证券研究报告 医药生物 | 化学制药 非金融|首次覆盖报告 hyzqdatemark 2024 年 11 月 21 日 证券分析师 业绩短期承压。2024 年前三季度，公司实现营业收入 21.6 亿元，同比下滑 16.4%， 实现归母净利润 1.7 亿元，同比下滑 41.6%；2024Q3，实现营业收入 7.4 亿元，同 比下滑 7.3%，实现归母净利润 0.55 亿元，同比下滑 45.7%。 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 李强 SAC：S1350524040001 liqiang01@huayuanstock.com | --- | --- | |-------------------------------|----------------| | | | | 基本数据 2024 | 年 11 月 21 日 | | 收盘价（元） | 13.43 | | 一 年 内 最 高 / 最 低 （元） | 19.10/11.33 | | 总市值（百万元） | 11,074.32 | | 流通市值（百万元） | 9,983.06 | | 总股本（百万股 ...

公 司 报 告 公 司 季 报 点 评 证 券 研 究 报 告 2024年10月29日 医药 东诚药业(002675.SZ) 24Q3单季度收入降幅收窄，创新核药进展顺利 强烈推荐( 维持) 事项： 股价:13.35元 | --- | --- | |------------------------------------|----------------------------------| | 行业 | 医药 | | 公司网址 | www.dcb-group.com | | 大股东 / 持股 | 烟台东益生物工程有限公司 /15.15% | | 实际控制人 | 由守谊 | | 总股本 ( 百万股 ) | 825 | | 流通 A 股 ( 百万股 ) | 743 | | | | | 流通 B/H 股 ( 百万股 ) | | | 总市值 ( 亿元 ) | 110 | | 流通 A 股市值 ( 亿元 ) | 99 | | 每股净资产 ( 元 ) 资产负债率 (%) | 5.46 36.7 | | 行情走势图 | | 相关研究报告 【平安证券】东诚药业（002675.SZ）*半年报点评* 原料药拖累短期业绩，持续看 ...

烟台东诚药业集团股份有限公司 2024 年第三季度报告 1 证券代码：002675 证券简称：东诚药业 公告编号：2024-064 烟台东诚药业集团股份有限公司 2024 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度报告是否经过审计 □是 否 烟台东诚药业集团股份有限公司 2024 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |------------------------------------------------------|------------------|-------------------------|--- ...

[Table_Main] 证券研究报告 | 公司点评 东诚药业(002675.SZ) 2024 年 09 月 26 日 买入（维持） 所属行业：医药生物/化学制药 当前价格(元)：12.42 证券分析师 周新明 资格编号：S0120524060001 邮箱：zhouxm＠tebon.com.cn 吴明华 资格编号：S0120524050002 邮箱：wumh3＠tebon.com.cn 市场表现 -34% -23% -11% 0% 11% 23% 34% 2023-09 2024-01 2024-05 2024-09 东诚药业 沪深300 | --- | --- | --- | --- | |--------------------------------|-------|-------|-------| | | | | | | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅 (%) | 6.15 | 6.24 | 1.64 | | 相对涨幅 (%) | -0.40 | 1.95 | -0.89 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《东诚药业（002675 ...

证券研究报告 非金融公司|公司点评|东诚药业（002675） 核药业务稳定，肝素原料药营收下降 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月03日 证券研究报告 |报告要点 东诚药业发布 2024 年中报，上半年实现收入 14.21 亿元，同比下降 20.41%,实现归母净利 1.12 亿元，同比下降 39.35%，实现扣非归母净利 1.06 亿元，同比减少 39.02%。 |分析师及联系人 夏禹 郑薇 SAC：S0590518070004 SAC：S0590521070002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年09月03日 东诚药业(002675) 核药业务稳定，肝素原料药营收下降 | --- | --- | |----------------------------|-------------------| | | | | 行 业： | 医药生物/化学制药 | | 投资评级： | 买入（维持） | | 当前价格： | 11.48 元 | | 基本数据 | | | 总股本/流通股本 (百万股) | 824.60 ...

