Investment Rating - The report maintains a "Buy" rating for the company [26]. Core Views - The company's performance in 2023 declined due to multiple negative factors, including reduced demand for raw materials from downstream heparin formulation companies, leading to a provision for inventory impairment of 112 million yuan for heparin sodium raw materials. The raw material business revenue was 1.678 billion yuan, down 18.61%, with a gross margin of 26.10%, and heparin sodium sales volume decreased by 11.79%. The formulation product revenue was 400 million yuan, down 17.20%, primarily due to price declines following the centralized procurement of nadroparin calcium injection in March 2023. However, the nuclear medicine business performed well, with total revenue of 1.017 billion yuan, up 11.20%, driven by key products like 18F-FDG and Yunk injection [2][5]. Financial Summary - In 2023, the company achieved total revenue of 3.276 billion yuan, a decrease of 8.58%, and a net profit attributable to shareholders of 210 million yuan, down 31.75%. The first quarter of 2024 saw revenue of 647 million yuan, down 23.90%, but net profit attributable to shareholders increased by 28.38% to 64.33 million yuan [5][6]. - Revenue projections for 2024 to 2026 are 3.291 billion yuan, 3.616 billion yuan, and 4.009 billion yuan, with year-on-year growth rates of 0.5%, 9.9%, and 10.9%, respectively. Net profit attributable to shareholders is expected to be 305 million yuan, 364 million yuan, and 436 million yuan, with growth rates of 45.7%, 19.1%, and 19.9% [6][17]. Market Position and Future Outlook - The company is advancing its innovative nuclear medicine research, with several new products at various stages of development. Products like 99mTc-labeled tecfidera and sodium fluoride injection have submitted for market approval, while others are in clinical trials. The next 2-3 years are expected to see a concentration of product approvals, which could lead to rapid market expansion due to the established supply network [14].

肝素原料药周期波动和集采影响当期业绩，核药创新升级未来可期 事件：公司发布 2023 年年报，实现营业收入 32.76 亿元，同比 -8.58%；归母净 利润 2.10 亿元，同比-31.75%；扣非归母净利润 2.12 亿元，同比-26.17%；经 营性净现金流 2.77 亿元，同比-72.21%；EPS（基本）0.25 元。业绩符合市场 预期。 公司发布 2024 年一季报，实现营业收入 6.47 亿元，同比-23.90%；归母净利润 0.64 亿元，同比+28.38%；扣非归母净利润 0.55 亿元，同比+29.40%；经营性 净现金流-1.65 亿元，同比负值扩大；EPS（基本）0.08 元。业绩符合市场预期。 点评： 肝素原料药周期波动和集采影响当期业绩，核药业务维持稳健：2023Q1~ 2024Q1，公司单季度营业收入分别为 8.51/9.35/8.00/6.90/6.47 亿元，同比 -3.32%/+5.56%/-18.03%/-17.97%/-23.90%；归母净利润 0.50/1.34/1.02/ -0.76/0.64 亿元，同比-8.77%/+17.91%/-37.18%/亏损扩大/+28 ...

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。 证券代码：002675 证券简称：东诚药业 公告编号：2024-040 2024 年 5 月 2 日，烟台东诚药业集团股份有限公司（以下简称"公司"）下 属公司 LNC PHARMA PTE. LTD.（以下简称"LNC"）收到美国食品药品监督管 理局（以下简称"FDA"）核准签发的关于 18F-LNC1007 注射液的药品临床试验 批准通知书 (Study May Proceed Letter，以下简称"SMP")，将于近期在澳大利 亚开展 I 期临床试验。 烟台东诚药业集团股份有限公司 关于下属公司获得药物临床试验批准通知书的公告 目前国内外暂无同产品上市，亦无相关销售数据。 截至目前，18F-LNC1007 注射液相关项目累计已投入研发费用约 1,195.47 万 元。 三、风险提示 现将 18F-LNC1007 注射液相关情况公告如下： | 药物名称 | 18F-LNC1007 注射液 | | --- | --- | | 剂型 | 注射剂 | | 申请事项 | 临床试验 | | IND 号 | 17004 ...

