Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 2.138 billion yuan for H1 2024, a year-on-year increase of 0.93%, and a net profit of 340 million yuan, up 12.56% year-on-year [2][6] - Profit growth accelerated on a quarter-on-quarter basis, indicating a positive operational trend [2][6] - The company is expected to see revenue growth of 4.38%, 11.15%, and 14.01% for 2024, 2025, and 2026, respectively, with net profit growth of 20.49%, 21.05%, and 22.47% for the same years [2][6] Financial Performance Summary - **Revenue Forecasts**: - 2022A: 4.38 billion yuan - 2023A: 4.12 billion yuan - 2024E: 4.30 billion yuan - 2025E: 4.78 billion yuan - 2026E: 5.45 billion yuan - Year-on-year growth rates: 0.52%, -5.85%, 4.38%, 11.15%, 14.01% [1] - **Net Profit Forecasts**: - 2022A: 749.41 million yuan - 2023A: 563.08 million yuan - 2024E: 678.44 million yuan - 2025E: 821.28 million yuan - 2026E: 1.01 billion yuan - Year-on-year growth rates: 21.00%, -24.86%, 20.49%, 21.05%, 22.47% [1] - **Earnings Per Share**: - 2022A: 0.76 yuan - 2023A: 0.57 yuan - 2024E: 0.69 yuan - 2025E: 0.83 yuan - 2026E: 1.02 yuan [1] - **Cash Flow and Return Ratios**: - Cash flow per share: 0.62 yuan in 2022A, expected to rise to 1.12 yuan by 2026E - Return on equity: 13.73% in 2022A, projected to reach 13.37% by 2026E [1] Business Segment Analysis - **Formulations**: - H1 2024 formulation revenue reached 1.215 billion yuan, a 10.6% increase year-on-year, with significant growth in respiratory and anesthetic products [2][11] - **Active Pharmaceutical Ingredients (APIs)**: - H1 2024 API revenue was 910 million yuan, a 9% decrease, primarily due to inventory destocking in overseas markets [2][12] Cost and Profitability Metrics - **Profit Margins**: - H1 2024 gross margin was 54.84%, up 3.16 percentage points year-on-year, while net margin was 16.26%, up 2.05 percentage points [2][14] - **Research and Development**: - R&D expenses for H1 2024 were 125 million yuan, representing a 33.79% increase, accounting for 5.84% of total revenue [2][14]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that Xianju Pharmaceutical is expected to experience a new round of growth driven by multiple catalysts, including the gradual clearance of the impact from centralized procurement and the launch of new products [2] - The company reported a revenue of 2.138 billion yuan in the first half of 2024, representing a year-on-year increase of 0.93%, and a net profit attributable to the parent company of 340 million yuan, up 12.56% [2] - The report anticipates that the company's net profit for 2024-2026 will be 692 million, 853 million, and 1.061 billion yuan, corresponding to PE valuations of 16.4, 13.3, and 10.7 times, respectively [2] Financial Performance Summary - In H1 2024, the sales revenue from formulations was 1.215 billion yuan, a year-on-year increase of 10.6% [2] - The sales revenue from APIs and intermediates was 910 million yuan, a year-on-year decrease of 9% [2] - The company’s total revenue for 2023 is projected to be 4.123 billion yuan, with a net profit of 563 million yuan [3] - The gross margin is expected to improve from 52.9% in 2023 to 56.9% by 2026 [4] - The company’s net profit margin is projected to increase from 13.6% in 2023 to 18.1% in 2026 [4] Market Position and Strategy - The company is leveraging its integrated advantages in APIs and formulations, along with regulatory market registration advantages, to drive growth [2] - New products such as the innovative drug Omaketong Sodium have been submitted for NDA, indicating ongoing product development and market expansion efforts [2] - The report notes that the company is actively expanding its customer base in the API sector despite increased competition [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 12.54 CNY based on a 19x P/E ratio for 2024 [2][4]. Core Views - The company's performance in the first half of 2024 shows stable revenue growth and improved profitability, with total revenue of 2.138 billion CNY (up 0.93% year-on-year) and a net profit of 340 million CNY (up 12.56% year-on-year) [1][2]. - The impact of centralized procurement is gradually diminishing, allowing the formulation segment to enter a new growth cycle, with sales revenue of 1.215 billion CNY (up 10.6% year-on-year) in the first half of 2024 [1]. - The raw material segment faces short-term pressure but is expected to maintain high growth in the long term due to new production capacity advantages [1]. Financial Summary - The company reported a total revenue of 4.587 billion CNY for 2024E, with a year-on-year growth of 11.2% [3]. - The gross margin is projected to improve to 55.0% in 2024E, up from 52.9% in 2023A [3]. - The net profit attributable to the parent company is expected to reach 657 million CNY in 2024E, reflecting a year-on-year growth of 16.6% [3].

