Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 40.00, indicating a potential upside of 23.5% from the current price of RMB 32.40 [2][7]. Core Insights - The company reported strong growth in Q1 2024, with revenue of RMB 214.5 billion, a year-on-year increase of 12.7%, and a non-GAAP net profit of RMB 23.7 billion, up 43.8% year-on-year. The revenue and profit growth rates for Q4 2023 were 12.0% and 61.9%, respectively [1][2]. - The company is focusing on its raw materials and innovative business segments, with a notable increase in sales efficiency and a decrease in sales expenses [1]. - The company has announced a dividend of RMB 12.7 billion for 2023, maintaining a payout ratio of 51.8%, and expects to maintain a payout ratio of 40-60% over the next three years [1][2]. Financial Performance Summary - Revenue for 2023 was RMB 214.5 billion, with a year-on-year growth of 12.7%. The projected revenue for 2024 is RMB 232 billion, reflecting a 2-3% upward revision [2][4]. - The net profit for 2023 was RMB 2.456 billion, with a projected increase to RMB 2.854 billion in 2024, representing a 17-19% upward revision [2][4]. - The company’s gross profit margin is expected to improve, with projections of 52.06% for 2024, up from 51.21% in the previous forecast [5]. Segment Performance - The intravenous infusion segment grew by 7%, with sales volume increasing by 10.6% to 4.38 billion bags. The company expects sales to reach 4.7-4.8 billion bags in 2024 [1]. - The intermediate and raw materials segment saw a year-on-year growth of 23.8%, driven by both volume and price increases [1]. - Revenue from R&D projects confirmed at RMB 15.5 billion, with additional milestone income expected from collaborations [1]. Future Outlook - The company anticipates continued strong performance in its core raw materials and intermediates, with demand and prices remaining high [1]. - The projected revenue growth for 2024-2026 is expected to be 11% and 14% CAGR, respectively, with a target price based on DCF valuation indicating a 24% potential upside [2][6].

公 司 研 究 [Table_Reportdate] 2024年04月29日 [Table_invest] [科Tabl伦e_N药ewT业itle] （002422）：大输液原料药快速 买入（维持） 公 增长，创新药持续兑现 司 报告原因：业绩点评 简 ——公司简评报告 评 [table_main] [证Ta券b分le析_A师u thors] 投资要点 杜永宏 S0630522040001 dyh@longone.com.cn ➢ 业绩表现靓丽。公司2023年营业收入为214.54亿元，同比增长12.69%，归母净利润24.56 医 证券分析师 亿元，同比增长44.03%，2024年Q1营业收入62.19亿元，同比增长10.32%，实现归母净 药 伍可心 S0630522120001 生 wkx@longone.com.cn 利润10.26亿元，同比增长26.00%。公司主要板块发展良好，国际化创新持续推进，业绩 联系人 表现优秀。 物 付婷 ➢ 输液板块增长良好，仿制药有望逐渐恢复增长。2023年公司大输液板块营业收入101.09亿 futing@longone.com.cn 元，同比增长6.96%，销量4 ...

科伦[Ta药ble业_S（tock 0N 0am 2e 4R 2p 2tT .y Spe Z] ） 公司研究/公司点评 23FY 三发驱动创新增长，结构优化降本增效 [T投 ab资 le_评 R级 an： k]买 入（维持） 主要观点： 报告日期： 2024-04-29 ⚫ 事件1 2024年4月25日，科伦药业发布2023年年度业绩报告，报告期内公 [收Ta盘bl价e_（Ba元se）D ata] 32.83 司实现营业收入214.54亿元，同比+12.69%；归母净利润24.56亿元， 近12个月最高/最低（元） 33.28/21.60 同比+44.03%；扣非归母净利润23.66亿元，同比+43.77%。单季度来 总股本（百万股） 1602 流通A股（百万股） 1307 看，公司2023Q4收入为57.11亿元，同比+12.02%；归母净利润为4.93 流通股比例（%） 81.58% 亿元，同比+64.31%；扣非归母净利润为4.45亿元，同比+61.89%。 ⚫ 事件2 总市值（亿元） 525.8 流通市值（亿元） 429.1 同日，科伦药业发布 2024 年一季度业绩报告，报告期内公司实现营业 收入6 ...

