Financial Performance - The company's revenue for Q3 2024 was ¥352,007,088.55, a decrease of 13.97% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2024 was ¥126,792,812.09, an increase of 60.84% year-on-year[2] - The net profit excluding non-recurring gains and losses for Q3 2024 was ¥48,778,115.49, down 9.80% from the previous year[2] - The basic earnings per share for Q3 2024 was ¥0.1015, reflecting a 64.24% increase compared to the same period last year[2] - Total operating revenue for the period was CNY 1,207,602,942.05, a decrease of 17.6% compared to CNY 1,465,941,311.21 in the previous period[13] - Net profit for the period was CNY 298,597,921.90, an increase of 59.1% compared to CNY 187,652,324.30 in the previous period[14] - Earnings per share (EPS) for the period was CNY 0.2471, up from CNY 0.1549 in the previous period[15] - The company’s total comprehensive income for the period was CNY 298,737,624.85, compared to CNY 186,086,657.27 in the previous period[15] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,762,272,162.00, a slight decrease of 0.14% from the end of the previous year[2] - The total assets amounted to CNY 2,762,272,162.00 and equity amounted to CNY 2,484,899,948.42 respectively[12] - The total liabilities decreased from ¥292,172,947.64 to ¥277,372,213.58, a decline of approximately 5.1%[11] - The company’s total liabilities and equity decreased slightly from CNY 2,766,081,444.15 to CNY 2,762,272,162.00[12] Cash Flow - Operating cash inflow for the current period was CNY 1,303,233,031.89, a decrease of 32.8% from CNY 1,939,647,154.95 in the previous period[16] - Net cash flow from operating activities increased to CNY 450,750,025.74, up 15.2% from CNY 391,002,276.99 year-over-year[16] - Cash outflow from investing activities was CNY 303,959,223.80, a decrease of 8.0% compared to CNY 329,978,441.76 in the previous period[17] - Net cash flow from investing activities improved to -CNY 58,777,577.01, an improvement of 45.8% from -CNY 108,039,608.48 year-over-year[17] - Cash inflow from financing activities decreased significantly to CNY 3,000,000.00 from CNY 442,500,000.00 in the previous period[17] - Net cash flow from financing activities was -CNY 325,099,885.02, worsening from -CNY 226,310,659.25 year-over-year[17] - The ending balance of cash and cash equivalents increased to CNY 637,459,832.53, up from CNY 464,690,328.84 in the previous period[17] Expenses and Costs - The company's gross profit margin improved, contributing to a net profit increase due to the recovery of previously provisioned bad debts[5] - Research and development expenses increased compared to the previous year, impacting the net profit excluding non-recurring items[5] - The company's development expenditures increased to ¥99,660,827.47 from ¥70,162,324.03, representing a growth of about 42.3%[11] - Total operating costs decreased to CNY 957,440,753.08, down 26.4% from CNY 1,300,459,887.27 in the previous period[13] - Cash paid for employee compensation decreased slightly to CNY 159,473,556.56 from CNY 165,156,895.07 in the previous period[16] Inventory and Receivables - The company reported a 63.56% decrease in notes receivable at the end of the reporting period, attributed to increased payments of bank acceptance bills[5] - Inventory decreased by 35.09% compared to the beginning of the year, mainly due to a drop in the price of key raw materials[5] - Inventory decreased significantly from ¥602,010,484.51 to ¥390,770,971.42, a reduction of approximately 35.1%[10] - Accounts receivable rose to ¥270,788,117.63 from ¥225,031,849.78, indicating an increase of about 20.3%[10]

Financial Performance - The net profit attributable to shareholders for the first three quarters of 2024 is expected to be 309.58 million yuan, representing a year-on-year increase of 56.47% compared to 197.86 million yuan in the same period last year [2]. - The net profit after deducting non-recurring gains and losses is expected to be 215.10 million yuan, an increase of 29.74% from 165.79 million yuan in the previous year [2]. - The basic earnings per share for the first three quarters is expected to be 0.25 yuan, up from 0.15 yuan in the same period last year [2]. - For the third quarter of 2024, the net profit attributable to shareholders is expected to be 126.79 million yuan, a year-on-year increase of 60.84% compared to 78.83 million yuan [3]. - The net profit after deducting non-recurring gains and losses for the third quarter is expected to be 35.64 million yuan, a decrease of 34.09% from 54.08 million yuan in the previous year [3]. - The basic earnings per share for the third quarter is expected to be 0.10 yuan, compared to 0.06 yuan in the same period last year [3]. Non-Recurring Gains and Losses - The company received a settlement payment of 85 million yuan related to a dispute with Jianyuan Trust, contributing to the non-recurring gains and losses of 94.48 million yuan during the reporting period [5]. Profitability and Expenses - The gross profit margin has continued to improve compared to the same period last year, while the sales expense ratio has gradually decreased, leading to sustained growth in net profit [5]. Caution and Auditing - The performance forecast has not been audited by the accounting firm, and specific financial data will be confirmed in the third-quarter report [4]. - Investors are advised to exercise caution as the performance forecast is based on preliminary estimates by the company's finance department [5].