风险提示：肝素业务下滑风险；核药上市不及预期；核药中心建设不及预 期 请务必阅读报告末页的重要声明 3 请务必阅读报告末页的重要声明 ➢ 肝素扰动业绩，核药呈现恢复态势 投资评级： 买入（维持） 当前价格： 13.83 元 目标价格： 15.99 元 本报告是机密的，仅供我们的客户使用，国联证券不因收件人收到本报告而视其为国联证券的客户。本报告中的信息均来源于我们认为可靠的已公开资料， 但国联证券对这些信息的准确性及完整性不作任何保证。本报告中的信息、意见等均仅供客户参考，不构成所述证券买卖的出价或征价邀请或要约。该等信 息、意见并未考虑到获取本报告人员的具体投资目的、财务状况以及特定需求，在任何时候均不构成对任何人的个人推荐。客户应当对本报告中的信息和意 见进行独立评估，并应同时考量各自的投资目的、财务状况和特定需求，必要时就法律、商业、财务、税收等方面咨询专家的意见。对依据或者使用本报告 所造成的一切后果，国联证券及/或其关联人员均不承担任何法律责任。 本报告所载的意见、评估及预测仅为本报告出具日的观点和判断。该等意见、评估及预测无需通知即可随时更改。过往的表现亦不应作为日后表现的预示和 担保。在不同时期 ...

公 司 年 报 点 评 2024年04月28日 医药 强烈推荐( 维持) | --- | --- | |------------------------|----------------------------------| | 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 ) | 766 | | 流通 B/H 股 ( 百万股 ) | | | 总市值 ( 亿元 ) | 110 | | 流通 A 股市值 ( 亿元 ) | 102 | | 每股净资产 ( 元 ) | 6.07 | | 资产负债率 (%) | 31.4 | | 行情走势图 | | 证券分析师 公司公布2023年报，实现收入32.76亿元（-8.58%），归母净利润2.10亿元 （-31.75%），扣非后归母净利润2.12亿元（-26.17%），EPS为0.25元/股。 公司业绩不及预期。 资 产 减 值 短 期 影 响 业 绩 表 现 。 2 ...

证券代码：002675 证券简称：东诚药业 公告编号：2024-039 烟台东诚药业集团股份有限公司 关于控股子公司获得药物临床试验批准通知书的公告 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。 2024 年 4 月 26 日，烟台东诚药业集团股份有限公司（以下简称"公司"或 "上市公司"）控股子公司烟台蓝纳成生物技术有限公司（以下简称"蓝纳成"） 收到中国国家药品监督管理局（以下简称"国家药监局"）核准签发的关于 177Lu- LNC1008 注射液的药物临床试验批准通知书，将于近期开展临床试验。 现将 177Lu-LNC1008 注射液相关情况公告如下： | 药物名称 | 177Lu-LNC1008 注射液 | | --- | --- | | 剂型 | 注射剂 | | 申请事项 | 临床试验 | | 受理号 | CXHL2400195 | | 审批结论 | 根据《中华人民共和国药品管理法》及有关规定，经审查， | | | 你公司提交的 177Lu-LNC1008 注射液临床试验申请符合药 | | | 品注册的有关要求，同意本品开展晚期实体瘤的临床试验。 ...

证券代码：002675 证券简称：东诚药业 公告编号：2024-038 烟台东诚药业集团股份有限公司 关于举行 2023 年度报告网上业绩说明会的公告 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。 烟台东诚药业集团股份有限公司（以下简称"公司"）定于 2024 年 5 月 8 日 （星期三）15：00—17:00 举行 2023 年度网上业绩说明会。本次业绩说明会将 采用网络远程的方式举行，投资者可通过"价值在线"（http://www.ir-online.cn） 平台参与本次业绩说明会。 出席本次年度业绩说明会的人员有：公司总经理罗志刚先生、财务负责人朱 春萍女士、独立董事赵大勇先生、董事会秘书刘晓杰先生。（如有特殊情况，参 与人员会有调整。） 为充分尊重投资者、提升交流的针对性，现就公司 2023 年度网上业绩说明 会提前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于 2024 年 5 月 7 日（星期二）17：00 前使用微信扫描下方小程序码进行会前提问，进 入问题征集专题页面。公司将在 2023 年度网上业绩说明会上，对投资者普遍关 注 ...

烟台东诚药业集团股份有限公司 表决结果：同意2票，反对0票，弃权0票。 第六届董事会第一次独立董事专门会议 独立董事：李方、赵大勇 一、董事会会议召开情况 2024 年 4 月 26 日 2024 年 4 月 26 日，烟台东诚药业集团股份有限公司（以下简称"公司"） 召开了第六届董事会第一次独立董事专门会议。会议通知于 2024 年 4 月 16 日以 通讯方式送达，会议应出席独立董事 2 人，实际出席独立董事 2 人，会议的召集、 召开和表决程序符合《公司章程》、《上市公司独立董事管理办法》、《独立董事工 作制度》等规定。 二、会议审议情况 全体独立董事经过审议，审议通过了如下议案： 一、《关于确认 2023 年度日常关联交易的议案》 经审核，我们认为：公司预计的 2023 年日常关联交易金额是根据双方可能 发生业务进行的评估和测算，实际发生额是按照双方实际签订合同金额和执行进 度确定，具有较大的不确定性。公司与新旭生技前期委托的 CRO 公司达成了良 好合作，后续临床服务由公司与 CRO 公司间直接结算，导致关联交易发生额与 预期差异较大，不会影响公司的正常经营，也不会损害公司股东，尤其是中小股 东的利 ...

