Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The company reported a revenue of 4.14 billion RMB for the first three quarters of 2024, a decrease of 35.14% year-on-year, with a net profit attributable to the parent company of 710 million RMB, down 67.86% [1]. - In the third quarter alone, the company achieved a revenue of 1.44 billion RMB, representing an 18.09% decline year-on-year, and a net profit of 210 million RMB, down 59.68% [1]. - Excluding large orders, the company showed signs of improvement with a 12.23% year-on-year growth in revenue for the third quarter, and a 11.21% quarter-on-quarter growth [2]. - The small molecule business generated 1.192 billion RMB in revenue in the third quarter, with a year-on-year growth of 18.89% after excluding large orders [2]. - The company has secured multiple clinical mid-to-late stage project orders for peptides from multinational corporations (MNCs) and signed commercialization orders for GLP-1 peptides with significant domestic clients [2]. Summary by Sections Financial Performance - For the first three quarters, the company achieved a total revenue of 41.4 billion RMB, with a net profit of 7.1 billion RMB [1]. - The third quarter revenue was 14.4 billion RMB, with a net profit of 2.1 billion RMB [1]. - The company’s revenue growth rate for the first three quarters, excluding large orders, was 4.48% year-on-year [2]. Cost and Expenses - The decline in revenue has led to increased expense ratios, with the sales expense ratio at 4.04%, up 1.86 percentage points year-on-year, and the management expense ratio at 12.92%, up 4.13 percentage points year-on-year [2]. Business Development - The peptide business is progressing well, with production capacity exceeding 20,000 liters by the end of the reporting period [2]. - The emerging business segment reported a revenue of 7.45 billion RMB for the first three quarters, down 8.37% year-on-year [2]. Profit Forecast and Valuation - The company’s projected net profits for 2024, 2025, and 2026 are 1.033 billion RMB, 1.195 billion RMB, and 1.397 billion RMB respectively, with corresponding EPS of 2.81, 3.25, and 3.80 RMB [2]. - The current stock price corresponds to a PE valuation of 30, 26, and 22 times for the years 2024, 2025, and 2026 respectively [2].

证券代码：002821 证券简称：凯莱英 凯莱英医药集团（天津）股份有限公司 投资者关系活动记录表 编号：2024-006 投资者关系活动 类别 √ 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称及 人员姓名 通讯参会：海通证券、民生证券、中信证券、国盛证券、浙商 证券、平安证券、中信建投证券、兴业证券、中欧基金、汇添 富基金、鹏华基金、嘉实基金、华宝基金、招商基金、富国基 金、上海高毅资产、贝莱德基金、Goldman Sachs、Willing Capital、3W Fund、Fidelity、Morgan Stanley、Springhill Fund、RBC Global、JP Morgan、HSBC 等 100 余家机构，共计 240 余人。 时间 2024 年 10 月 30 日 8：00-9：00 地点 通讯参会 上市公司接待人 员姓名 执行董事、首席运营官 张达先生 高级副总裁兼董事会秘书 徐向科先生 投资者关系执行总监 夏璐女士 一、 公司 2024 第三季度经营情况介绍 详情请查阅附件《2024 年 ...

