华润博雅生物制药集团股份有限公司 工资总额管理办法 （经公司于 2024 年 7 月 16 日召开的第八届董事会第四次会议审议通过） 第一章 总则 第一条 为深入贯彻习近平新时代中国特色社会主义思想，全面落实国务院关于改 革国有企业工资决定机制的决策部署，为建立健全与劳动力市场基本适应、与企业经济 效益和劳动生产率挂钩的工资决定和正常增长机制，建立与资本要求相适应的工资总额 预算管理体系，不断增强中央企业竞争力、创新力、控制力、影响力、抗风险能力，促 进华润博雅生物制药集团股份有限公司（简称华润博雅生物，下同）实现高质量发展， 根据《国务院关于改革国有企业工资决定机制的意见》（国发〔2018〕16号）、《中央企 业工资总额管理办法》（国资委令第39号）、《关于印发<中央企业工资总额管理办法实施 细则>的通知》（国资发考分规〔2019〕94号，以下简称《实施细则》）等有关政策规定 ，制定本办法。 第二条 本办法适用于华润博雅生物财务报表合并范围内的全部企业，包括所出资 控股的子企业、其他分支机构、基建项目等。 第三条 本办法所称职工，是指与华润博雅生物及各级企业建立劳动关系并由企业 直接支付劳动报酬（含生活费） ...

[Table_Title] 华润持续赋能，血制品主业发展未来可期 [Table_Summary] 报告要点： [Table_Invest] 买入|首次推荐 | --- | --- | |------------------------------|--------------| | [Table_Base 基本数据 ] | | | 52 周最高 / 最低价（元）： | 36.45 / 23.7 | | A 股流通股（百万股）： | 425.94 | | A 股总股本（百万股）： | 504.25 | | 流通市值（百万元）： | 14729.01 | | 总市值（百万元）： | 17436.92 | 资料来源：Wind 请务必阅读正文之后的免责条款部分 1 / 26 录 图表目录 请务必阅读正文之后的免责条款部分 图 23: 丹霞生物股权结构图 . 图 25: 丹霞生物采浆量情况（吨） . 图 27: 国内人纤维蛋白原市场份额情况（%） ....................................................................................... ...

[Table_Title] 2024Q1：剥离非血制品业务，盈利水平大幅 提升 2024 年一季度，公司实现营业收入 4.48 亿元，同比减少 44.36%；归母 净利润 1.52 亿元，同比减少 10.74%；扣非归母净利润 1.27 亿元，同 比减少 7.63%，整体业绩下滑主要是因为公司 2023 年下半年剥离部分 非血制品业务。 研发费用率提升，新产品拓展有望提升盈利能力。2024Q1，公司研发费 用率为 4.24%，同比增加 3.00 个百分点，环比增加 1.69 个百分点。截 至 2023 年年报，公司在研管线包括静注人免疫球蛋白（IVIG)（10%）、 血管性血友病因子（vWF）、C1 酯酶抑制剂，其中静注人免疫球蛋白 （IVIG)（10%）已申报生产，公司产品矩阵拓展可期，吨浆盈利能力提 升可期。 [Table_Summary] 报告关键要素: ⚫ 剥离非血制品业务，聚焦血制品赛道。公司 2023 年 9 月和 10 分别剥 离了复大医药和天安药业，目前公司非血制品业务主要为新百药业的生 化类药物，后续有望剥离。受资产剥离影响，公司 2024Q1 收入和利润 有所下滑，预计血制品业务依旧保持稳 ...

