F原证券 医药生物/化学制药 公 司 研 究 京新药业（002020.SZ） 2024 年 08 月 16 日 业绩稳健增长，营销改革效果逐渐显现 ——公司信息更新报告 投资评级：买入（维持） 余汝意（分析师） yuruyi@kysec.cn 证书编号：S0790523070002 | --- | --- | |-------------------------|------------| | 日期 | 2024/8/16 | | 当前股价 ( 元 ) | 11.53 | | 一年最高最低 ( 元 ) | 15.25/8.28 | | 总市值 ( 亿元 ) | 99.28 | | 流通市值 ( 亿元 ) | 75.68 | | 总股本 ( 亿股 ) | 8.61 | | 流通股本 ( 亿股 ) | 6.56 | | 近 3 个月换手率 (%) | 91.26 | 股价走势图 -32% -16% 0% 16% 32% 48% 2023-08 2023-12 2024-04 2024-08 京新药业 沪深300 数据来源：聚源 相关研究报告 《成品药稳中有增，失眠新药放量可 期—公司首次覆盖报告》-2024.5. ...

Investment Rating - Buy (Maintained) [1] Core Views - The company reported robust performance in H1 2024, with revenue reaching 2.15 billion yuan (+11.02% YoY) and net profit attributable to shareholders of 402 million yuan (+27.28% YoY) [1] - The finished drug business showed strong growth, with revenue increasing by 17.13% YoY to 1.301 billion yuan, driven by sales system upgrades [1] - The company's marketing reform has begun to show results, with rapid growth in out-of-hospital market revenue, which increased by over 80% YoY in H1 2024 [2] - The company's first Class 1 new drug, Jinonning® (Didaxinib Capsules), officially entered the market in March 2024, marking a new stage of "innovation and imitation combination" for the company [2] - The company is expected to achieve net profits of 722 million yuan, 822 million yuan, and 941 million yuan in 2024, 2025, and 2026, respectively, with corresponding PE valuations of 13.6x, 12.0x, and 10.5x [2] Financial Performance - In H1 2024, the company's revenue from finished drugs was 1.301 billion yuan (+17.13% YoY), while revenue from APIs was 501 million yuan (+5.66% YoY), and revenue from medical devices was 312 million yuan (+0.46% YoY) [1] - The company's sales expenses decreased by 3.63% YoY in H1 2024, with a sales expense ratio of 17.85% (-2.72 percentage points) [2] - The company's gross margin is expected to improve from 50.6% in 2023 to 53.5% in 2026, with net profit margins increasing from 15.6% to 16.7% over the same period [4] - The company's ROE is projected to rise from 11.2% in 2023 to 13.0% in 2026, reflecting improved profitability [4] Business Development - The company has shifted its marketing model from a "line-based" system to a hospital and retail division model, focusing on deepening hospital market penetration and expanding the out-of-hospital market [2] - The company has established strategic partnerships with multiple chain pharmacies, accelerating the layout of its retail business [2] - The company's R&D pipeline is progressing steadily, with several projects in clinical trials, including JX11502MA Capsules and Kangfuxin Enteric-coated Capsules II [2] Valuation and Forecast - The company's revenue is expected to grow from 3.999 billion yuan in 2023 to 5.688 billion yuan in 2026, with a CAGR of 12.4% [4] - The company's net profit is forecasted to increase from 619 million yuan in 2023 to 941 million yuan in 2026, with a CAGR of 14.9% [4] - The company's EPS is projected to rise from 0.72 yuan in 2023 to 1.09 yuan in 2026, with a P/E ratio decreasing from 17.67x to 10.5x over the same period [4]