Investment Rating - The report upgrades the investment rating to "Buy" with a target price of 39.38 CNY for the next six months [1][11]. Core Insights - The company reported a revenue of 21.45 billion CNY in 2023, a year-on-year increase of 12.7%, and a net profit of 2.46 billion CNY, up 44% [2][3]. - The infusion business showed strong performance, with sales revenue reaching 10.11 billion CNY, a growth of 7% [2]. - The innovative platform of Kelun Biotech is progressing, with significant revenue from licensing agreements and ongoing clinical trials for over ten innovative projects [2][11]. - The company expects EPS of 1.79 CNY, 2.06 CNY, and 2.37 CNY for 2024-2026, with net profit growth rates of 16.5%, 15.4%, and 14.7% respectively [2][3]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 21.45 billion CNY, with a net profit of 2.46 billion CNY, reflecting a 44% increase [2][3]. - For Q1 2024, the revenue was 6.22 billion CNY, a 10.3% year-on-year increase, and the net profit was 1.03 billion CNY, up 26% [2]. Business Segments - The infusion segment generated sales of 10.11 billion CNY, with a volume of 4.38 billion bottles/bags, marking a 10.6% increase [2]. - The antibiotic intermediates and raw materials segment saw revenue of 4.84 billion CNY, a growth of 23.8% [2][9]. Future Projections - The company forecasts revenue growth rates of 13.44%, 9.91%, 12.71%, and 13.07% for 2023-2026 [3][9]. - The projected net profit for 2024 is 2.86 billion CNY, with a growth rate of 16.46% [3][11]. Valuation Metrics - The report assigns a PE ratio of 22 for 2024, corresponding to the target price of 39.38 CNY [11][12]. - The company’s average PE among comparable firms is 20, indicating a competitive valuation [11].

[Table_StockInfo] 买入 2024年 04月 26日 （上调） 证券研究报告•2023年报&2024年一季报点评 当前价：3 2.40元 科伦药业（002422） 医 药生物 目标价：3 9.38元（6个月） 输液业务表现亮眼，创新转型加速兑现 投资要点 西南证券研究发展中心 [T ab事le件_S：um公m司a发ry布] 2023 年年报及 2024 年一季报，2023 年公司实现营业收入 214.5 亿元，同比增长 12.7%；归母净利润 24.6 亿元，同比增长 44%；扣非 [分Ta析bl师e_：Au杜th向or阳] 归母净利润 23.7亿元，同比增长 43.8%。2024Q1 实现营业收入 62.2亿元， 执业证号：S1250520030002 同比增长 10.3%；归母净利润 10.3 亿元，同比增长 26%；扣非归母净利润 电话：021-68416017 9.9亿元，同比增长25.7%，业绩符合预期。 邮箱：duxy@swsc.com.cn  科伦博泰创新平台持续推进，商业化值得期待。2023 年科伦博泰实现营收 15.4 亿元（+91.6%），来自默沙东的许可及合作协议收入 ...

[Table_Page] 年报点评|化学制药 证券研究报告 [科Table_伦Title] 药业（002422.SZ） [公Tab司le_I评nves级t] 买入 当前价格 31.30元 三发驱动业绩增长，创新研发高效推进 合理价值 48.49元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-26 ⚫ 事件：公司发布2023年报及2024年一季度：2023年营收214.54亿 相[Ta对ble市_Pi场cQu表ote现] 元，同比+12.69%；归母净利润24.56亿元，同比+44.03%；扣非归母 净利润23.66亿元，同比+43.77%。2024年Q1实现营收62.19亿元， 10% 同比+10.32%；归母净利润10.26亿元，同比+26%；扣非归母净利润 3% 9.92 亿元，同比+25.67%。业绩增长主要驱动原因包括：（1）输液、 -4%04/23 06/23 08/23 10/23 12/23 02/24 04/24 非输液制剂板块产品结构优化；（2）原料药中间体主要产品销量和价 -11% 格同比上涨；（3）科伦博泰确定默沙东相关里程碑款；（4）有 ...

口口 科伦药业20240425_智能速览 2024年04月26日00:57 关键词 科伦药业 科伦博泰 川宁生物 原料药 中间体 销售 青霉素 阿莫西林 氨苄西林 头孢类 TADC 仿制药 创新 药 集采 市场份额 科伦 增长 净利润 销售费用 股东回报 全文摘要 化以及监管环境的严格，并展现了行业参与者对创新和高质量发展的持续追求。 章节速览 ● 00:00 2023年抗生素原料药及中间体市场展望 由于新冠疫情的影响和全球市场需求的增长，抗生素原料药及中间体市场呈现出旺盛的需求。特别是在 硫氰酸红霉素和青霉素板块，因供应链紧张和产量减少，市场价格持续上涨。特别是2022年以来，相关 企业如川宁生物的中间体销售额表现良好，预计未来市场将继续保持高位。此外，尽管面临来自国外的 竞争威胁，但中国作为全球抗生素产业链的核心优势不容忽视，预示着中国企业在该领域的长期竞争 力。 ● 06:39 国泰医疗产品研发与市场策略 国泰医疗在过去一年在临床研究、肿瘤药物开发、仿制药和创新药领域取得显著进展，特别是在创新型 生物药和治疗方法的研发上取得了重大突破。公司主要围绕四个方向进行了介绍：临床管线进展情况、 肿瘤相关药物研发 ...

