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 ...

财联社10月21日讯（记者 何凡）从信立泰（002294.SZ）公布的2024三季报来看，在创新产品和仿制药 的"双重"利好影响下，公司营收、净利润得到一定程度增长，净利增长乏力的情况有所改善。但与去年 同期相比，公司销售、研发费用增长速度较快。此外，信立泰还以BD以及增资子公司的方式不断加大 对创新药领域的投入。 今日晚间，信立泰发布2024三季报，前三季度，公司实现营业收入30.01亿元，同比增长22.18%，归母 净利润5.10亿元，同比增长6.37%。从Q3单季来看，公司实现总营收9.58亿元，同比增长24.15%，归母 净利润1.66亿元，同比增长17.01%，与今年H1相比，"增收不增利"的情况有所改善。 对于业绩的增长，信立泰方面表示，是由于创新产品的收入及利润贡献占比持续提升以及带量采购的仿 制药等保持稳定的收入贡献所带来的。 从费用方面看，由于新上市产品推广费用增加以及原有产品推广力度加大，前三季度公司销售费用为 11.00亿元，同比增长3.84亿元，增幅53.65%；在研发费用方面，前三季度研发费用达3.06亿元，同比增 长0.5亿元，增幅19.53%。 另一方面，信立泰正不断加码创新药领 ...

Financial Performance - The company's revenue for Q3 2024 reached ¥958.43 million, representing a 24.15% increase compared to ¥772.02 million in the same period last year[3]. - Net profit attributable to shareholders was ¥165.62 million, up 17.01% from ¥141.55 million year-on-year[3]. - The net profit after deducting non-recurring gains and losses was ¥163.60 million, a 30.87% increase from ¥122.50 million in the previous year[4]. - The company achieved a net cash flow from operating activities of ¥853.91 million, a significant increase of 59.63% compared to ¥534.95 million last year[4]. - Basic earnings per share rose to ¥0.1500, reflecting a 15.38% increase from ¥0.1300 in the same period last year[4]. - The company reported a net profit margin improvement, with net profit increasing due to higher revenue and controlled costs[26]. - The net profit for Q3 2024 was CNY 512,089,093.42, an increase of 7.3% compared to CNY 477,193,190.66 in Q3 2023[27]. - The total profit for Q3 2024 was CNY 574,289,522.43, an increase from CNY 549,960,968.69 in Q3 2023, marking a growth of 4.4%[27]. Revenue Growth - The company reported a 22.18% year-on-year increase in revenue for the first three quarters of 2024, totaling ¥3.00 billion[8]. - Total operating revenue for Q3 2024 reached CNY 3,001,062,877.67, an increase of 22.2% compared to CNY 2,456,303,071.76 in Q3 2023[26]. - The total revenue from operating activities reached CNY 3,215,244,492.35, up from CNY 2,679,650,386.06 in the same period last year, representing a growth of 20%[29]. Investment and R&D - The company is actively promoting and expanding the market for its innovative product Ennarro, which has shown good progress in hospital access and clinical application[8]. - Research and development projects are progressing smoothly, with several Phase III clinical trials underway for new drugs[9]. - The company has increased its investment in product promotion and innovation, contributing to revenue and profit growth[8]. - R&D expenses increased to CNY 306,484,951.33, representing a rise of 19.6% compared to CNY 256,275,653.77 in Q3 2023[26]. - Future outlook includes continued investment in R&D and potential market expansion strategies to enhance growth[26]. Cash Flow and Assets - The total assets at the end of the reporting period were ¥10.23 billion, an 8.90% increase from ¥9.40 billion at the end of the previous year[4]. - The cash flow from operating activities generated a net amount of CNY 853,910,406.63, compared to CNY 534,945,874.41 in Q3 2023, indicating a significant increase of 59.7%[29]. - Cash received from investment recoveries increased by CNY 424.3586 million, a growth of 56.95%, mainly due to increased recoveries from financial product investments[10]. - The total current assets as of September 30, 2024, amounted to ¥3,760,737,600.91, an increase from ¥3,313,221,923.67 at the beginning of the period[23]. - Cash and cash equivalents decreased to ¥1,027,509,567.02 from ¥1,321,975,062.75[23]. Financial Management - The company raised a total of RMB 195,187.12 million by issuing 68,800,535 shares at RMB 28.37 per share, with a net amount of RMB 193,206.57 million after deducting issuance costs[16]. - The balance of the raised funds account as of September 30, 2024, is RMB 95,413.32 million, with interest income of RMB 585.06 million accrued during the year[16]. - The company has entrusted RMB 157,978.00 million in financial management products, with a remaining balance of RMB 133,619.01 million[18]. - The company has no overdue amounts in its entrusted financial management, and all amounts have been fully recovered[19]. - The expected annualized return rates for various financial products range from 1.0% to 3.7%[20]. Liabilities and Equity - Total liabilities increased to CNY 1,587,942,524.39, a rise of 18.4% from CNY 1,341,246,394.27 in the previous year[25]. - The company's equity attributable to shareholders was CNY 8,606,631,778.95, up 7.3% from CNY 8,018,993,837.21 in Q3 2023[25]. Other Financial Metrics - Deferred revenue increased by CNY 37.107 million, a growth of 44.12%, mainly due to an increase in government subsidy receipts[10]. - Sales expenses increased by CNY 383.989 million, a growth of 53.65%, primarily due to increased promotional expenses for newly launched products and enhanced promotion of existing products[10]. - Financial expenses increased by CNY 25.2801 million, a growth of 52.47%, mainly due to reduced deposits and lower interest income[10]. - The company experienced a foreign exchange loss of CNY 6,071,046.19 in Q3 2024, compared to a gain of CNY 15,397,241.22 in Q3 2023[27]. - The company reported a decrease in credit impairment losses to CNY -7,052,363.56 from CNY -11,059,771.61 in the previous year, indicating improved asset quality[27].

