佐力药业 20241111 摘要 • 佐力药业是一家专注于药用真菌原料的中成药生产企业，其核心产品包括 乌灵胶囊和百令系列。公司发展历程可分为三个阶段：1995 年至 2013 年， 公司主要从事乌灵胶囊中成药生产；2014 年至 2017 年，公司尝试业务多 元化；2018 年后，公司逐渐剥离非药业务，回归主业，专注于药用真菌 及其衍生品的研发和生产。 • 乌灵胶囊是佐力药业业绩增长的核心驱动力。短期内，由于需求扩容和集 采放量等多种因素催化，乌灵胶囊实现了加速放量。我们预计，到 2028 年，乌灵胶囊市场规模有望达到 255 亿元，复合年增长率（CAGR）将达到 19%。长期来看，通过外延并购精神、神经类大品种以及内生增长，公司 在精神科室拥有百亿级别的可延展增量空间。 • 百令系列产品以发酵虫草菌粉为核心原料，目前在肾病领域知晓率较高， 并且慢性肾病患者基数持续提升。百令胶囊已于今年二季度完成挂网，我 们测算到 2028 年其收入有望超过 4 亿元。未来，公司在肾病科室有望复 制精神科室的发展模式，实现类似的发展路径。 • 佐力药业于 2024 年 10 月 27 日推出了股权激励及员工持股计划，其具体 ...

Company Overview - Zhaoli Pharmaceutical's stock price reached a historical high, increasing by 3.20% to 18.37 yuan, with a trading volume of 7.5886 million shares and a transaction amount of 138 million yuan, resulting in a turnover rate of 1.26% [1] - The latest total market capitalization of Zhaoli Pharmaceutical in A-shares is 12.884 billion yuan, with a circulating market value of 11.042 billion yuan [1] Industry Performance - The pharmaceutical and biotechnology industry overall saw a rise of 1.80%, with 420 stocks increasing in price, including seven stocks hitting the daily limit, such as International Medicine and Kanghui Pharmaceutical [1] - Conversely, 63 stocks experienced price declines, with the largest drops recorded by Shuangcheng Pharmaceutical, Dongfang Ocean, and C Jianlankang, with declines of 10.00%, 8.18%, and 5.88% respectively [1] Margin Trading Data - As of November 11, the latest margin trading balance for Zhaoli Pharmaceutical is 214 million yuan, with a financing balance of 214 million yuan, reflecting an increase of 24.301 million yuan over the past ten days, representing a growth of 12.84% [1]

投资者关系活动记录表 证券代码：300181 证券简称：佐力药业 编号：2024-017 浙江佐力药业股份有限公司 | --- | --- | --- | |-------------------------------|--------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for Zhaoli Pharmaceutical, indicating a strong performance relative to the market [5][7]. Core Insights - Zhaoli Pharmaceutical reported a revenue of 2.045 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 39.59%. The net profit attributable to the parent company was 421 million yuan, up 46.93% year-on-year [5][6]. - The company’s product line, particularly the Wuling series, continues to show rapid growth, with Wuling capsule sales increasing by 30.24% in quantity and 22.67% in revenue year-on-year [6][7]. - The company has introduced an equity incentive plan, granting up to 6.605 million restricted shares, which reflects confidence in future performance and aims for significant net profit growth over the next few years [7][8]. Financial Summary - For 2024, the total revenue is projected to reach 2.506 billion yuan, with a year-on-year growth rate of 29.0%. The net profit is expected to be 550 million yuan, reflecting a growth rate of 43.7% [9][10]. - The earnings per share (EPS) for 2024 is estimated at 0.78 yuan, with a projected price-to-earnings (PE) ratio of 22x [9][10]. - The company’s gross margin is expected to be 70.9% in 2024, with a return on equity (ROE) of 18.6% [9][10].