证券代码：002675 证券简称：东诚药业 烟台东诚药业集团股份有限公司投资者关系活动记录表 编号：2024-002 | --- | --- | --- | |-----------------------------|----------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 投资者关系活动 | ■特定 ...

公 司 报 告 公 司 半 年 报 点 评 证 券 研 究 报 告 2024年09月02日 医药 东诚药业(002675.SZ) 原料药拖累短期业绩，持续看好核医学中长期发展前景 强烈推荐( 维持) 事项： 股价:11.93元 | --- | --- | |------------------------|----------------------------------| | 行业 | 医药 | | 公司网址 | www.dcb-group.com | | 大股东 / 持股 | 烟台东益生物工程有限公司 /15.15% | | 实际控制人 | 由守谊 | | 总股本 ( 百万股 ) | 825 | | 流通 A 股 ( 百万股 ) | 743 | | 流通 B/H 股 ( 百万股 ) | | | 总市值 ( 亿元 ) | 98 | | 流通 A 股市值 ( 亿元 ) | 89 | | 每股净资产 ( 元 ) | 5.38 | | 资产负债率 (%) | 37.5 | | 行情走势图 | | 相关研究报告 【平安证券】东诚药业（002675.SZ）*年报点评*肝 素原料药致业绩短期承压，2024年迎来核药管 ...

Financial Performance - Revenue for the reporting period was RMB 1.42 billion, a decrease of 20.41% compared to the same period last year[10] - Net profit attributable to shareholders of the listed company was RMB 111.79 million, a decrease of 39.35% year-on-year[10] - Net cash flow from operating activities was negative RMB 17.79 million, a significant decrease of 245.45% compared to the same period last year[10] - Basic earnings per share (EPS) was RMB 0.1356, down 39.33% year-on-year[10] - Total assets increased by 7.26% to RMB 8.67 billion compared to the end of the previous year[10] - Shareholders' equity decreased by 7.02% to RMB 4.44 billion compared to the end of the previous year[10] - The weighted average return on equity (ROE) was 2.33%, down 1.48 percentage points from the same period last year[10] - Revenue for the first half of 2024 was 1.421 billion yuan, a year-on-year decrease of 20.41%[15] - Net profit attributable to shareholders was 112 million yuan, a year-on-year decrease of 39.35%[15] - Revenue for the first half of 2024 decreased to 651,973,024.64 RMB, a significant drop from 926,651,055.45 RMB in the same period of 2023[112] - Net profit for the first half of 2024 was 68,909,543.50 RMB, compared to 160,804,051.67 RMB in the first half of 2023[112] - Operating cash flow for the first half of 2024 was negative at -17,786,859.20 RMB, a sharp decline from 12,228,463.70 RMB in the same period of 2023[114] - Sales revenue from goods and services in the first half of 2024 was 1,351,467,618.40 RMB, down from 1,877,162,768.94 RMB in the first half of 2023[114] - R&D expenses for the first half of 2024 were 20,127,405.08 RMB, a decrease from 26,333,874.80 RMB in the same period of 2023[112] - Interest income for the first half of 2024 was 7,662,506.26 RMB, slightly lower than 8,214,946.61 RMB in the first half of 2023[112] - Tax refunds received in the first half of 2024 were 49,417,487.10 RMB, down from 90,094,193.62 RMB in the same period of 2023[114] - Total comprehensive income for the first half of 2024 was 68,909,543.50 RMB, compared to 160,804,051.67 RMB in the first half of 2023[113] - Operating profit for the first half of 2024 was 82,255,458.94 RMB, a significant decrease from 182,749,108.33 RMB in the same period of 2023[112] - Investment losses for the first half of 2024 were -11,418,356.07 RMB, compared to a gain of 33,397,972.72 RMB in the first half of 2023[112] - Investment activities generated a net cash outflow of -481,241,778.83 yuan, compared to -247,378,033.30 yuan in the same period last year[115] - Financing activities generated a net cash inflow of 732,078,839.85 yuan, a significant increase from 109,794,678.94 yuan in the same period last year[115] - Cash and cash equivalents increased by 239,940,949.57 yuan, compared to a decrease of -123,558,257.08 yuan in the same period last year[115] - Sales revenue from goods and services was 556,657,607.02 yuan, a decrease from 934,866,051.98 yuan in the same period last year[115] - Investment income received was 4,025,196.95 yuan, a sharp decline from 50,893,205.53 yuan in the