证券代码：002294 证券简称：信立泰 编号：2024-046 深圳信立泰药业股份有限公司 第六届董事会第五次会议决议公告 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。 深圳信立泰药业股份有限公司（下称"公司"）第六届董事会第五次会议于 2024 年 10 月 18 日上午 10 时，在公司会议室以现场、通讯及书面方式召开，会 议通知于 2024 年 10 月 15 日以电子邮件方式送达。应参加董事 9 人，实际参加 董事 9 人，其中，叶宇翔、叶澄海、沈清、陈茜渝、朱厚佳、王学恭以通讯方式 出席会议，刘来平以书面方式出席会议，出席董事符合法定人数。全体监事、部 分高级管理人员列席会议，其中监事会主席李爱珍、监事李扬兵、财务负责人孔 芸以通讯方式列席会议。会议由公司董事长叶宇翔先生主持，本次会议召开符合 法律法规和《公司章程》等有关规定。 与会董事审议并形成如下决议： 一、会议以 9 人同意，0 人反对，0 人弃权，审议通过了《深圳信立泰药业 股份有限公司 2024 年第三季度报告》。 该报告已经董事会审计委员会审议通过，董事会审议通过了上述报告。 （《深 ...

证券代码：002294 证券简称：信立泰 编号：2024-048 深圳信立泰药业股份有限公司 关于增资子公司 一、对外投资概述 Salubris Biotherapeutics, Inc.的公告 （一） 基本情况 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。 Salubris Biotherapeutics, Inc.（下称"Salubris Bio"）为深圳信立泰药业股份 有限公司（下称"信立泰"或"公司"）位于美国的创新生物制药研发中心，由 公司通过全资子公司诺泰国际有限公司（下称"香港诺泰"）等公司实现逐级控 股。为进一步支持创新生物制药发展，加快生物药海外研发进程，公司拟以自筹 资金 5,000 万美元（或等值其他币种，约合人民币 35,037 万元，以实际投资时汇 率折算额为准）向 Salubris Bio 增资。 增资完成后，公司对 Salubris Bio 的投资总额将由人民币 97,154.32 万元增至 人民币 132,191.32 万元（最终以实际投资时汇率折算额为准），Salubris Bio 仍为 公司控股子公司。 （二） 董事会审议 ...