Financial Performance - In the first half of 2024, the company achieved operating revenue of 213,784.76 million yuan, a year-on-year increase of 0.93% [2] - Operating profit reached 40,935.84 million yuan, with a growth of 16% [2] - Total profit amounted to 40,712.32 million yuan, reflecting a 16% increase year-on-year [2] - Net profit attributable to shareholders was 33,972.24 million yuan, up by 12.56% [2] - The net profit after deducting non-recurring gains and losses was 33,147.99 million yuan, an increase of 11.78% [2] - Earnings per share were 0.34 yuan, a year-on-year growth of 9.68% [2] Revenue Structure - The main business revenue was 21.25 billion yuan, with a 1% year-on-year increase [3] - Revenue from formulation sales was 12.15 billion yuan, up by 10.6% [3] - Self-operated product sales contributed 11.63 billion yuan, a 9% increase [3] - Distribution sales from the pharmaceutical expansion department were 0.52 billion yuan [3] - Revenue from raw materials and intermediates was 9.1 billion yuan, down by 9% [3] - Self-operated raw material sales were 4.89 billion yuan, a decrease of 1.2% [3] - Sales from the Italian subsidiary were 2.97 billion yuan, down by 15% [3] Key Product Performance - Gynecological products generated 2.33 billion yuan, a decrease of 1% [3] - Anesthesia and muscle relaxant products saw sales of 0.63 billion yuan, an increase of 28% [3] - Respiratory products achieved sales of 3.93 billion yuan, up by 30% [3] - Dermatological products generated 1.2 billion yuan, reflecting a 26% increase [3] - General medicine products saw a decline of 6%, primarily due to the impact of centralized procurement [3] R&D and Innovation - R&D expenses for the first half of 2024 were 125 million yuan, with a growth rate of 33.8% compared to the previous year [4] - The company aims to maintain suitable investment levels in R&D to support ongoing development [5] Market Strategy and Challenges - The company is focusing on expanding its product portfolio and enhancing sales capabilities to counteract the effects of centralized procurement [4] - The raw material market remains competitive, with prices at a low level, necessitating strategic market expansion [6] - The company emphasizes the importance of product registration capabilities and quality improvement to enhance competitiveness in international markets [7]

公司点评报告 · 医药行业 业绩稳健增长，制剂&原料药释放新增长潜能 —— 2024 年中报业绩点评 2024 年 8 月 27 日 | --- | --- | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------|------------------------------| | ⚫ ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 17 yuan [1]. Core Views - The company's mid-year report for 2024 aligns with market expectations, indicating a positive outlook for operational growth [1]. - The report highlights a 0.93% increase in revenue to 2.138 billion yuan and a 12.56% increase in net profit to 340 million yuan for the first half of 2024 [1]. - The report anticipates a robust growth trajectory for the company, particularly in the steroid hormone sector, which has high barriers to entry and limited competition [1]. Summary by Sections Financial Performance - For the first half of 2024, the company reported total revenue of 2.138 billion yuan, with a net profit of 340 million yuan, reflecting a 12.56% year-on-year increase [1]. - The second quarter of 2024 saw revenue of 1.1 billion yuan, a decrease of 5.25%, but net profit increased by 11.80% to 189 million yuan [1]. - The company expects net profits for 2024-2026 to be 667 million, 830 million, and 1.03 billion yuan, respectively, with year-on-year growth rates of 18.5%, 24.3%, and 24.1% [2]. Business Segments - In the raw materials segment, sales revenue decreased by 9% to 910 million yuan in the first half of 2024, but volume growth is expected to offset price declines [1]. - The formulation segment showed a 10.6% increase in sales revenue to 1.215 billion yuan, with significant growth in anesthesia and respiratory products [1]. - The company received FDA approval for its prednisone tablets, marking a significant milestone for its export business [1]. Valuation - The current stock price corresponds to a price-to-earnings (PE) ratio of 17, 14, and 11 for the years 2024, 2025, and 2026, respectively [2]. - The report suggests a valuation of 25 times PE for 2024, leading to a target price of 17 yuan, reflecting the company's strong growth prospects [1].

