财联社1月2日电，仙琚制药公告，公司于近日收到国家药品监督管理局下发的醋酸地塞米松片一致性评 价补充申请受理通知书，本次受理事项为一致性评价增加规格。 产品名称为醋酸地塞米松片，剂型为片剂，增加规格为0.5mg。 公司将积极推进后续相关工作，若顺利通过一致性评价，将丰富公司产品管线，提升药品市场竞争力， 并为后续其他产品开展仿制药一致性评价工作积累经验。 但药品一致性评价工作流程存在不确定性因素，投资者需注意投资风险。 ...

Investment Rating - Strong Buy (Maintained) with a target price of 17 CNY, current price at 12.70 CNY [1] Core Views - The company's Q3 2024 performance met market expectations, with revenue of 3.237 billion CNY (-0.01% YoY) and net profit attributable to shareholders of 530 million CNY (+12.42% YoY) [1] - The company's slow but steady growth potential is promising, driven by its transition from generic drugs to high-end and innovative drugs [2] Business Segments Formulation Business - Formulation revenue reached 1.93 billion CNY (+8.3% YoY) in the first three quarters of 2024, with significant growth in respiratory (615 million CNY, +32% YoY) and dermatology (188 million CNY, +20% YoY) segments [2] - The company expects to file and receive approval for 4-5 new products annually over the next three years, marking a shift towards high-end and innovative drug development [2] - The first formulation product, Prednisolone Tablets, was approved by the US FDA in May 2024, opening new opportunities for international expansion [2] API Business - API revenue was 1.3 billion CNY (-10% YoY) in the first three quarters of 2024, primarily due to inventory adjustments by downstream customers and reduced trade business [2] - With the stabilization of inventory levels and the upgrade of sterile APIs, the API business is expected to achieve double-digit growth in 2025 [2] Financial Forecast - The company's net profit attributable to shareholders is forecasted to be 683 million CNY (+21.4% YoY) in 2024, 848 million CNY (+24.1% YoY) in 2025, and 1.06 billion CNY (+25.0% YoY) in 2026 [3] - EPS is projected to be 0.69 CNY in 2024, 0.86 CNY in 2025, and 1.07 CNY in 2026, with a P/E ratio of 18x, 15x, and 12x respectively [3] - The company's revenue is expected to grow by 3.3% in 2024, 15.7% in 2025, and 16.0% in 2026, driven by both formulation and API businesses [3] Valuation - The company's valuation is supported by its strong growth prospects and the high barriers to entry in the steroid hormone market [3] - A target P/E ratio of 20x for 2025 is applied, resulting in a target price of 17 CNY [3]

公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 4379.83 4123.42 4303.91 4783.73 5453.78 增长率 yoy% 0.52% -5.85% 4.38% 11.15% 14.01% 归母净利润（百万元） 749.41 563.08 678.44 821.28 1005.79 增长率 yoy% 21.00% -24.86% 20.49% 21.05% 22.47% 每股收益（元） 0.76 0.57 0.69 0.83 1.02 每股现金流量 0.62 0.60 0.86 0.98 1.12 净资产收益率 13.73% 9.73% 11.07% 12.15% 13.37% P/E 14.98 19.94 16.55 13.67 11.16 P/B 2.06 1.94 1.83 1.66 1.49 备注：股价截止自2024 年 10 月 25 日收盘价，每股指标按照最新股本数全面摊薄 评级： 买入（维持） 分析师：祝嘉琦 执业证书编号：S0740519040001 Email：zhujq@zts.com.cn 基本状况 投资要 ...

证券代码：002332 证券简称：仙琚制药 浙江仙琚制药股份有限公司投资者关系活动记录表 编号：2024-09 | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|----------------------------------|-------------|--------------------------------------------------------------------------------------|------------------|--------------|--------| | 投资者关系活动 \n类别 \n \n参与单位名称 | 特定对象调研 \n□现场参观 \n机 构 | \n \n姓 名 | 现场会议□分析师会议 \n媒体采访 □业绩说明会 \n□新闻发布会 □路演活动 \n 其他 \n机 构 | 电话会议 \n姓 名 | 机 构 | 姓 名 | | | 招商证券 | 许菲菲 | 德邦医药 | 周新明 | 国盛证券 | 胡偌碧 | | ...

Investment Rating - Maintains "Overweight" rating with a target price of 15.18 RMB [3][4] Core Views - Revenue for Q1-Q3 2024 was 3.237 billion RMB, a slight decrease of 0.01% YoY, while net profit attributable to shareholders increased by 12.42% to 530 million RMB [3] - Q3 2024 revenue was 1.099 billion RMB, down 1.80% YoY, with net profit attributable to shareholders rising 12.17% to 190 million RMB, meeting expectations [3] - EPS forecasts for 2024-2026 remain at 0.69/0.85/1.04 RMB [3] - Profitability improved with Q1-Q3 2024 gross margin rising to 54.63%, up 3.38 percentage points YoY, and Q3 gross margin at 54.22%, up 3.79 percentage points YoY [3] - The impact of centralized procurement on the formulation sector is gradually diminishing, with the sector growing 10.6% YoY in H1 2024 [3] - New products are expected to drive growth, with gynecological and family planning products expected to turn positive in Q3, and anesthesia and muscle relaxant products maintaining growth [3] Financial Performance - 2024E revenue is projected at 4.345 billion RMB, a 5.4% increase YoY, with net profit attributable to shareholders expected to rise 21.0% to 681 million RMB [8] - 2025E revenue is forecasted at 5.008 billion RMB, a 15.2% increase YoY, with net profit attributable to shareholders expected to grow 22.8% to 837 million RMB [8] - 2026E revenue is projected at 5.799 billion RMB, a 15.8% increase YoY, with net profit attributable to shareholders expected to rise 23.5% to 1.033 billion RMB [8] - ROE is expected to improve from 9.7% in 2023A to 14.8% in 2026E [8] Market and Valuation - Current stock price is 12.70 RMB, with a 52-week range of 8.87-13.78 RMB [5] - Market capitalization stands at 12.563 billion RMB [5] - P/E ratio for 2024E is 18.43, decreasing to 12.16 by 2026E [8] - P/B ratio is currently 2.1, with a net debt ratio of -19.73% [6] Product and Market Developments - Overseas API subsidiary Newchem faced revenue pressure due to customer destocking and exchange rate impacts, but growth is expected to resume as destocking nears completion [3] - The company has made progress in regulatory markets, with approvals from FDA, ANVISA, and PMDA, and WHO PQ certification for certain products [3] - A new innovative drug, Omecamtiv Mecarbil Sodium, was submitted to NMPA for approval in August 2024, expected to enhance the anesthesia and muscle relaxant product line [3] Industry and Growth Catalysts - The pharmaceutical industry is expected to benefit from faster drug approval processes and stronger-than-expected product sales [3] - Long-term growth is supported by the gradual resolution of centralized procurement impacts and the introduction of new products [3]

