＃assAuthor＃ ＃分析师： emailAuthor＃ 孙媛媛 sunyuanyuan@xyzq.com.cn S0190515090001 ＃ investSug gestionCh ange＃ 维持 ） 投资要点 ＃⚫summary 事件：＃ 公司发布 2023 年年报和 2024 年一季报，公司 2023 年实现营收 39.99 亿元（同比+5.79%），实现归母净利润 6.19 亿元（同比-6.55%），实现扣非归 母净利润 5.33 亿元（同比-11.60%）。公司 2024Q1 实现营收 10.61 亿元（同 比+10.44%），实现归母净利润 1.71 亿元（同比+13.23%），实现扣非归母净利 润 1.57 亿元（同比+14.30%）。2023 年归母净利润下降受折旧摊销和研发、 管理费用增加影响。 ⚫ 财务指标：2023 年毛利率 50.57%(同比-2.7pp)，净利率 15.59%(同比-2.08pp)， 销售费用率 19.59%(同比-1.35pp)，管理费用率 5.33%(同比+0.19pp)，研发费 用率 10.03%(同比+0.32pp)。2024Q1 毛利率 51.88 ...

Investment Rating - The report assigns a "Buy" rating for the company [8]. Core Views - The raw material pharmaceutical segment is gradually releasing capacity, and the medical device business is expected to recover. In 2023, the company's raw material drug revenue was 956 million yuan (+9.60%), with potential for increased revenue and profitability due to capacity upgrades and the completion of the first phase of the Shandong raw material drug base project. The medical device revenue was 637 million yuan (+1.39%), primarily affected by a slowdown in procurement due to industry policy adjustments, but is expected to recover as procurement restarts [3]. - The company has made adjustments to its sales system, transitioning from a "line-based" to a "hospital-retail" model, which is anticipated to enhance growth in the generic drug market. In 2023, finished drug revenue was 2.326 billion yuan (+4.98%), with a notable increase in the second half of the year. The launch of the new insomnia drug, Didasinib capsules, in March 2024 is expected to contribute positively to performance [20]. Financial Summary - In 2023, the company achieved total revenue of 3.999 billion yuan (+5.79%) and a net profit attributable to shareholders of 619 million yuan (-6.55%). For Q1 2024, revenue was 1.061 billion yuan (+10.44%) with a net profit of 171 million yuan (+13.23%) [21]. - Revenue projections for 2024 to 2026 are 4.497 billion yuan, 4.995 billion yuan, and 5.531 billion yuan, with year-on-year growth rates of 12.5%, 11.1%, and 10.7%, respectively. Net profit attributable to shareholders is expected to be 687 million yuan, 777 million yuan, and 883 million yuan, with growth rates of 11.0%, 12.9%, and 13.8% [9][21]. - The company's earnings per share (EPS) is projected to increase from 0.72 yuan in 2023 to 1.03 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 16.7, 15.0, 13.3, and 11.7 for the respective years [21].

表10：公司地达西尼胶囊位于国内在研失眠创新药管线前列 地达西尼胶囊（EVT201）疗效和安全性显著。作为治疗失眠障碍的化学药品第 1 类，EVT201 胶囊可以显著延长失眠患者的总睡眠时间，诱导患者快速入睡，并改 善睡眠的连续性。EVT201 胶囊属于新型 GABAa 受体部分正向别构调节剂，通过与 α1-亚型结合导致 GABAa 受体的变构调节而中度激活该受体并导致下游信号转导， 从而抑制中枢神经系统，发生睡眠作用。与 GABAa 受体的完全激活剂相比，EVT201 胶囊对 GABAa 受体产生了较低的最大激活效价强度，这种作用机制使 EVT201 胶囊 既能对 GABAa 受体产生激活作用，而对神经系统发生迅速抑制，又能避免对 GABAa 受体过度激活而产生深度抑制引发神经副作用。 剂,深灰色为 1.5mg EVT201, 浅灰色为 2.5mg EVT201 此外，EVT201 治疗老年原发性失职症也表现良好,且舵显著降低老年患者日 间生理性睡眠倾向。研究结果表明,两种剂量的EVT 201 都能减轻大多数惑者白天 的嗜睡；同时，高剂量的 EVT201 对老年患者睡眠的改善更明显,2.5 mg 该药物能 ...

| --- | --- | --- | |-----------|-----------|-------| | | | | | | | | | | | | | | | | | | | | | 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 ...

Investment Rating - The report maintains a "Buy" rating for Jingxin Pharmaceutical (002020) with a target price of 14.04 CNY, down from the previous target of 16.60 CNY [3][19]. Core Insights - The company reported a revenue of 3.999 billion CNY in 2023, reflecting a growth of 5.79%, while the net profit attributable to shareholders was 619 million CNY, a decrease of 6.55% [19]. - The revenue growth is attributed to the successful implementation of sales reforms, with the finished drug segment generating 2.326 billion CNY (up 4.98%) and the raw material drug segment achieving 956 million CNY (up 9.60%) [19]. - The approval of the insomnia drug, Dazisni, is expected to drive future growth, with the product set to launch in March 2024 [19]. Financial Summary - Revenue projections for the upcoming years are as follows: 4.489 billion CNY in 2024 (up 12%), 5.070 billion CNY in 2025 (up 13%), and 5.792 billion CNY in 2026 (up 14%) [9]. - The operating profit (EBIT) is forecasted to be 720 million CNY in 2024, 835 million CNY in 2025, and 960 million CNY in 2026, indicating a recovery from a slight decline in 2023 [9]. - The net profit attributable to shareholders is expected to reach 673 million CNY in 2024, 780 million CNY in 2025, and 917 million CNY in 2026 [9]. Market Data - The stock has a market capitalization of 9.411 billion CNY, with a 52-week price range of 8.60 to 15.87 CNY [21]. - The company has a circulating share ratio of 76%, with an average daily trading volume of 13.39 million shares [21].