深圳信立泰药业股份有限公司 第六届董事会第六次会议决议公告 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。 证券代码：002294 证券简称：信立泰 编号：2024-050 根据公司战略发展规划，同意公司以自筹资金人民币 3,000 万元增资参股公 司普瑞基准科技（北京）有限公司（下称"普瑞基准"），获得普瑞基准 3.2154% 股权。本次增资完成后，公司将直接持有普瑞基准 8.5745%股权。 董事会授权公司管理层负责签署本次交易有关协议及具体履行协议的相关 事宜，授权期限至相关事宜全部办理完毕止。 （《关于向参股公司普瑞基准科技（北京）有限公司增资的公告》详见信息 披露媒体：《中国证券报》、《证券时报》和巨潮资讯网 www.cninfo.com.cn。） 备查文件 1、 经与会董事签字并加盖董事会印章的董事会决议； 特此公告 深圳信立泰药业股份有限公司 董事会 深圳信立泰药业股份有限公司（下称"公司"）第六届董事会第六次会议于 2024 年 11 月 21 日上午 9 时 30 分，以通讯及书面方式召开，会议通知于 2024 年 11 月 18 日以电子邮 ...

证券代码：002294 证券简称：信立泰 编号：2024-049 深圳信立泰药业股份有限公司 关于使用部分闲置募集资金现金管理的进展公告 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。 深圳信立泰药业股份有限公司（下称"公司"或"信立泰"）于 2024 年 3 月 24 日召开第六届董事会第二次会议，审议通过《关于使用部分闲置募集资金现 金管理的议案》，同意公司使用不超过人民币 10 亿元（含本数）的闲置募集资 金进行现金管理（在上述额度内，资金可循环滚动使用），相关额度的使用期限 不超过 12 个月，期限内任一时点的交易金额不应超过现金管理额度；并授权经 营管理层负责具体实施相关事宜，授权期限为本次董事会审议通过之日起一年内 有效。 | 委托方 | 受托方 | 关联 | 产品 | 购买金额 | 起息日 | 产品期限 | 实际最晚 | 进展 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 关系 | 类型 | （万元） | | | 转让日期 | 情况 | | | | | | | | ...

Investment Rating - The report maintains a "Recommend" rating for the company with a target price of 41.3 RMB, compared to the current price of 32.4 RMB [1] Core Views - The company's Q1-3 2024 revenue reached 3.001 billion RMB, a 22.18% YoY increase, with net profit attributable to shareholders at 510 million RMB, up 6.37% YoY [1] - Q3 2024 revenue was 958 million RMB, a 24.15% YoY increase, with net profit attributable to shareholders at 166 million RMB, up 17.01% YoY [1] - The company's performance driver has shifted to innovative drugs, with Xinlitan maintaining strong growth and Enadustat entering the early stage of medical insurance-driven volume growth [1] - The company's R&D pipeline is progressing steadily, with SAL0107 and Foglitin expected to accelerate volume growth if successfully included in the medical insurance list [1] Financial Performance - The company's 2024-2026 net profit attributable to shareholders is forecasted to be 638 million RMB, 708 million RMB, and 879 million RMB, representing YoY growth of 10.0%, 10.9%, and 24.2% respectively [1] - The company's 2025 reasonable valuation is estimated at 46 billion RMB, with innovative drugs accounting for 39.6 billion RMB of the valuation [1] - The company's 2024E revenue is projected to be 4.019 billion RMB, a 19.4% YoY increase, with net profit attributable to shareholders at 638 million RMB, up 10.0% YoY [2] R&D Pipeline - SAL0108 and S086 for hypertension are expected to be approved in H2 2024-H1 2025 and participate in the 2025 medical insurance negotiation [1] - S086 for heart failure is currently in Phase III clinical enrollment, while SAL003 has completed Phase III patient enrollment and is expected to apply for production approval in H2 2025 [1] - JK07 is expected to read out Phase II data by the end of 2024, with SAL0114, SAL0112, and JK08 progressing in clinical trials [1] Valuation Metrics - The company's 2025E P/E ratio is 52x, with a P/B ratio of 5x and EV/EBITDA of 36x [2] - The company's 2025E ROE is projected to be 8.6%, with ROIC at 13.9% [5]

