2024H1 业绩超预期，核心产品增长延续 公司未来业绩增长点还有：①百令胶囊于 2023 年年底获批，此前为华东医 药独家产品，据 2024 年 1 月 31 日投资者关系记录，百令胶囊销售规模最 高有 30 多亿，现在也有近 20 亿的规模，市场较为广阔，其次公司本身拥有 不同剂型产品百令片的销售经验，利用医院端营销资源做好百令胶囊的上市 销售工作；②公司加强 OTC 渠道探索与推广，在自有 OTC 团队基础上聘请 有优势的第三方营销顾问协同，通过加大院外药房覆盖，开展睡眠健康公益 等方式增加品牌曝光度，提升乌灵胶囊在 OTC 端的销售比例；③乌灵胶囊 二次开发有望增加轻度认知功能障碍（MCI）的应用场景，进一步升级至 "3.0 版本"。 -27% -17% -8% 2% 11% 21% 30% 40% 2023-07 2023-11 2024-03 2024-07 佐力药业 沪深300 公司动态点评 公司动态点评 长城证券在法律允许的情况下可参与、投资或持有本报告涉及的证券或进行证券交易，或向本报告涉及的公司提供或争取提供包括投 资银行业务在内的服务或业务支持。长城证券可能与本报告涉及的公司之间存在业务 ...

| --- | --- | --- | --- | --- | |-------------------|-------|-------|-------|-------| | | 2023A | 2024E | 2025E | 2026E | | | | | | | | | 7.6% | 20.3% | 22.0% | 20.6% | | | 33.1% | 36.8% | 26.0% | 25.9% | | 归属于母公司净利 | 40.3% | 31.9% | 26.0% | 25.9% | | | | | | | | 毛利率（ % ） | 68.4% | 70.9% | 71.2% | 71.4% | | % ） | 19.7% | 21.6% | 22.3% | 23.3% | | （ % ） | 14.0% | 15.6% | 16.4% | 17.2% | | （ % ） | 10.2% | 13.5% | 13.9% | 14.3% | | | | | | | | 资产负债率（ % ） | 23.5% | 16.0% | 15.7% | 15.3% | | 净负债比率（ % ） | 30.8% | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [20][31]. Core Insights - The company is projected to achieve significant revenue growth, with an estimated revenue of approximately 14.26 billion yuan for the first half of 2024, representing a year-on-year increase of 41% [7]. - The net profit attributable to the parent company for the same period is expected to be between 2.95 billion and 3.10 billion yuan, reflecting a growth of 49.24% to 56.83% year-on-year [7]. - The company is experiencing robust growth in its product lines, particularly in the sales of Wu Ling capsules and Ling Ze tablets, with a notable increase in sales from traditional Chinese medicine slices [7][21]. Financial Projections - Revenue projections for 2023 to 2026 are as follows: 1,942 million yuan in 2023, 2,503 million yuan in 2024, 3,069 million yuan in 2025, and 3,725 million yuan in 2026, with growth rates of 7.61%, 28.86%, 22.60%, and 21.39% respectively [10][31]. - The net profit attributable to the parent company is forecasted to be 382.94 million yuan in 2023, increasing to 530.16 million yuan in 2024, 691.48 million yuan in 2025, and 886.49 million yuan in 2026, with growth rates of 40.27%, 38.45%, 30.43%, and 28.20% respectively [10][31]. - The earnings per share (EPS) are expected to rise from 0.55 yuan in 2023 to 1.26 yuan in 2026 [10][31]. Market Performance - The stock has shown a performance decline of 27% over the past year, with a current price of 15.55 yuan [5][17]. - The company has a total market capitalization of 10.9 billion yuan and a circulating market value of 9.3 billion yuan [18]. Company Overview - The company operates in the pharmaceutical and biotechnology sector, focusing on the development and sales of traditional Chinese medicine products [29].

Financial Forecast - The company forecasts a net profit attributable to shareholders between RMB 295 million and RMB 310 million for the first half of 2024, representing a year-on-year growth of 49.24% to 56.83% compared to RMB 197.66 million in the same period last year[6] - The net profit after deducting non-recurring gains and losses is expected to be between RMB 291 million and RMB 306 million, indicating a year-on-year increase of 50.23% to 57.97% from RMB 193.73 million last year[6] - The impact of non-recurring gains and losses on the company's net profit is estimated to be around RMB 3.95 million[16] Revenue Growth - The company achieved approximately 41% year-on-year growth in operating revenue during the reporting period, driven by strong sales of core products including Wuling Capsules and Lingze Tablets[16] - Sales revenue from traditional Chinese medicine (TCM) decoction pieces significantly increased due to a surge in online hospital sales in June, contributing to the overall revenue growth[16]