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 37.62 CNY based on a projected P/E ratio of 66 times for 2024 [3][6]. Core Insights - The company is a leading player in the cardiovascular field in China, focusing on innovative drug development and expanding its product pipeline, particularly in chronic disease management [2][11]. - The impact of centralized procurement on the company's performance has largely dissipated, allowing for a return to high growth driven by innovative drugs [2][20]. - The company has successfully renewed its medical insurance contracts with minimal price reductions, indicating a stable revenue outlook [2][23]. Summary by Sections Section 1: Expansion and Innovation - The company has been actively transforming and increasing R&D investments, leading to a rich pipeline of innovative products that have recently received approvals [2][14]. - The impact of centralized procurement on the company's major products has been significantly reduced, with a shift in revenue focus towards innovative drugs expected to drive growth [2][20]. Section 2: Cardiovascular Product Strategy - The flagship product, Alisartan (信立坦), is the first domestic ARB with high clinical recognition, and its sales have shown strong recovery post-medical insurance negotiations [2][29]. - The company is developing new combination formulations and has promising candidates like S086 and JK07, which are expected to enhance its market position in hypertension and heart failure treatments [2][2][29]. Section 3: Diversification into New Fields - The company is expanding into nephrology, oncology, and other therapeutic areas, aiming to create a second growth curve [2][3]. - The recent approval of innovative drugs like Enadustat and the upcoming launch of long-acting formulations indicate a strategic move to address unmet medical needs [2][18]. Section 4: Financial Projections - The company is projected to achieve earnings per share of 0.57 CNY, 0.62 CNY, and 0.71 CNY for 2024, 2025, and 2026 respectively, reflecting a strong growth trajectory [3][5]. - Revenue is expected to grow significantly, with forecasts of 4,011 million CNY in 2024, 4,517 million CNY in 2025, and 5,421 million CNY in 2026 [5].

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 37.62 yuan based on a projected 66 times price-to-earnings ratio for 2024 [4][7]. Core Views - The company is a leading player in the cardiovascular field in China, focusing on innovative drug development and expanding its product pipeline. The impact of centralized procurement has largely cleared, allowing for a return to high growth in revenue [3][12]. - The company has a strong product lineup, with its flagship product, "Xinglitai" (Aliskiren), showing significant clinical recognition and sales recovery post-medical insurance negotiations [3][31]. - The company is actively exploring new fields, including nephrology, orthopedics, oncology, and small nucleic acid drugs, aiming to establish a second growth curve [3][4]. Summary by Sections Section 1: Expansion and Innovation - The company has been steadily expanding its presence in chronic disease management, particularly in cardiovascular treatments, with a rich pipeline of innovative products [3][12]. - The impact of centralized procurement on the company's performance has diminished, and it is expected to enter a phase of significant growth driven by innovative drugs [3][23]. Section 2: Deep Layout in Cardiovascular Diseases - "Xinglitai" is recognized as the first domestic ARB (Angiotensin Receptor Blocker) with strong clinical performance, and its sales are recovering following successful medical insurance negotiations [3][38]. - The company has developed additional products like S086 and other combination formulations to strengthen its market position in hypertension treatment [3][21]. Section 3: New Field Exploration - The company is diversifying into new therapeutic areas, including nephrology and oncology, with promising products like Enadustat and long-acting Teriparatide [3][4]. - Plans to spin off its medical device subsidiary for a separate listing are underway, which is expected to enhance operational efficiency [3][4]. Section 4: Financial Forecast and Investment Recommendations - The company is projected to achieve earnings per share of 0.57, 0.62, and 0.71 yuan for 2024, 2025, and 2026, respectively, indicating substantial growth potential [4][6]. - The report highlights that the company’s revenue is expected to recover and grow significantly in the coming years, driven by innovative drug launches and a strong market position [4][6].

深圳信立泰药业股份有限公司（下称"公司"）于近日接到公司控股股东信 立泰药业有限公司（下称"香港信立泰"）的通知，获悉其将所持有的本公司部 分股份质押及解除部分股份质押。具体情况如下： | 一、本次股东股份质押及解除质押基本情况 | | --- | | | | 是否为控 股股东或 | 本次质 | 占其所 | 占公司 | 是否 | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名 | | 第一大股 | 押数量 | 持股份 | 总股本 | 为限 | 为补 | 质押起 | 质押到期日 | 质权人 | 质押 | | 称 | | | （万 | | | | 充质 | 始日 | | | 用途 | | | | 东及其一 | 股） | 比例 | 比例 | 售股 | 押 | | | | | | | | 致行动人 | | | | | | | | | | | 信立泰 | | 控股股 | | | | | | | 至质押双方向中国 | 集友银 | 自身 | | 药业有 | | 东、第一 | | | | ...