2024第三季度 特定机构调研演示资料 凯莱英医药集团（天津）股份有限公司 2024年10月 16.94 28.79 28.37 21.51 21.27 2021 2022 2023 2023 Q1-Q3 2024 Q1-Q3 中小制药公司收入 人民币亿元 33.43 人民币亿元 17.14 14.66 25.68 18.12 20.13 2021 2022 2023 2023 Q1-Q3 2024 Q1-Q3 +11.1% 跨国大制药公司收入 （剔除大订单） 1 凯莱英（股票代码：002821.SZ/6821.HK） 来自中小制药公司收入21.27亿元，同比下降1.1%， 免责声明 其中来自境外中小制药公司收入10.78亿元，同比下降0.03%，与去年同期基本持平 -2- 本文件不得用于公开传播，其中所包含的信息仅供与凯莱英医药集团（天津）股份有限公司（"本公司"，连同其子公司，以下合称"本集团"）有关的人士及其顾问使用。 本公司仅向有限数量的收件人提供本文件。本文件的内容未经任何司法辖区的监管机构审阅。在某些司法辖区派发本文件可能会受到法律限制，持有本文件的任何人都应了 解并且遵守该等限制。任何不遵守该等 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 94.80 CNY per share, maintaining the rating [1][7]. Core Views - The company has shown a good trend in new orders, indicating potential marginal improvement in operations despite a decline in revenue and net profit due to high base effects from previous large orders [2][4]. - Excluding the impact of large orders, the company's revenue has shown a year-on-year growth of 4.48% in the first three quarters of 2024, with a significant increase of 12.23% year-on-year in Q3 2024 [3][4]. - The peptide business is expanding rapidly, with multiple clinical projects secured from multinational pharmaceutical companies and commercial orders signed for GLP-1 peptides [4]. Summary by Sections Trading Data - Total market capitalization is approximately 30,983.93 million CNY, with a circulating market capitalization of 27,692.31 million CNY [1]. - The stock price as of October 29, 2024, is 84.26 CNY, with a 12-month price range of 60.13 to 164.0 CNY [1]. Financial Performance - For the first three quarters of 2024, the company reported revenue of 4.14 billion CNY and a net profit of 710 million CNY, reflecting a year-on-year decline of 35.14% and 67.86%, respectively [2][3]. - The gross profit margin for the small molecule business improved to approximately 48.83%, while the emerging business's gross margin decreased to about 19.97% due to capacity ramp-up and a sluggish domestic market [6]. Future Projections - The projected net profits for 2024 to 2026 are 988.9 million CNY, 1.16 billion CNY, and 1.33 billion CNY, with year-on-year growth rates of -56.4%, 17.4%, and 14.8%, respectively [7][9]. - The expected earnings per share (EPS) for 2025 is 3.16 CNY, with a price-to-earnings (PE) ratio of 30 times, leading to the target price of 94.80 CNY per share [7].