Financial Performance - Revenue for the first half of 2024 reached 2.15 billion yuan, an increase of 11.02% year-over-year [4] - Finished drug revenue: 1.301 billion yuan, up 17.13% [4] - API revenue: 501 million yuan, up 5.66% [4] - Medical device revenue: 312 million yuan, up 0.46% [4] - Net profit attributable to shareholders: 402 million yuan, up 27.28% [4] - Non-GAAP net profit: 334 million yuan, up 15.19% [4] Sales and Marketing - Sales expenses decreased by 3.63% to 384 million yuan in H1 2024, with the sales expense ratio dropping by 2.72 percentage points [4] - The company has been focusing on improving sales efficiency and optimizing the internal structure of sales expenses [4] - The launch of Didansine (Jingnuoning®) in March 2024 has led to over 30 academic promotion events and the development of more than 200 hospitals [4] R&D and Innovation - JX11502MA capsule and Kangfuxin enteric-coated capsule are in Phase II clinical trials [4] - JX2105 capsule has obtained clinical approval and is progressing smoothly in Phase I trials [4] - Over 10 other R&D projects are in progress [4] International Business - Formulation export business grew by over 30% in H1 2024, driven by capacity expansion and the completion of 9 technology transfer projects [4] - The company is focusing on expanding its presence in European and American markets, as well as emerging markets, while building its own brand [4] Operational Adjustments - The company restructured its sales model in 2023, merging hospital and retail divisions, which has shown positive results since Q3 2023 [4] - The company aims to deepen its presence in hospital markets and accelerate retail business through strategic partnerships with chain pharmacies [4] Depreciation and Amortization - The company expects a significant amount of depreciation and amortization in 2024 due to the completion of several production bases [4] - The company plans to mitigate the impact of depreciation and amortization through increased sales revenue [4]

证 券 研 告 公 司 研 究 究 报 2024 年 08 月 16 日 | --- | --- | --- | |---------------------------------------------------------|---------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

公 司 报 告 公 司 半 年 报 点 评 证 券 研 究 报 告 京新药业(002020.SZ) 成品药院外放量迅速，精神神经创新管线持续推进 推荐（维持） 事项： 股价：11.44 元 | --- | --- | |----------------------------|----------------------| | 主要数据 \n行业 | 医药 | | 公司网址 | www.jingxinpharm.com | | 大股东 / 持股 | 吕钢 /20.77% | | 实际控制人 | 吕钢 | | 总股本 ( 百万股 ) | 861 | | 流通 A 股 ( 百万股 ) | 656 | | 流通 B/H 股 ( 百万股 ) | | | 总市值（亿元） | 99 | | 流通 A 股市值 ( 亿元 ) | 75 | | 每股净资产 ( 元 ) | 6.57 | | 资产负债率 (%) | 32.8 | 行情走势图 - 103300150 相关研究报告 【平安证券】京新药业（002020.SZ）*季报点评*24Q1 业绩重回 长期 增长轨 道，盈 利能力 持续 优化*推荐 20240424 【平安证券】 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][4] Core Views - The company reported a strong profit growth in Q2 2024, with a net profit of 231 million RMB, representing a year-on-year increase of 40.18% [3] - The company's revenue for H1 2024 reached 2.15 billion RMB, a year-on-year growth of 11.02% [3] - The marketing model adjustments have shown effectiveness, leading to rapid growth in both hospital and retail markets [3] - The company is entering a new development phase characterized by a combination of innovative and generic drug strategies [3] Summary by Sections Financial Performance - H1 2024 revenue: 2.15 billion RMB, up 11.02% YoY - H1 2024 net profit: 402 million RMB, up 27.28% YoY - Q2 2024 net profit: 231 million RMB, up 40.18% YoY [3][4] Revenue Breakdown - Finished drug revenue for H1 2024: 1.30 billion RMB, up 17.13% YoY - API revenue: 501 million RMB, up 5.66% YoY - Medical device revenue: 312 million RMB, up 0.46% YoY [3] Future Projections - Expected net profits for 2024-2026: 740 million RMB, 843 million RMB, and 965 million RMB respectively - EPS projections for 2024-2026: 0.86 RMB, 0.98 RMB, and 1.12 RMB respectively - PE ratios for 2024-2026: 12.5x, 11.0x, and 9.6x respectively [4][3] Market Strategy - The company is expanding its market presence by targeting both high-tier hospitals and grassroots healthcare markets - Strategic partnerships with chain pharmacies are being deepened to enhance market penetration [3] R&D and Capacity Expansion - The company is actively investing in capacity expansion and R&D, focusing on the integration of intermediates, APIs, and formulations - The first innovative drug, Jinnoning® (Dazatinib capsules), has been successfully commercialized [3]