在今天的早上有我们动物药团队联合14家友商组织的关于左利药业300181的2024年三级报解读的电话会议我是动物证券的联席所长一二首席分析师朱国广今天和我一块组织的我们的中药分析师李倩左利药业可以说是近两三年是我们动物药团队是特别看好的标的也是这个2024年我们团队首推的标的 在今年三级报可以说在整个现在目前尤其整个医药行业现在相对来说业绩比较超预期的比较少的这种背景下我们是昨天晚上看到佐利亚医院再次三级证展示出了非常好的这样一个数据这个收入我看是在将近36%的增长利润的话也是在扣费后利润在41%以上的增长 可以说在这个延续着上半年的这一个高增长的态势同时的话呢接着我们也可以看到就是这个 三季度整体上其实经营环境压力还是相对比较大的在这种背景下仍然有这么好的业绩我们认为从整个行业上来看也是非常稀缺的难得的标的同时的话也是股权激励这一块昨天也披露了股权激励股权激励的话现在目前对未来三年的业绩要求也是非常的高也充分的体现出公司对未来三年的业绩增长的信心 好 今天我们是非常荣幸邀请到公司的总经理汪涛总和常务副总冯总以及董秘伍总这三位核心领导接下来我们先请伍总简要分享一下三级度的业绩情况包括股权激励的相关的情况 邀请 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Views - The company reported significant revenue and profit growth in Q3 2024, with operating revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching 2.045 billion, 421 million, and 415 million yuan respectively, representing year-on-year increases of 39.59%, 46.93%, and 47.80% [1] - The company continues to benefit from the high demand for essential medicines and centralized procurement policies, with strong sales performance in its key products [2] - The implementation of stock incentive and employee shareholding plans reflects the company's confidence in future growth, with performance targets exceeding market expectations [1][2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved quarterly revenues of 673 million, 755 million, and 617 million yuan, with year-on-year growth rates of 35.75%, 46.45%, and 35.97% respectively [1] - The net profit attributable to shareholders for the same period was 142 million, 154 million, and 125 million yuan, with year-on-year growth rates of 46.14%, 53.32%, and 40.61% [1] - The company’s gross margin decreased by 7.04 percentage points year-on-year to 39.39%, attributed to the expansion of centralized procurement for certain products [1] Growth Drivers - The sales of key products such as Wuling capsules and Lingze tablets showed strong growth, with year-on-year increases of 28.86% and 30.84% respectively [1] - The company is expanding its market presence in traditional Chinese medicine and has seen rapid growth in its herbal pieces and formula granules, with revenue increases of 51.24% and 175.96% year-on-year [1] Profitability and Efficiency - The net profit margin increased by 1.03 percentage points year-on-year to 20.61%, driven by significant revenue growth and effective cost control measures [1] - The company’s inventory turnover days decreased by 55.74 days year-on-year, and accounts receivable turnover days decreased by 3.41 days, indicating improved operational efficiency [1] Future Outlook - The company forecasts a net profit of 547 million yuan for 2024, with upward adjustments for 2025 and 2026 to 688 million and 885 million yuan respectively, reflecting a year-on-year growth of 43%, 26%, and 29% [2] - The current stock price corresponds to a price-to-earnings ratio of 21, 16, and 13 for the years 2024, 2025, and 2026 respectively, supporting the "Buy" rating [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's core product advantages are highlighted, leading to sustained high growth in performance, and the implementation of equity incentives reflects confidence in future development [1][3] Summary of Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 2.045 billion yuan, a year-on-year increase of 39.59% - The net profit attributable to the parent company was 421 million yuan, up 46.93% year-on-year, while the net profit after deducting non-recurring gains and losses was 415 million yuan, an increase of 47.80% year-on-year [1] Quarterly Performance - In Q3 2024, the company reported revenue of 617 million yuan, a year-on-year increase of 35.97% - The net profit attributable to the parent company for Q3 was 125 million yuan, up 40.61% year-on-year, and the net profit after deducting non-recurring gains and losses was 123 million yuan, an increase of 41.17% year-on-year [1] Product Performance - The core product series continues to grow rapidly, with the Wuling series revenue increasing by 24.88% year-on-year, driven by significant sales growth in Wuling capsules and Lingze tablets - The Bailing series saw a 22.14% increase in sales volume year-on-year, although sales revenue decreased by 4.89% due to price reductions from centralized procurement - The revenue from traditional Chinese medicine pieces grew by 51.24% year-on-year, and the revenue from Chinese medicine formula granules surged by 175.96% year-on-year [1][3] Equity Incentive Plan - The company plans to grant approximately 6.6 million restricted stocks to 112 incentive targets, accounting for 0.94% of the total share capital, with a grant price of 8.07 yuan per share - The performance assessment targets for unlocking the incentives require net profit growth rates of no less than 30%, 66%, and 110% for the