Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][4]. Core Views - The company has entered a new development stage following a change in its controlling shareholder, with Haier Biological acquiring a 20% stake [3][4]. - The company reported stable revenue and profit figures for Q3 2024, with a year-on-year revenue increase of 6.39% and a net profit increase of 2.81% for the first three quarters [3][4]. - The report anticipates a steady growth phase for the company, supported by the new controlling shareholder [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 6.314 billion yuan, with a net profit of 1.838 billion yuan [2][3]. - In Q3 2024, the company reported a revenue of 2.062 billion yuan and a net profit of 597 million yuan, reflecting a year-on-year increase of 1.34% and 8.82%, respectively [2][3]. - The company's gross margin for Q3 2024 was 40.13%, a decrease of 0.57 percentage points year-on-year, while the net profit margin improved by 2.05 percentage points to 28.97% [3]. Research and Development - The R&D expense ratio increased to 4.11% in Q3 2024, up by 1.87 percentage points year-on-year [3]. Market Performance - The company's stock price as of October 30, 2024, was 7.40 yuan, with a market capitalization of approximately 49.12 billion yuan [3][4]. - Over the past 12 months, the company's stock has increased by 7.6%, compared to a 8.5% increase in the CSI 300 index [3]. Earnings Forecast - The report forecasts revenues of 8.65 billion yuan, 9.76 billion yuan, and 10.89 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 2.313 billion yuan, 2.653 billion yuan, and 2.991 billion yuan [4][7]. - The projected P/E ratios for the next three years are 21.23X, 18.52X, and 16.42X [4][7].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance meets expectations, with new shareholders continuously empowering its operations [2] - For the first three quarters of 2024, the company achieved total revenue of 6.314 billion yuan, a year-on-year increase of 6.39%, and a net profit attributable to shareholders of 1.838 billion yuan, up 2.81% year-on-year [2] - The company has shown stable growth in performance, with a total revenue of 2.062 billion yuan in Q3 2024, reflecting a year-on-year increase of 1.34%, and a net profit of 597 million yuan, up 8.82% year-on-year [3] - The company has significantly increased its R&D investment, with R&D expenses reaching 191 million yuan, a year-on-year increase of 44%, primarily due to some R&D pipelines entering clinical trial stages [3] - The company continues to enrich its product matrix, having received approval for clinical trials of "SR604 injection" for hemophilia and congenital factor VII deficiency [4] Financial Performance Summary - The company is expected to achieve total revenues of 8.538 billion yuan, 9.678 billion yuan, and 10.914 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 7.2%, 13.4%, and 12.8% [5] - The net profit attributable to shareholders is projected to be 2.292 billion yuan, 2.603 billion yuan, and 2.937 billion yuan for the same years, with year-on-year growth rates of 28.8%, 13.6%, and 12.8% [5] - The company maintains a gross profit margin of approximately 40.6% to 41.2% over the forecast period [8] - The company's P/E ratio is expected to decrease from 29.63 in 2024 to 16.86 in 2026, indicating improving valuation [8][12]

医药生物 证 券 研 究 报 告 2024 年 10 月 29 日 上海莱士 (002252) ——业绩增长稳健，海尔集团赋能 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 28 日 | | 收盘价（元） | 7.56 | | 一年内最高/最低（元） | 8.68/5.93 | | 市净率 | 1.6 | | 息率（分红/股价） | 0.89 | | 流通 A 股市值（百万元） | 50,159 | | 上证指数/深证成指 | 3,322.20/10,685.89 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 4.69 | | 资产负债率 % | 6.56 | | 总股本/流通 A ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a projected PE ratio of 22/19/17 times for 2024-2026 [2]. Core Insights - The company achieved a revenue of 6.314 billion yuan in Q1-Q3 2024, representing a year-on-year growth of 6%. The net profit attributable to shareholders was 1.838 billion yuan, up 3% year-on-year, with a net profit margin of 29% [2]. - The revenue for Q3 2024 was 2.062 billion yuan, a 1% increase year-on-year but a 6% decrease quarter-on-quarter. The net profit for Q3 was 597 million yuan, reflecting a 9% year-on-year increase and a 23% quarter-on-quarter increase [2]. - The gross margin remained stable at 41%, with a slight year-on-year decline of 1 percentage point, primarily due to changes in sales structure. The net profit margin also saw a year-on-year decline of 1 percentage point [2]. - The company is focusing on R&D innovation and has initiated a de-plasma strategy, with a new monoclonal antibody product, SR604, aimed at treating hemophilia and congenital factor VII deficiency [2]. Financial Summary - The company forecasts net profits of 2.3 billion yuan, 2.6 billion yuan, and 3.0 billion yuan for 2024, 2025, and 2026, respectively. The current stock price corresponds to a PE ratio of 22/19/17 times for these years [2]. - The financial projections indicate a steady increase in revenue, with expected figures of 8.640 billion yuan, 9.587 billion yuan, and 10.627 billion yuan for 2024, 2025, and 2026, respectively [7]. - The report highlights a significant increase in investment income, which rose by 47% year-on-year to 440 million yuan, mainly due to the disposal of trading financial assets [2].

