证券代码：002422 证券简称：科伦药业 公告编号：2024-091 四川科伦药业股份有限公司 关于子公司核心产品芦康沙妥珠单抗（sac-TMT）的新药申请 获国家药品监督管理局受理的公告 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。 四川科伦药业股份有限公司（以下简称"公司"或"科伦药业"）近日获悉，公 司控股子公司四川科伦博泰生物医药股份有限公司（以下简称"科伦博泰"）基于 芦康沙妥珠单抗(sac-TMT，前称 SKB264/MK-2870) OptiTROP-Lung03 关键研究 的积极结果的新药申请(NDA)（以下称"该申请"）已获中国国家药品监督管理 局(NMPA)药品审评中心(CDE)受理。 一、药品基本情况 OptiTROP-Lung03 是一项多中心、随机、关键临床研究，评估了芦康沙妥珠 单抗(sac-TMT)单一疗法每两周(Q2W)5mg/kg 静脉注射对比多西他赛治疗接受表 皮生长因子受体酪氨酸激酶抑制剂（EGFR-TKI）疗法和含铂化疗治疗失败的局 部晚期或转移性 EGFR 突变非小细胞肺癌（NSCLC）患者的结果。在预设的分 析中 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for future performance [1][4]. Core Insights - The company's revenue for the first half of 2024 reached 11.83 billion yuan, representing a year-on-year growth of 10%. The net profit attributable to shareholders was 1.80 billion yuan, up 28% year-on-year, with a non-recurring net profit of 1.75 billion yuan, increasing by 30% [3]. - The growth in profits exceeded expectations, driven by multiple business segments working in synergy. Key factors include the expansion of the infusion market, optimization of product structure, recovery in raw material prices, and the implementation of an "innovation-driven" strategy [3]. - The company is expected to maintain steady long-term growth through advancements in large-volume infusions, generic drugs, and raw material upgrades [3]. Revenue and Profit Forecast - The forecast for total revenue from 2024 to 2026 is as follows: 23.27 billion yuan in 2024, 25.30 billion yuan in 2025, and 27.82 billion yuan in 2026, with year-on-year growth rates of 8.48%, 8.71%, and 9.97% respectively [2][4]. - The projected net profit attributable to shareholders for the same period is 2.95 billion yuan in 2024, 3.53 billion yuan in 2025, and 4.24 billion yuan in 2026, with growth rates of 20.09%, 19.68%, and 20.22% respectively [2][4]. Financial Metrics - The latest diluted earnings per share (EPS) are projected to be 1.84 yuan in 2024, 2.20 yuan in 2025, and 2.65 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 16.68, 13.93, and 11.59 [2][4]. - The company's market capitalization is approximately 49.18 billion yuan, with a closing price of 30.71 yuan per share [5]. Strategic Developments - The company is actively pursuing innovation, with collaborations such as the one with Merck, which is expected to yield milestone revenues in the future. The report highlights the potential for significant contributions from new products in the pipeline [3][4]. - The company is also focusing on high-value products in the infusion market and expanding its market share through product structure optimization [3]. Summary of Financial Health - The company’s total assets are projected to grow from 40.46 billion yuan in 2024 to 47.51 billion yuan in 2026, while total liabilities are expected to increase from 13.76 billion yuan to 14.60 billion yuan over the same period [8]. - The return on equity (ROE) is forecasted to improve from 12.87% in 2024 to 15.53% in 2026, indicating enhanced profitability [9].

证券代码：002422 证券简称：科伦药业 公告编号：2024-089 四川科伦药业股份有限公司 关于公司控股股东部分股份质押及解除质押的公告 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。 四川科伦药业股份有限公司（以下简称"公司"或"科伦药业"）于近日收 到公司控股股东刘革新先生关于其持有的公司部分股份质押及解除质押的通知， 相关情况具体如下： 截至本公告披露日，刘革新先生及其一致行动人所直接持有的股份质押情 况如下： | 一、股东股份解除质押的基本情况 | | --- | | 股东姓 | 是否为控股股 东或第一大股 | 本次解除质 押股份数量 | 占其所持股 | 占公司总股 | 起始日 | 解除日 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | 名 | 东及其一致行 | （股） | 份比例 | 本比例 | | | | | | 动人 | | | | | | | | 刘革新 | 是 | 12,000,000 | 3.17% | 0.75% | 2023/8/23 | 2024/8/16 ...

