编号：20250410 | | □特定对象调研 □分析师会议 | | --- | --- | | 投 资 者 关 | □媒体采访 √业绩说明会 | | 系 活 动 类 | □新闻发布会 □路演活动 | | 别 | □现场参观 | | | □其他（请文字说明其他活动内容） | | 活 动 参 与 | 线上参与公司 2024 年年度业绩说明会的全体投资者 | | 人员 | | | 时间 | 2025 年 4 月 10 日 | | 地点 | 线上会议 | | 形式 | 网络远程方式 | | 上 市 公 司 接 待 人 员 | 董事、总经理颜杰，独立董事王学恭，财务负责人孔芸，董事、 | | | 董事会秘书杨健锋 | | 姓名 | | | | 主要交流内容： | | | 1、 请问领导 大概什么时间能获批？ 086 | | | 答：您好，S086 技术审评已完成，没有新的发补，等待审批 | | 交 流 内 容 | 阶段。谢谢！ | | 及 具 体 问 | | | 答记录 | 2、 1.公司对信立坦+107/108+S086 高血压组合都上市后预 | | | 测最高销售额多少？2.在去年恩那罗上市时，公司计划进医保后 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 34.80 CNY based on a 58 times price-to-earnings ratio for 2025 [5][8]. Core Views - The company has shown a return to growth with significant improvements in gross margin and cash flow, achieving a revenue of 4.012 billion CNY in 2024, a year-on-year increase of 19.22%, and a net profit of 602 million CNY, up 3.71% [11]. - The growth in the formulation and medical device segments is accelerating, driven by channel expansion and new product launches, with the formulation revenue reaching 3.192 billion CNY, a 20.43% increase [11]. - The company is advancing its R&D pipeline, with several projects nearing completion, including four in the NDA stage and three in Phase III clinical trials, indicating a strong innovation trajectory [11]. Financial Summary - Revenue for 2023 was 3.365 billion CNY, with a projected increase to 4.012 billion CNY in 2024, reflecting a 19.2% growth [7]. - The gross margin improved to 72.64% in 2024, up 4.06 percentage points from the previous year [11]. - The net profit margin for 2024 is projected to be 15.0%, with net profit expected to reach 666 million CNY by 2025, a 10.7% increase from 2024 [7][11].

Core Insights - The company reported a revenue of 4.012 billion yuan (+19.22%) and a net profit of 602 million yuan (+3.71%) for the 2024 fiscal year, indicating a return to growth with significant improvements in gross margin and cash flow [1] - The gross margin increased to 72.64% (+4.06 percentage points), and net cash flow from operating activities rose to 1.186 billion yuan (+41.32%) [1] Segment Performance - The formulation segment generated revenue of 3.192 billion yuan (+20.43%), while the medical device segment saw revenue of 305 million yuan (+41.68%). The raw materials and intermediates segment reported revenue of 412 million yuan (-0.37%) [2] - Growth in the formulation segment was driven by enhanced channel expansion and brand strength, particularly in grassroots and community markets, as well as the rapid rollout of new products [2] - The medical device segment experienced high growth, with over 50,000 Maurora implants [2] R&D and Innovation - The company is progressing well with its key pipeline, with four projects in the NDA stage and three in Phase III clinical trials [2] - The company is also expanding its innovative drug development into new areas such as peptides, small nucleic acids, and gene editing [2] Earnings Forecast and Investment Recommendation - Based on the 2024 annual report, the company adjusted its revenue forecasts for raw materials and intermediates while increasing sales expenses and medical device gross margins [3] - Projected earnings per share for 2025-2027 are 0.60, 0.70, and 0.82 yuan respectively, with a target price of 34.80 yuan based on a 58 times price-to-earnings ratio for 2025 [3]