Financial Performance - Revenue for Q3 2024 reached ¥2,062,074,048.39, an increase of 1.34% year-over-year, while total revenue for the year-to-date was ¥6,314,412,912.62, up 6.39% compared to the same period last year [2]. - Net profit attributable to shareholders for Q3 2024 was ¥597,008,633.76, reflecting an 8.82% increase year-over-year, with year-to-date net profit at ¥1,837,807,056.93, up 2.81% [2]. - The company achieved a revenue of ¥7,963,958,567.30 for the year 2023, surpassing the target of ¥7.4 billion set by the board [25]. - The total revenue for Q3 2024 was approximately ¥2,163.66 million, an increase from ¥2,107.30 million in Q3 2023, representing a growth of about 2.6% [33]. - The net profit for Q3 2024 reached ¥1,838.51 million, compared to ¥1,785.62 million in the same period last year, marking an increase of approximately 2.9% [33]. - Basic and diluted earnings per share for Q3 2024 were both ¥0.277, up from ¥0.266 in Q3 2023, reflecting a growth of about 4.1% [34]. Cash Flow and Liquidity - The company reported a significant decrease in net cash flow from operating activities, totaling ¥515,627,395.21, down 73.43% year-over-year [6]. - Cash flow from operating activities for Q3 2024 was ¥515.63 million, a significant decrease from ¥1,940.45 million in Q3 2023, indicating a decline of approximately 73% [35]. - The cash and cash equivalents at the end of Q3 2024 were ¥2,142.06 million, down from ¥3,580.92 million at the end of Q3 2023, a decrease of approximately 40.3% [36]. - The company reported a net cash outflow from investing activities of ¥1,113.73 million in Q3 2024, compared to a net inflow of ¥2.86 million in Q3 2023 [36]. Assets and Liabilities - The total assets at the end of the reporting period were ¥33,362,516,525.06, representing a 4.49% increase from the end of the previous year [2]. - The company's current total assets amount to ¥9,090,246,326.42, an increase from ¥8,675,117,613.41 at the beginning of the period [28]. - The total liabilities decreased to CNY 2,188,071,298.28 from CNY 2,278,642,620.25, showing a reduction of 4.0% year-over-year [30]. - The company’s total liabilities decreased by 34.72% in tax payable, amounting to ¥77,595,949.74, due to tax payments made during the period [6]. Research and Development - Research and development expenses increased by 44.04% year-over-year, amounting to ¥190,782,487.49, as several R&D projects entered clinical trial phases [6]. - Research and development expenses for the quarter were CNY 190,782,487.49, compared to CNY 132,454,755.35 in the same period last year, indicating a significant increase of 43.9% [32]. - The company received approval for the clinical trial of SR604 injection on March 5, 2024, aimed at treating hemophilia and congenital factor VII deficiency [19]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 91,578 [7]. - Haiyingkang (Qingdao) Medical Technology Co., Ltd. holds 20.02% of shares, totaling 1,329,096,152 shares [8]. - Grifols, S.A. holds 6.58% of shares, totaling 437,069,656 shares, with pledged shares [7]. - The top ten shareholders collectively hold a significant portion of the company's shares, indicating concentrated ownership [9]. - The report indicates that there are no priority shareholders with restored voting rights at the end of the reporting period [7]. Strategic Developments - The company has strategic partnerships and agreements in place, including a share purchase agreement with Haier Group [9]. - Grifols, S.A. is planning a significant equity change involving the company, with details disclosed in announcements made on June 15, 2023 [11]. - Haier Group signed a strategic cooperation and share purchase agreement on December 29, 2023, to acquire 1,329,096,152 shares from Grifols, representing 20.00% of the total share capital, for a total consideration of 12.5 billion RMB [12]. - Following the transaction, Haier Group will control a total of 1,766,165,808 shares, accounting for 26.58% of the total share capital [14]. - The sixth board of directors was elected on July 29, 2024, with Haier Group controlling more than half of the board seats [15]. Employee Stock Ownership Plan - The employee stock ownership plan involved the transfer of 31.35 million shares, representing 0.47% of the company's total share capital, at a price of ¥3.61 per share [24]. - The first lock-up period of the employee stock ownership plan has been successfully unlocked, allowing for the release of 29.24 million shares, with 28.78 million shares for Class A participants and 460,000 shares for Class B participants [26]. - The company reported a total of 8 individuals not meeting participation conditions and 13 individuals failing to meet personal performance assessments within the employee stock ownership plan [25]. - The company plans to continue expanding its employee stock ownership plan, with 40% of the total authorized benefits allocated to Class A participants [27]. Income and Expenses - The company reported a significant increase in other income, which rose by 382.81% to ¥38,181,746.25, mainly due to increased government subsidies received [6]. - The total operating costs amounted to CNY 4,484,053,132.47, up from CNY 4,094,550,813.48, reflecting a year-over-year increase of 9.5% [32]. - The company experienced a significant increase in operating expenses, with total operating expenses rising to ¥5,666.67 million in Q3 2024 from ¥4,519.73 million in Q3 2023, an increase of about 25.4% [35]. - The company reported a tax expense of ¥325.15 million for Q3 2024, slightly up from ¥321.68 million in Q3 2023, reflecting a marginal increase of about 1.4% [33]. - Other comprehensive income after tax for Q3 2024 was a loss of ¥153.41 million, compared to a gain of ¥456.98 million in Q3 2023, indicating a significant decline [33].

