证券代码：300573 证券简称：兴齐眼药 公告编号：2024-030 沈阳兴齐眼药股份有限公司 2023 年年度权益分派实施公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 沈阳兴齐眼药股份有限公司（以下简称"公司"）2023年年度权益分派方案 已获2024年5月13日召开的2023年度股东大会审议通过，现将权益分派事宜公告 如下： 一、股东大会审议通过权益分派分配方案情况 1、公司 2023 年度股东大会审议通过的 2023 年年度权益分派方案为：以现 有总股本 124,589,194 股为基数，向全体股东每 10 股派发现金红利 30.00 元（含 税），共分配现金红利 373,767,582.00 元（含税）；向全体股东每 10 股以资本公 积金转增 4 股，不送红股。本次转增后公司总股本将增加至 174,424,871 股，剩 余未分配利润结转未来分配。 若在分配方案实施前，公司总股本由于股份回购注销、增发新股、股权激励 行权、可转债转股等原因发生变动的，将按照分配总额固定不变的原则，相应调 整分配。 2、自权益分派方案披露至实施期间公司股本总额 ...

Investment Rating - The report assigns an "Accumulate" rating to the company [2]. Core Views - The company is focused on the ophthalmic drug market, with the recent approval of the first low-concentration atropine eye drops for delaying myopia in adolescents, expected to drive significant revenue growth [2][3]. - The company anticipates a peak sales potential of nearly 10 billion yuan for its low-concentration atropine product, with a market exclusivity period of 2-3 years [2]. - The company has a robust pipeline of products, with a strong emphasis on research and development, aiming to meet unmet clinical needs in the ophthalmic field [3][39]. Summary by Sections Company Overview - The company has been established since 1977 and has developed a comprehensive portfolio of ophthalmic drugs, with 57 approved products, 35 of which are included in the medical insurance directory [27][29]. - The company has a well-established sales network covering various levels of medical institutions across the country [27]. Product Categories and Competitive Landscape - The low-concentration atropine eye drops are positioned as the only evidence-based drug to effectively delay myopia progression, with a projected market space of 10.9 billion yuan based on a conservative 5% penetration rate [2][45]. - The company’s 0.05% cyclosporine eye drops are expected to achieve peak sales of approximately 1.7 billion yuan, benefiting from a favorable competitive landscape [2][3]. Financial Forecast - The company is projected to achieve revenues of 3.09 billion yuan, 4.47 billion yuan, and 5.44 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 110.6%, 44.6%, and 21.7% [3][4]. - Corresponding net profits are expected to be 590 million yuan, 854 million yuan, and 1.07 billion yuan for the same years, reflecting significant growth [3][4]. Research and Development - The company has increased its R&D investment from 41 million yuan in 2018 to 167 million yuan in 2023, with a compound annual growth rate of 32.5% [42][43]. - The R&D pipeline includes multiple products at various stages, indicating a commitment to expanding its ophthalmic product line [2][3].

中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话: (86-10) 5809-1000 传真: (86-10) 5809-1100 关于沈阳兴齐眼药股份有限公司 2023 年度股东大会的法律意见书 致：沈阳兴齐眼药股份有限公司 根据《中华人民共和国证券法》《中华人民共和国公司法》（以下简称 "《公司法》"）以及中国证券监督管理委员会颁布的《上市公司股东大会规 则》（以下简称"《股东大会规则》"）的规定，北京市竞天公诚律师事务所 （以下简称"本所"）指派律师出席了沈阳兴齐眼药股份有限公司（以下简称 "公司"）2023年度股东大会（以下简称"本次股东大会"），并就本次股东 大会的有关事宜出具本法律意见书。 本所在此同意，公司可以将本法律意见书作为本次股东大会公告的法定文 件，随其他公告文件一并提交深圳证券交易所予以审核公告。 本所律师根据《股东大会规则》第五条的要求，按照律师行业公认的业务 标准、道德规范和勤勉尽责精神，对本次股东大会召集和召开的有关事实及公 司提供的文件进行了核查和验证，现出具法律意见如下： 一、本次股东大会的召集、召开程序 1、本次股东大会的召集程 ...

