保局、人力资源社会保障部发布的《关于印发<国家基本 医疗保险、工伤保险和生育保险药品目录（2024 年）>的通知》（医保发〔2024〕 33 号）（下称"《通知》"），浙江京新药业股份有限公司（下称"公司"）的 1 类创 新药地达西尼胶囊（商标名为"京诺宁"，规格为 2.5mg）通过国家医保谈判被纳 入《国家基本医疗保险、工伤保险和生育保险药品目录（2024 年）》（下称"《国 家医保目录（2024）》"），现将相关情况公告如下： 三、对公司的影响及风险提示 本次公司地达西尼胶囊被纳入《国家医保目录（2024）》将有利于该产品的 市场推广及未来销售，会对公司的销售增长和长期经营发展产生积极作用。 《国家医保目录（2024）》将于 2025 年 1 月 1 日起正式执行，暂不会对公司 短期的经营业绩构成重大影响。敬请广大投资者谨慎决策，注意投资风险。 特此公告。 浙江 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4]. Core Views - The company reported a revenue of 3.209 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 9.68%, and a net profit attributable to shareholders of 575 million yuan, up 21.66% year-on-year [4]. - The company is experiencing steady growth in its outpatient market, driven by strategic partnerships with retail pharmacies and a successful new marketing model [4]. - The raw material and medical device businesses are stabilizing, with new production bases enhancing competitive advantages [4]. - The launch of the innovative insomnia treatment drug is expected to drive significant growth in the coming year [4]. - Earnings per share (EPS) forecasts for 2024-2026 are 0.83, 0.96, and 1.13 yuan, with corresponding price-to-earnings (PE) ratios of 15.4, 13.3, and 11.3 [4]. Financial Summary - For 2024, the company expects revenue of 4.401 billion yuan, a 10.1% increase from the previous year, and a net profit of 712 million yuan, reflecting a 15.1% growth [3][4]. - The gross margin for the first three quarters of 2024 is reported at 51.11%, with a net margin of 18.09% [4]. - The company’s return on equity (ROE) is projected to improve from 11.2% in 2023 to 12.1% in 2024 [3][4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The effects of marketing reforms are continuously evident, and innovative drugs are driving incremental growth. The company is expected to maintain its profit forecast, with projected net profits for 2024-2026 being 692 million, 800 million, and 927 million yuan, respectively. The corresponding EPS is expected to be 0.80, 0.93, and 1.08 yuan, with current stock prices reflecting PE ratios of 13.3, 11.5, and 10.0 times [1][2] Financial Performance Summary - For the first three quarters of 2024, the company's revenue reached 3,209 million yuan, representing a year-on-year increase of 9.68%. The net profit attributable to the parent company was 575 million yuan, up by 21.66%. The gross margin was 51.11%, and the net margin was 18.09% [2][3] - The company's R&D expense ratio was 8.40% [1] - In Q3 2024, the gross margin was 50.16%, with a net margin of 16.50% [1] Business Development Summary - The company is seeing significant growth in its finished drug marketing reform, with a 92% increase in outpatient finished drug revenue and a 27% increase in foreign trade for the first three quarters of 2024. The medical device business also grew rapidly, with Q3 2024 single-quarter revenue of 168 million yuan, a year-on-year increase of 15.4% [3] - The company is advancing its "combination of innovation and imitation" strategy, focusing on innovative drugs in the fields of mental health and cardiovascular treatments. The first new drug for insomnia, JX11502MA, was officially shipped on March 25, 2024, and the company is actively negotiating for medical insurance coverage [4]

2024国谈第二日下午开场 京新药业创新药入场谈判 财联社10月28日电，财联社记者在2024年医保目录 现场谈判/竞价现场获悉，在经过上午超4个小时的谈判后，下午2点医保局点名诺和诺德、杨森、亿帆 医药、三生制药、豪森药业、默克、京新药业等企业和相关药品进场谈判，其中京新药业的地达西尼胶 囊是一款专门用于治疗失眠的一类创新药。 （财联社记者 何凡 卢阿峰） ...

Investment Rating - The report maintains a "Buy" rating for the company [1][3][4] Core Views - The company has demonstrated stable growth in performance, with a 9.68% year-on-year increase in revenue and a 21.66% increase in net profit for the first three quarters of 2024 [3][4] - The marketing model reform has shown effectiveness, contributing to rapid growth in both hospital and community markets [4] - The company is entering a new development phase characterized by a combination of innovation and generics, focusing on R&D in the fields of mental health and cardiovascular diseases [4] Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved revenue of 3.209 billion RMB, a 9.68% increase year-on-year, and a net profit of 575 million RMB, up 21.66% [4] - In Q3 alone, revenue was 1.059 billion RMB, reflecting a 7.06% year-on-year growth, while net profit increased by 10.33% to 173 million RMB [4] R&D and Innovation - R&D expenses for Q1-Q3 2024 amounted to 269 million RMB, a 3.85% increase, with an R&D expense ratio of 8.40% [4] - The company has successfully commercialized its first Class 1 new drug, Jinnoning® (Didasin), and is actively pursuing further developments in its product pipeline [4] Marketing Strategy - The company is enhancing its integrated approach from intermediates to APIs to formulations, which is expected to create additional growth opportunities [4] - The reform in marketing strategies is yielding results, with efforts to expand into various hospital tiers and strengthen partnerships with chain pharmacies [4] Valuation - Projected net profits for 2024-2026 are 740 million RMB, 843 million RMB, and 965 million RMB respectively, with corresponding EPS of 0.86 RMB, 0.98 RMB, and 1.12 RMB [4][5] - The company is expected to maintain a PE ratio of 15.0x, 13.2x, and 11.5x for the same periods, indicating potential for performance improvement as R&D results materialize [4][5]

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].