Group 1: Product Development and Market Position - The company has established a dedicated sales team for the promotion of Ennarro, with over 700 access points through DTP pharmacies, related pharmacies, and direct procurement channels [1] - Ennarro is positioned as a second-generation HIF-PH inhibitor, offering improved safety and dosing convenience compared to existing competitors [3] - The S086 product for hypertension is currently under review, with expectations for approval in early 2025 [2] Group 2: Clinical Trials and Research Progress - JK07 is undergoing Phase II clinical trials in multiple countries, with initial patient dosing completed in the US and China [2] - The company anticipates maintaining a significant level of R&D investment as clinical projects progress into Phase II and III [4] - The SAL003 monoclonal antibody has completed Phase III enrollment and is expected to submit an NDA around July-August 2025 [4] Group 3: Future Product Pipeline - The company plans to advance 6-7 projects into preclinical research and 3-4 projects into clinical trials by early next month [4] - New products targeting chronic diseases, such as hypertension and chronic heart failure, are in development, with a focus on improving patient compliance [3] - The company is also exploring innovative drug delivery methods, including a small nucleic acid product for biannual dosing [2]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's performance meets expectations, with sales of innovative products gradually improving. The revenue for Q1-Q3 2024 reached 3.001 billion yuan, a year-on-year increase of 22.18%, while the net profit attributable to shareholders was 510 million yuan, up 6.37% year-on-year [1] - The sales revenue for Q3 2024 was 958 million yuan, reflecting a year-on-year growth of 24.15%, and the net profit attributable to shareholders increased by 17.01% year-on-year [1] - The company plans to invest 50 million USD in Salubris Bio, indicating a strategic move to enhance its product offerings [1] Financial Performance - For Q1-Q3 2024, the sales expense ratio was 36.64%, an increase of 7.51 percentage points year-on-year, with total sales expenses amounting to 1.1 billion yuan, up 53.65% year-on-year [1] - The R&D expense ratio was 10.21%, a slight decrease of 0.22 percentage points year-on-year, with absolute R&D expenses of 306 million yuan, up 19.59% year-on-year [1] - The net cash flow from operating activities was 535 million yuan, an increase of 59.63% year-on-year [1] Product Development - The company has a well-structured pipeline for chronic disease products, with several projects in Phase III clinical trials progressing smoothly. The innovative product revenue and profit contributions are continuously increasing [1] - The company is focusing on chronic disease medications, which are expected to create a long-term growth trend as products receive approval [1] Profit Forecast and Valuation - The forecasted net profits for 2024-2026 are 631 million yuan, 734 million yuan, and 907 million yuan, with year-on-year growth rates of 8.8%, 16.2%, and 23.6% respectively. The corresponding P/E ratios are projected to be 58x, 50x, and 40x [1][2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 3 billion CNY in Q3 2024, representing a year-on-year increase of 22.18%, and a net profit attributable to shareholders of 510 million CNY, up 6.37% year-on-year [1] - The company is expected to see significant growth in the future, particularly with the promotion of its product Enalapril within the medical insurance framework [1] - The company has made substantial progress in commercializing and gaining access for its products, with a focus on innovative drug development [1][2] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 958 million CNY, a year-on-year increase of 24.15%, and a net profit of 166 million CNY, up 17.01% year-on-year [1] - The gross profit margin for the first three quarters was 72.07%, an increase of 4 percentage points year-on-year, while the expense ratio was 52.65%, up 6.55 percentage points year-on-year [1] - The operating cash flow for the period was 854 million CNY, reflecting a significant year-on-year increase of 59.63% [1] Revenue and Profit Forecast - Revenue projections for 2024, 2025, and 2026 are 4.05 billion CNY, 4.73 billion CNY, and 5.69 billion CNY, respectively, with year-on-year growth rates of 20.2%, 16.8%, and 20.5% [2] - Net profit attributable to shareholders is forecasted to be 631 million CNY, 680 million CNY, and 814 million CNY for the same years, with growth rates of 8.9%, 7.6%, and 19.8% [2] Product Development and Market Strategy - The company is actively promoting its products and investing in innovative research and development, with a focus on cardiovascular specialties [1][2] - The product pipeline includes several drugs in various stages of clinical trials, indicating a robust future growth potential [1][2]

Summary of the Conference Call Company and Industry - The conference call primarily discusses a pharmaceutical company involved in the development of innovative drugs, particularly in the areas of hypertension and kidney diseases. Key Points and Arguments Product Development and Clinical Trials - The company is advancing multiple clinical trials, including: - **Project 0865**: Expected to enter Phase III by the end of this year or early next year, with NDA submission anticipated around mid-next year [1]. - **Project 003**: A monthly single-dose product showing promising results, with expectations for significant sales growth [1]. - **N248**: Currently in Phase II trials with the first patient enrolled [1]. - **CKD Trials**: Ongoing with the first patient enrolled in September [1]. - **NNO**: The company has established a dedicated sales team for this innovative product, aiming for significant sales growth [1]. Sales and Market Strategy - The company has successfully penetrated over 700 hospitals for its kidney product line, with a focus on expanding into DTP pharmacies and related drugstores [1]. - The sales team has been expanded significantly to support the launch of new products, with a focus on maximizing market share against competitors like AstraZeneca [1]. - The company aims to achieve sales of over 1 billion in the current year, with a target of 2 billion in the following year [1]. Competitive Landscape - The company is competing against established products like **RosaSasta** and **PemoSata**. The sales strategy focuses on acquiring new patients and converting existing patients from competitors [1]. - The company believes that its innovative products will outperform generic versions post-patent expiration, based on historical data showing that non-generic products often see faster growth [1]. Financial Projections - The company anticipates significant revenue growth from new products, projecting sales of approximately 16 billion this year and 23-24 billion next year [1]. - The R&D budget is expected to see slight growth, with a focus on advancing several projects into clinical phases [1]. Future Outlook - The company is optimistic about its pipeline, with expectations to submit 3-4 new INDs in the coming years, indicating a robust development strategy [1]. - The management emphasizes the importance of building a strong foundation for future growth, particularly with the anticipated approval of key products [1]. Other Important but Possibly Overlooked Content - The company is actively engaging in international collaborations and is open to partnerships that can enhance its product offerings and market reach [1]. - The management highlighted the importance of pre-launch activities and market education to ensure successful product adoption [1]. - There is a focus on leveraging existing relationships and expertise in the hypertension market to drive the success of new products [1]. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the company's current status and future plans.