years 2025, 2026, and 2027, respectively [2][3] Financial Forecast - The company’s revenue is projected to be 2.569 billion yuan in 2024, 3.300 billion yuan in 2025, and 4.171 billion yuan in 2026, representing year-on-year growth rates of 32.2%, 28.5%, and 26.4%, respectively - The net profit attributable to the parent company is expected to be 549 million yuan in 2024, 727 million yuan in 2025, and 958 million yuan in 2026, with growth rates of 43.3%, 32.4%, and 31.8%, respectively [3][4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 2.045 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 39.59%, with a net profit attributable to shareholders of 421 million yuan, up 46.93% [2] - The equity incentive plan aims for an average annual compound growth rate of 28% over the next three years, with a target to double net profit by 2027 [2][13] - The company focuses on high-quality products in the Wuling series, with multiple product lines including Wuling, Bailing, and formula granules showing significant growth potential [18] Summary by Sections 1. Equity Incentive Plan - The equity incentive plan includes granting up to 6.605 million restricted shares, accounting for 0.94% of total share capital, with a grant price of 8.07 yuan per share [13] - The performance targets for the next three years are set with net profit growth rates of no less than 30% for 2025, 66% for 2026, and 110% for 2027, based on 2024 figures [15] 2. Strategic Focus on Wuling Series - The Wuling series saw a revenue increase of 24.88% in the first three quarters of 2024, driven by significant sales growth in Wuling capsules and Lingze tablets [18] - The Bailing series is recovering, with sales volume increasing by 22.14% year-on-year, and the upcoming launch of Bailing capsules is expected to provide a second growth curve [25] - The traditional Chinese medicine pieces and formula granules are experiencing substantial growth, with sales revenue increasing by 51.24% and 175.96% respectively [18] 3. Profit Forecast and Investment Rating - The forecast for net profit attributable to shareholders for 2024 has been adjusted down to 543 million yuan, while the 2025 estimate remains at 714 million yuan [26] - The 2026 net profit forecast has been raised to 894 million yuan, with corresponding P/E ratios of 21, 16, and 13 for 2024, 2025, and 2026 respectively [26] - The current valuation corresponds to a PEG of less than 1, supporting the "Buy" rating [26]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown rapid growth in revenue and profit for Q3 2024, with a year-on-year revenue increase of 39.59% to 2.045 billion yuan and a net profit increase of 46.93% to 421 million yuan [4][5] - The company is optimistic about the growth potential of its products, particularly the Wuling and Bailing series, and has adjusted its profit forecasts for 2025-2026 [4][5] Financial Performance Summary - For Q1-Q3 2024, the company achieved revenue of 2.045 billion yuan, with a net profit of 421 million yuan and a non-recurring net profit of 415 million yuan, reflecting increases of 39.59%, 46.93%, and 47.80% respectively [4] - In Q3 alone, revenue reached 617 million yuan (up 35.97%), with a net profit of 125 million yuan (up 40.61%) [4] - The gross margin for Q1-Q3 2024 was 61.61%, a decrease of 7.04 percentage points, while the net margin increased by 0.93 percentage points to 20.90% [4] - The company has seen a significant increase in sales of its Wuling series, with revenue of 1.161 billion yuan (up 24.88%) and a notable growth in traditional Chinese medicine products [5] Product Performance - The Wuling series continues to maintain high growth, with Wuling capsule sales increasing by 22.67% and Lingze tablet sales by 36.90% [5] - The company has also seen a substantial increase in the revenue from traditional Chinese medicine granules, which grew by 175.96% to 76 million yuan [5] Employee Incentives - The company has implemented a stock incentive plan, granting 1.333 million shares to 112 individuals, reflecting a commitment to align employee interests with company growth [6] - The performance targets for the incentive plan are based on net profit growth rates of no less than 30%, 66%, and 110% for the years 2025-2027 [6]

浙江佐力药业股份有限公司 3、上表中数值若出现总数与各分项数值之和尾数不符，均为四舍五入原因所致。 浙江佐力药业股份有限公司董事会 2024 年 10 月 28 日 序号 姓名 职务 获授的限制 性股票数量 （万股） 占授予限制 性股票总数 的比例 占本激励计 划公告时公 司股本总额 的比例 1 汪涛 董事、总经理 50.00 7.57% 0.07% 2 冯国富 董事、常务副总经理 50.00 7.57% 0.07% 3 马爱华 副总经理 7.50 1.14% 0.01% 4 彭晓国 副总经理 7.50 1.14% 0.01% 5 叶利 副总经理、财务总监 7.50 1.14% 0.01% 6 谈欣 副总经理 7.50 1.14% 0.01% 7 吴英 董事会秘书 7.50 1.14% 0.01% 小计 137.50 20.82% 0.20% 核心业务及其他骨干员工 448.00 67.83% 0.64% 首次授予合计（112 人） 585.50 88.64% 0.83% 预留部分 75.00 11.36% 0.11% 合计 660.50 100.00% 0.94% 一、本激励计划授予的限制性股票在各激励对象 ...