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同和药业(300636) - 招商证券股份有限公司关于江西同和药业股份有限公司2024年度持续督导跟踪报告
2025-05-09 00:06
| 保荐机构名称:招商证券股份有限公司 | 被保荐公司简称:同和药业 | | --- | --- | | 保荐代表人姓名:刘海燕 | 联系电话:0755-8294 3666 | | 保荐代表人姓名:鄢坚 | 联系电话:0755-8294 3666 | 招商证券股份有限公司 关于江西同和药业股份有限公司 2024 年度持续督导跟踪报告 一、保荐工作概述 | 项 目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | (1)是否及时审阅公司信息披露文件 | 是 | | (2)未及时审阅公司信息披露文件的次数 | 不适用 | | 2.督导公司建立健全并有效执行规章制度的情况 | | | (1)是否督导公司建立健全规章制度(包括但不限于防 | | | 止关联方占用公司资源的制度、募集资金管理制度、内控 | 是 | | 制度、内部审计制度、关联交易制度) | | | (2)公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | (1)查询公司募集资金专户次数 | 每月一次 | | (2)公司募集资金项目进展是否与信息披露文件一致 | 是,同和药业于 2025 ...
原料药板块Q1利润同比快速增长,关注行业供需改善
Investment Rating - The report indicates a positive outlook for the pharmaceutical raw materials sector, highlighting a significant profit growth in Q1 and an expected improvement in industry supply and demand dynamics [3][4]. Core Insights - The pharmaceutical raw materials sector experienced a revenue of CNY 1176.77 billion in 2024, a year-on-year increase of 6.74%, with a net profit of CNY 150.46 billion, reflecting a growth of 27.89% [3][4][21]. - In Q1 2025, the sector's revenue was CNY 295.46 billion, a slight decline of 0.48% year-on-year, but net profit increased by 20.87% to CNY 45.62 billion [3][4][21]. - The report emphasizes that the rapid profit growth is attributed to several factors, including a low base in H2 2023, the end of inventory destocking by global downstream manufacturers, and improved product pricing stability [3][4][21][23]. Summary by Sections Q1 Performance - The raw materials sector's revenue was stable year-on-year, with a slight decline in Q1 2025 compared to the previous year, while profits showed significant growth [3][4][21]. - The sector's gross margin improved to 38.14% in Q1 2025, up 1.76 percentage points year-on-year, and the net margin reached 15.41%, an increase of 2.63 percentage points [4][25]. Industry Concentration - The top 10 companies in the raw materials sector contributed over 73% of total revenue in 2024, with significant contributions from companies like New and Cheng and Pro Pharmaceutical [31][33]. - In Q1 2025, the top 10 companies accounted for 73.19% of total revenue, indicating a slight decrease in concentration compared to the previous year [33][34]. Valuation and Construction Projects - The report notes that the valuation of the raw materials sector remains at historical lows, with a PE ratio of 30.26x at the end of 2024 and 33.97x at the end of Q1 2025 [5][42]. - The total construction projects in the sector decreased to CNY 163.57 billion by Q1 2025, reflecting a decline of 4.31% year-on-year, indicating a slowdown in capacity expansion [9][44]. Investment Recommendations - The report suggests focusing on companies with strong performance certainty in the formulation and CDMO sectors, such as Aorite and Pro Pharmaceutical, as well as those with significant new product contributions [10][38]. - It highlights the potential for increased demand for raw materials due to the expiration of patents for top-selling small molecule drugs in the coming years [6][42].
同和药业(300636) - 关于举行2024年度网上业绩说明会的公告
2025-05-08 08:28
江西同和药业股份有限公司 证券代码:300636 证券简称:同和药业 公告编号:2025-031 关于举行 2024 年度网上业绩说明会的公告 二〇二五年五月八日 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。 江西同和药业股份有限公司(以下简称"公司")已于2025年4 月25日在巨潮资讯网(www.cninfo.com.cn)上披露了《2024年年度 报告》。 为使投资者更全面地了解公司2024年年度报告的内容,公司定于 2025年5月19日(星期一)下午15:00-16:00举行2024年度网上业绩说 明会,本次年度业绩说明会将通过深圳证券交易所提供的"互动易" 平台举行,投资者可登录"互动易"网站(http://irm.cninfo.com.cn) 进入"云访谈"栏目参与本次年度业绩说明会。 出席本次年度业绩说明会的人员有:公司董事长、总经理庞正伟 先生,独立董事彭昕先生,副总经理兼董事会秘书周志承先生,财务 负责人胡锦桥先生,保荐代表人刘海燕女士等。 为充分尊重投资者、提升交流的针对性,现就公司2024年度网上 业绩说明会提前向投资者公开征集问题,广 ...