公[Ta司ble点_H评ead报er] 告●化学制药 2024 年 04 月25 日 [Table_Title] 输液龙头业绩亮眼，需求旺盛可持续性 [ 科Ta 伦ble 药_S 业toc (k 0C 0o 2d 4e] 2 2) 较高 [Tabl推e_In荐ves tRank] (维持) 核心观点： 分析师 程培 ⚫⚫ [事 Ta件 ble： _S公 um司 m发 ar布 y] 2023年年报和 2024年一季报，2023年公司实现收入 214.54 [Table_Authors] 亿元，同比增长 12.69%，实现归母净利润 24.56亿元，同比增长 44.03%。2024 ：021-20257805 年一季度公司实现收入 62.19亿元，同比增长 10.32%，实现归母净利润 10.26 ：chengpei_yj@chinastock.com.cn 亿元，同比增长 26%。 分析师登记编码：S0130522100001 ⚫ 输液持续超预期，需求旺盛&结构优化，未来仍将快速增长。2023年公司 输液板块收入 101.09 亿元，同比增长 6.96%；销量 43.78 亿瓶/袋，同比增长 孙怡 10.6 ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Insights - The company achieved a revenue of 21.454 billion yuan in 2023, representing a year-on-year growth of 12.69%, and a net profit of 2.456 billion yuan, up 44.03% year-on-year [1] - The company is accelerating its innovation transformation driven by three main factors: strong growth in its core business, ongoing international innovation, and effective cost management [1] - The company has seen a steady revenue growth trend, with Q4 2023 and Q1 2024 revenues growing by 12.02% and 10.32% year-on-year, respectively [1] Financial Performance Summary - In 2023, the company reported a revenue of 21.454 billion yuan, with a net profit of 2.456 billion yuan, and a net profit margin of 11.4% [8] - The company’s R&D expense ratio was 9.06%, showing a slight decrease from the previous year, while absolute R&D expenses increased by 8.27% to 1.944 billion yuan [1][8] - The company’s operating cash flow increased by 70.68% year-on-year, indicating strong cash generation capabilities [1] Growth Drivers - Key growth drivers include increased sales of infusion products, recovery in raw material prices, and multiple milestone payments from collaborations with MSD [1] - The company has initiated seven global Phase III clinical studies for SKB264, which is expected to become a core asset in MSD's oncology portfolio [1] - The company is also advancing its domestic ADC products and has received acceptance for several innovative drug applications [1] Earnings Forecast and Valuation - The company’s projected net profits for 2024, 2025, and 2026 are 2.77 billion yuan, 3.22 billion yuan, and 3.82 billion yuan, respectively, with corresponding growth rates of 12.9%, 16.2%, and 18.7% [2] - The report adjusts the earnings forecast upwards, reflecting the expected acceleration in revenue from generic drug achievements and ongoing innovation [1][2]

长江证券承销保荐有限公司 四川科伦博泰生物医药股份有限公司境外上市 之持续督导核查意见 关于四川科伦药业股份有限公司分拆所属子公司 四川科伦药业股份有限公司（以下简称"公司"、"上市公司"、"科伦药 业"）将其所属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 泰生物"）分拆在境外上市（以下简称"本次分拆上市"、"本次分拆"），长 江证券承销保荐有限公司作为本次分拆上市的独立财务顾问，根据中国证监会 《上市公司分拆规则（试行）》（以下简称"《分拆规则》"），对本次分拆后 上市公司核心资产与业务的独立经营状况及持续经营能力、科伦博泰生物是否发 生对上市公司权益有重要影响的资产和财务状况变化、科伦博泰生物是否存在其 他对上市公司股票价格产生较大影响的重要信息以及上市公司是否依法履行相 关信息披露义务等持续督导事项进行了专项核查，发表核查意见如下： 一、本次分拆上市概况 2023 年 1 月 13 日，公司召开第七届董事会第二十三次会议、第七届监事会 第十五次会议，审议通过了《关于分拆所属子公司四川科伦博泰生物医药股份有 限公司至香港联合交易所有限公司主板上市符合相关法律、法规规定的议案》等 与本次分拆上 ...