Financial Performance - The company's operating revenue for 2023 was ¥3,275,647,886, a decrease of 8.58% compared to ¥3,582,955,420 in 2022[18]. - Net profit attributable to shareholders for 2023 was ¥209,735,777, down 31.75% from ¥307,289,459 in 2022[18]. - The net profit after deducting non-recurring gains and losses was ¥212,479,028, a decrease of 26.17% from ¥287,799,050 in 2022[18]. - The net cash flow from operating activities was ¥276,944,524, a significant decline of 72.21% compared to ¥996,537,274 in 2022[18]. - Basic earnings per share for 2023 were ¥0.2543, down 33.15% from ¥0.3804 in 2022[18]. - The weighted average return on net assets was 4.53%, a decrease from 6.79% in 2022[18]. - Total assets at the end of 2023 were CNY 8,082,354,400, a decrease of 1.16% compared to the end of 2022[19]. - Net assets attributable to shareholders at the end of 2023 were CNY 4,775,401,460, an increase of 0.56% from the end of 2022[19]. - The company reported a total of CNY 24,958,065.56 in government subsidies for 2023, slightly up from CNY 24,123,274.18 in 2022[25]. - The company achieved a net profit attributable to shareholders of RMB 209,735,777.71 for the year 2023, with a profit distribution plan that includes a cash dividend of RMB 1.25 per 10 shares, totaling RMB 103,074,463.13[165]. Risk Management - The company emphasizes the importance of risk awareness regarding potential risks such as raw material procurement, product quality, and price fluctuations[3]. - Future development statements in the report are considered forward-looking and do not constitute a commitment to investors, urging caution regarding investment risks[3]. - The company faces risks related to raw material procurement and price fluctuations, particularly for heparin sodium, due to a significant decrease in pig inventory caused by African swine fever, which has led to a sharp increase in raw material prices[120]. - Increased depreciation from high fixed asset investments may lead to a decline in performance, especially if new projects generate insufficient revenue to cover initial depreciation costs[121]. - The company is exposed to risks from strict environmental regulations, which may increase expenditures on pollution control and compliance as societal awareness of environmental issues grows[122]. - There is a risk that pharmaceutical research and development may not meet expectations, as the lengthy approval process and high entry barriers can delay product launches and increase costs[121]. - The company may face management risks due to rapid expansion and acquisitions, which could complicate organizational structure and operational efficiency[121]. - The company is subject to risks from ongoing pharmaceutical reforms, including stricter drug approval and pricing policies that could impact future growth[121]. - Currency exchange rate fluctuations pose a risk to the company's revenue from exports and dollar-denominated borrowings, potentially affecting overall financial performance[122]. Research and Development - The company is focused on research and development in new products and technologies, although specific details are not provided in the extracted content[10]. - The company continues to focus on the development of radiopharmaceuticals and related technologies[12]. - R&D investment reached CNY 313.14 million, a year-on-year increase of 77.23%, with 76.73% allocated to radiopharmaceutical development[66]. - The company is actively expanding its product pipeline with multiple clinical trials in progress, indicating a strong focus on innovation and market growth[82]. - The company has launched 7 positron emission drug production centers and plans to exceed 30 centers, covering 93.5% of the domestic nuclear medicine demand[53]. - The company has established an integrated innovation platform for radiopharmaceuticals, focusing on multiple cancers, with ongoing clinical trials for several products, including [18F] fluoropetide injection in Phase III trials[49]. - The company is focused on developing innovative drugs for malignant tumors, neurodegenerative diseases, and cardiovascular conditions, with a strong emphasis on R&D investment[58]. - The company plans to continue expanding its product pipeline and R&D efforts, focusing on oncology and neurodegenerative diseases[66]. Governance and Compliance - The company maintains a strong governance structure, ensuring compliance with legal regulations and protecting shareholder rights[127]. - The board of directors includes independent members, ensuring a balanced governance approach and adherence to regulatory requirements[128]. - The company has established a complete internal audit system with a dedicated department of seven professionals, ensuring effective internal supervision of daily operations[131]. - The company maintains independence from its controlling shareholders in terms of business