本次董事会会议形成决议如下： 一、审议并通过了《关于公司与建元信托股份有限公司签署和解协议的议 案》 证券代码：002550 证券简称：千红制药 公告编号：2024-033 常州千红生化制药股份有限公司 第六届董事会第五次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 常州千红生化制药股份有限公司（以下简称"本公司"或"公司"）第六届 董事会第五次会议通知于 2024 年 9 月 24 日通过邮件方式送达，会议于 2024 年 9 月 30 日在公司会议室召开，会议应出席董事 9 人，实际出席董事 9 人。会议 由董事长王耀方先生召集并主持。本次会议的通知、召开以及董事出席人数和表 决人数符合《公司法》等法律法规和本公司《公司章程》的有关规定，本次会议 所形成的有关决议合法、有效。 常州千红生化制药股份有限公司 董事会 2024 年 10 月 9 日 2024 年 9 月 30 日，经双方友好协商，公司与建元信托股份有限公司就锐赢 64 号信托计划理财产品纠纷案（案号（2020）沪 74 民初 5 号）达成和解并签署 了《和解协议》。该协议签署当 ...

证券代码：002550 证券简称：千红制药 公告编号：2024-034 常州千红生化制药股份有限公司 常州千红生化制药股份有限公司（以下简称"公司"或"本公司"）2018 年 购买了安信锐赢 64 号·流动资金贷款集合资金信托计划（以下简称"锐赢 64 号 信托计划"）理财产品，到期时间为 2019 年 8 月 15 日。自 2019 年 8 月起，该笔 理财产品出现逾期未兑付，逾期本金 17,000 万元。公司就锐赢 64 号信托计划项 下与建元信托股份有限公司（以下简称"建元信托"）的受益权转让协议纠纷向 上海金融法院提起诉讼，案号为（2020）沪 74 民初 5 号，法院受理时的涉诉金 额为 19,831.72 万元。具体情况详见公司披露的《2018 年年度报告》、《2019 年年 度报告》、《2020 年年度报告》、《2021 年年度报告》、《2022 年年度报告》、《2023 年年度报告》与《诉讼公告》（公告编号：2020-001）。 二、本次诉讼的进展情况 2024年9月30日，经双方友好协商，公司与建元信托股份有限公司达成和解 1. 案件所处的诉讼阶段：1 宗案件已和解且已撤诉。 2. 上市公司 ...

Investment Rating - The investment rating for the company is maintained at "Accumulate" [4][3]. Core Insights - In H1 2024, the company achieved a rapid profit growth with a significant increase in gross margin, reporting a revenue of 856 million yuan, down 19.04% year-on-year, and a net profit attributable to shareholders of 183 million yuan, up 53.57% year-on-year [1]. - The raw material drug segment saw a notable gross margin increase to 33.70%, up 20.31 percentage points year-on-year, despite a revenue decline of 41.34% to 269 million yuan [1]. - The formulation segment's revenue was 584 million yuan, down 1.49% year-on-year, with a gross margin of 61.36%, down 1.99 percentage points [1]. - The company has two innovative drugs in phase II clinical trials and two more expected to enter phase II soon, with positive safety and efficacy results reported [2]. Financial Performance Summary - The company forecasts revenues of 1.711 billion yuan, 2.202 billion yuan, and 2.507 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 316 million yuan, 356 million yuan, and 429 million yuan for the same years [3][4]. - The gross margin is projected to improve to 53.07% in 2024, with a net profit margin of 18.47% [7]. - The company’s total assets are estimated to be 2.748 billion yuan in 2024, with a debt ratio of 8.65% [7].

公 司 研 究 [Table_Reportdate] 2024年08月19日 医 药 生 物 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn 联系人 付婷 futing@longone.com.cn | --- | --- | --- | |------------------------------------|------------|-------| | | | | | | | | | 数据日期 Table_cominfo] 收盘价 | 2024/08/16 | | | 总股本 万股 | 5.65 | | | ( ) | 127,980 | | | 流通 A 股 /B 股 ( 万股 ) | 91,023/0 | | | 资产负债率 (%) | 10.32% | | | 市净率 ( 倍 ) | 3.07 | | | 净资产收益率 ( 加权 ) | 7.60 | | | 12 个月内最高 ...