Financial Performance - In Q3 2024, Asymchem Labs reported revenue of CNY 1.44 billion, a decrease of 18.09% year-over-year, and a total revenue of CNY 4.14 billion for the first three quarters, down 35.14% year-over-year[3]. - The net profit attributable to shareholders was CNY 211.19 million in Q3 2024, a decline of 59.68% year-over-year, with a total net profit of CNY 710.33 million for the first three quarters, down 67.86% year-over-year[3]. - Total revenue for Q3 2024 was approximately RMB 4.14 billion, a decrease of 35.14% compared to RMB 6.38 billion in Q3 2023, primarily due to the absence of large orders delivered in the same period last year[7]. - Operating profit for Q3 2024 was approximately RMB 761.46 million, down 69.41% from RMB 2.49 billion in Q3 2023, mainly due to the decrease in revenue[7]. - The net profit for Q3 2024 was approximately ¥700.18 million, a significant decrease of 68.2% compared to ¥2.20 billion in Q3 2023[18]. - Basic and diluted earnings per share for Q3 2024 were both ¥2.01, down from ¥6.10 in Q3 2023[19]. - The total comprehensive income for Q3 2024 was approximately ¥698.37 million, a decrease of 68.4% from ¥2.21 billion in Q3 2023[19]. Profitability and Margins - The company achieved a gross profit margin of 43.60% for the first three quarters, with a decrease of 1.02 percentage points year-over-year, while the gross margin for small molecule business was 48.89%, an increase of 1.19 percentage points year-over-year[4]. - The small molecule business generated revenue of CNY 3.39 billion in the first three quarters, with a year-over-year growth of 7.71% after excluding large orders[4]. - Operating revenue for the current period was 4.14 billion yuan, down 35.1% from 6.38 billion yuan in the previous period[17]. - Total operating costs decreased from 4.05 billion yuan to 3.42 billion yuan, a decline of about 15.6%[17]. Cash Flow and Investments - The company's cash flow from operating activities for the first three quarters was CNY 1.05 billion, down 63.24% year-over-year[3]. - Cash inflow from operating activities was ¥4.98 billion, down 28.3% from ¥6.94 billion in the previous year[20]. - The total cash outflow from investing activities was ¥9,830,165,531.45, down from ¥20,999,540,521.49 in the same period last year[21]. - The cash inflow from investment activities was ¥8,739,043,535.13, down from ¥20,104,491,861.56 in Q3 2023[21]. - The company invested approximately RMB 240 million in industry funds, representing a 390.99% increase compared to RMB 48.88 million in the same period last year[7]. Assets and Liabilities - The total assets of Asymchem at the end of Q3 2024 were CNY 18.70 billion, a decrease of 5.41% compared to the end of the previous year[3]. - Total current assets decreased from 12.35 billion yuan to 10.61 billion yuan, a reduction of approximately 14.1%[15]. - Cash and cash equivalents decreased from 7.11 billion yuan to 5.20 billion yuan, a decline of about 26.7%[14]. - Total liabilities decreased from 2.26 billion yuan to 2.06 billion yuan, a reduction of approximately 9%[16]. - The company's total equity decreased from 17.51 billion yuan to 16.63 billion yuan, a reduction of about 5%[16]. Shareholder Information - The top shareholder, ASYMCHEM LABORATORIES, holds 31.31% of the shares, totaling 115,133,168 shares[8]. - The total number of ordinary shareholders at the end of the reporting period was 53,290[8]. - The company repurchased a total of 12,300,701 shares, accounting for 3.60% of the total A-share capital, with a total expenditure of approximately RMB 999.64 million[12]. - The company plans to continue its stock repurchase program with a total fund not less than RMB 600 million and not exceeding RMB 1.2 billion[12]. - The company plans to increase its A-share holdings by at least 20 million yuan, reflecting confidence in its future development and value recognition by key personnel[13]. Research and Development - Research and development expenses for the current period were 484.14 million yuan, compared to 513.11 million yuan in the previous period, a decrease of approximately 5.7%[17]. - Asymchem's peptide production capacity exceeded 20,000L by the end of the reporting period, supporting the demand for commercial production of solid-phase peptides[4]. - The company signed multiple commercial orders for GLP-1 peptides with domestic clients, indicating a strong market demand[4]. Other Financial Metrics - Interest income increased by 59.89% to approximately RMB 167.38 million, attributed to higher returns from fixed deposits[7]. - The company reported a decrease in investment income, which fell to ¥27.60 million from ¥108.55 million, a decline of 74.6% year-over-year[18]. - The company experienced a foreign exchange loss of ¥1.81 million in Q3 2024, contrasting with a gain of ¥9.86 million in Q3 2023[19]. - The company did not undergo an audit for the Q3 report[22]. - The report was released by the board of directors on October 29, 2024[22].

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [6]. Core Insights - The company has demonstrated confidence through continuous share buybacks, with a total of 12,300,701 shares repurchased, representing 3.60% of the total A-share capital, at an average price range of 71.65 to 102.00 CNY per share [5][6]. - Excluding the impact of large orders, the small molecule business showed a steady growth with a revenue of 2.49% year-on-year, achieving a gross margin of 47.19% [5]. - New orders have increased significantly, with a year-on-year growth of over 20%, particularly in the European and American markets, leading to a total order backlog of 970 million USD [5]. Financial Summary - As of June 30, 2024, the company reported a net asset value per share of 44.47 CNY and a debt-to-asset ratio of 12.76% [3]. - The projected revenue for 2024 is 6,006 million CNY, with a year-on-year decline of 23.2%, while the net profit is expected to be 1,038 million CNY, reflecting a 54.2% decrease [7]. - The earnings per share (EPS) for 2024 is forecasted at 2.82 CNY, with a projected price-to-earnings (PE) ratio of 29 [7][8].

证券代码：002821 证券简称：凯莱英 公告编号：2024-089 凯莱英医药集团（天津）股份有限公司 关于回购进展的公告 本公司及全体董事会成员保证公告内容真实、准确和完整，不存 在虚假记载、误导性陈述或重大遗漏。 凯莱英医药集团（天津）股份有限公司（以下简称"公司"）于 2024 年 2 月 29 日召开 2024 年第二次临时股东大会、2024 年第二次 A 股类别股东大会及 2024年第二次H股类别股东大会，审议通过了《关于回购公司股份方案的议案》， 根据股份回购方案，公司将采用集中竞价交易的方式从二级市场回购公司 A 股 股份，本次回购股份的资金总额将不低于人民币 60,000 万元（含），且不超过人 民币 120,000 万元（含）；回购价格不超过 157 元/股。具体内容详见刊登在《证 券时报》、《中国证券报》和巨潮资讯网（http://www.cninfo.com.cn）上的相关公告。 2024 年 6 月 6 日公司召开 2023 年度股东大会，审议通过了 2023 年年度权 益分派方案；本次权益分派股权登记日为 2024 年 6 月 27 日，除权除息日为 2024 年 6 月 28 日 ...

