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].

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]

2024 年 08 月 15 日 公司点评 买入/维持 京新药业(002020) 目标价: 昨收盘:10.78 Q2 业绩超预期，成品药院外市场持续发力 公 司 研 究 | --- | --- | --- | --- | |-------|--------------------------------------------------------------------------------------|------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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]