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。 | --- | --- | ...

第八届董事会第二次会议决议公告 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。 一、董事会会议召开情况 浙江佐力药业股份有限公司（以下简称"公司"）第八届董事会第二次会议 于 2024 年 7 月 26 日在公司会议室以现场和通讯表决相结合的方式召开。会议 通知于 2024 年 7 月 16 日以专人送达、电话、传真及电子邮件等相结合方式送 达各董事。会议应出席董事 9 人，实际出席董事 9 人（其中独立董事朱建先生、 王萍先生以通讯表决方式审议表决）。会议由公司董事长俞有强先生主持，公司 监事、高管列席会议。会议的召开符合《公司法》、《公司章程》的规定。 `证券代码：300181 证券简称：佐力药业 公告编号：2024-050 浙江佐力药业股份有限公司 表决结果：同意 9 票，反对 0 票，弃权 0 票，获得通过。 3、审议通过《关于回购公司股份方案的议案》 基于对公司价值的判断和发展前景的坚定信心，建立完善的长效激励约束机 制，充分调动公司员工的积极性，促进公司持续稳定健康发展，结合公司财务状 况、经营状况以及未来盈利能力等因素，同意公司使用自有资金以集中 ...

2024年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：浙江佐力药业股份有限公司 单位：万元 | 2024年度占用累计 | 2024年度 | 占用资 | 2024 | 年 | 期 | 上市公司核算的会 | 2024年期初 | 占用资金 | 2024 | 年 | 度 | 偿 | 还 | 占 | 用形 | 成 | 原 | 发生金额（不含利 | 金 | 的 | 利 | 息 | （ | 如 | 末 | 占 | 用 | 资 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司的关联关系 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 计科目 | 余额 | 累计发生金额 | 因 | 息） | 有） | 金余额 | | | | | ...