Hospital Coverage and Market Expansion - The number of hospitals covered by the company's core product, Wuling Capsule, has increased from over 3,000 in 2018 to more than 10,000 currently, with approximately 2,000-3,000 new hospitals added annually [2] - The company's other core products, Bailing Tablets and Lingze Tablets, are also rapidly expanding their hospital coverage [2] - The company plans to leverage its status as a national essential drug and centralized procurement participant to accelerate hospital coverage and deepen market penetration [2] - The national health commission's promotion of tightly-knit county-level medical consortia will help the company expand into county-level hospitals and primary medical institutions [2] Wuling Capsule Market Position and Strategy - Wuling Capsule is a proprietary product with high industry barriers, competing mainly with other traditional Chinese medicine products for calming and sleep disorders [3] - Wuling Capsule has consistently ranked first in terms of drug usage amount and DDDs (Defined Daily Doses) among nine cities and 121 hospitals from 2017 to 2020 [3] - The company aims to increase Wuling Capsule's OTC sales proportion to over 20% by expanding retail pharmacy coverage and conducting community health activities [3][4] - Wuling Capsule is included in 67 clinical guidelines, expert consensuses, and monographs, enhancing its brand influence [3] Production Capacity and Future Growth - The company's current production capacity is sufficient, with plans for technological upgrades and intelligent transformation to expand capacity [4] - The annual production of Wuling Capsule's key ingredient, Wuling fungus powder, will increase from 600 tons to 900 tons after the completion of the fundraising project [4] - Future growth will be driven by the conversion to larger packaging in existing hospitals and the development of new hospitals in previously under-covered provinces [4] - The national health commission's detailed assessment of essential drug prescription ratios in public hospitals will benefit the sales of essential drugs like Wuling Capsule [4] Research and Development - The company is conducting secondary development of Wuling Capsule and researching its potential in treating mild cognitive impairment (MCI) [5] - Wuling Capsule's indication for "forgetfulness" in its instructions supports its use in preventing or delaying Alzheimer's disease (AD) through early screening and treatment [5] - The company aims to leverage traditional Chinese medicine's "preventive treatment" advantage in the growing market for MCI and AD prevention [5]

股票投资评级 乌灵胶囊是公司独家产品，为纯乌灵菌粉制剂。乌灵菌粉系从我国珍稀药用真菌乌灵参中 分离获得菌种，运用生物发酵技术精制而成的现代中药材。乌灵菌粉和乌灵胶囊皆在 1998 年 4 月获得一类新药证书。 | --- | --- | --- | --- | --- | --- | --- | |--------------------|--------------------------------------------|-------------------------------|--------------------------------------------------------|-------|---------------------|--------------------------------------| | 图表 6 | 粒每盒的 3 \n：乌灵胶囊在广东联盟 6 | 类规格。 | 个省（自治区）、北京、江苏、福建、天津、重庆已执行集采 | | | | | 执行单位 | 涉及区域 | 包装规格 | | | 销量占比 | 备注 | | 广东联盟 | 广东 / 海南 / 河南 ...

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：2024-010 浙江佐力药业股份有限公司 | --- | --- | --- | |----------------|-------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------| | | | | | 投资者关系活动 | □特定对象调研 | □分析师会议 | | 类别 | □媒体采访 | □业绩说明会 | | | □新闻发布会 | □路演活动 | | | 现场参观 | | | | 其他 （线上会议） | | | 参与单位名称及 | | 易方达：鄢煜；浦银安盛：徐博；东吴证券：徐梓煜、俞昊岚； | | 人员姓名 | 中信证券:宋硕、王凯、顾国平、崔音等 | 丁元私募基金：张世宏；摩根基金：钱正昊；彤源投资：苑建； 正心谷：张孝达、贾辉 ...

证券代码：300181 证券简称：佐力药业 编号：2024-009 浙江佐力药业股份有限公司 投资者关系活动记录表 投资者关系活动 □特定对象调研 □分析师会议 类别 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 现场参观 其他（现场交流） 中欧基金：赵磊；申万宏源：王道；淡水泉：王沛、吴竞尧； 参与单位名称及 浙商证券：安福廷；宁波宝隽：张瑞锦；盛熙基金：谢丙东； 人员姓名 优益增投资：刘敏；光证资管：刘天雄；华西证券：曹艳凯、 高瑛桥；华宝基金：齐震；广发资管：焦阳；中邮证券：古意 涵；循远资产；覃婷。 时间 2024年5月22日 13:30-14:30 2024年5月23日 13:00-15:00 地点 上海、公司会议室 上市公司接待人 董事、总经理：汪涛先生 ...

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：2024-008 浙江佐力药业股份有限公司 | --- | --- | --- | |-----------------------|-------------------------------------------------------|--------------------------------------------------------| | | | | | 投资者关系活动 | □特定对象调研 | □分析师会议 | | 类别 | □媒体采访 | □业绩说明会 | | | □新闻发布会 | □路演活动 | | | ☑ 现场参观 | | | | 其他 | | | 参与单位名称及 | 2024 年 5 月 15 日 9:30-10:30 | 申万宏源：王道；鹏扬基金： | | 人员姓名 | 赵世宏。 | | | | 2024 年 5 月 15 日 15:30-16:30 | 东方财富：欧阳胜杰。 | | | 2024 年 5 月 17 日 9:30-11:30 | 南方基金：章晖、蒋秋洁、卢 | | | 玉珊、谢巍、陈逸；东 ...

证券代码：300181 证券简称：佐力药业 公告编号：2024-045 浙江佐力药业股份有限公司 2023年年度权益分派实施公告 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。 浙江佐力药业股份有限公司（以下简称"公司"或"本公司"）2023 年年度权益 分派方案已获 2024 年 5 月 10 日召开的 2023 年度股东大会审议通过，现将权 益分派事宜公告如下： 一、股东大会审议通过利润分配方案等情况 1、经 2023 年度股东大会审议通过，公司 2023 年度利润分配方案为：以公 司 2023 年 12 月 31 日总股本 701,387,335 股为基数，向全体股东每 10 股派发 现金股利人民币 4.5 元（含税），共计派发现金股利人民币 315,624,300.75 元 （含税），不送红股，不以资本公积金转增股本，剩余未分配利润结转以后年度 分配； 3、本次实施的分配方案与股东大会审议通过的分配方案一致； 4、本次实施分配方案距离股东大会审议通过的时间未超过两个月。 二、本次实施的利润分配方案 本公司2023年年度权益分派方案为：以公司现有总股本7 ...