same period last year[115] - The company received 687,988,680.00 yuan from absorbing investments, a significant increase from 51,500,000.00 yuan in the same period last year[115] - The company repaid 474,119,112.54 yuan in debt, compared to 217,000,012.10 yuan in the same period last year[115] - The company's cash and cash equivalents at the end of the period were 847,679,131.19 yuan, compared to 803,292,557.04 yuan in the same period last year[115] - The company's total owner's equity at the end of the period was 5,395,623,912.68 yuan[117] - The company's net cash outflow from investment activities was -90,588,059.40 yuan, compared to a net inflow of 32,107,435.00 yuan in the same period last year[116] - The company's comprehensive income for the first half of 2024 was RMB 104.98 million, with a total comprehensive income of RMB 113.12 million[118] - The company's total equity at the end of the period was RMB 5.42 billion, an increase of RMB 149.27 million compared to the beginning of the period[121] - The company's net profit attributable to shareholders was RMB 181.80 million, a decrease of RMB 2.51 million compared to the same period last year[121] - The company's capital reserve increased by RMB 40.10 million during the period, reaching RMB 2.44 billion at the end of the period[122] - The company's undistributed profit at the end of the period was RMB 1.36 billion, an increase of RMB 560.62 million compared to the beginning of the period[121] - The company's total assets at the end of the period were RMB 8.25 billion, with total liabilities of RMB 2.84 billion[118] - The company's operating income for the first half of 2024 was RMB 2.34 billion, a decrease of RMB 337.31 million compared to the same period last year[118] - The company's minority shareholders' equity at the end of the period was RMB 584.74 million, an increase of RMB 51.07 million compared to the beginning of the period[122] - The company's total comprehensive income for the first half of 2024 was RMB 113.12 million, with a net profit attributable to shareholders of RMB 104.98 million[118] - The company's total equity at the end of the period was RMB 5.42 billion, with a total comprehensive income of RMB 113.12 million for the first half of 2024[121] Business Segments and Products - The company's products include heparin, low molecular weight heparin, chondroitin sulfate, and chondroitin sulfate sodium[4] - The company's subsidiaries are involved in nuclear medicine and biotechnology, such as Dongcheng Nuclear Medicine and Yantai Mindo[4] - The company's products are subject to GMP standards and NMPA regulations[4] - Nuclear medicine business revenue was 499 million yuan, a year-on-year decrease of 0.58%, with key product 18F-FDG revenue at 195 million yuan, down 4.30%[15] - API business revenue was 657 million yuan, a year-on-year decrease of 31.03%, with heparin API revenue at 483 million yuan, down 39.02%[15] - Formulation business revenue was 179 million yuan, a year-on-year decrease of 32.01%, with key product hydrocortisone sodium succinate injection revenue at 57.16 million yuan, down 22.38%[15] - The company received approval for Technetium [⁹⁹ᵐTc] Tektrotyd Injection, enhancing its product line and market competitiveness[16] - Mido Biotech has assisted in obtaining clinical trial approvals for over 20 nuclear medicine products and provides comprehensive CRO and CDMO services[17] - The company operates a global sales network across 40+ countries and regions, specializing in heparin API and chondroitin sulfate[18] - Heparin sodium API can be directly used to produce ordinary heparin preparations or low molecular weight heparin sodium API, which is widely used in clinical anticoagulation therapy[19] - Chondroitin sulfate is divided into pharmaceutical-grade and food-grade, with