浙江仙琚制药股份有限公司 2024 年半年度报告全文 浙江仙琚制药股份有限公司 2024 年半年度报告 2024 年 8 月 26 日 1 浙江仙琚制药股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人张宇松、主管会计工作负责人王瑶华及会计机构负责人(会计 主管人员)齐超声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司已在本报告中详细描述存在的主要风险，包括：行业政策变化及药品 降价风险、质量控制风险、研发风险、环保风险、综合管理成本上升的风险、 人才缺乏的风险、商誉减值风险等，详细请查阅本报告第三节"管理层讨论与 分析"部分。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 浙江仙琚制药股份有限公司 2024 年半年度报告全文 | --- | |------------------------------------------------------- ...

浙江仙琚制药股份有限公司(以下简称"公司")第八届董事会第十次会议审议 通过了《关于召开 2024 年第一次临时股东大会的议案》，定于 2024 年 9 月 19 日召 开公司 2024 年第一次临时股东大会，会议有关事项如下： 一、召开会议的基本情况 1、会议届次：2024 年第一次临时股东大会 2、会议召集人：公司董事会 3、会议召开的合法、合规性：本次股东大会会议的召集、召开符合有关法律、 行政法规、部门规章、规范性文件和《公司章程》的有关规定。 4、会议召开时间： 证券代码：002332 证券简称：仙琚制药 公告编号：2024-039 浙江仙琚制药股份有限公司 关于召开2024年第一次临时股东大会的通知 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。 现场会议时间：2024 年 9 月 19 日（星期四）下午 14:30 网络投票时间： （1）通过深圳证券交易所交易系统进行网络投票时间为 2024 年 9 月 19 日 9:15-9:25，9:30-11:30 和 13:00-15:00。 （2）通过深圳证券交易所互联网投票系统开始投票的时间为2024 ...

证券代码：002332 证券简称：仙琚制药 公告编号：2024-037 浙江仙琚制药股份有限公司 关于变更放弃参股公司增资扩股优先认缴出资权相关事项的公告 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。 一、增资变更概述： 浙江萃泽医药科技有限公司（以下简称"萃泽医药"）系浙江仙琚制药股份有 限公司（以下简称"公司"）的参股公司，公司持有其 41.6501%的股权。公司于 2024 年 3 月 7 日召开第八届董事会第七次会议，审议通过了《关于放弃参股公司增 资扩股优先认缴出资权的议案》。具体详见 2024 年 3 月 8 日披露于巨潮资讯网的 《关于放弃参股公司增资扩股优先认缴出资权的公告》(2024-007)。2024 年 4 月 2 日召开第八届董事会第八次会议，审议通过了审议《关于放弃参股公司增资扩股优 先认缴出资权相关事项的补充议案》，具体详见 2024 年 4 月 3 披露于巨潮资讯网 的《关于放弃参股公司增资扩股优先认缴出资权相关事项的补充公告》(2024-009)。 公司近日接到萃泽医药通知，该增资事项拟变更如下。 二、变更情况： （一）因资本 ...

2024年半年度 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：浙江仙琚制药股份有限公司 | | | | | | | | | | 单位：人民币万元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | | 占用方与上市公 | 上市公司核算的 | 2024年期初占用 | 2024年上半年占用 | 2024年上半年占用 | 2024年上半年偿还 | 2024年6月末 | 占用形成原因 | 占用性质 | | | 资金占用方名称 | 司的关联关系 | 会计科目 | 资金余额 | 累计发生金额 （不含利息） | 资金的利息 （如有） | 累计发生金额 | 占用资金余额 | | | | 控股股东、实际控制人及其附 | | | | | | | | | | 非经营性占用 | | 属企业 | | | | | | | | | | 非经营性占用 | | 小 计 | - | - | - | | | | | | | - | | 前控股股东、实际控制人及其 | | | | | | | | | | 非经营性占用 | ...