证券代码：002294 证券简称：信立泰 编号：2025-022 深圳信立泰药业股份有限公司 关于举行2024年年度业绩说明会 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。 登录新浪财经APP 搜索【信披】查看更多考评等级 本次网上业绩说明会将采用网络文字互动的方式举行，投资者可于2025年4月10日（星期四）15:00- 17:00通过网址https://eseb.cn/1n5Tgp84pws或使用微信扫描下方小程序码即可进入参与互动交流。 ■ 二、会议出席人员 出席本次说明会的人员有：董事、总经理颜杰先生，独立董事王学恭先生，财务负责人孔芸女士，董 事、董事会秘书杨健锋先生。 三、会议问题征集 深圳信立泰药业股份有限公司（下称"公司"）《2024年年度报告》、《2024年年度报告摘要》已于2025 年3月29日披露。 为便于广大投资者进一步了解公司2024年度经营情况，公司将于2025年4月10日（星期四）15:00-17:00 在"价值在线"（www.ir-online.cn）举办2024年年度业绩说明会，与投资者进行沟通和交流，广泛听取投 资 ...

证券代码：002294 证券简称：信立泰 编号：2025-022 深圳信立泰药业股份有限公司 关于举行 2024 年年度业绩说明会的公告 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。 出席本次说明会的人员有：董事、总经理颜杰先生，独立董事王学恭先生， 财务负责人孔芸女士，董事、董事会秘书杨健锋先生。 深圳信立泰药业股份有限公司（下称"公司"）《2024 年年度报告》、《2024 年年度报告摘要》已于 2025 年 3 月 29 日披露。 为便于广大投资者进一步了解公司 2024 年度经营情况，公司将于 2025 年 4 月 10 日（星期四）15:00-17:00 在"价值在线"（www.ir-online.cn）举办 2024 年年度业绩说明会，与投资者进行沟通和交流，广泛听取投资者的意见和建议。 一、 参会方式 本次网上业绩说明会将采用网络文字互动的方式举行，投资者可于 2025 年 4 月 10 日（星期四）15:00-17:00 通过网址 https://eseb.cn/1n5Tgp84pws 或使用微 信扫描下方小程序码即可进入参与互动交流。 二、 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will exceed the market benchmark by more than 15% over the next 6-12 months [3][14]. Core Insights - The company achieved a revenue of 4.012 billion yuan in 2024, representing a year-on-year growth of 19.22%. The net profit attributable to the parent company was 570 million yuan, up 8.43% year-on-year, and operating cash flow reached 1.186 billion yuan, increasing by 41.32% [1][3]. - The successful launch of new products, such as复立坦 and信立汀, is expected to drive future growth. Both products have been included in the national medical insurance directory, laying a foundation for increased sales [2]. - The company has multiple projects in the pipeline, with four projects having submitted applications for market approval. Notably, S086 for hypertension has passed technical review, and other products are under evaluation [2]. Financial Performance Summary - Revenue and Profit Forecast: - Revenue is projected to grow from 4.012 billion yuan in 2024 to 6.303 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 14.90% [4]. - Net profit is expected to increase from 570 million yuan in 2024 to 979 million yuan in 2027, reflecting a CAGR of around 19.04% [4]. - Earnings Per Share (EPS) is forecasted to rise from 0.54 yuan in 2024 to 0.88 yuan in 2027 [4]. Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to decrease from 61 in 2024 to 37 in 2027, indicating a more attractive valuation as earnings grow [4][12]. - The company is positioned as a leader in the chronic disease sector, with strong sales capabilities and an ongoing transition towards innovation, which is expected to yield significant product returns in the near future [3].

