Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3]. Core Insights - The company's performance is in line with expectations, showing a continuous improvement trend. The revenue for Q3 2024 was 1.099 billion yuan, a year-on-year decrease of 1.80%, while the net profit attributable to the parent company was 190 million yuan, an increase of 12.17% year-on-year [2][3]. - The company is expected to maintain a positive growth trajectory into 2025, driven by the release of new products and a recovery in demand for its raw materials [2][3]. - The company is positioned as a leading integrated player in the steroid hormone sector, with risks from centralized procurement gradually alleviating and new product launches anticipated [3][12]. Financial Performance Summary - **Revenue Forecast**: The company is projected to achieve revenues of 4.304 billion yuan in 2024, 4.784 billion yuan in 2025, and 5.454 billion yuan in 2026, reflecting year-on-year growth rates of 4.38%, 11.15%, and 14.01% respectively [1][3]. - **Net Profit Forecast**: The net profit attributable to the parent company is expected to be 678 million yuan in 2024, 821 million yuan in 2025, and 1.006 billion yuan in 2026, with growth rates of 20.49%, 21.05%, and 22.47% respectively [1][3]. - **Earnings Per Share (EPS)**: The EPS is projected to be 0.69 yuan in 2024, 0.83 yuan in 2025, and 1.02 yuan in 2026 [1][3]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to decrease from 19.94 in 2024 to 11.16 in 2026, while the price-to-book (P/B) ratio is projected to decline from 1.94 to 1.49 over the same period [1][3]. Business Segment Performance - **Formulations**: The core product, mometasone furoate nasal spray, is experiencing rapid growth, and new products are being launched successfully [2][3]. - **Active Pharmaceutical Ingredients (APIs)**: The company is focusing on stabilizing prices and expanding into high-end markets for its APIs, with expectations of demand recovery [2][3]. - **Research and Development**: The company is increasing its R&D investment, which is expected to enhance its product pipeline and support future growth [2][3].

Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 32.37 billion CNY, maintaining the same level as the previous year [2] - Net profit attributable to shareholders was 12.42% with a non-recurring net profit of 5.21 billion CNY, representing a year-on-year growth of 12.82% [2] - In Q3 2024, the company reported operating revenue of 10.99 billion CNY, a year-on-year increase of 12.17% [2] - Gross margin for the first three quarters was 55%, up from 51.3% in the same period last year, indicating an increase of approximately 3.7% [2] Expense Management - Selling expenses for the first three quarters were stable at 22% compared to the previous year [2] - Research and development expenses amounted to 450 million CNY, with a research expense ratio of 7%, an increase of approximately 1.4 percentage points year-on-year [2] Product Performance - The company’s formulation revenue for Q3 was approximately 19.3 billion CNY, reflecting an 8% year-on-year growth, driven by increases in anesthetic muscle relaxants and respiratory products [2] - Sales of gynecological and women's health products reached approximately 3.4 billion CNY, maintaining the same level as the previous year [3] - Anesthetic muscle relaxants generated about 1 billion CNY in sales, a year-on-year increase of approximately 20% [3] - Respiratory products achieved sales of approximately 6.15 billion CNY, with a year-on-year growth of about 32% [3] - Sales of dermatological products reached approximately 1.88 billion CNY, reflecting a year-on-year increase of about 20% [3] New Product Development - The company is actively developing new products, including the long-acting progesterone injection and inhalation formulations, with expected submissions for approval in 2025 [5][6] - The company has launched several new products, including the new formulation of progesterone, which is expected to complete clinical trials by Q4 2024 [5][6] Market Strategy - The company is focusing on international expansion and innovation as key development directions, aiming to enhance product registration capabilities and quality [6] - Collaboration with Newchem has been established for 11 products, enhancing competitiveness in the international market [6]