浙江仙琚制药股份有限公司 2024 年第三季度报告 证券代码：002332 证券简称：仙琚制药 公告编号：2024-045 浙江仙琚制药股份有限公司 2024 年第三季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度报告是否经过审计 □是 否 1 浙江仙琚制药股份有限公司 2024 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |------------------------------------------------------|------------------|-------------------------|--------- ...

w公司研究/医药与健康护理 证券研究报告 仙琚制药（002332）公司研究报告 2024 年 10 月 14 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 | --- | --- | |---------------------------------------------------|-------------| | 股票数据 | | | 10 [ Table_StockInfo 月 11 日收盘价（元） ] | 12.56 | | 52 周股价波动（元） | 8.44-14.80 | | 总股本 / 流通 A 股（百万股） | 989/984 | | 总市值 / 流通市值（百万元） 相关研究 | 12424/12361 | 市场表现 [Table_QuoteInfo] -25.08% -15.08% -5.08% 4.92% 14.92% 24.92% 2023/10 2024/1 2024/4 2024/7 仙琚制药 海通综指 | --- | --- | --- | --- | |--------------------------|-------|-------|---- ...

公司报告 | 首次覆盖报告 甾体类全链条龙头，制剂新品种商业化潜力可观 摘要： 仙琚制药以甾体原料药和制剂为主业，坚持原料药制剂一体化经营模式， 紧密围绕妇科、麻醉科、呼吸科及皮肤科四大领域构建产品群、服务群。 存量品种基本盘稳定，新品种在研管线商业化潜力十足。 原料药：甾体类原料药市场广阔，上游价格企稳 激素原料药市场广阔，全球范围内集中度较高。iFind 数据显示，雄烯二酮 价格自 2020 年起持续下降，2024 年 3 月起雄烯二酮价格回升，4 月回升 至 380 元/千克。考虑到雄烯二酮价格已经显示出稳定向上的趋势，后续在 起始物料价格回暖的前提下，公司原料药业绩有望迎来增长。 制剂：存量品种逐步克服集采影响，主力品种生命周期有望延长 2023 年公司主力品种罗库溴铵注射液受国采影响，黄体酮胶囊受到省采影 响，销售收入下降明显；2024H1，罗库溴铵注射液等品种销量回升、黄体 酮胶囊收入企稳，制剂产品逐步克服集采影响。 公司目前主力品种糠酸莫米松鼻喷雾剂 2024H1 累计增长 30%，趋势持续 向好。考虑到药械合一剂型新获批上市大多需通过 III 期临床获批，多家 企业上市申请遭拒，我们认为公司该 ...

①财政政策发力关键时间点、及有哪些值得期待；②今年执行！四川省辅助生殖纳入医保支付范围，患 者支付压力降低有望刺激存量及新增需求快速释放，先获证龙头机构有望进一步提升市占率；③今日全 市场机构研报共发布181篇，交通银行评级得到上调，7家公司获得首度覆盖，其中亚普股份等3股获新 财富分析师深度覆盖；④在个股机构关注度排行中，鼎龙股份首次上榜，前五名依次为邮储银行>比亚 迪>新华保险>鼎龙股份>嘉益股份。 | --- | --- | --- | |------------------------------------------|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[公司评级 Table_Invest] 买入 当前价格 11.71 元 合理价值 13.73 元 前次评级 买入 报告日期 2024-09-10 [Table_ 相关研究： DocReport] 仙琚制药（002332.SZ）:制 2024-05-13 剂持续放量，原料药加速国 际化升级 [Table_Contacts] [Table_Page] 中报点评|化学制药 证券研究报告 [Table_Title] 仙琚制药（002332.SZ） 制剂放量恢复，费用管控提升盈利能力 [Table_Summary] 核心观点： ⚫ 制剂集采影响后企稳新品逐渐发力，原料药发挥自身优势。公司发布 2024 年半年度报告，2024 上半年，公司实现营业收入 21.38 亿元， 同比增长 0.93%；实现归母净利润 3.40 亿元，同比增长 12.56%；实 现扣非归母净利润 3.31 亿元，同比增长 11.78%。2024 上半年营业收 入中，制剂销售收入 12.15 亿元，同比增长 10.6%，其中制剂自营产 品销售收入 11.63 亿元，同比增长 9%；原料药及中间体销售收入 9.1 亿元，同比下降 9%，其中自营原料药 ...