证券代码：002821 证券简称：凯莱英 公告编号：2024-085 凯莱英医药集团（天津）股份有限公司 第四届监事会第四十四次会议决议的公告 本公司及全体监事会成员保证公告内容真实、准确和完整，不存 在虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 会议采用通讯方式进行，经全体与会监事审议并表决，通过了如下决议： 1、审议通过了《关于使用闲置自有资金购买理财产品的议案》 公司监事会认为：公司及子公司本次使用自有资金购买理财产品，能够提高 公司资金的使用效率和收益，不会影响公司主营业务的正常开展，不存在损害公 司及中小股东利益的情形。该事项决策和审议程序合法合规。因此，我们同意公 司及子公司使用不超过 500,000 万元人民币（或等额外币）的闲置自有资金购买 理财产品。 表决结果：同意 3 票；反对 0 票；弃权 0 票。 具体内容详见同日刊登于《中国证券报》、《证券时报》和巨潮资讯网（http： //www.cninfo.com.cn）的公告信息。 2、审议通过了《关于使用部分暂时闲置募集资金进行现金管理的议案》 公司监事会认为：公司及子公司使用暂时闲置 A 股募集资金进行现金管理 有利于提高闲 ...

凯莱英医药集团（天津）股份有限公司（以下简称"公司"）第四届董事会 第五十七次会议通知于 2024 年 9 月 23 日以电子邮件及书面等形式发送给各位 董事、监事及高级管理人员，会议于 2024 年 9 月 30 日以通讯方式召开。公司应 到董事 9 名，实到董事 9 名，公司监事及高级管理人员列席了本次会议。会议由 公司董事长 HAO HONG 先生召集，会议的召集和召开符合《公司法》及相关法律、 法规以及《公司章程》的有关规定。 二、董事会议案审议情况 会议采用通讯方式进行表决，经全体与会董事审议，通过了如下决议： 1、审议通过了《关于使用闲置自有资金购买理财产品的议案》 公司及子公司拟根据生产经营所需流动资金使用计划情况，在保证正常经营、 资金安全和确保流动性的前提下，使用不超过 500,000 万元人民币（或等额外币） 的闲置自有资金购买金融机构安全性高、流动性好的理财产品，使用期限自董事 会审议通过之日起不超过 12 个月，在上述使用期限及额度范围内，资金可循环 滚动使用。同时，授权公司管理层在规定额度范围内行使相关投资决策权并签署 相关文件，公司财务负责人具体办理相关事宜。 证券代码：00282 ...

证券代码：002821 证券简称：凯莱英 公告编号：2024-086 凯莱英医药集团（天津）股份有限公司 关于使用闲置自有资金购买理财产品的公告 本公司及全体董事会成员保证公告内容真实、准确和完整，不存 在虚假记载、误导性陈述或重大遗漏。 凯莱英医药集团（天津）股份有限公司（以下简称"公司"）2024 年 9 月 30 日召开第四届董事会第五十七次会议和第四届监事会第四十四次会议，审议通过 了《关于使用闲置自有资金购买理财产品的议案》，同意公司及子公司根据生产 经营所需流动资金使用计划情况，在保证正常经营、资金安全和确保流动性的前 提下，使用不超过 500,000 万元人民币（或等额外币）的闲置自有资金购买金融 机构安全性高、流动性好的理财产品，使用期限自董事会审议通过之日起不超过 12 个月，在上述使用期限及额度范围内，资金可循环滚动使用。 根据《公司法》《深圳证券交易所股票上市规则》《深圳证券交易所上市公 司自律监管指引第 1 号——主板上市公司规范运作》和《公司章程》等有关规定， 上述额度在公司董事会审批权限范围内，无需提交公司股东大会审议。现将相关 事宜公告如下： 一、使用闲置自有资金购买理财产品的基 ...