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（以下简称"公司"）第八届监事会第七次会议 通知已于 2024 年 10 月 18 日以电子邮件方式向公司全体监事发出，会议于 2024 年 10 月 25 日上午以通讯方式召开。本次会议应参加监事 7 名，实际参加监事 7 名，会议由公司监事会主席吴天飞先生召集并主持。本次会议的召集、召开符合 《中华人民共和国公司法》和《公司章程》的有关规定。全体与会监事以记名投 票方式通过以下决议： 会议以 7 票同意，0 票弃权，0 票反对，审议通过了《公司 2024 年第三季度 报告》。 经审核，监事会认为：公司董事会编制和审核的《公司 2024 年第三季度报 告》程序符合法律、行政法规和中国证监会的规定；报告内容真实、准确、完整 地反映了上市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 特此公告。 浙江仙琚制药股份有限公司 监事会 证券代码：002332 证券简称：仙琚制药 公告编号：2024-044 浙江仙琚制药股份有限公司 第八届监事会第七次会议决议公告 本公司及监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。 2024 年 10 ...

浙江仙琚制药股份有限公司 证券代码：002332 证券简称：仙琚制药 公告编号：2024-043 特此公告。 浙江仙琚制药股份有限公司 董事会 2024 年 10 月 26 日 第八届董事会第十一次会议决议公告 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。 浙江仙琚制药股份有限公司（以下简称"公司"）第八届董事会第十一次会 议通知已于2024年10月18日以电子邮件方式向公司全体董事发出，会议于2024 年 10 月 25 日上午以通讯方式召开。本次会议应参加董事 9 名，实际参加董事 9 名，会议由公司董事长张宇松先生召集并主持。本次会议的召集、召开符合《中 华人民共和国公司法》和《公司章程》的有关规定。全体与会董事以记名投票方 式通过以下决议： 会议以 9 票同意，0 票弃权，0 票反对，审议通过了《公司 2024 年第三季度 报告》。 ...

Financial Performance - The company's revenue for Q3 2024 was ¥1,099,159,748.99, a decrease of 1.80% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2024 was ¥190,458,380.68, an increase of 12.17% year-over-year[2] - The net profit after deducting non-recurring gains and losses was ¥189,686,609.85, reflecting a 14.68% increase compared to the previous year[2] - Basic earnings per share for Q3 2024 was ¥0.1925, up 12.20% from the same period last year[2] - Total operating revenue for the third quarter was CNY 3,237,007,358.82, slightly down from CNY 3,237,459,693.20 in the previous year, representing a decrease of 0.01%[12] - The net profit for the third quarter of 2024 was CNY 542,697,542.20, an increase of 14.9% compared to CNY 471,952,130.64 in the same period last year[13] - The total profit for the quarter was CNY 627,710,393.41, an increase of 15.6% from CNY 543,288,658.99 in the same period last year[13] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,907,740,160.80, a decrease of 1.22% from the end of the previous year[2] - The company's equity attributable to shareholders increased by 3.94% to ¥6,014,143,118.38 compared to the end of the previous year[2] - The company's total assets amounted to CNY 6,907,740,160.80, compared to CNY 6,992,835,052.50 in the previous period, indicating a decrease of approximately 1.22%[11] - Total liabilities decreased to CNY 839,155,775.33 from CNY 1,162,789,279.07, a significant reduction of about 27.8%[11] Cash Flow - Cash flow from operating activities decreased by 55.55% to ¥217,426,077.84, mainly due to reduced cash received from sales[5] - The net cash flow from operating activities decreased to CNY 217,426,077.84, compared to CNY 489,132,192.50 in the same period last year, reflecting a decline of 55.6%[15] - The company experienced a net cash outflow from investing activities of CNY 141,975,100.62, compared to a net outflow of CNY 110,738,559.67 in the same period last year[16] - The net cash outflow from financing activities was CNY 415,007,804.20, compared to CNY 396,759,794.01 in the previous year, indicating an increase in cash outflow[16] Shareholder Information - The total number of common shareholders at the end of the reporting period is 23,944[6] - The largest shareholder, Xianju County Industrial Investment Development Group Co., Ltd., holds 21.55% of the shares, totaling 213,221,808 shares[7] Research and Development - Research and development expenses increased by 32.46% to ¥45,272,700, primarily due to increased R&D investment[5] - Research and development expenses increased to CNY 184,732,549.63, up from CNY 139,459,816.96, reflecting a growth of about 32.4%[12] Inventory and Receivables - Accounts receivable increased from 551,695,395.67 RMB to 674,710,064.93 RMB, representing a growth of about 22.3%[9] - Inventory decreased from 922,877,229.59 RMB to 894,870,127.93 RMB, a reduction of approximately 3%[9] Future Outlook - Future outlook includes plans for market expansion and potential new product launches, aiming to enhance competitive positioning in the pharmaceutical sector[12] - The company is focusing on strategic acquisitions to bolster its market presence and diversify its product offerings[12] Other Information - The company has ongoing construction projects with a value of 717,993,266.13 RMB, up from 522,168,092.07 RMB, indicating an increase of approximately 37.5%[9] - The company has not reported any new product launches or technological developments in this quarter[8] - There are no significant mergers or acquisitions reported during this period[8] - The company reported a decrease in other comprehensive income, with a net amount of CNY -5,397,470.36 compared to CNY 25,335,128.82 in the previous year[13] - The company reported a total comprehensive income of CNY 537,300,071.84 for the quarter, compared to CNY 497,287,259.46 in the previous year, representing an increase of 8.1%[13]

