Investment Rating - The investment rating for the company is "Buy" with a current price of 11.71 CNY and a fair value of 13.73 CNY [1]. Core Insights - The company's formulation sales have stabilized after the impact of centralized procurement, with new products gradually gaining traction. In the first half of 2024, the company achieved operating revenue of 2.138 billion CNY, a year-on-year increase of 0.93%, and a net profit attributable to shareholders of 340 million CNY, up 12.56% year-on-year [2]. - The sales revenue from formulation products reached 1.215 billion CNY, reflecting a growth of 10.6% year-on-year, while the sales revenue from APIs and intermediates was 910 million CNY, down 9% year-on-year [2]. - The company is actively enhancing its core competitiveness, with a mature sales system. The growth in formulation products is primarily driven by overcoming the impact of centralized procurement, with new products showing significant growth [2]. Financial Performance Summary - For the first half of 2024, the company reported a net profit of 340 million CNY, with a year-on-year growth of 12.56%. The adjusted net profit was 331 million CNY, up 11.78% year-on-year [2]. - The company forecasts net profits of 679 million CNY, 808 million CNY, and 969 million CNY for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 17, 14, and 12 times [2]. - The company’s operating revenue is projected to grow from 4.419 billion CNY in 2024 to 5.626 billion CNY in 2026, with growth rates of 7.2% and 14.6% respectively [3][5].

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：2024-08 | --- | --- | --- | --- | --- | --- | |-------------------------------|----------------------------------------------------------------|--------|----------|---------------------------------------------|----------------------------------------------------------| | 投资者关系活动 \n类别 \n | 特定对象调研 \n 媒体采访 \n□新闻发布会 □路演活动 \n□现场参观 | | | 现场会议□分析师会议 \n□业绩说明会 \n 其他 | 电话会议 | | 参与单位名称 | 中泰证券 | 祝嘉琦 | 中泰证券 | 李雨蓓 | 华泰证券 李奕玮 | | | 浙商医药 | 盖文化 | 浙商医药 | 郭双喜 | 永赢基金 单林 | | | 永赢基 ...

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].

浙江仙琚制药股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | --- | --- | --- | |----------------|---------------|-------------------|-------------|-------------------|-------------|--------------------| | 投资者关系活动 | | 特定对象调研 | | | | | | 类别 | | | | | | | | | | | | | | | | | □现场参观 | | | 其他 | 电话会议 | | | 参与单位名称 | 祝嘉琦 李雨蓓 | 中泰证券 中泰证券 | 孙建 许菲菲 | 浙商医药 招商医药 | 余汝意 周豫 | 开源医药太平洋医药 | | | 胡偌碧 | 国盛医药 | 郭双喜 | 浙商医药 | 杨涛 | 民生医药 | | | 侯彪 | 招商证券 | 孙怡 | 银河医药 | 阮帅 | 开源医药 | | | 盖文化 | 浙商医药 | 王宏雨 | 华创医药 | 乔露阳 | 太平洋医药 | | | 周新明 | 东吴医药 | 吴明华 | 德 ...

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 | --- | --- | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------|------------------------------| | ⚫ ...

证 券 研 究 报 告 仙琚制药（002332）2024 年中报点评 强推（维持） 中报符合市场预期，看好公司经营再上台阶 目标价：17 元 事项： ❖ 8 月 26 日，公司发布 24 年中报。24H1 公司收入 21.38 亿元（+0.93%），归母 净利润 3.40 亿元（+12.56%），扣非归母净利润 3.31 亿元（+11.78%）。24Q2 公 司收入 11.00 亿元（-5.25%），归母净利润 1.89 亿元（+11.80%），扣非归母净 利润 1.86 亿元（+13.35%）。业绩符合市场预期。 评论： ❖ 原料药：量增弥补价格下滑，积极修炼内功。24H1 年原料药及中间体销售收 入 9.1 亿元（-9%）；其中主要自营原料药销售收入 4.89 亿元（-1.2%），意大利 子公司销售收入 2.97 亿元（-15%），仙曜贸易公司销售收入 1.1 亿元，其他原 料药贸易 0.12 亿元。看单二季度，我们预计，在自营原料药价格同比高基数 的情况下，公司凭借自身竞争优势通过销售量增长基本弥补价格下滑；同时单 二季度受海外客户下游去库存以及汇率等影响，意大利 Newchem 短期波动。 我们预计在 ...

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 ...