证券代码：300573 证券简称：兴齐眼药 公告编号：2024-029 沈阳兴齐眼药股份有限公司 2023 年度股东大会决议公告 特别提示： 1、本次股东大会未出现否决议案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、会议召开方式：本次会议以现场投票与网络投票相结合的方式召开。 2、现场会议时间：2024年5月13日（星期一）下午14:30。 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 3、网络投票时间：2024年5月13日，其中，通过深圳证券交易所交易系统进 行网络投票的具体时间为2024年5月13日9:15—9:25，9:30—11:30和13:00— 15:00；通过深圳证券交易所互联网投票系统进行网络投票的时间为2024年5月13 日9:15至15:00期间的任意时间。 4、现场会议召开地点：沈阳市浑南区泗水街68号，沈阳兴齐眼药股份有限 公司E1号楼，二楼多功能厅。 5、会议召集人：2024年4月19日，公司董事会以公告方式向全体股东发出2023 年度股东大会的会议通知。 6、会议主持人：公司董事长刘 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 1.468 billion yuan in 2023, a year-on-year increase of 17.42%, and a net profit attributable to shareholders of 240 million yuan, up 13.39% year-on-year [2][3] - The low-concentration atropine eye drops have been launched, with significant market potential anticipated. The 0.01% atropine eye drops received production approval in March 2024, marking it as the first product in China aimed at slowing myopia progression [2][7] - The company focuses on ophthalmic drug research and development, with a product portfolio covering ten categories of ophthalmic drugs. As of the report date, it has obtained 57 approval numbers, with 35 products included in medical insurance [2][7] - The earnings forecast estimates EPS for 2024, 2025, and 2026 to be 7.43 yuan, 10.51 yuan, and 16.46 yuan per share, respectively. The company is assigned a reasonable PE of 40x for 2024, leading to a target price of 297.35 yuan per share [2][17][18] Financial Summary - The company's revenue is projected to grow significantly, with estimates of 3.262 billion yuan in 2024, 4.331 billion yuan in 2025, and 5.996 billion yuan in 2026, reflecting growth rates of 122.3%, 32.8%, and 38.5% respectively [3][16] - The gross margin is expected to improve, with the gross margin for low-concentration atropine projected to reach 90% due to low raw material costs and high production efficiency [11][15] - The sales expenses are anticipated to increase significantly during the rapid growth phase of low-concentration atropine, maintaining a sales expense ratio around 30% [15]

口口 兴齐眼药20240430_智能速览 2024年05月01日 13:52 关键词 阿托品 销售团队 近视防控 药品管理法 生产产能 市场独占期 销售费用率 仿制药 研发投入 销售规划 互 联网销售 销售目标 角膜塑形镜 环孢素 销售额 循证医学证据 学术推广 眼药 产能 临床试验 全文摘要 讨论集中于儿童用药的市场保护措施、阿托品产品的市场需求和产能准备、销售策略，以及产品推广的 多个渠道和合作伙伴关系的建立。具体来说，会议内容涉及： 1. **儿童用药12个月市场独占期的考 虑**：国家药监局正在考虑给予儿童用药12个月的市场独占期，以鼓励创新和保障儿童用药的安全和有 效性。 2. **阿托品产品市场情况**：阿托品产品已经能满足当前的市场需求，并有潜力进一步增加产能 来应对未来的高需求。 3. **销售渠道多样化**：产品将在包括公立医院、民营医院和互联网医院在内的 多种销售渠道中销售，这将有助于快速覆盖更广泛的市场。 4. **合作伙伴关系建立**：公司已经与多家 知名的民营眼科集团建立了紧密的合作关系，以加速产品的供应链建设和市场渗透。 5. **销售团队的建 设**：强调销售团队的规模和能力足以 ...

证券代码：300573 证券简称：兴齐眼药 沈阳兴齐眼药股份有限公司 投资者关系活动记录表 编号：2024-002 □ 特定对象调研 □ 分析师会议 投资者关系 □ 媒体采访 □ 业绩说明会 活动类别 □ 新闻发布会 □ 路演活动 □ 现场参观 √ 其他（电话会议） 参与单位名称 详见附件：参加交流活动人员名单 及人员姓名 时间 2024 年04月30日15:00-16:00（北京时间） 地点 电话会议 副董事长、董事会秘书 张少尧先生 上市公司接待人 董事、总经理 高 峨女士 员姓名 董事、副总经理、财务总监 程亚男女士 董事、副总经理 杨 强先生 公司联合国投证券、国盛医药、德邦证券、海通国际、广发证券、 招商证券、天风证券、申万宏源、浙商证券、华安证券、东吴证券、民 生证券、华西证券、国金证券、国信证券于 2024 年 4 月 30 日召开了兴 ...