证券代码：002332 证券简称：仙琚制药 公告编号：2024-042 浙江仙琚制药股份有限公司 关于甲磺酸倍他司汀片药品注册申请获得受理的公告 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。 浙江仙琚制药股份有限公司（以下简称"公司"）于近日收到国家药品监督 管理局下发的甲磺酸倍他司汀片境内生产药品注册受理通知书，现将相关情况公 告如下： 二、甲磺酸倍他司汀片的相关情况 甲磺酸倍他司汀片，规格为 6mg，参比制剂为原研的上市药品，其持证商为 卫材（中国）药业有限公司，其英文名/商品名为 Betahistine Mesilate Tablets/ 敏使朗。甲磺酸倍他司汀片最早由日本 Eisai Co., Ltd.研发，商品名为 Merislon®。 适应症为用于下列疾病伴发的眩晕、头晕感：梅尼埃病、梅尼埃综合征、眩晕症。 本次公司申报的甲磺酸倍他司汀片规格与参比制剂上市的规格一致，按化学 药品 4 类进行申报。 三、对公司的影响及风险提示 甲磺酸倍他司汀片被国家药品监督管理局受理，标志着该品种境内生产药品 注册工作进入了审评阶段，公司将积极推进后续相关工作，如 ...

证券代码：002332 证券简称：仙琚制药 公告编号：2024-041 浙江仙琚制药股份有限公司 关于甲硫酸新斯的明注射液通过一致性评价的公告 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。 浙江仙琚制药股份有限公司（以下简称"公司"）于近日收到国家药品 监督管理局核准签发的关于甲硫酸新斯的明注射液的《药品补充申请批准通 知书》（通知书编号：2024B04713 2024B04714），公司甲硫酸新斯的明注 射液通过仿制药质量和疗效一致性评价。现将相关情况公告如下： 申请内容：申报仿制药质量和疗效一致性评价。 审批结论：根据《中华人民共和国药品管理法》、《国务院关于改革药 品医疗器械审评审批制度的意见》（国发〔2015〕44号）、《关于仿制药质 量和疗效一致性评价工作有关事项的公告》（2017年第100号）和《国家药监 局关于开展化学药品注射剂仿制药质量和疗效一致性评价工作的公告》（2020 年第62号）的规定，经审查，本品通过仿制药质量和疗效一致性评价，并同 意批准本品增加4ml:2mg规格的补充申请，核发药品批准文号。 二、药品的其他相关情况 由于药品研发 ...

