关于回购股份事项前十名股东和前十名无限售条 证券代码：300181 证券简称：佐力药业 公告编号：2024-058 浙江佐力药业股份有限公司 | 序号 | 股东名称 | 持有数量（股） | 占公司无限售 条件流通股比 | | --- | --- | --- | --- | | | | | 例（%） | | 1 | 俞有强 | 32,472,616 | 5.40 | | 2 | 王可方 | 21,276,200 | 3.53 | | 3 | 彭涛 | 13,436,996 | 2.23 | | 4 | 中国建设银行股份有限公司－富国精准医 | 12,864,600 | 2.14 | | | 疗灵活配置混合型证券投资基金 | | | | | 富国基金－中国人寿保险股份有限公司－ | | | | 5 | 传统险－富国基金国寿股份成长股票传统 | 9,544,300 | 1.59 | | | 可供出售单一资产管理计划 | | | | 6 | 全国社保基金四零三组合 | 8,858,450 | 1.47 | | 7 | 中国工商银行股份有限公司－中欧医疗健 | 7,692,243 | 1.28 | | | 康混合型证券 ...

证券代码：300181 证券简称：佐力药业 公告编号：2024-057 浙江佐力药业股份有限公司 回购报告书 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、浙江佐力药业股份有限公司（以下简称"公司"）拟使用自有资金以集 中竞价交易方式回购公司部分人民币普通股（A 股）股份，用于后期实施股权激 励计划。在综合考虑公司财务状况、经营状况以及未来盈利能力的情况下，本次 回购的资金总额不低于人民20,000万元（含）且不超过人民币30,000万元（含）， 回购股份价格不超过人民币 20 元/股（含），回购股份的实施期限自董事会审议 通过本次回购股份方案之日起 6 个月内。在回购股份价格不超过 20 元/股的条件 下，预计回购股份数量约为 1,000 万股至 1,500 万股，约占公司已发行总股本的 比例为 1.43%至 2.14%，具体回购股份的数量以回购期限届满或回购实施完成时 实际回购的股份数量为准。 2、本次回购股份方案已经公司第八届董事会第二次会议和第八届监事会第 二次会议审议通过，根据相关法律法规规定，无需提交股东大会审议。 3、公司已 ...

Investment Rating - The report maintains a "Buy" rating for the company [7][11]. Core Insights - The company has demonstrated significant growth in its core products, with a notable increase in sales revenue for the first half of 2024, reaching 1.428 billion yuan, a year-on-year growth of 41.21% [11]. - The company's net profit attributable to shareholders for the same period was 296 million yuan, reflecting a year-on-year increase of 49.78% [11]. - The report highlights the successful market expansion of the company's core products, particularly the Wuling series, which saw sales revenue of 836 million yuan, a 29.15% increase year-on-year [6][11]. Financial Performance Summary - For the first half of 2024, the company reported a revenue of 1.428 billion yuan, with a year-on-year growth rate of 41.21% [11]. - The net profit attributable to shareholders for the same period was 296 million yuan, marking a 49.78% increase compared to the previous year [11]. - The company’s sales expenses ratio has been decreasing, indicating improved operational efficiency, with Q2 sales expenses ratio at 31.47%, down from 41.09% in the same quarter last year [11]. Product Development and Market Strategy - The company is leveraging its core products' inclusion in the National Essential Medicines List to enhance market penetration [6]. - The Wuling series and the newly approved Bailing capsules are expected to drive future growth, with the latter anticipated to create a second growth curve for the company [7]. - The company’s participation in centralized procurement initiatives is expected to enhance its competitive position in the market [12]. Earnings Forecast and Valuation - The report revises the earnings forecast for the company, projecting net profits of 550 million yuan for 2024, 656 million yuan for 2025, and 751 million yuan for 2026, with corresponding year-on-year growth rates of 43.7%, 19.3%, and 14.4% respectively [7][14]. - The price-to-earnings (PE) ratios for the forecasted years are set at 18x for 2024, 15x for 2025, and 13x for 2026 [7].

