业绩短期承压，成长动力充足 ——仙琚制药 24 年报&25 年一季报点评 核心观点 盈利预测与投资建议 ⚫ 根据 24 年报，我们下调营业收入预测，预测公司 2025-2027 年每股收益分别为 0.69/0.80/0.97 元（原 2025-2026 年预测为 0.86/1.08 元），根据可比公司，给予公 司 2025 年 16 倍市盈率，对应目标价为 11.04 元，维持"买入"评级。 风险提示 ⚫ 公司原料药、制剂销售不达预期；产品研发审批进度不达预期；市场波动风险等。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 4,123 | 4,001 | 4,598 | 5,361 | 6,336 | | 同比增长 (%) | -5.9% | -3.0% | 14.9% | 16.6% | 18.2% | | 营业利润(百万元) | 646 | 678 | 855 | 993 | 1,197 | | 同比增长 (%) | -26.4% | 4.9% ...

Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Views - The company experienced a decline in revenue and net profit in 2024, with total revenue of 4.0 billion yuan, down 3.0% year-on-year, and a net profit of 0.4 billion yuan, down 29.5% year-on-year. However, the adjusted net profit increased by 2.2% year-on-year to 0.55 billion yuan [3]. - The company's formulation business showed steady growth, with revenue of 2.42 billion yuan, up 6.0% year-on-year, while the raw material drug segment faced a decline in revenue of 1.55 billion yuan, down 13.4% year-on-year [4]. - The report highlights the potential for growth in the company's unique and innovative products, which are expected to drive the formulation business to new heights [5]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 4.0 billion yuan, with a net profit of 0.4 billion yuan. The first quarter of 2025 saw revenue of 1.01 billion yuan, down 2.9% year-on-year, and a net profit of 0.14 billion yuan, down 4.7% year-on-year [3]. - The company forecasts a recovery in net profit from 0.64 billion yuan in 2025 to 0.77 billion yuan in 2027, with corresponding growth rates of 61.2%, 7.0%, and 11.7% [6][7]. Business Segments - The formulation business is the main growth driver, with significant contributions from respiratory and dermatological products, while the raw material drug segment is under pressure due to price declines [4][5]. - The report notes that the company is focusing on upgrading its product offerings and increasing its share in high-end markets, which is expected to stabilize the raw material drug business in the long term [6]. Future Outlook - The company is expected to benefit from the launch of innovative products and the growth of unique products, which will likely enhance its market position and drive revenue growth [5][6].

Regulatory Developments - The National Health Commission and other departments have released the 2025 National Random Supervision and Inspection Plan, which includes new regulatory areas such as internet diagnosis and treatment, and mental health, while explicitly targeting online medical fraud [1] - The regulatory focus on combating online medical fraud represents a significant upgrade in medical supervision, aiming to purify the medical online space [1] Pharmaceutical Approvals - Innovent Biologics announced that its third-generation EGFR TKI drug, Olitinib (Leratinib), has received approval from the National Medical Products Administration (NMPA) for first-line treatment of adult patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) with specific EGFR mutations [2] - Olitinib is the only approved third-generation EGFR TKI based on a naphthalene structure, expanding treatment options for EGFR mutation-positive NSCLC patients [2] Market Regulation and Antitrust Issues - Xianju Pharmaceutical is facing a potential fine of approximately 195 million yuan for alleged monopolistic practices related to the pricing of dexamethasone phosphate raw materials, with the case still under review by the Tianjin Market Supervision Administration [3] - This incident highlights the regulatory authorities' emphasis on antitrust measures within the pharmaceutical industry, which could disrupt normal market operations [3] Combination Therapy Approvals - Pfizer announced that its oral targeted drug, Axi-cabtagene ciloleucel (Axitinib), has been approved for first-line treatment in combination with Toripalimab for high-risk, unresectable, or metastatic renal cell carcinoma (RCC) patients [4] - This approval marks the first and only approved first-line targeted and immune combination therapy for advanced kidney cancer in China, indicating a shift towards combination therapies in the treatment landscape [4]