Investment Rating - The investment rating for Xianju Pharmaceutical (002332) is "Outperform the Market" [1]. Core Insights - The company achieved a revenue of 2.183 billion yuan in the first half of 2024, with a year-on-year growth of 0.93%, and a net profit of 340 million yuan, reflecting a year-on-year increase of 12.56% [5]. - The sales of formulations showed steady growth, with a revenue of 1.215 billion yuan in the first half of 2024, up by 10.6% year-on-year. The company is preparing to submit a New Drug Application (NDA) for its new product, Omecamtiv Mecarbil Sodium [5]. - The raw material drug sales revenue was 910 million yuan, down by 9% year-on-year, but the company managed to overcome price declines through increased sales volume [5]. - The company is expected to see revenue growth of -3% in 2024, followed by 5% and 6% in 2025 and 2026, respectively, driven by stabilizing raw material drug demand and new product launches in formulations [5]. Financial Performance - The projected revenues for 2024, 2025, and 2026 are 4.453 billion yuan, 5.124 billion yuan, and 5.834 billion yuan, respectively, with net profits expected to be 700 million yuan, 846 million yuan, and 972 million yuan [6][10]. - The earnings per share (EPS) are forecasted to be 0.71 yuan, 0.86 yuan, and 0.98 yuan for the years 2024, 2025, and 2026 [6][10]. - The gross margin is expected to stabilize at around 55% from 2024 to 2026, with a net asset return rate projected to increase from 11.5% in 2024 to 14.0% in 2026 [10][11]. Business Segmentation - The company’s revenue from raw materials is projected to be 1.733 billion yuan in 2024, with a slight decline of 3%, while the chemical formulations are expected to generate 2.658 billion yuan, reflecting a growth of 17% [8]. - The company is focusing on three major innovation technology platforms for formulations: pulmonary inhalation platform, long-acting formulation technology platform, and suspension formulation technology platform [5].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 17.37 CNY per share, based on a 20x PE for 2025 [6]. Core Insights - The company, Xianju Pharmaceutical, is a leading player in the steroid drug sector, focusing on both raw materials and formulations, with significant potential for new product commercialization [1][4]. - The steroid raw material market is broad, with stabilizing prices expected to boost the company's performance in the raw material segment [2]. - The company is gradually overcoming the impact of centralized procurement on its existing products, with a positive outlook for its main products [3]. - New product development is progressing well, with several innovative products expected to drive future growth [4][5]. Summary by Sections 1. Company Overview - Xianju Pharmaceutical specializes in steroid raw materials and formulations, maintaining an integrated business model [1][16]. - The company has a stable base of existing products and a promising pipeline of new products [1]. 2. Raw Materials - The steroid raw material market is characterized by high concentration and stabilizing prices, which are expected to enhance the company's performance [2][34]. - The company has a significant market share in the steroid raw material sector, with a broad application range for these drugs [31]. 3. Formulations - The company is gradually overcoming the negative effects of centralized procurement on its existing products, with sales of key products expected to recover [3][21]. - The main product, Mometasone Furoate nasal spray, is projected to grow by 30% in H1 2024, indicating a favorable competitive landscape [3][24]. 4. New Products - The company is advancing its innovative product pipeline, with several new products showing strong commercial potential [4][5]. - Key products in development include the combination of new respiratory drugs and gynecological products, with expected market launches in the coming years [4][5]. 5. Financial Forecast and Valuation - The company is expected to achieve revenues of 45.70 billion CNY, 52.10 billion CNY, and 59.95 billion CNY for 2024, 2025, and 2026, respectively, with corresponding net profits of 6.70 billion CNY, 8.59 billion CNY, and 10.64 billion CNY [5][6]. - The financial outlook reflects a recovery trajectory, with anticipated growth rates of 10.83%, 14.00%, and 15.07% for the respective years [5].