Investment Rating - The report maintains a "Buy" rating for Xingqi Eye Drops with a target price of 288.11 CNY [3][5] Core Views - Revenue and net profit grew steadily in 2023, with revenue reaching 1.468 billion CNY (+17.42% YoY) and net profit reaching 240 million CNY (+13.39% YoY) [2] - The eye drop business showed strong growth, with revenue from eye drops reaching 663 million CNY (+47.86% YoY) [2] - The company's low-concentration atropine eye drop received approval, marking a first-mover advantage in the domestic market for myopia treatment in children [2] - R&D investment increased to 167 million CNY (+14.89% YoY), with 239 R&D personnel (+25.13% YoY) [2] - The company plans to distribute a cash dividend of 3.74 billion CNY and issue a 4-for-10 stock dividend [2] Financial Forecasts - Revenue is expected to grow significantly, with forecasts of 2.77 billion CNY in 2024 (+88.7% YoY), 4.388 billion CNY in 2025 (+58.4% YoY), and 5.418 billion CNY in 2026 (+23.5% YoY) [6] - Net profit is projected to reach 584 million CNY in 2024 (+143.4% YoY), 881 million CNY in 2025 (+50.7% YoY), and 933 million CNY in 2026 (+6.0% YoY) [6] - EPS is forecasted to be 4.69 CNY in 2024, 7.07 CNY in 2025, and 7.49 CNY in 2026 [6] Valuation - The company's fair value is estimated at 35.895 billion CNY, with a target price of 288.11 CNY per share [8] - The WACC is calculated at 8.81%, with a terminal growth rate of 3.00% [7] Market Performance - The stock price as of April 26, 2024, was 261.6 CNY, with a 52-week range of 111.73 CNY to 266.66 CNY [5] - The stock showed strong performance over the past year, with a 111.28% increase in absolute terms and a 120.75% increase relative to the market [5] Industry and Company Overview - Xingqi Eye Drops operates in the pharmaceutical and biological industry in China [5] - The company has 57 approved ophthalmic drugs, with 35 included in the national medical insurance catalog and 6 in the national essential drug list [2]