一纸天价罚单再次揭开医药行业价格操纵的冰山一角。4月23日，仙琚制药（002332.SZ）在年报中披 露，因涉嫌地塞米松磷酸钠原料药价格垄断，公司拟被天津市市场监管委员会罚没1.95亿元。这场涉及 临床常用药的"价格过山车"事件，暴露出集采时代原料药市场的监管风暴正在升级。 垄断罚单直击核心产品 集采落标加速行业洗牌 第九批国家集采中，地塞米松磷酸钠注射液最低中标价2.3元/盒，而仙琚制药未能入围。随着集采常态 化，公司年报坦承包括该产品在内的多款制剂销售收入持续下滑。目前该原料药市场已形成7家持证企 业的竞争格局，集采机制正在重塑行业利润分配模式。 监管利剑高悬 责任编辑：AI观察员 本次处罚是继2023年国家市场监管总局通报哄抬药价案后的又一记重拳。值得关注的是，处罚依据首次 采用"销售额比例罚则"，相较于国药黔东南70万元罚款，监管力度显著升级。业内分析认为，在医保控 费主基调下，原料药领域反垄断执法将成常态，拥有市场支配地位的企业面临更高合规成本。 面对1.95亿罚单和集采双重压力，仙琚制药在年报中明确将调整产品结构。但这场风波揭示的深层问题 ——如何在保障药品可及性与维持企业合理利润间找到平衡，仍将 ...

仙琚制药 20250424 摘要 • 2024 年仙琚制药营收 40 亿元，同比下降 2.86%，归母净利润 3.97 亿元， 同比下降 29%，主要受集采、原料降价及国际需求疲软影响。扣非净利润 5.49 亿元，实现正增长。2025 年一季度净利润 1.44 亿元，同比下降 2.86%，剔除出售子公司股权收益影响后基本持平。 • 公司制剂业务收入 24.15 亿元，同比增长 6%，其中妇科药品收入基本持 平，麻醉肌松剂增长 55%，呼吸科药品增长 31%，皮肤科药品增长 19%，普药类产品下降 20%。黄体酮胶囊销售额同比下降 6%，左炔诺孕 酮胶囊下降 23%。 • 麻醉肌松剂业务集采后恢复性增长，罗库溴铵收入同比翻番，顺阿曲库铵 增长 37%，舒更葡糖钠大幅增长。呼吸科药品康喷销售额同比增长 40%，赛托溴胺略有下滑。皮肤科药品主要增长来自康酸乳膏和丙酸氟替 卡松乳膏。 • 普药类产品受集采及库存整理影响下滑，预计二三季度逐步恢复，但难以 恢复至 2023 年水平。公司计划将普药升级为无菌产品，实现技术升级换 代。一季度非规市场原料药价格持续下降，但跌幅较去年有所减缓。 Q&A 请介绍一下 2024 年 ...

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：2025-001 | 投资者关系活动 | 特定对象调研 | | 现场会议□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  | 电话会议 | | | | 参 与 单 位 名 称 | 祝嘉琪 | 中泰证券 | 赵辉 | 博时基金 | 蒯学章 | 大家资管 | | | 何玮 | 东方财富 | 朱述政 | 光大理财 | 田鑫 | 广发医药 | | 及人员姓名 | 吴晗 | 国君医药 | 文惠霞 | 国都证券 | 潘天奇 | 国联基金 | | | 刘柏川 | 国联基金 | 浩 陈 | 国联基金 | 李博闻 | 国寿安保 | | | 浩 陈 | 国联基金 | 李博闻 | 国寿安保 | 周航 | 国泰海通 | | | 唐巍 | 荷荷(北京) | 陆元娅 | 红土创新 | 张丽青 | 鸿运私募 | | | ...

