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]

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 [5][6]. Core Views - The company reported Q2 earnings that exceeded expectations, driven by strong growth in the external sales of finished pharmaceuticals and government subsidies [1][2]. - For H1 2024, the company achieved a revenue of 2.15 billion yuan, a year-on-year increase of 11.02%, with a net profit attributable to shareholders of 402 million yuan, up 27.28% year-on-year [1][2]. - The report highlights that the gross margin improved to 51.57%, an increase of 1.06 percentage points, and the net profit margin rose to 18.88%, an increase of 2.44 percentage points, primarily due to reduced sales expenses [1][2]. Financial Summary - The company forecasts revenues of 4.46 billion yuan, 4.91 billion yuan, and 5.35 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 11.54%, 10.12%, and 8.99% [2][4]. - The net profit attributable to shareholders is projected to be 698 million yuan, 788 million yuan, and 920 million yuan for the same years, reflecting growth rates of 12.71%, 12.89%, and 16.83% [2][4]. - The report indicates a decrease in the sales expense ratio to 17.85%, down 2.72 percentage points, while R&D and management expense ratios saw slight increases [1][2].

Investment Rating - The report maintains a "Buy" rating for Jingxin Pharmaceutical (002020) [1] Core Views - Jingxin Pharmaceutical achieved revenue of 2.15 billion yuan in the first half of 2024, a year-on-year increase of 11.02% [1] - Net profit attributable to the parent company was 400 million yuan, up 27.28% year-on-year [1] - Non-GAAP net profit was 330 million yuan, growing 15.19% year-on-year [1] - Finished drug revenue reached 1.301 billion yuan, a 17.13% increase year-on-year [1] - The company's first Class 1 new drug, Didaxini, officially launched in March 2024 and is expected to participate in national medical insurance negotiations by year-end [1] Business Performance - Finished drug business showed strong growth momentum, driven by marketing model reforms and improved sales capabilities [1] - Raw material drug revenue grew 5.66% to 501 million yuan [1] - Medical device revenue increased slightly by 0.46% to 312 million yuan [1] - Gross margin improved by approximately 1 percentage point, while four expense ratios decreased by about 1 percentage point [1] R&D and Innovation - The company is advancing multiple innovative drug pipelines in areas including schizophrenia, Parkinson's disease, depression, and lipid-lowering [1] - JX11502MA capsule and Kangfuxin enteric-coated capsule II are in clinical trials [1] - JX2105 capsule has obtained clinical approval and is progressing through Phase I trials [1] - More than 10 other research projects are progressing as planned [1] Financial Projections - Forecasted net profit for 2024-2026 is 750 million, 870 million, and 1.03 billion yuan respectively [2] - Projected PE ratios for 2024-2026 are 12x, 11x, and 9x respectively [2] - Revenue growth rates for 2024-2026 are expected to be 10.49%, 10.99%, and 11.48% respectively [3] - Net profit growth rates for 2024-2026 are projected at 21.99%, 14.87%, and 18.23% respectively [3] Valuation Metrics - Current price: 10.78 yuan [1] - Total market capitalization: 9.282 billion yuan [4] - 52-week price range: 8.6-14.73 yuan [4] - Total assets: 8.463 billion yuan [4] - Net assets per share: 6.57 yuan [4] Historical Performance - Relative index performance shows Jingxin Pharmaceutical outperforming the CSI 300 index by 27% over the past year [4] - The company's stock price has shown a strong upward trend, particularly in the first half of 2024 [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.76 CNY [3][4] Core Insights - The company has shown steady performance with robust growth in revenue and profit, achieving a revenue of 2.15 billion CNY in the first half of 2024, representing a year-on-year increase of 11.02%, and a net profit of 402 million CNY, up 27.28% year-on-year [1][2] - The growth in finished drug sales, particularly in the outpatient and overseas markets, has been significant, with outpatient sales increasing by over 80% and overseas sales by over 30% in the first half of 2024 [1][2] - The successful launch of the innovative drug Didasanil and ongoing clinical trials for other innovative drugs indicate a positive trajectory for the company's transformation [1][2] Financial Performance Summary - Revenue for 2024 is projected at 4.4 billion CNY, with a year-on-year growth of 10.0%, and net profit is expected to reach 710 million CNY, reflecting a growth of 14.7% [2][5] - The gross margin is forecasted to be 52.1% in 2024, with a net margin of 16.1% [2][5] - The company's earnings per share (EPS) is estimated to be 0.82 CNY for 2024, increasing to 1.13 CNY by 2026 [2][5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.76 yuan, based on a 18x PE ratio for 2024 [3][4]. Core Insights - The company has shown steady performance with double-digit growth in both revenue and net profit. In the first half of 2024, the company achieved revenue of 2.15 billion yuan (up 11.02% year-on-year) and a net profit of 402 million yuan (up 27.28% year-on-year) [1][2]. - The growth in finished drug sales, particularly in the outpatient and overseas markets, reflects the success of the company's commercialization reforms. Finished drug revenue reached 1.30 billion yuan (up 17.13% year-on-year), with outpatient market revenue growing over 80% and overseas revenue increasing over 30% [1][2]. - The successful launch of the innovative drug Didasanil and ongoing clinical trials for other innovative drugs indicate a well-structured transition towards innovation [1][2]. Financial Performance Summary - Revenue for 2024 is projected at 4.4 billion yuan, with a year-on-year growth of 10.0%. The net profit is expected to reach 710 million yuan, reflecting a growth of 14.7% [2][5]. - The gross margin is forecasted to be 52.1% in 2024, with a net margin of 16.1% [2][5]. - The company's return on equity (ROE) is projected to be 12.4% in 2024, improving to 14.3% by 2026 [2][5].

[ T able_StockInfo] 2024 年 08 月 14 日 证券研究报告•2024 半年报点评 买入 （维持） 当前价：10.78 元 京新药业（002020）医药生物 目标价：——元（6 个月） 成品药增速亮眼，扣非净利增长超预期 [Table_Summary 业绩总结：公司] 2024 上半年实现营业收入 21.5 亿元（同比增长 11.02%），实 现归母净利润 4 亿元（同比增长 27.28%）；扣非归母净利润 3.3 亿元（同比增 长 15.19%）。 成品药增速表现亮眼，毛利率提升以及销售费用率下降驱动扣非利润快速增长。 经营业绩稳定增长主要因为营销模式调整改革初步完成、营销力快速提升，仿 制药集采品种带来增量，成品药业务恢复较好增长趋势。扣非净利快速增长主 要系四费率下降约 1pp、毛利率提高约 1pp。归母净利润增速显著高于扣非净利 增速主要系实现政府补助等其他收益约 7213万。上半年，成品药收入 13.01亿 元，同比增长 17.13%；原料药收入 5.01亿元，同比增长 5.66%；医疗器械 3.12 亿元，同比增长 0.46%。 失眠新药地达西尼 2024年 3月正式销售 ...

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