Summary of Conference Call Industry or Company Involved - The discussion revolves around the medical industry in China, specifically referencing the Chinese Medical Association as a key platform for consensus building [1]. Core Points and Arguments - There is a need for consensus to be recognized by authoritative bodies such as the Chinese Medical Association [1]. - The relationship between natural consensus and various academic platforms is highlighted, indicating that these platforms play a significant role in shaping consensus [1]. Other Important but Possibly Overlooked Content - The inquiry into the reasons behind the existence of multiple consensuses from the foreign perspective suggests a complex interplay of factors influencing medical standards and practices in China [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][34]. Core Views - The report highlights strong revenue and profit growth, particularly from the Wuling series, which is experiencing rapid expansion [5][28]. - The company is focused on a strategic goal of "one body and two wings," enhancing coverage in hospitals and the lower-tier market while strengthening OTC and internet development [6][15]. - The report anticipates continued growth for the Wuling and Bailing product series, supported by optimized sales expenses due to centralized procurement [14]. Financial Performance Summary - In H1 2024, the company achieved revenue of 1.428 billion yuan (up 41.21% year-on-year) and a net profit of 296 million yuan (up 49.78%) [14]. - The revenue for Q2 2024 was 755 million yuan (up 46.45%), with a net profit of 154 million yuan (up 53.32%) [14]. - The gross margin for H1 2024 was 62.62%, a decrease of 6.69 percentage points year-on-year, primarily due to an increase in low-margin business [14]. - The company expects net profits for 2024-2026 to be 559 million, 690 million, and 844 million yuan respectively, with corresponding EPS of 0.80, 0.98, and 1.20 yuan per share [14]. Product Performance - In H1 2024, the Wuling series generated revenue of 836 million yuan (up 29.15%), while the Bailing series saw revenue of 82 million yuan (down 16.59%) [29]. - The Chinese herbal medicine segment reported revenue of 389 million yuan (up 57.11%), and the Chinese medicine formula granules achieved revenue of 47 million yuan (up 256.73%) [29]. - The gross margins for the Wuling series and Chinese herbal medicine products remained stable at 86.77% and 21.34% respectively [29].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next six months [16]. Core Insights - The performance of medicinal slices exceeded expectations, with significant sales growth in products like Wuling capsules and Lingze tablets, showing year-on-year increases of 28.86% and 30.84% respectively. The sales revenue for traditional Chinese medicine slices increased by 57.11% year-on-year in the first half of 2024, reaching 389 million yuan [1]. - The company plans to repurchase shares, demonstrating confidence in its development. The repurchase price will not exceed 20 yuan per share, accounting for 1.43% to 2.14% of the total share capital, which is expected to enhance employee motivation through a long-term incentive mechanism [2]. Financial Performance Summary - In the first half of 2024, the company reported total revenue of 1.428 billion yuan, a 41% increase year-on-year, with a net profit attributable to shareholders of 296 million yuan, up 49.8% [7]. - The operating cash flow for the first half of 2024 was 215 million yuan, reflecting a 75% increase year-on-year, indicating strong operational efficiency [8]. - The company’s net profit margin improved to 20.45%, with a decrease in sales expense ratio to 34.19%, attributed to cost reductions following centralized procurement [8]. Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted upwards to 5.8 billion, 7.1 billion, and 8.6 billion yuan respectively, with corresponding PE ratios of 17, 14, and 12 [16].

Investment Rating - The report assigns a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark index by more than 15% [11]. Core Views - The company reported a significant revenue increase of 41% year-on-year in H1 2024, achieving a total revenue of 1.428 billion yuan and a net profit attributable to shareholders of 296 million yuan, reflecting a 50% increase year-on-year [20]. - The growth is primarily driven by the strong performance of the company's Wuling series products and traditional Chinese medicine (TCM) decoction pieces, with the Wuling series revenue increasing by 29.15% year-on-year [20]. - The company is also implementing a share buyback plan to enhance employee motivation and confidence in future business prospects, with plans to repurchase shares worth between 200 million yuan and 300 million yuan [20]. Financial Summary - The company's total revenue for 2022 was 1.805 billion yuan, with a year-on-year growth rate of 23.9%. For 2023, the revenue is projected to be 1.942 billion yuan, reflecting a growth rate of 7.6% [13]. - The net profit attributable to shareholders for 2022 was 273 million yuan, with a year-on-year growth of 52.2%. The forecast for 2023 is 383 million yuan, indicating a growth of 40.3% [13]. - The gross profit margin for 2022 was 70.6%, which is expected to decrease to 68.4% in 2023 due to changes in product mix [13]. - The report forecasts that the company will achieve revenues of 2.5 billion yuan, 3.074 billion yuan, and 3.78 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 536 million yuan, 667 million yuan, and 833 million yuan [21].