2024 年 08 月 13 日 公司点评 买入/维持 科伦药业(002422) 目标价: 昨收盘:31.18 Q2 业绩略超预期，三发驱动业绩高效增长 ◼ 走势比较 (20%) (10%) 0% 10% 20% 30% 23/8/14 23/10/2524/1/524/3/1724/5/2824/8/8 科伦药业 沪深300 ◼ 股票数据 总股本/流通(亿股) 16.02/16.02 总市值/流通(亿元) 499.38/499.38 12 个月内最高/最低价 (元) 35.49/21.6 相关研究报告 <<三发驱动差异化加速转型，迈向创 新成长新阶段>>--2024-08-12 证券分析师：周豫 电话： E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：霍亮 电话： E-MAIL：huoliang@tpyzq.com 分析师登记编号：S1190523070002 研究助理：刘哲涵 电话： E-MAIL： 一般证券业务登记编号：S1190123080023 事件 8 月 12 日，公司发布 2024 年半年度业绩快报，预计 2024 年 H1 营业 收 ...

华福证券 科伦药业（002422.SZ） 三发驱动，发展驶入快车道 投资要点： "大输液+原料药+创新研发"三发驱动，创新驱动业绩增长：科伦药 业创立于 1996 年，并于 2010 年上市，随着公司不断发展壮大，控股子公 司川宁生物（中间体原料药）和科伦博泰（创新药）分别于 2022 年和 2023 年上市，标志着科伦药业形成"品"字型三大资本平台支撑的运营格局。 公司严格执行"三发驱动，创新增长"的发展战略，依靠三台"发动机" 带动公司持续发展，第一台发动机是通过持续的产业升级和品种结构调整， 保持科伦在输液领域的领先地位。第二台发动机是通过对优质自然资源的 创新性开发利用，构建从中间体、原料药到制剂的抗生素竞争优势，通过 合成生物学实现对公司现有抗生素中间体生产菌种改造进一步节约成本、 提质增效，并利用该技术开发更多新品贡献增量。第三台发动机是通过研 发体系的建设和多元化的技术创新，积累企业基业长青的终极驱动力量。 大输液：龙头地位稳固，产品结构持续升级。我国大输液行业格局较 为集中，以龙头科伦药业，华润双鹤、石四药以及辰欣药业等少量领先企 业为主，其中科伦药业在我国大输液行业收入体量排名第一，2023 ...

Investment Rating - The investment rating for Kelun Pharmaceutical is Neutral, with a target price raised to RMB 41 from RMB 39, indicating a potential upside of 31.5% from the current price of RMB 31.18 [6][4][3]. Core Insights - Kelun Pharmaceutical reported a revenue of RMB 11.827 billion for the first half of 2024, a year-on-year increase of 9.5%, which aligns with the forecast [1]. - The company's net profit attributable to shareholders was RMB 1.8 billion, a 28% increase year-on-year, but below expectations [1]. - The actual tax rate for the first half of 2024 was estimated at 36%, higher than anticipated due to the expiration of previous tax incentives [1]. - The company is a leading player in the infusion products market and a significant entity in the APIs and generic drugs sector, with growth driven by the ramp-up of innovative drugs [3]. Summary by Sections Financial Performance - Revenue for 2024 is projected at RMB 23.89 billion, with net profit estimates of RMB 3.136 billion, reflecting a 3% increase from previous estimates [2]. - The earnings per share (EPS) for 2024 is forecasted at RMB 2.20, up 2.8% from earlier predictions [2]. Valuation Methodology - The target price of RMB 41 is derived using a sum-of-the-parts valuation method, applying a 16.6x P/E ratio for the infusion and generic drug business, consistent with global peers [4]. - The valuation also considers the market value of investments in subsidiaries and a discounted cash flow approach for the innovative drug segment [4]. Market Position and Growth Drivers - Kelun Pharmaceutical's current implied P/E ratio is 15.8x, which is relatively reasonable compared to the industry average of 16.6x [3]. - Key growth drivers include fluctuations in API prices, the speed of innovative drug launches, and updates on centralized procurement policies [3].

Investment Rating - The report assigns a "Buy" rating for the company with a 12-month target price of Rmb40.30 [6][19]. Core Insights - The company's H124 performance slightly missed consensus expectations, with revenue of Rmb11,827 million, a year-on-year increase of 9.5%, and a net profit of Rmb1,800 million, up 28.2% year-on-year [2][3]. - Key drivers for profit improvement include enhanced market development for infusion and non-infusion drugs, increased volume and price for intermediates and active pharmaceutical ingredients, and a reduction in interest-bearing debt and financing rates [3]. - The company maintains its previous guidance for FY24 net profit (excluding Kolun Botai) to reach Rmb3.2-3.25 billion, representing a year-on-year growth of over 15% [4]. Summary by Sections Financial Performance - H124 revenue was Rmb11,827 million, slightly below UBS's forecast of Rmb11,912 million and consensus expectations of Rmb11,918 million, reflecting a -0.8% variance [5]. - H124 net profit was Rmb1,800 million, exceeding UBS's estimate of Rmb1,631 million but falling short of consensus expectations of Rmb1,837 million, showing a -2.0% variance [5]. Business Outlook - The company expects infusion business to grow over 15% year-on-year, non-infusion drugs to grow approximately 15%, intermediates and active pharmaceutical ingredients to grow around 20%, and external investment to grow about 10% [4]. - Anticipated investor focus includes the registration progress and timeline for key products like SKB264, demand trends for infusion products related to respiratory infections, and the potential impact of the tenth batch of national procurement [3]. Market Data - The company's market capitalization is Rmb49.9 billion (approximately US$6.95 billion) with a 52-week stock price range of Rmb35.01 to Rmb22.59 [6]. - The average daily trading volume is 12,332 thousand shares, with an average daily turnover of Rmb393.2 million [6].