operations, personnel, assets, organization, and finance, with no significant related party transactions affecting independence[134]. - The company has a dedicated investor relations management team, ensuring equal access to information for all shareholders through multiple communication channels[132]. - The company adheres to strict information disclosure regulations, ensuring timely and accurate communication of relevant information to investors[130]. - The company has established a robust internal control system, with no major defects identified in the internal control evaluation report[171]. - The company has implemented a change in accounting policy effective January 1, 2023, in accordance with the Ministry of Finance's announcement regarding deferred income tax related to individual transactions[196]. Market Presence and Strategy - The company is committed to expanding its market presence and enhancing its product offerings[12]. - The company has established stable supply relationships with numerous large and medium-sized hospitals across the country, enhancing its market presence in the nuclear medicine sector[42]. - The company aims to enhance its academic support for healthcare professionals through specialized marketing teams and participation in professional conferences, thereby increasing its influence in the anticoagulation field[44]. - The company is exploring opportunities in the international market for its medical devices and pharmaceuticals, with a focus on regulatory compliance[101]. - The company plans to expand its market presence through strategic partnerships and acquisitions, including the acquisition of Kenne LLC[100]. - The company aims to maintain existing market share while actively exploring new customers and markets to enhance sales coordination[119]. - The company plans to distribute profits through cash dividends, stock dividends, or other legally permitted methods, prioritizing cash dividends when conditions allow[193]. Environmental Responsibility - Yantai Dongcheng Pharmaceutical Group reported a wastewater discharge of 2.08 tons and a total nitrogen discharge of 1.33 tons, both compliant with the GB/T31962-2015 standard[176]. - The company has a valid pollution discharge permit from August 1, 2020, to August 1, 2025[176]. - The wastewater treatment facilities utilize a combination of hydrolysis, anaerobic, and aerobic processes, ensuring stable discharge concentrations[178]. - The company has implemented real-time monitoring of pollutant discharge at wastewater outlets[178]. - The company has established an annual environmental monitoring plan, combining external and self-monitoring methods[179]. - Emergency response plans for environmental incidents have been developed and regularly rehearsed to enhance safety management[180]. - The company continues to optimize laboratory waste gas treatment to comply with environmental regulations[181]. - The company has completed the reapplication for its pollutant discharge permit, ensuring compliance with environmental standards[183]. Employee Management - The total number of employees at the end of the reporting period was 2,333, including 427 at the parent company and 1,906 at major subsidiaries[158]. - The company emphasizes a fair and competitive salary system to attract and retain talent, with management salaries linked to performance and market conditions[159][160]. - The company is focused on employee training and development, implementing various training programs to enhance knowledge, skills, and management capabilities[161][162]. - The company has a total of 63 retired employees for whom it bears costs[158]. - The company’s management salary system aims to align with market standards and ensure motivation among employees[160]. Strategic Initiatives - The company has achieved a significant increase in capitalized R&D expenditures, which rose by 780.52% to ¥115,915,200.43 in 2023[82]. - The company is considering potential mergers and acquisitions to bolster its market position and diversify its product range[147]. - The company has established a comprehensive performance evaluation system for senior management, linking their compensation directly to work performance and company operating results[148]. - The company is actively involved in various subsidiaries and joint ventures, enhancing its market presence and operational capabilities[147].

证券代码：002675 证券简称：东诚药业 公告编号：2024-026 烟台东诚药业集团股份有限公司 关于 2024 年度公司及子公司向银行申请授信额度的公告 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。 为适应公司快速发展的需要，补充公司流动资金的不足，烟台东诚药业集团 股份有限公司（以下简称"公司"）于2024年4月26日召开公司第六届董事会第 四次会议，审议通过了《关于2024年度公司及子公司向银行申请授信额度的议案》， 公司及子公司2024年度向各家银行申请授信额度如下： 1、向上海浦东发展银行股份有限公司烟台分行申请授信额度折合人民贰亿 伍仟万元整，授信期限不超过三年； 2、 向招商银行股份有限公司烟台分行申请授信额度折合人民币陆亿元整， 授信期限不超过三年； 3、向中国建设银行股份有限公司烟台开发区支行申请授信额度折合人民币 贰亿叁仟万元整，授信期限不超过三年； 4、向中国银行股份有限公司烟台开发区支行申请授信额度折合人民币贰亿 捌仟万元整，授信期限不超过三年； 5、向交通银行股份有限公司烟台分行申请授信额度折合人民币壹亿元整， 授信期限不超过三 ...