站资源获取能力，推动业绩稳步增长。基于对行业和公司的研究，我们 预计公司 2024/2025/2026 年归母净利润分别为 5.33 亿元/5.54 亿元 /5.94 亿元，对应 EPS1.06 元/股、1.10 元/股、1.18 元/股，对应 PE 为 31.11/29.89/27.87（对应 2024 年 6 月 21 日收盘价 32.85 元），给予 "买入"评级。 风险因素：原材料供应不足的风险，采浆成本上升的风险，产品研发进 展不达预期风险 万联证券研究所 www.wlzq.cn 第2页共4 页 [Table_Pagehead] | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------|--------|--------|-------|-------|--------------------------|-------|-------|-------|-------| | [Table_ForecastDetail] 利润表（百万元） | 20 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next six months [30][85]. Core Insights - The company focuses on the blood products sector and is gradually divesting non-blood product businesses, with significant divestitures completed in 2023 [6][56]. - The company has shown steady growth in net profit since 2020, although a decline was noted in 2023 due to goodwill impairment related to acquisitions [6]. - The gross margin for blood products is leading in the industry, with a reported gross margin of 69.74% in 2023 [44][85]. - The company is expected to enhance its plasma collection capabilities and overall competitiveness in the blood products market due to the support from its major shareholder, China Resources [56][85]. Summary by Sections Company Overview - The company was established in 1993 and underwent significant changes, including a name change to "China Resources Boya Biological Pharmaceutical Group Co., Ltd." in 2022 [5][62]. - The company has been focusing on blood products, with recent divestitures of non-blood product businesses to streamline operations [6][56]. Financial Performance - The company reported a net profit of 237.47 million yuan in 2023, with a decline of 45.06% year-on-year [57]. - The gross margin for blood products is expected to improve significantly in 2024, projected at 71.04% [57][85]. - Revenue from blood products in 2023 was 1.452 billion yuan, with a year-on-year growth of 10.42% [57][85]. Operational Efficiency - The company has successfully reduced its total expense ratio from 41.29% in 2020 to 28.17% in 2023, primarily due to a decrease in sales expenses [8]. - The number of plasma collection stations has increased, with 14 operational stations contributing to a total plasma collection of 467.3 tons in 2023, a 6.45% increase from the previous year [71][56]. Market Position and Growth Potential - The company has a competitive advantage in Jiangxi province, where most of its plasma collection stations are located, and is expected to expand its market presence with the support of China Resources [10][56]. - The company is actively developing its product pipeline, with several products in the research phase, including high-concentration immunoglobulin and various factor products [44][81]. Future Projections - The company anticipates revenue growth for blood products at rates of 8.16%, 8.35%, and 8.68% for the years 2024, 2025, and 2026, respectively [26][85]. - The projected net profit for 2024 is 533 million yuan, with an expected EPS of 1.06 yuan [85].

央企入主浆量增，聚焦血制盈利强 盈利预测与投资建议。预计公司 2024-2026年营业收入分别为 19.1、20.9和 23.1 亿元，归母净利润分别为 5.7、6.4 和 7.3 亿元，对应 PE 分别为 28、25 和 22 倍。公司血制品业务盈利突出，浆量拓展潜力大，首次覆盖，建议关注。 风险提示：新浆站申请不及预期风险，产品销售推广不及预期风险，行业竞争格 局恶化风险。 [Table_QuotePic] 相对指数表现 -35% -27% -19% -12% -4% 4% 23/6 23/8 23/10 23/12 24/2 24/4 24/6 博雅生物 沪深300 公司研究报告/ 博雅生物 (300294) 请务必阅读正文后的重要声明部分 公司研究报告/ 博雅生物 (300294) | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------- ...

生物医药Ⅲ 博雅生物（300294.SZ） 买入-B(首次) 聚焦血液制品主业，新浆站、新产品打开成长空间 公司近一年市场表现 分析师： 魏赟 执业登记编码：S0760522030005 邮箱：weiyun@sxzq.com 公司 2024~2026 年收入 18.9/20.7/22.5 亿元，同比-28.6%/9.4%/8.8%。归母公 司净利润 5.6/6.15/6.75 亿元，同比增长 135.9%/9.8%/9.8%，PE 为 29.6/27.0/24.6 倍，首次覆盖，给予"买入-B"评级。 | --- | --- | --- | --- | --- | --- | |-------------------|-------|-------|-------|-------|-------| | 会计年度 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 (百万元) | 2,759 | 2,652 | 1,893 | 2,071 | 2,253 | | YoY(%) | 4.1 | -3.9 | -28.6 | 9.4 | 8.8 | | 净利润(百万元 ...