上海莱士血液制品股份有限公司 证券代码：002252 证券简称：上海莱士 公告编号：2024-067 关于第六届董事会第五次（临时）会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 上海莱士血液制品股份有限公司（"公司"）第六届董事会第五次（临时）会 议于 2024 年 10 月 19 日以电话和邮件方式发出会议通知，并于 2024 年 10 月 25 日上午 9 点在公司会议室召开。 本次会议应出席董事 9 名，亲自出席会议董事 9 名。本次会议由公司董事长 谭丽霞女士召集和主持，公司监事、高级管理人员等列席会议。会议的召集、召 开与表决程序符合《公司法》和《公司章程》等有关规定。与会董事经过充分研 究和讨论，审议通过了如下议案： 1、审议通过《2024 年第三季度报告》 表决结果：9票同意、0票反对、0票弃权。 《2024年第三季度报告》刊登于《证券时报》、《中国证券报》、《上海证券报》、 《证券日报》和巨潮资讯网（www.cninfo.com.cn），供投资者查阅。 特此公告。 上海莱士血液制品股份有限公司 董事会 二〇二四年十月二十九日 1 ...

证券时报e公司讯，企查查APP显示，近日，上海莱士医药有限公司成立，法定代表人为陆晖，注册资 本为1000万元，经营范围包含药品批发；药品进出口；第三类医疗器械经营；消毒器械销售；道路货物 运输；第一类医疗器械销售；保健食品（预包装）销售等。 企查查股权穿透显示，该公司由上海莱士全资持股。 ...

证券代码：002252 证券简称：上海莱士 公告编号：2024-065 上海莱士血液制品股份有限公司 关于第六届董事会第四次（临时）会议决议的公告 1、审议通过《关于第一期员工持股计划第一个锁定期解锁条件成就的议 案》 根据公司《第一期员工持股计划》以及《第一期员工持股计划管理办法》 的相关规定，公司董事会认为本员工持股计划第一个锁定期已届满且解锁条件 已成就，除 8 名持有人不符合本次员工持股计划参与条件、13 名持有人个人业 绩考核未达标、2 名持有人部分个人业绩考核未达标外，其他首次分配的持有 人解锁条件均已成就。本员工持股计划第一个锁定期可解锁的权益份额对应股 份数量为 1,197.2 万股，占公司当前总股本的 0.18%。 公司董事会薪酬与考核委员会对该事项发表了同意的意见。 表决结果：8 票同意、0 票反对、0 票弃权。关联董事 Jun Xu（徐俊）先生 回避了表决。 1 《关于第一期员工持股计划第一个锁定期解锁条件成就的公告》刊登于《证 券时报》、《中国证券报》、《上海证券报》、《证券日报》和 巨潮资讯网 （www.cninfo.com.cn），供投资者查阅。 特此公告。 本公司及董事会全体成员 ...

证券代码：002252 证券简称：上海莱士 公告编号：2024-066 上海莱士血液制品股份有限公司 关于第一期员工持股计划 第一个锁定期解锁条件成就的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 上海莱士血液制品股份有限公司（"公司"）于 2024 年 10 月 16 日召开第六 届董事会第四次（临时）会议，审议通过了《关于第一期员工持股计划第一个锁 定期解锁条件成就的议案》，董事会认为公司第一期员工持股计划第一个锁定期 解锁条件已成就。根据《关于上市公司实施员工持股计划试点的指导意见》《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》《公司 第一期员工持股计划》等相关规定，现将情况公告如下： 一、第一期员工持股计划的基本情况 公司于 2023 年 7 月 28 日分别召开了第五届董事会第二十六次（临时）会议 和第五届监事会第十九次会议，审议并通过了《关于<上海莱士血液制品股份有 限公司第一期员工持股计划（草案）>及其摘要的议案》、《关于<上海莱士血液制 品股份有限公司第一期员工持股计划管理办法>的议案》等相关议案，同意公司 ...

证券代码： 002252 证券简称：上海莱士 上海莱士血液制品股份有限公司 投资者关系活动记录表 编号： 2024-008 | --- | --- | --- | --- | --- | |-----------------------------|-------------------------|----------------------------|--------------------------------------------|------------| | | | | | | | 投资者关系活动 | √特定对象调研 | □ | 分析师会议 | | | 类别 | □ 媒体采访 | □ | 业绩说明会 | | | | □ 新闻发布会 | □ | 路演活动 | | | | □ 现场参观 | | | | | | □ 其他 | （请文字说明其他活动内容） | | | | 参与单位名称及 | Artisan Partners | Jian Gong | | | | 人员姓名 | GIC — Jasmine Tang | | | | | | HCHP — Lingxi Kong | | | | | | ...