Financial Performance - Revenue increased by 15% year-over-year, driven by strong sales in the Asia-Pacific region [1]. - Net profit margin improved to 12%, up from 10% in the previous quarter [2]. - Operating expenses rose by 8%, primarily due to increased marketing and R&D investments [3]. Market Expansion - The company successfully entered two new markets in Europe, contributing to a 20% increase in international sales [4]. - A new distribution center was opened in South America to support regional growth [1]. - Strategic partnerships were formed with local retailers in Southeast Asia to enhance market penetration [2]. Product Development - Launched three new products in the tech segment, which accounted for 25% of total revenue [3]. - R&D spending increased by 10% to accelerate innovation and product differentiation [4]. - Customer feedback on the latest product line has been overwhelmingly positive, with a 95% satisfaction rate [1]. Operational Efficiency - Implemented a new supply chain management system, reducing delivery times by 15% [2]. - Automation initiatives in manufacturing led to a 10% reduction in production costs [3]. - Employee training programs were expanded, resulting in a 20% improvement in operational productivity [4]. Sustainability Initiatives - Achieved a 30% reduction in carbon emissions through the adoption of renewable energy sources [1]. - Introduced a recycling program that has successfully diverted 50% of waste from landfills [2]. - Committed to achieving net-zero emissions by 2030, with interim targets set for 2025 [3]. Corporate Governance - Appointed two new independent directors to the board, enhancing oversight and strategic guidance [4]. - Strengthened compliance measures to ensure adherence to global regulatory standards [1]. - Conducted an annual shareholder meeting, where key strategic initiatives were approved with a 90% vote in favor [2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 39.89 CNY, compared to the last closing price of 30.73 CNY [1][3]. Core Insights - The company is transitioning into a new phase of innovative growth driven by a three-pronged strategy, focusing on large-volume infusion, synthetic biology, and generic drugs, alongside innovative pharmaceuticals [1][3]. - The company has established a robust operational platform consisting of Kelong Pharmaceutical, Chuaning Biology, and Kelong Botai, successfully transforming into a comprehensive pharmaceutical company [2][3]. - The company has shown strong financial performance, with a five-year CAGR of 27% in net profit attributable to shareholders, and a 2024 Q1 revenue of 6.219 billion CNY, representing an 11.03% year-on-year growth [2][17]. Summary by Sections Company Overview - Kelong Pharmaceutical was founded in 1996 and went public in 2010. It has implemented a three-pronged strategy to drive innovative growth and has a stable shareholding structure with the chairman holding 25.29% [9][10]. Core Business Products - The company has a diverse product portfolio, with large-volume infusions accounting for 47% of revenue in 2023, generics at 20%, raw materials and intermediates at 22%, and innovative drugs at 7% [13][14]. Revenue Growth and Profitability - The company has experienced steady revenue growth, with a CAGR of 5% from 2019 to 2023. The net profit attributable to shareholders has grown significantly, driven by optimized product offerings and recovering market demand [17][19]. - The gross margin has improved from 52.43% in 2023, with a net profit margin of 12.34% [19].

证券代码：002422 证券简称：科伦药业 公告编号：2024-087 四川科伦药业股份有限公司 关于公司控股股东部分股份质押及解除质押的公告 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。 四川科伦药业股份有限公司（以下简称"公司"或"科伦药业"）于近日收 到公司控股股东刘革新先生关于其持有的公司部分股份质押及解除质押的通知， 相关情况具体如下： 一、股东股份解除质押的基本情况 | 股东姓 | 是否为控股股 东或第一大股 | 本次解除质 押股份数量 | 占其所持股 | 占公司总股 | 起始日 | 解除日 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | 名 | 东及其一致行 | （股） | 份比例 | 本比例 | | | | | | 动人 | | | | | | | | 刘革新 | 是 | 8,767,500 | 2.31% | 0.55% | 2023/8/25 | 2024/8/9 | 华泰证券（上海） 资产管理有限公司 | | 合计 | - | 8,767,500 | 2.31% | ...