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 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved a revenue of 1.47 billion yuan in 2023, representing a year-on-year growth of 17.4%, and a net profit of 240 million yuan, up 13.4% year-on-year. The fourth quarter of 2023 saw a significant revenue increase of 47.7% year-on-year, reaching 360 million yuan, with a net profit surge of 552.3% year-on-year [1][2]. - The approval of the atropine eye drops is expected to drive substantial growth, as it is the first low-concentration product for myopia in China, with a strong market recognition anticipated to enhance its penetration rate in the first year [1][2]. - The company has a robust product portfolio with 57 approved ophthalmic drugs, including 35 listed in the medical insurance directory, which positions it well for future growth [1]. Financial Summary - The company's revenue is projected to grow significantly, with estimates of 2.78 billion yuan in 2024, 4.27 billion yuan in 2025, and 5.62 billion yuan in 2026, reflecting growth rates of 89.6%, 53.5%, and 31.5% respectively [3]. - The net profit forecast for 2024 is 487 million yuan, with a growth rate of 102.7%, followed by 755 million yuan in 2025 and 1.03 billion yuan in 2026, with growth rates of 55.2% and 35.9% respectively [3]. - The company has maintained a stable gross margin of 77.37% and a net margin of 16.36% in 2023, with slight year-on-year declines [1]. Dividend Policy - The company has a strong commitment to returning value to shareholders, with a dividend payout ratio exceeding 100%. The proposed dividend for 2023 is 30 yuan per 10 shares, along with a capital reserve conversion of 4 shares for every 10 shares held, resulting in a dividend rate of 155.71% [1].

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a target price of 241.50 CNY per share over the next six months [5][6]. Core Insights - The company's revenue for 2023 reached 1.468 billion CNY, representing a year-on-year growth of 17.42%, while the net profit attributable to shareholders was 240 million CNY, up 13.39% year-on-year [2][5]. - The core products, including gel/eye ointment and eye drops, have shown significant growth, particularly the eye drops which increased by 47.86% to 663 million CNY [2][3]. - The low-concentration atropine, a key product, has been approved and is expected to see rapid sales growth due to its first-mover advantage in the domestic market [3]. - The cyclosporine eye drops have also experienced substantial sales growth after being included in the medical insurance coverage, with sales growth rates of 2839.20% and 313.04% in 2021 and 2022 respectively [4]. Financial Summary - The projected net profits for 2024, 2025, and 2026 are estimated at 602 million CNY, 715 million CNY, and 829 million CNY, reflecting growth rates of 150.7%, 18.8%, and 16.0% respectively [5][10]. - The earnings per share (EPS) for 2024 is expected to be 4.83 CNY, with a price-to-earnings (PE) ratio of 50 times [5][11]. - The company’s total market capitalization is approximately 26.91 billion CNY, with a circulating market capitalization of about 20.67 billion CNY [6].

沈阳兴齐眼药股份有限公司 董事会议事规则 第一章 总 则 第一条 为健全和规范沈阳兴齐眼药股份有限公司（以下简称"公司"）董事会议事和决 策程序，保证公司经营、管理与改革工作的顺利进行，根据《中华人民共和国公司法》（以下 简称"《公司法》"）、《中华人民共和国证券法》《上市公司治理准则》及其他法律法规和 《沈阳兴齐眼药股份有限公司章程》（以下简称"《公司章程》"），并结合公司的实际情况， 制定本规则。 第二条 董事会是公司经营管理的决策机构，维护公司和全体股东的利益，负责公司发展 目标和重大经营活动的决策。 第三条 制定本议事规则的目的是规范公司董事会议事程序，提高董事会工作效率和科学 决策的水平。 第四条 公司董事会由9名董事组成，其中独立董事3名。董事会设董事长1名，可以设副 董事长1人。董事长、副董事长由董事会以全体董事的过半数选举产生。 第五条 董事会原则上每年度至少召开两次会议，如有必要或根据国家有关法律法规、 《公司章程》和本议事规则的有关规定，可召开董事会临时会议。 第二章 董事会职权 第六条 根据《公司章程》的有关规定，董事会主要行使下列职权： （一）负责召集股东大会，并向股东大会报告工作； ...