证券代码：002020 证券简称：京新药业 公告编号：2024022 浙江京新药业股份有限公司 4、以 9 票同意、0 票反对和 0 票弃权的表决结果，审议通过了《关于增加 闲置自有资金委托理财额度的议案》，详见公司在《证券时报》、《中国证券报》 和巨潮资讯网 http://www.cninfo.com.cn 上刊登的 2024027 号公告。 特此公告！ 浙江京新药业股份有限公司董事会 2024 年 8 月 15 日 浙江京新药业股份有限公司(以下简称"公司")第八届董事会第十次会 议通知于 2024 年 8 月 4 日以电子邮件形式发出，会议于 2024 年 8 月 14 日 以电话及传真方式召开。会议应参加表决的董事 9 名，实际参加表决的董事 9 名。会议召开符合《公司法》和《公司章程》的规定。会议经表决形成决议 如下： 1、以 9 票同意、0 票反对和 0 票弃权的表决结果，审议通过了《公司 2024 年半年度报告及摘要》。半年报全文详见指定信息披露网站巨潮资讯网 http://www.cninfo.com.cn；半年报摘要详见公司在《证券时报》、《中国证券 报》和巨潮资讯网 http://www. ...

平安证券股份有限公司 关于浙江京新药业股份有限公司使用部分闲置募集资金暂 时补充流动资金的核查意见 平安证券股份有限公司（ 以下简称"平安证券"或"保荐机构"）作为浙江京新 药业股份有限公司（ 以下简称"京新药业"或"公司"）2020 年度非公开发行股票的 保荐机构及持续督导机构，根据（ 证券发行上市保荐业务管理办法》 深圳证券 交易所股票上市规则》 上市公司监管指引第 2 号——上市公司募集资金管理和 使用的监管要求（ 2022 年修订）》 深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》 深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等有关规定，对公司本次使用部分闲置募集资金进行现金管理 事项进行了审慎核查，核查情况如下： 一、募集资金基本情况 一）2016 年非公开发行募集资金情况 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[2017]924 号）的核准，公司于 2017 年 7 月 28 日非公 开发行人民币普通股 A 股）98,126,672 股，每股发行价格为人民币 11.21 元。 本次非公开发行股票募集资金 ...

证券代码：002020 证券简称：京新药业 公告编号：2024025 浙江京新药业股份有限公司 (一) 实际募集资金金额、资金到位情况 1、2016 年非公开发行募集资金金额、资金到位情况 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[2017]924 号）的核准，公司于 2017 年 7 月 28 日向 京新控股集团有限公司等 6 名符合相关规定条件的特定投资者（法人或自然人） 非公开发行人民币普通股（A 股）98,126,672 股，每股发行价格为人民币 11.21 元。本次非公开发行股票募集资金总额为人民币 1,099,999,993.12 元，扣除承 销及保荐等发行费用后，实际募集资金净额为人民币 1,090,400,357.02 元。上 述募集资金已于 2017 年 8 月 4 日全部到位并经立信会计师事务所（特殊普通合 伙）信会师报字[2017]第 ZA15725 号《验资报告》验证。 2、2020 年非公开发行募集资金金额、资金到位情况 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 1 行股票的批复》（证监许可[2021]19 ...

证券代码：002020 证券简称：京新药业 公告编号：2024026 单位：人民币万元 | 序号 | 项目名称 | 投资总额（万 | 募集资金投入额（万 | | --- | --- | --- | --- | | | | 元） | 元） | | 1 | 研发平台建设项目 | 105,000.00 | 104,040.04 | | 2 | 补充流动资金 | 5,000.00 | 5,000.00 | | | | 浙江京新药业股份有限公司 关于使用部分闲置募集资金暂时补充流动资金的公告 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。 2024 年 8 月 14 日，浙江京新药业股份有限公司（以下简称"公司"或"京 新药业"）召开第八届董事会第十次会议，审议通过了《关于使用部分闲置募集 资金暂时补充流动资金的议案》，同意公司将不超过 2.9 亿元（其中 2016 年度 非公开发行募集资金不超过 9000 万元、2020 年度非公开发行募集资金不超过 2 亿元）的闲置募集资金暂时补充流动资金，使用期限自本次董事会审议通过之日 起不超过 12 个月。详细情况如下： 一、募集 ...