证券代码：300181 证券简称：佐力药业 公告编号：2024-049 股东 名称 是否为控 股股东或 第一大股 东及其一 致行动人 本次解除质 押股份数量 占其所持 股份比例 (%) 占公司 总股本 比例(%) 原质押 起始日 解除质押 日期 质权人 俞有强 是 43,000,000 33.10 6.13 2021 年 8 月 5 日 2024 年 7 月 23 日 浙股（杭州）企 业管理有限公司 合计 - 43,000,000 33.10 6.13 - - - 一、股东股份解除质押基本情况 | 俞有强 | 是 | 8,000,000 | 6.16 | 1.14 | 否 | 否 | 2024 7月24日 | 年 | 解除质 押之日 | 中信证券股 份有限公司 | 融资 担保 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 2024 | 年 | 解除质 | 中信证券股 | 融资 | | 俞有强 | 是 | 15,000,000 | 11.55 | 2.14 | 否 | 否 | ...

证券代码：300181 证券简称：佐力药业 公告编号：2024-048 浙江佐力药业股份有限公司 关于控股股东、实际控制人部分股份 解除质押及质押的公告 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"）近日接到公 司控股股东、实际控制人俞有强先生的函告，获悉其所持有本公司的部分股份办 理了解除质押及质押业务，具体事项如下： 二、股东股份质押基本情况 | | 是否为 控股股 | | | | 是 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 占其 | 占公 | 否 | 是否 | | | | | | 股东 | 东或第 | 本次质押 | 所持 | 司总 | 为 | 为补 | 质押 | 质押 | | 质押 | | | 一大股 | | 股份 | 股本 | | | | | 质权人 | | | 名称 | | 数量 | | | 限 | 充质 | 起始日 | 到期日 | | 用途 | | | 东及 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Views - The company is positioned as a leader in the medicinal fungi pharmaceutical sector, focusing on the development and production of traditional Chinese medicine products, particularly those based on medicinal fungi [9][19]. - The growth model is driven by two core products: the "Wuling" series and the "Bailing" series, with a strong emphasis on innovation and market expansion [9][57]. - The company has demonstrated robust revenue and profit growth, with projected net profits of 5.05 billion, 6.32 billion, and 7.85 billion yuan for 2024, 2025, and 2026 respectively [9][50]. Financial Summary - Revenue growth from 1.805 billion yuan in 2022 to an estimated 2.453 billion yuan in 2024, reflecting a year-over-year growth rate of 26.3% [2]. - Net profit is projected to increase from 383 million yuan in 2023 to 505 million yuan in 2024, with a year-over-year growth rate of 31.8% [2]. - The gross margin is expected to stabilize around 68.6% to 69.2% from 2024 to 2026, while the net margin is projected to rise from 20.6% in 2024 to 22.5% in 2026 [2]. Business Strategy - The company has established a comprehensive production line for traditional Chinese medicine pieces, with over 1,000 product specifications [4]. - The company is actively involved in the research and formulation of national and provincial standards for traditional Chinese medicine, having completed 208 national and 127 provincial standard filings by the end of 2023 [4]. - The "Wuling" series has shown significant sales growth, with revenue increasing from 4.82 billion yuan in 2018 to 11.94 billion yuan in 2023, representing a compound annual growth rate (CAGR) of approximately 19.9% [46]. Market Position - The company holds a clear and experienced ownership structure, with the controlling shareholder holding 18.52% of the shares as of Q1 2024 [31]. - The medicinal manufacturing segment has consistently contributed over 85% of total revenue from 2018 to 2023, with a stable gross margin above 65% [37]. - The company’s products, particularly the "Wuling" series, have maintained a high gross margin of over 82% from 2018 to 2023, indicating strong profitability [54].

| --- | --- | --- | --- | --- | |-------------------|-------|-------|-------|-------| | | 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]

Investment Rating - The report gives a "Buy" rating for the company, with a projected revenue growth of 28.86% in 2024 and a PE ratio of 20.70 [23]. Core Insights - The company's unique product, Wuling Capsule, is benefiting significantly from centralized procurement, leading to increased sales volume. The market share in urban and county-level public hospitals reached 14% and 10% respectively in 2022 [20]. - The report highlights the transition to larger packaging sizes for Wuling Capsule, which is expected to enhance sales further. The product's price was reduced by 21% under centralized procurement, making it more accessible [14][20]. - The company is also seeing growth in its second-line products, such as Lingze Tablets, which have improved their market ranking significantly in recent years [21]. Summary by Sections Wuling Series - Wuling Capsule has shown a continuous increase in usage frequency and sales amount from 2017 to 2020, maintaining a leading position in the market [11]. - The product's market share in public hospitals has been steadily increasing, with a notable rise in 2022 [14]. - The centralized procurement has allowed for a switch to larger packaging, which is expected to drive sales growth [14][15]. Bailing Series - Bailing Tablets have experienced a decline in revenue due to centralized procurement but are expected to recover as the restrictions on insurance coverage are relaxed [21]. - The introduction of Bailing Capsules is anticipated to contribute to revenue growth in 2024 [21]. Traditional Chinese Medicine - The company has seen a consistent growth rate of over 20% in its traditional Chinese medicine segment, with revenues reaching 460 million yuan in 2023 [21]. - The recovery in the Chinese medicine granule business is also noted, with a significant increase in revenue due to the completion of national and provincial standard filings [21]. Financial Projections - The company is projected to achieve revenues of 25.03 billion yuan in 2024, with a net profit of 5.30 billion yuan, reflecting a growth rate of 40.27% [24].

Group 1: Marketing Strategy - The company began its marketing reform in 2019, shifting from a self-operated sales model to a recruitment model to accelerate hospital coverage [2] - The recruitment model allows the company to leverage agents with resource advantages across the country, enhancing the speed of market penetration [2] Group 2: Product Packaging and Pricing - For the hospital sector, the packaging specifications for Wuling capsules vary, with non-collection areas primarily using 36 capsules per box, while collection areas start with 54 capsules per box [3] - OTC prices can be 15% higher than hospital prices, but retail pharmacies incur additional costs, leading to price differences [3] Group 3: Sales Volume and Market Expansion - The company utilizes centralized procurement to exchange price for volume, benefiting multiple parties; changing packaging from 36 to 54 capsules increases the quantity by 50% without significantly affecting prescription habits [3] - The implementation of centralized procurement varies by province, with new provinces expected to join the program monthly [3] Group 4: Clinical Evidence and Research - Wuling capsules have been included in expert consensus guidelines for Alzheimer's disease treatment, with ongoing clinical studies showing improvements in sleep and memory for patients with mild cognitive impairment [4] - The company plans to enhance clinical research and evidence accumulation for Wuling capsules, focusing on long-term safety and efficacy [4] Group 5: Future Development and Product Pipeline - The company aims to develop new products based on Wuling powder, with ongoing projects including clinical trials for Lingxiang tablets [5] - Future plans include acquiring quality pharmaceutical formulations and exploring synergistic effects with existing products in the neurology and psychiatry markets [5] Group 6: Market Impact and Incentives - The expansion of the indication for Bailing tablets to include chronic bronchitis and chronic kidney disease will help penetrate community hospitals and expand market reach [5] - The company is considering an equity incentive plan to attract and retain talent, which is essential for long-term development [5]

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 ...