Investment Rating - The report maintains a "Buy" rating for the company [5][13]. Core Insights - The company is positioned as a leader in the domestic medicinal mushroom pharmaceutical sector, with strong growth in core products [5]. - In the first half of 2024, the company achieved a revenue of 1.428 billion yuan, representing a year-on-year increase of 41.21%, and a net profit attributable to shareholders of 296 million yuan, up 49.78% year-on-year [5]. - The core product, Wuling Capsule, has been included in national essential drug lists, enhancing its market presence and sales [5]. Financial Performance - The company reported a significant increase in sales revenue for its core products, with Wuling series sales up 29.15% and Lingze tablets up 30.84% [5]. - The sales revenue from traditional Chinese medicine (TCM) decoction pieces increased by 57.11%, while TCM formula granules saw a remarkable growth of 256.73% [5]. - The company’s cost control measures have improved net profit margins, with a net profit margin of 20.99%, an increase of 1.05 percentage points year-on-year [5]. Future Projections - Revenue projections for 2024-2026 are set at 2.494 billion yuan, 3.103 billion yuan, and 3.747 billion yuan, respectively, with net profits expected to be 498 million yuan, 624 million yuan, and 764 million yuan [5]. - The earnings per share (EPS) are projected to be 0.71 yuan, 0.89 yuan, and 1.09 yuan for the same period, with corresponding price-to-earnings (PE) ratios of 19, 15, and 12 times [5].

证券研究报告：医药生物 | 公司点评报告 公司基本情况 最新收盘价（元） 13.57 总市值/流通市值（亿元）95 / 82 股票投资评级 个股表现 -25% -17% -9% -1% 7% 15% 23% 31% 39% 47% 55% 2023-07 2023-10 2023-12 2024-03 2024-05 2024-07 佐力药业 医药生物 研究所 佐力药业(300181) 7 月 29 日，公司发布 2024 年半年度报告：2024H1 收入 14.28 亿 元（+41.21%），归母净利润 2.96 亿元（+49.78%），扣非净利润 2.92 亿元（+50.78%），经营现金流净额 2.15 亿元（+74.81%），EPS 为 0.42 元/股(+0.14 元/股)。对应 2024Q2 收入 7.55 亿元（+46.45%），归母 净利润 1.54 亿元（+53.32%），扣非净利润 1.48 亿元（+51.53%）。 ⚫ 乌灵保持稳健增长，百令延续恢复态势，饮片增长加速 拆分收入来看，2024H1 乌灵系列收入 8.36 亿元（+29.15%），其 中乌灵胶囊收入+28.86%（2024Q ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 元，导致相应的应收账款增加。2024 年 H1 公司经营性现金流为 2.15 亿元，同比 2023 年 H1 增长 74.81%，我们认为公司经营性现金流的 大幅增长，有望打消市场对于公司回款的担忧。 公司同期发布回购方案，计划以自有资金 2 亿元（含）-3 亿元（含） 回购公司股票，用于股权激励计划，拟回购价格不超过 20 元/股，以 拟回购价格上限和回购金额区间测算，回购股份数量为 1,000 万股1,500 万股，占公司总股本的比例为 1.43%-2.14%。我们认为本次回 购彰显公司信心，如果后续股权激励落地，有助于建立完善的长效激 励机制，促进公司长期可持续发展。 我们预计公司 2024 年-2026 年的营业收入分别为 25.78 亿元、30.66 亿元、35.87 亿元，归母净利润分别为 5.61 亿元、6.90 亿元、8.09 亿元，对应的 PE 估值分别为 17.0 倍、13.8 倍、11.8 倍。我们给予 公司买入-A 的投资评级，6 个月目标价 16.00 元，相当于 2024 年 20 倍的动态市盈率。 | --- | --- | ...