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1]. Core Insights - The company has shown a significant increase in revenue, achieving 3,001.06 million yuan in the first three quarters of 2024, representing a year-on-year growth of 22.18%. The net profit attributable to shareholders reached 509.71 million yuan, up 6.37% from the previous year [1]. - The company is actively expanding its innovative drug pipeline, with key products like Aliskiren and Enalapril showing strong sales growth. The inclusion of Enalapril in the medical insurance list in 2023 has facilitated its market entry [1]. - The company is focusing on research and development, particularly in chronic disease management, with several products in advanced clinical stages [1][2]. Summary by Sections Financial Performance - The company reported a revenue growth of 24.15% year-on-year in Q3 2024, with a slight quarter-on-quarter increase of 0.71% from Q2 [1]. - Revenue projections for 2024-2026 are estimated at 40.78 billion yuan, 47.69 billion yuan, and 55.52 billion yuan, respectively. The net profit for the same period is forecasted to be 6.45 billion yuan, 7.60 billion yuan, and 9.27 billion yuan, respectively [2][4]. Product Pipeline and R&D - The company is enhancing its innovative drug offerings, with a focus on hypertension and heart failure treatments. Key products in clinical trials include S086, SAL0130, and SAL003, with plans for further investment in its U.S. subsidiary [1]. - The company is expected to successfully negotiate prices for new products entering the medical insurance system, which will likely increase their market presence [1]. Market Position - The company is well-positioned in the chronic disease sector, with a growing share of innovative drug revenue contributing to improved gross and net profit margins [2][4].

Investment Rating - The report assigns a "Buy" rating for the company, signaling a positive outlook for investment [2][5][10]. Core Insights - The company has demonstrated significant revenue and profit growth in Q3 2024, with a year-over-year revenue increase of 24.15% and a net profit increase of 17.01% [3][4]. - The company is actively increasing its investment in innovation, including the introduction of new drug candidates and expansion of its research capabilities [4]. - The projected revenues for 2024, 2025, and 2026 are estimated at 40.39 billion yuan, 48.01 billion yuan, and 56.48 billion yuan, respectively, with corresponding net profits of 6.37 billion yuan, 7.37 billion yuan, and 8.72 billion yuan [5][8]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 30.01 billion yuan, a 22.18% increase year-over-year, and a net profit of 5.10 billion yuan, reflecting a 6.37% increase [3][4]. - In Q3 2024 alone, the company achieved a revenue of 9.58 billion yuan and a net profit of 1.66 billion yuan, marking increases of 24.15% and 17.01% year-over-year, respectively [3][4]. - The gross margin for Q3 2024 was reported at 74.07%, an increase of 7.90 percentage points year-over-year, while the net profit margin was 17.51%, showing a slight decline of 0.81 percentage points [4]. Market Position and Growth Potential - The company's stock has outperformed the market indices over various time frames, with a 1-month performance of 14.6%, 3-month performance of 25.6%, and a 12-month performance of 29.8% [4]. - The company is expanding its product pipeline through strategic investments, including a recent acquisition of a base-editing drug and additional funding for its U.S. research center [4].

投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-21 | | 收盘价 ( 元 ) | 36.31 | | 流通股本 ( 亿股 ) | 11.15 | | 每股净资产 ( 元 ) | 7.72 | | 总股本 ( 亿股 ) | 11.15 | | 最近 12 月市场表现 | | -14% -6% 3% 11% 20% 28% 信立泰 沪深300 分析师 张文录 SAC 证书编号：S0160517100001 zhangwenlu@ctsec.com 分析师 赵则芬 SAC 证书编号：S0160524040003 zhaozf@ctsec.com 相关报告 1. 《信立坦渠道拓展顺利，研发管线丰 富》 2024-08-26 2. 《高血压产品布局完善，仿制药负面 影响削弱》 2024-03-27 3. 《泰嘉中标单价略有下行，研发进展 顺利》 2023-08-25 创新产品逐步放量，产品研发进展顺利 事件：2024 年前三季度，公司实现收入 30.01 亿元，同比增长 22.18%；实现 ...