2024 年 8 月 17 日 公司研究 肝素 API 毛利率明显回升，创新转型稳步推进 ——千红制药（002550.SZ）2024 年中报点评 要点 事件：公司发布 2024 年中报，实现营业收入 8.56 亿元，同比-19.04%；归母净 利润 1.83 亿元，同比+53.57%；扣非归母净利润 1.79 亿元，同比+60.64%；经 营性净现金流 2.84 亿元，同比+164.65%。EPS（基本）0.15 元。业绩符合市场 预期。 肝素 API 毛利率明显回升，带动净利润同比高增长。24Q1~Q2，公司单季度营 业收入分别为 4.61/3.94 亿元，同比-24.19%/-12.05%；归母净利润 1.04/0.79 亿元，同比+21.13%/+137.87%；扣非归母净利润 1.02/0.77 亿元，同比+19.11%/ +196.88%。分业务看：24H1，公司原料药收入 2.69 亿元（同比-41.34%）， 估计主要受肝素 API 价格波动的影响，毛利率 33.70%（同比+20.30pp），估计 主要是肝素 API 的原材料成本回落带动毛利率回升；制剂收入 5.84 亿元（同比 -1.49% ...

华福证券 千红制药（002550.SZ） 原料药业务弹性明显，创新药研发进展顺利 投资要点： 公司发布 2024 年半年度报告 2024H1：公司实现收入 8.6 亿元，同比下降 19%，归母净利润 1.8 亿元，同比增长 53.6%，扣非归母净利润 1.8 亿元，同比增长 60.6%。 2024Q2：公司实现收入 3.9 亿元，同比下滑 12.1%，归母净利润 0.8 亿元，同比增长 137.9%，扣非归母净利润 0.8 亿元，同比增长 196.9%。 原料药业务毛利率弹性明显，公司毛利率维持高位 2024 年上半年实现收入 8.6 亿元，其中：1）制剂业务：收入 5.8 亿元，同比下滑 1.5%，占总收入的比例为 68.3%，毛利率为 61.4%， 同比下降 2pct；2）原料药业务：实现收入 2.7 亿元，同比下降 41.3%， 占总收入的比例为 31.5%，毛利率为 33.7%，同比提升 20.3pct；3）公 司毛利率维持高位：在原料药业务毛利率的弹性带动下，公司整体毛 利 率 改 善 显 著 ， 23Q4/24Q1/24Q2 公 司 整 体 毛 利 率 分 别 为 44.7%/53.1%/52.2 ...

本报告的标题是甘肃和代表美笼洲之一加速创新化转型主要投资逻辑分四点第一点是下游原料要求全球去库存接近尾声甘肃盈利加上扩大随着这个2023年开始的甘肃原料下游去库存目前的话我们认为整个去库存的周期已经接近尾声 甘肃原料药的需求和价格都气温回升我们认为甘肃公司甘肃业务呢迎来短一点就供应比较大第二点的话是低分子甘肃直击接触剂采放量广角品种有望快速提高施展率公司也是一个原料药直击提华企业目前的话公司的Eno甘肃钠中标了第八批剂采目前的话就是本身公司的Eno甘肃钠施展率相对比较低作为广角品种有望接触剂采快速放量来提升一个施展率 第三点的话是宜居太原煤龙头优势显著联合拜尔发力OTC端公司除了甘肃原料药和甘肃知迹业务以外还有这个宜淡白煤的相关产品主要的话是宜居太原煤产品宜开和富房小化煤产品宜美目前的话宜开是国内市占率的邓存第一目前销售率销售销售销售额是2022年的8500万元 以美的话相对来讲市占率比较低但是处在一个快速增长的态势中公司业和拜尔签署了协议可以依托拜尔的OTC销售平台在零售渠道提升品牌知名度和市占率有望成为下一个梅之基的大品种第四点的话是公司的创新化转型进程相对来讲也是比较符合预期的目前的话多款创新要产品进入 ...

公 司 报 告 公 司 半 年 报 点 评 证 券 研 究 报 告 千红制药(002550.SZ) 利润端有望持续较快增长，差异化创新管线快速推进 | --- | --- | |----------------------------|-----------------| | | | | 行业 | 医药 | | 公司网址 | www.qhsh.com.cn | | 大股东 / 持股 | 王耀方 /19.96% | | 实际控制人 | 王耀方 | | 总股本 ( 百万股 ) | 1,280 | | 流通 A 股 ( 百万股 ) | 910 | | 流通 B/H 股 ( 百万股 ) | | | 总市值（亿元） | 73 | | 流通 A 股市值 ( 亿元 ) | 52 | | 每股净资产 ( 元 ) | 1.83 | | 资产负债率 (%) | 10.3 | | 行情走势图 | | | --- | --- | |----------|---------------------------------------------| | | | | 研究助理 | S1060519060002 hanmengmeng005 ...