Core Viewpoint - Xianju Pharmaceutical is facing a penalty of 195 million yuan due to alleged price monopoly of dexamethasone phosphate sodium raw materials, which includes confiscation of illegal gains and a fine based on sales revenue [2][6]. Group 1: Company Financials - In 2024, Xianju Pharmaceutical reported a revenue of 4 billion yuan, a decrease of 2.98% year-on-year, and a net profit attributable to shareholders of 397 million yuan, down 29.46% year-on-year [6]. - The company has acknowledged the expected liabilities and related losses in its annual report due to the administrative penalty [6]. Group 2: Product Pricing and Market Impact - The price of dexamethasone phosphate sodium injection has seen significant fluctuations, with a reported increase in sales price from 0.63 yuan to 9.8 yuan, marking a 1455.56% increase [2]. - The hanging network prices for Xianju Pharmaceutical's dexamethasone phosphate sodium injection were adjusted multiple times, with recent prices set at 1.87 yuan and 1.03 yuan, reflecting a nearly 91% decrease [4]. - Xianju Pharmaceutical's dexamethasone phosphate sodium injection was not selected in the national centralized procurement, with the lowest winning price being 2.3 yuan per box [5]. Group 3: Regulatory and Market Context - The company is under scrutiny for its pricing practices, as evidenced by a previous case involving another company that faced penalties for price gouging of the same drug [2]. - The national drug procurement policy has significantly impacted the sales revenue of Xianju Pharmaceutical's products, particularly for common drugs like dexamethasone phosphate sodium injection [6].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002332 证券简称：仙琚制药 公告编号：2025-015 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。 根据中国证券监督管理委员会《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要 求》和深圳证券交易所印发的《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》的规定，将本公司募集资金2024年度存放与使用情况专项说明如下： 一、募集资金基本情况 (一) 实际募集资金金额和资金到账时间 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准浙江仙琚制药股份有限公司非公开发 行股票的批复》（证监许可〔2020〕2217号）核准，浙江仙琚制药股份有限公司（以下简称"公司"）非 公开发行人民币普通股股票（A股）72,992,700股，每股面值1元，发行价格为13.70元/股，募集资金总 额为人民币999,999,990元，扣除相关发行费用后，实际募集资金净额为人民币987,357,806.75元。天健 会计师事务所（特殊普通合伙）已对本次募集资金的实收情况进行验证，并 ...

证券代码：002332 证券简称：仙琚制药 公告编号：2025-015 浙江仙琚制药股份有限公司 关于2024年度募集资金存放与使用情况的专项报告 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。 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集资金管理 和使用的监管要求》和深圳证券交易所印发的《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》的规定，将本公司募集资金 2024 年度存放与使用情况专项 说明如下： 一、募集资金基本情况 (一) 实际募集资金金额和资金到账时间 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准浙江仙琚制药股份 有限公司非公开发行股票的批复》（证监许可〔2020〕2217 号）核准，浙江仙琚制药股份有 限公司（以下简称"公司"）非公开发行人民币普通股股票（A 股）72,992,700 股，每股面 值 1 元，发行价格为 13.70 元/股，募集资金总额为人民币 999,999,990 元，扣除相关发行 费用后，实际募集资金净额为人民币 987,357,806.75 元。天健会计师 ...

2024 浙江仙琚制药股份有限公司 可持续发展报告 暨社会责任报告 目录 CONTENTS 关于本报告 | 报告范围 | 04 | | --- | --- | | 编写依据 | 04 | | 数据说明 | 04 | | 报告发布 | 04 | | 董事长致辞 | 06 | | 未来展望 | 94 | | 指标索引 | 96 | | GRI 指标索引 | 96 | | 深交所可持续发展报告编制索引 | 98 | 走进仙琚 | 仙琚概况 | 10 | | --- | --- | | 仙琚文化 | 11 | | 仙琚出品 | 12 | | 仙琚荣誉 | 14 | | 组织架构 | 16 | | 经济绩效 | 17 | 01 03 05 家和国泰 同谱盛音 青山不改 绿水长流 | 保护员工权益 | 40 | | --- | --- | | 助力员工成长 | 43 | | 落实员工关怀 | 49 | | 职业健康安全 | 53 | 02 04 06 | 坚持党建引领 | 20 | | --- | --- | | 健全治理体系 | 22 | | 完善风险管理 | 25 | | 商业道德建设 | 25 | | 保障信息安全 ...