pharmaceutical-grade used for treating osteoarthritis, hyperlipidemia, and other diseases, while food-grade is used in health foods and beverages[19] - The company's nuclear medicine products adopt a production model based on sales orders, with long half-life products combining inventory and market conditions, while short half-life products use customized production[20] - The company's API products are sold through a mixed model of direct sales and distributor sales, with a sales network covering nearly 40 countries and regions[21] - The company's preparation business adopts a marketing model combining centralized procurement participation and agent promotion, with a focus on academic promotion and brand awareness[22] - The company's performance is driven by national policies promoting nuclear medicine development, including inclusion in the national medical insurance catalog and large medical equipment configuration plans[23] - The company has established a high-tech barrier nuclear medicine ecosystem network, forming a complete industrial chain from raw material supply to sales, with core competitiveness in product layout, production network layout, and innovative R&D[27] - The company has 30 operational nuclear medicine production centers, covering 93.5% of the domestic population's nuclear medicine needs, with 8 additional centers under construction[29] - The company's R&D platform, Yantai Lannacheng, focuses on radioactive diagnostic and therapeutic drugs, with multiple products in clinical trials, including 18F-Sirituximab in Phase III and 177Lu-LNC1004 in Phase I in China and Singapore[26] - The company has a diversified product line in nuclear medicine, covering diagnosis and treatment for cancer, neurodegenerative diseases, and cardiovascular diseases, with products like 18F-FDG, 99mTc-labeled drugs, and 131I-sodium iodide oral solution[28] - The company has a vertical integration advantage in the pharmaceutical industry, from raw materials to finished products, enhancing cost efficiency and market competitiveness[30] - The company is a global leader in heparin API production, with certifications from FDA, EDQM, and PMDA, and exports to over 40 countries[31] - The company has established a strong brand in the anticoagulant market, with a diverse product portfolio including nadroparin calcium and enoxaparin sodium injections[33] - The company has been recognized as one of the top 100 innovative enterprises in Shandong and ranked 47th in the 2023 China Chemical Pharmaceutical Enterprises Top 100 by MiNet[34] - The company operates in three main business segments: API (Active Pharmaceutical Ingredient), formulations, and nuclear medicine, with a global sales network spanning over 40 countries and regions[131] - The API segment is a leading global supplier of heparin API and chondroitin sulfate (both pharmaceutical and dietary supplement grades)[131] - The formulations segment includes a production capacity of 30 million freeze-dried powder injections annually, covering therapeutic areas such as anticoagulation, cardiovascular, oncology, urology, orthopedics, and anti-infectives[131] - The nuclear medicine segment focuses on building a full industry chain from diagnostic to therapeutic nuclear drugs, emphasizing integrated diagnosis and treatment and precision medicine[131] Subsidiaries and Investments - The company's subsidiaries include Dongcheng Northern, Dongcheng Ocean, Dongyuan Bio, Dongcheng Hong Kong, Yunkang Pharmaceutical, and Andike[4] - The company's subsidiaries operate in various regions, including Hong Kong, Nanjing, and Yantai[4] - The company's investment in Zhongtai Biological Products Co., Ltd. (70% equity) generated a net profit of 14,178,900 yuan in the reporting period[45] - The company invested RMB 20,000,000 in Qikang Yuan