Investment Rating - The investment rating for the company is "Buy" (first coverage) [7] Core Viewpoints - The company is a well-established player in the blood products industry, continuously optimizing its business structure [7] - The focus on core blood products is expected to lead to significant breakthroughs, with a steady increase in the research pipeline [7] - The company has achieved a revenue of approximately 1.65 billion yuan in its blood products business in 2023, representing a year-on-year growth of 10.41% [7][42] - The company is supported by the resources of China Resources Group, enhancing its plasma collection capabilities and operational efficiency [7][42] Summary by Relevant Sections Company Overview - The company, established in 1993, is a key player in the blood products sector under the China Resources Group, focusing on blood plasma collection and blood product manufacturing [16][17] - It has a comprehensive product line including human albumin, immunoglobulin, and coagulation factors, and has been optimizing its business layout by divesting non-core operations [7][17] Financial Performance - In 2023, the company reported a revenue of 2.65 billion yuan, a decrease of 3.88% year-on-year, with a net profit of 237 million yuan, down 45.06% [7][39] - The company’s blood products segment generated approximately 1.45 billion yuan in revenue, accounting for 54.74% of total revenue [42] - The company’s gross margin for the blood products segment was 69.74%, with a slight year-on-year decrease of 0.80 percentage points [7][42] Growth Prospects - The company aims to expand its plasma collection stations to 30 by the end of the 14th Five-Year Plan, with significant growth expected in plasma collection volume [7][42] - The blood products market in China is projected to continue growing, with the market size increasing from 283 billion yuan in 2018 to an estimated 512 billion yuan in 2022, indicating a robust growth trajectory [80][81] Strategic Focus - The company is strategically focusing on blood products, aiming to become a leading player in the industry by enhancing its product offerings and operational efficiencies [7][39] - The management team has been strengthened with new leadership, providing clear strategic direction and oversight [34][39]

证券研究报告 市场表现： 生物医药 证券分析师 李强 S1350524040001 liqiang01@huayuanstock.com 研究支持 联系人 李强 S1350524040001 liqiang01@huayuanstock.com -38% -28% -18% -8% 2% 博雅生物 沪深300 相关研究 首次覆盖报告 2024 年 05 月 23 日 博雅生物 (300294.SZ ) 买入（首次覆盖） ——依托大股东华润医药，采浆站外延空间大 投资要点： ➢ 公司是华润旗下唯一血制品平台，我们判断未来战略地位十分重要。2021 年，华润医药正式 成为公司控股股东，公司成为华润旗下唯一血制品平台，华润近年来在新浆站申请、资源嫁接、 浆站运营等方面给予公司大力支持，考虑到血制品行业本身具有较强的资源属性，以及极高的 准入壁垒，属于长坡厚雪型赛道，我们认为博雅生物未来在华润大健康板块中将占据十分重要 的战略地位，未来公司新拿浆站潜力值得期待，公司目标力争十四五期间，通过相应的战略举 措，力争实现浆站总数量、采浆规模翻番。 ➢ 血制品行业资源属性强，近年来资产重组明显，预计行业集中度将持续提升。近年 ...

Investment Rating - The investment rating for the company is "Buy" (首次) [7] Core Viewpoints - The company is a well-established player in the blood products sector, focusing on optimizing its business structure and enhancing its core operations [7][21] - The company has experienced a decline in revenue due to asset impairment provisions, but its blood products business is expected to maintain steady growth [50][76] - The company aims to become a leading blood products enterprise, supported by strategic partnerships and a focus on innovation in blood product technology [53][75] Summary by Sections 1. Strategic Focus on Blood Products - The company has been empowered by the state-owned enterprise China Resources, which holds a 40.59% voting power in the company [6][21] - The management team has been revitalized, with a clear strategic direction to enhance overall control [45] - The company has faced profit erosion due to goodwill impairment, but its blood products business continues to grow steadily [50] 2. Excellent Profitability and Streamlined Operations - The company has a leading position in tonnage efficiency within the industry, with a focus on expanding its plasma collection stations [79] - The product range includes three major categories, with continuous improvement in product richness [31][75] - The company is actively expanding its plasma station resources and has made significant progress in internal agreements [31] 3. Recommendation Logic and Profit Forecast - Revenue forecasts for 2024-2026 are projected at 19.71 billion, 21.36 billion, and 22.89 billion respectively, with a notable recovery in net profit expected [8][10] - The company is expected to achieve a net profit of 5.57 billion, 6.18 billion, and 6.80 billion in the same period, indicating a strong rebound [8][10] - The company’s focus on blood products is anticipated to stabilize its overall performance, with a projected increase in gross margin [76]