各位领导好欢迎大家参加动物医药深度报告系列培训的第四期我是动物医药的研究员李倩然后今天给各位领导带来的这个深度报告是佐利药叶佐利药叶也是我们一直以来比较推荐一支中药标的 无论是从这个业绩的表现情况上来讲还是说对于政策后续的这个相对的这个编辑变化来说我们都觉得整体上逻辑上还是都比较顺的那具体来讲的话公司它主要聚焦的就在一个是这个物灵的这个物灵胶囊这一类的优质品种另一方面的话还有像百令啊配方颗粒啊等等 今年以来表现也还相对比较不错具体来讲的话如果说从这个核心的产品来讲就是它的这个雾林胶囊从短期来说它的这个我们也能看到从去年到今年上半年整体的这个放量速度还比较快的对公司来讲其实已经跑通了这种积采之后以下化量的这个模式 我们也能看到在集财地区它整体的这个销售量的这个增长还是远快于非集财地区的所以对他们来讲的话这个集财带来的那个尤其对利润端的这个 这个负面影响还是相对比较小的更多的是给它换出了更多的量然后如果再往长了来看的话你觉得明年可能支撑乌林快速放量的就在于我通过几次经验之后我对于新的这个医生的这个培养新医院的一个开发然后再往后来看的话再以一个更中长期的一个维度再去看乌林的一个 系列的放量的话更多就来源于整体上疫情 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 1.43 billion yuan in H1 2024, representing a year-on-year increase of 41.2%. The net profit attributable to shareholders reached 300 million yuan, up 49.8%, while the net profit excluding non-recurring items was 290 million yuan, an increase of 50.8% [2] - The second quarter of 2024 showed steady growth, with significant increases in the sales of traditional Chinese medicine products, particularly the Wuling capsule and Lingze tablets. The sales revenue of the Wuling series grew by 29.15%, with the Wuling capsule alone increasing by 28.86%. The revenue from traditional Chinese medicine formula granules surged by 256.73% due to an increase in registered varieties [2] - The company's gross margin for H1 2024 was 62.6%, a decrease of 6.7 percentage points, while the net profit margin improved by 1 percentage point to 21%. The sales expense ratio decreased by 7.4 percentage points to 34.2%, and the R&D expense ratio fell by 1.3 percentage points to 2.74% [2] - The core products are expected to continue their positive development trends, with the Wuling series benefiting from its inclusion in the national essential medicines list and provincial bulk purchasing programs. The Bailing series is also anticipated to grow, with Bailing capsules already listed in 28 provinces as of June 2024 [2] - The company forecasts net profits attributable to shareholders of 520 million yuan, 630 million yuan, and 770 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 37%, 21%, and 21% [2] Summary by Sections Financial Performance - H1 2024 revenue: 1.43 billion yuan (+41.2%) - H1 2024 net profit: 300 million yuan (+49.8%) - H1 2024 net profit excluding non-recurring items: 290 million yuan (+50.8%) [2] Product Performance - Wuling series revenue growth: 29.15% - Wuling capsule revenue growth: 28.86% - Traditional Chinese medicine formula granules revenue growth: 256.73% - Traditional Chinese medicine slices revenue growth: 57.11% [2] Profitability Metrics - H1 2024 gross margin: 62.6% (-6.7pp) - H1 2024 net profit margin: 21% (+1pp) - H1 2024 sales expense ratio: 34.2% (-7.4pp) - H1 2024 R&D expense ratio: 2.74% (-1.3pp) [2] Future Projections - Expected net profits for 2024-2026: 520 million yuan, 630 million yuan, 770 million yuan - Year-on-year growth rates for net profits: 37%, 21%, 21% [2]

证券代码：300181 证券简称：佐力药业 公告编号：2024-059 浙江佐力药业股份有限公司 关于回购公司股份的进展公告 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"）于 2024 年 7 月 26 日召开 第八届董事会第二次会议和第八届监事会第二次会议，审议通过了《关于回购公 司股份方案的议案》，同意公司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。回购的资金总额不低 于人民币 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。具体内容详见公司于 2024 年 7 月 29 日、7 月 31 ...

证券代码：300181 证券简称：佐力药业 编号：2024-013 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 （电话会议、线上会议） 2024 年 7 月 30 日：中银证券；前海开源基金；国海资管；趣 参与单位名称及 时资产；招商证券；易米基金；蜂巢基金；北京志开投资；致 人员姓名（排名 顺投资；恒生前海基金；天弘基金；平安资管；长安基金；中 不分先后） 邮理财；弘尚资产；平安资管；正心谷；平安基金；汇百川基 金；鹏扬基金；元亨王道；睿郡资产；申万宏源；诺安基金； 安信基金；China Alpha Fund；LyGH 立格资本；华夏久盈； 中天国富证券；Samsung Asset（HK）；国华兴益资产；泓德 基金；中信证券；正圆投资；北京人寿；颐和久富；中信保诚； 茂典资产；乾行资管；德邦基金；嘉实基金；浪石投资；南华 基金；运舟资本；玖鹏投资；中意资产；九泰基金；博裕资本； 华宝基金；上海景领投资；勤远投资；中信建投；中航信托； 华富基金；混沌投资；东海基金；相聚资本；金恩投资；循远 资产；锐智资本；天猊 ...

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].