Medical Technology (Changzhou) Co., Ltd., acquiring a 50% stake[51] - The subsidiary Chengdu Yunke Pharmaceutical Co., Ltd. reported a net profit of RMB 57.04 million, with total assets of RMB 813.58 million and revenue of RMB 145.88 million[57] - Shanghai Xinke Pharmaceutical Co., Ltd. achieved a net profit of RMB 21.66 million, with total assets of RMB 155.59 million and revenue of RMB 103.01 million[57] - Nanjing Jiangyuan Andikezheng, another subsidiary, recorded a net profit of RMB 46.15 million, with total assets of RMB 1.59 billion and revenue of RMB 169.23 million[57] - Yantai Dongcheng Northern Pharmaceutical Co., Ltd. reported a net profit of RMB 10.85 million, with total assets of RMB 488.21 million and revenue of RMB 146.28 million[58] - Sino Siam Biotechnique Co., Ltd. achieved a net profit of RMB 14.18 million, with total assets of RMB 198.50 million and revenue of RMB 48.19 million[58] - Yantai Lannacheng Biotechnology Co., Ltd. reported a net loss of RMB 46.18 million, with total assets of RMB 416.08 million and no revenue[58] - Aprinoia Therapeutics Inc., a joint venture, recorded a net loss of RMB 61.96 million, with total assets of RMB 29.84 million and revenue of RMB 3.56 million[58] - The company's subsidiary YANTAI LNC BIOTECHNOLOGY SINGAPORE PTE.LTD. received FDA approval for clinical trials of 68 Ga-LNC1007 injection[87] - The company's subsidiary Lanacheng acquired the rights to the lung cancer imaging diagnostic nuclear medicine product for RMB 63 million[87] - The company's subsidiary Yitai Pharmaceutical acquired the rights to the liver function testing diagnostic nuclear medicine product for RMB 85 million[87] - The company's subsidiary Yantai Mido raised RMB 380 million through a capital increase from 7 investors[88] - The company's wholly-owned subsidiary subscribed to USD 4 million in convertible bonds of XING2DIAGNOSTICS, INC, accounting for 61.54% of the issuance[88] - The company's subsidiary LNC PHARMA PTE. LTD. received clinical trial authorization for 68 Ga-LNC1007 injection in Singapore[88] - The company's subsidiary Lanacheng raised RMB 300 million through a capital increase from 9 investors[88] - The company's subsidiary Lanacheng received clinical trial approval for 177 Lu-LNC1008 injection from the NMPA[88] - The company's subsidiary LNC PHARMA PTE. LTD. received FDA approval for clinical trials of 18 F-LNC1007 injection in Australia[88] - The new Hefei nuclear medicine production center of the wholly-owned subsidiary Andike has been put into operation, expanding the company's production capacity[89] - The subsidiary LNC PHARMA PTE. LTD. received FDA approval for the clinical trial of 177 Lu-LNC1011 injection[89] - The wholly-owned subsidiary Andike obtained the NMPA approval for the production and sales of Technetium [99m Tc] Tetrofosmin Injection[89] - The holding subsidiary Yantai Lannacheng received NMPA approval for the clinical trial of 177 Lu-LNC1011 injection[89] Risks and Challenges - The company faces risks including raw material procurement, product quality, sales price fluctuations, production safety, and talent shortages[1] - The company faces risks from raw material price fluctuations, particularly due to the impact of African swine fever on heparin crude prices[60] - Increased depreciation from high fixed asset investments may lead to a decline in performance, especially during the initial phase of new projects[60] - The company is exposed to environmental and safety risks, with potential increases in compliance costs due to stricter regulations[60] - The company's future development statements are considered planning items and do not constitute substantive commitments to investors[1] Environmental and Safety Compliance - The company's wastewater treatment facilities use a combination of hydrolysis