Financial Performance - Revenue for the first quarter of 2024 was RMB 349.88 million, a 22.10% increase compared to the same period last year[4] - Net profit attributable to shareholders of the listed company was RMB 34.75 million, a 79.59% increase year-on-year[4] - Total revenue for Q1 2024 reached 349.88 million yuan, a 22.1% increase compared to 286.56 million yuan in the same period last year[17] - Net profit for Q1 2024 was 34.75 million yuan, up 79.6% from 19.35 million yuan in Q1 2023[18] - Operating profit for Q1 2024 was 47.25 million yuan, more than double the 22.87 million yuan in Q1 2023[18] - Comprehensive income for the first quarter of 2024 totaled RMB 34,748,964.87, with RMB 34,748,964.87 attributable to the parent company[19] - Basic and diluted earnings per share for the first quarter of 2024 were both RMB 0.28[19] Cash Flow - Net cash flow from operating activities was RMB 83.44 million, up 43.03% compared to the same period last year[4] - Net cash flow from financing activities increased by 95.99% to RMB 29.21 million due to increased bank borrowings[10] - Cash received from sales of goods and services in the first quarter of 2024 was RMB 367,263,692.00, a 29.7% increase from RMB 283,170,181.44 in the same period last year[20] - Total cash inflows from operating activities in the first quarter of 2024 were RMB 379,055,539.89, a 32.0% increase from RMB 287,111,040.43 in the same period last year[20] - Cash paid for goods and services in the first quarter of 2024 was RMB 32,028,195.11, an 82.6% increase from RMB 17,545,215.84 in the same period last year[21] - Cash paid to employees in the first quarter of 2024 was RMB 144,679,166.22, a 29.4% increase from RMB 111,839,172.95 in the same period last year[21] - Net cash flow from operating activities in the first quarter of 2024 was RMB 83,437,890.69, a 43.0% increase from RMB 58,337,902.67 in the same period last year[21] - Net cash flow from investing activities in the first quarter of 2024 was negative RMB 25,342,767.51, compared to negative RMB 97,838,674.51 in the same period last year[21] - Net cash flow from financing activities in the first quarter of 2024 was RMB 29,214,704.72, a 96.0% increase from RMB 14,905,893.58 in the same period last year[21] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 2.12 billion, a 4.92% increase compared to the end of the previous year[4] - Total assets as of Q1 2024 stood at 2.12 billion yuan, a 4.9% increase from 2.02 billion yuan at the end of Q1 2023[16] - Inventory increased by 6.3% to 144.62 million yuan in Q1 2024 compared to 136.03 million yuan in Q1 2023[16] - Total liabilities increased by 15.8% to 386.84 million yuan in Q1 2024 compared to 333.92 million yuan in Q1 2023[17] - Shareholders' equity grew by 2.8% to 1.74 billion yuan in Q1 2024 from 1.69 billion yuan in Q1 2023[17] - Short-term borrowings increased by 42.86% to RMB 100.09 million due to increased bank loans[8] R&D and Expenses - R&D expenses increased by 32.72% to RMB 38.07 million due to increased R&D investment[9] - R&D expenses increased by 32.7% to 38.07 million yuan in Q1 2024 compared to 28.68 million yuan in Q1 2023[18] - Sales expenses rose by 12% to 150.01 million yuan in Q1 2024 from 133.97 million yuan in Q1 2023[18] - Cost of goods sold increased by 21.4% to 83.61 million yuan in Q1 2024 compared to 68.86 million yuan in Q1 2023[17] - Income tax expenses rose by 173.19% to RMB 6.91 million due to increased profits[9] Intangible Assets and Government Subsidies - Intangible assets increased by 80.99% to RMB 141.69 million due to the transfer of development expenditures[8] - Government subsidies received during the reporting period amounted to RMB 5.03 million[6] Shareholders and Ownership - Total number of ordinary shareholders at the end of the reporting period is 15,740[11] - Liu Jidong holds the largest share at 28.60% with 35,637,700 shares[11] - China Construction Bank Corporation - Fullgoal Tianhui Selected Growth Mixed Securities Investment Fund holds 3.69% with 4,600,000 shares[11] - Basic Pension Insurance Fund 16022 holds 2.54% with 3,160,822 shares[11] - Basic Pension Insurance Fund 16021 holds 2.09% with 2,600,000 shares[11] - Hong Kong Securities Clearing Company Limited holds 2.06% with 2,571,859 shares[11] - Pan Yuhong holds 1.20% with 1,500,000 shares[11] - Gao E holds 1.19% with 1,488,200 shares[11] - China Construction Bank Corporation - China Europe Medical Health Mixed Securities Investment Fund holds 0.98% with 1,215,840 shares[11] - Fullgoal Fund - China Life Insurance Company Limited - Traditional Insurance - Fullgoal Fund China Life Shares Growth Stock Traditional Available for Sale Single Asset Management Plan holds 0.84% with 1,041,911 shares[11] Audit Status - The company's first quarter report for 2024 was not audited[22]

[Table_Main] 证券研究报告 | 公司点评 兴齐眼药(300573.SZ) 2024年04月23日 兴齐眼药（300573.SZ）：经营符合预 买入（维持） 期，阿托品即将驱动公司高速成长 所属行业：医药生物/化学制药 当前价格(元)：217.00 证券分析师 投资要点 陈进 事件：公司发布2023年报，实现营业收入14.68亿元，同比增长17.4%；归母净利 资格编号：S0120521080001 润2.4亿元，同比增长13.4%；扣非净利润2.4亿，同比增长15.6%。 邮箱：chentl＠tebon.com.cn 23Q4经营超预期，环孢素持续加速放量。公司23Q4营收3.63亿（+47.7%），归母 净利润5770万（+552.3%），均超预期。收入分结构看，23年医药制造实现营业 收入10.9亿元（+32.6%），医疗服务收入3.5亿元（-13.5%）；其中，医药制造中 的凝胶剂/眼膏剂、滴眼剂实现收入分别为 3.74 亿、6.63 亿元，同比增速分别为 18.4%、47.9%。滴眼剂高增速我们认为主要系干眼症首仿药物环孢素滴眼液于 2021年新进医保谈判目录后持续快速放量，23年预计销售 ...