Core Viewpoint - The company reported a strong financial performance for 2024, with significant revenue growth and improvements in gross margin and cash flow, driven by increased sales and successful commercialization of innovative drugs [1][2][3]. Financial Performance - The company achieved a revenue of 4.012 billion yuan in 2024, representing a year-on-year increase of 19.22% [1] - The net profit attributable to the parent company was 602 million yuan, up 3.71% year-on-year, while the net profit after deducting non-recurring items was 570 million yuan, reflecting an 8.43% increase [1] - The overall gross margin for the company was 72.64%, an increase of 4.07 percentage points year-on-year [2] - Operating cash flow net amount reached 1.186 billion yuan, showing a significant increase of 41.32% year-on-year [2] Product Development and Commercialization - Three innovative drugs have progressed well in commercialization, with the approval of复立坦 (Aliskiren Amlodipine) and its inclusion in the medical insurance directory, enhancing sales growth [3] - The sales of 恩那罗 (Enalapril) continue to expand, and 信立汀 (Fagogliptin) was launched in 2024 and included in the national medical insurance directory [3] - The medical device segment, particularly the Maurora stent, has seen over 50,000 implants, maintaining a high growth trajectory [3] Research and Development Pipeline - The company has several clinical trials underway, including S086 for hypertension, which has passed technical review, and other drugs in various stages of development [4] - The international clinical trial for the innovative biological drug JK07 is progressing well, with positive mid-term data [4] - The company is leveraging AI technology to enhance the efficiency of drug discovery and development processes [4] Future Outlook - Revenue projections for 2025 to 2027 are estimated at 4.64 billion, 5.60 billion, and 6.29 billion yuan, with year-on-year growth rates of 15.8%, 20.5%, and 12.3% respectively [5] - Net profit forecasts for the same period are 670 million, 830 million, and 980 million yuan, with growth rates of 10.7%, 24.9%, and 17.6% respectively [5] - The company is expected to benefit from its innovative transformation and deep expertise in the cardiovascular specialty field [6]

Group 1 - The core viewpoint of the news is that Xintai (002294.SZ) has reported its 2024 annual results, highlighting significant institutional investor holdings and changes in share ownership [1] - As of March 28, 2025, a total of 115 institutional investors hold Xintai A-shares, with a combined holding of 805 million shares, representing 72.22% of the total share capital [1] - The top ten institutional investors collectively hold 68.74% of the shares, with a decrease of 2.96 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, one fund, ICBC Frontier Medical Stock A, increased its holdings by 0.12%, while four funds reduced their holdings slightly [2] - A total of 88 new public funds were disclosed this period, including notable funds such as China Europe Medical Health Mixed A and Innovation Drug [2] - For social security funds, one fund, the National Social Security Fund 114 Combination, increased its holdings by 0.12% [2] Group 3 - In terms of foreign investment, one foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 0.69%, while one new foreign institution, Goldman Sachs International - Proprietary Funds, was disclosed [2] - One foreign institution, CITIC Securities Asset Management (Hong Kong) Limited - Client Funds, was not disclosed this period [2]

上市公司 2024 年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：深圳信立泰药业股份有限公司 单位：人民币万元 | | | 占用方与上市 | | 2024 年 | 2024 年度占用 | 2024 年 | 2024 年 | 2024 年 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占 | 资金占用方名称 | 公司的关联关 | 上市公司 | 期初占用 | 累计发生金额 | 度占用资 | 度偿还 | 期末占 | 占用形成 | 占用性质 | | 用 | | | 核算的会计科目 | | | 金的利息 | 累计发 | 用资金 | 原因 | | | | | 系 | | 资金余额 | （不含利息） | （如有） | 生金额 | 余额 | | | | 控股股东、实际 | | | | | | | | | | | | 控制人及其附属 | | | | | | | | | | | | 企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 前控股股东 ...

证券代码：002294 证券简称：信立泰 编号：2025-011 深圳信立泰药业股份有限公司 关于会计政策变更的公告 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。 特别提示： 本次会计政策变更，是深圳信立泰药业股份有限公司（下称"公司"）根据 财政部发布的相关规定和要求进行，无需提交公司董事会、监事会和股东大会审 议。执行变更后的会计政策，不会对公司的财务状况、经营成果和现金流量产生 重大影响，不涉及以前年度的追溯调整，亦不存在损害公司及股东利益的情形， 符合相关法律法规规定和公司实际情况。 一、本次会计政策变更情况概述 1、 变更原因 2023 年 8 月，财政部发布《企业数据资源相关会计处理暂行规定》（财会 〔2023〕11 号）（下称"《数据资源暂行规定》"），规定了"企业数据资源相 关会计处理"的内容，自 2024 年 1 月 1 日起施行。 2023 年 10 月，财政部发布《企业会计准则解释第 17 号》，规定了"关于流 动负债与非流动负债的划分"、"关于供应商融资安排的披露"、"关于售后租 回交易的会计处理"等内容，自 2024 年 1 月 1 ...