acidification, anaerobic, and aerobic processes, ensuring stable emission concentrations with online monitoring equipment installed at discharge points[67] - The company's exhaust gas treatment facilities primarily use spray absorption and activated carbon methods to pre-treat volatile organic compounds, ensuring emissions meet national and regional standards[67] - The company's actual environmental protection tax payment for the first half of 2024 was 25,643.28 yuan, benefiting from a 50% reduction due to pollutant concentrations being below 50% of the standard limits[70] - The company's wastewater discharge permit allows a daily discharge volume of 400m³, with pollutants meeting the GB/T31962-2015 standard[71] - The company's environmental credit rating for 2024 is classified as "Green Label" according to the Shandong Province Enterprise Environmental Credit Evaluation[71] - The company has successfully passed ISO14001 and ISO45001 system audits, emphasizing energy conservation, pollution prevention, and safety[69] - The company has implemented an environmental emergency response plan, including regular drills and detailed environmental risk management measures[69] - The company's wastewater discharge at the main plant site includes COD at 28.8mg/L, ammonia nitrogen at 2.09mg/L, and total nitrogen at 25.7mg/L, all within permitted limits[66] - The company's volatile organic compound emissions are at 29.45mg/m³, well below the permitted limit of 15.734 tons[66] - The company has no record of environmental penalties during the reporting period, indicating compliance with environmental regulations[71] - The company's environmental credit rating for 2024 is Green Label, indicating compliance with environmental standards[72] Corporate Governance and Compliance - The company's financial reports are signed by the legal representative, financial officer, and accounting officer, ensuring accuracy and completeness[3] - The company's financial reports and disclosed documents are available at the company's securities department[3] - The company has no significant legal disputes, penalties, or bankruptcy-related issues during the reporting period[74][75][76] - No non-operational fund occupation by controlling shareholders or related parties was reported[74] - The company provided guarantees totaling 90,000 million yuan for subsidiaries, with actual guarantees issued amounting to 7,419 million yuan[83] - The total actual guarantee balance for subsidiaries at the end of the reporting period was 9,789 million yuan, accounting for 2.56% of the company's net assets[83] - The company engaged in bank wealth management products with a total investment of 31,329.5 million yuan, of which 10,900 million yuan remains outstanding[84] - No significant related-party

| --- | --- | |--------------------------------------|-------------------| | | | | 总股本 / 流通股本（百万股） | 824.60/765.74 | | 总市值 / 流通市值（百万元） | 11099.06/10306.91 | | 一年内最高 / 最低（元） | 19.45/12.36 | | 30 日日均成交量 / 成交额（百万） | 10.89/148.08 | | 近 3 个月 /6 个月涨跌幅（ % ） | -8.50/-25.92 | [Table_PicQuote] 相对市场表现 -22% -13% -4% 4% 13% 22% 05/23 07/23 09/23 11/23 01/24 03/24 05/24 东诚药业 沪深300 [分析师： Table_Author李安飞 ] SAC 执证号：S0260520100005 021-38003669 lianfei@gf.com.cn 分析师： 罗佳荣 SAC 执证号：S0260516090004 SFC CE No. BOR756 021-38003671 l ...

各位尊敬的投资人大家上午好欢迎大家来参加重庆医药东城药业线上小组交流会我是重庆医药的刘亚新今天呢我们非常荣幸的邀请到了东城药业的正代李季总来和大家交流要不然下面我们就先把时间交给李季总先请李总给我们进行一个简单的公司的近况更新之后呢我们就可以进入提问交流环节那下面有请李总喂能听到吗 大家可以听到非常清楚啊啊啊各位同志大家上午好我是东城药业的李记这样我给大家简单介绍一下公司的一些基本的近况吧呃大家都看到我们在四月份发布了我们的2023年的年报从一级报总体的情况来看呃大家看到我们收入是下滑了主要还是因为这个 甘肃这个原来要这个板块就甘肃的这个主要还是一个区间原因吧主要体现在了它的这个价格的这个趋势上从2023同期的话2023年的一季度价格相比四季来说是一直从一季度开始慢慢往下走那么今年的这个一季度的价格恰好维持在了去年的一个四季度的水平上 这样的话就导致了我们今年二零二四年一季度的价格同比于二零二三年是有一个下滑的但是从目前四月份的走势以及五月份的走势来看原来大家设想的价格下跌的现象基本上不会再发生以及趋于稳定对于中城来说 我们的目前的这种干涉的价格基本上是趋于稳定向上的一个状态当然也包括我们的这个这个6354这 ...