沈阳兴齐眼药股份有限公司 审计报告及财务报表 二○二三年度 沈阳兴齐眼药股份有限公司 审计报告及财务报表 （2023 年 1 月 1 日至 2023 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-5 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动 | 9-12 | | | 表 | | | | 财务报表附注 | 1-85 | 审 计 报 告 信会师报字[2024]第 ZA10989 号 沈阳兴齐眼药股份有限公司全体股东： 一、 审计意见 我们审计了沈阳兴齐眼药股份有限公司（以下简称"兴齐眼药"） 财务报表，包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公 司所有者权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会 ...

证券代码：300573 证券简称：兴齐眼药 公告编号：2024-018 沈阳兴齐眼药股份有限公司 关于续聘 2024 年度审计机构的公告 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"）于 2024 年 4 月 17 日召开 了第五届董事会第二次会议及第五届监事会第二次会议，审议通过了《关于续聘 2024 年度审计机构的议案》，同意公司拟续聘立信会计师事务所（特殊普通合伙） （以下简称"立信"）为公司 2024 年度审计机构，审计费用为 110 万元，并提交 公司 2023 年度股东大会审议。现将有关事宜公告如下： 一、拟续聘会计师事务所事项的基本情况 （一）机构信息 1、基本信息 立信会计师事务所（特殊普通合伙）（以下简称"立信"）由我国会计泰斗潘 序伦博士于1927年在上海创建，1986年复办，2010年成为全国首家完成改制的特 殊普通合伙制会计师事务所，注册地址为上海市，首席合伙人为朱建弟先生。立 信是国际会计网络BDO的成员所，长期从事证券服务业务，新证券法实施前具有 证券、期货业务许可证，具有H股审计资格， ...

沈阳兴齐眼药股份有限公司 董事会审计委员会对会计师事务所 2023 年度履职情况评估及 履行监督职责情况的报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准 则》《国有企业、上市公司选聘会计师事务所管理办法》《深圳证券交易所上市公 司自律监管指引第 2 号——创业板上市公司规范运作》等相关法律、行政法规、 部门规章、规范性文件及沈阳兴齐眼药股份有限公司（以下简称"公司"）《董 事会审计委员会工作制度》的规定和要求，董事会审计委员会本着勤勉尽责的原 则，恪尽职守，认真履职。现将董事会审计委员会对会计师事务所 2023 年度履 职评估及履行监督职责的情况汇报如下： 一、2023 年度审计机构基本情况 （一）会计师事务所基本情况 经审计，立信认为公司财务报表按照企业会计准则的规定编制，公允反映了 公司财务状况和经营成果；公司按照《企业内部控制基本规范》和相关规定在所 有方面保持了有效的财务报告内部控制。立信出具了标准无保留意见的审计报告。 在执行审计工作的过程中，立信就会计师事务所和相关审计人员的独立性、 审计工作小组的人员构成、审计计划、年度审计重点、风险判断、审计调整事项、 初审意见等与 ...

沈阳兴齐眼药股份有限公司 第五届董事会独立董事专门会议 2024 年第一次会议决议 公司拟聘请的立信会计师事务所（特殊普通合伙）具备证券期货相关业务审 计从业资格，具有多年为上市公司提供审计服务的经验与能力，能够满足公司财 务审计工作要求，同意聘请立信会计师事务所（特殊普通合伙）为公司 2024 年 度审计机构。 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票。 1 3、审议通过《关于<2023 年度募集资金存放与使用情况专项报告>的议案》 沈阳兴齐眼药股份有限公司（以下简称"公司"）第五届董事会独立董事专 门会议 2024 年第一次会议通知于会议召开前 3 日以电子邮件的形式发出，会议 于 2024 年 4 月 17 日在公司会议室现场召开。公司独立董事共 3 人，出席本次会 议的独立董事共 3 人，会议由独立董事徐先梅女士召集并主持。本次会议的召开 符合《上市公司独立董事管理办法》《深圳证券交易所创业板股票上市规则》《深 圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》及 《沈阳兴齐眼药股份有限公司章程》（以下简称"《公司章程》"）等有关规定，会 议形成的决议合法、有效。 ...