同和药业(300636):2024年报及2025年一季报点评:24年利润承压,新产品驱动公司步入成长周期
Huachuang Securities· 2025-05-04 09:59
Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [4][22]. Core Views - The company is entering a growth cycle driven by new product launches, despite facing profit pressure in 2024. The revenue for 2024 is projected at 759 million yuan, a 5.09% increase, with a net profit of 107 million yuan, reflecting a 0.57% growth [1][2]. - In Q1 2025, the company reported a revenue of 187 million yuan, down 9.47%, and a net profit of 21 million yuan, down 52.30% [1][2]. - The non-contract custom business saw a robust growth of 17.27% in 2024, reaching 676 million yuan, while the contract custom business declined by 43% due to early contract terminations by some clients [2][3]. Financial Summary - The total revenue for 2024 is 759 million yuan, with a projected growth rate of 5.1% for the following years, reaching 850 million yuan in 2025 and 982 million yuan in 2026 [3][9]. - The net profit for 2024 is 107 million yuan, with expected growth rates of 14.8% in 2025 and 21.2% in 2026, leading to 122 million yuan and 148 million yuan respectively [3][9]. - Earnings per share (EPS) is projected to increase from 0.25 yuan in 2024 to 0.29 yuan in 2025 and 0.35 yuan in 2026 [3][9]. - The target price for the stock is set at 10.55 yuan, with the current price at 7.09 yuan, indicating a potential upside [3][4].
同和药业(300636) - 300636同和药业投资者关系管理信息20250425
2025-04-27 09:20
Financial Performance Overview - In 2024, the company achieved sales revenue of ¥758.89 million, a year-on-year increase of 5.09% [2] - Net profit for 2024 was ¥106.58 million, a slight increase of 0.57% year-on-year [2] - Gross margin was 33.01%, down by 0.29 percentage points compared to the previous year [2] - Net margin was 14.04%, down by 0.63 percentage points year-on-year [2] - For Q1 2025, sales revenue was ¥186.90 million, a decrease of 9.47% year-on-year [2] - Q1 2025 net profit was ¥20.78 million, down 52.30% year-on-year [2] Business Segment Performance CMO/CDMO Business - In 2024, CMO/CDMO revenue was ¥82.69 million, a decline of 43.18% year-on-year [6] - Q1 2025 CMO/CDMO revenue was ¥4.94 million, down 85.32% year-on-year [6] New Products - New product sales in 2024 reached ¥361.68 million, a growth of 17.38% year-on-year [6] - Q1 2025 new product sales were ¥80.64 million, a decrease of 26.50% year-on-year [6] Domestic Sales - Domestic sales in 2024 were ¥144.87 million, a decline of 1.46% year-on-year [3] - Q1 2025 domestic sales were ¥35.70 million, an increase of 4.68% year-on-year [2] Market Trends and Challenges - The company faces increased competition and price declines in mature products due to expanded domestic and international capacities [7] - The CMO/CDMO segment is under pressure from recent policy changes affecting international projects [6] - The domestic market is experiencing price drops due to centralized procurement and reduced demand [5] Future Outlook - The company plans to continue focusing on new product development and maintaining high R&D investment levels [7] - Expected sales for new raw materials in the regulatory market are projected at ¥180 million for 2024 and ¥230 million for 2025 [8] - The second phase of the new plant is expected to contribute significantly to production capacity by 2026 [9]
原料药供需关系持续改善 同和药业2024年营收净利双增
Zheng Quan Ri Bao Wang· 2025-04-26 04:01
Core Viewpoint - Tonghe Pharmaceutical reported a revenue of 759 million yuan for 2024, a year-on-year increase of 5.1%, and a net profit attributable to shareholders of 107 million yuan, up 0.6% [1] Group 1: Company Performance - The company's operating cash flow net amount reached 285 million yuan, growing by 74.2% [1] - The company focuses on the research, development, production, and sales of chemical raw materials and pharmaceutical intermediates, with a leading production capacity and product quality in China [2][3] - The company has over 600 various types of enamel and metal reaction kettles, with a total volume exceeding 3 million liters [2] Group 2: Market Outlook - The global active pharmaceutical ingredient (API) market is expected to see significant growth, with approximately 300 billion USD worth of original drugs set to lose patent protection from 2019 to 2026, leading to a potential API market increase of nearly 200 billion yuan [2] - China is a major global producer and supplier of APIs, and the implementation of centralized procurement policies is expected to enhance the concentration of pharmaceutical companies and increase the space for import substitution [3] Group 3: Strategic Focus - The company emphasizes focusing on its core business, avoiding diversification, and aims to strengthen its position in the chemical pharmaceutical industry [4] - The average R&D investment over the past three years accounted for 8.34% of sales, with increased focus on various therapeutic areas [4] - The company plans to enhance domestic market development while maintaining a strong export focus, aiming for simultaneous sales in both domestic and international markets [5]
21健讯Daily | 七部门:开展“人工智能赋能医药全产业链”应用试点;万泰生物第一季度净亏损5277.69万元
Policy Developments - Seven departments, including the Ministry of Industry and Information Technology, issued the "Implementation Plan for the Digital Transformation of the Pharmaceutical Industry (2025-2030)", emphasizing the integration of artificial intelligence across the pharmaceutical supply chain [1] Drug and Device Approvals - Kangtai Biological announced that its subsidiary Minhai Biological's application for the marketing authorization of an adsorbed tetanus vaccine has been accepted by the National Medical Products Administration [2] - Hendi Pharmaceutical received approval for the marketing application of arginine ibuprofen, a non-steroidal anti-inflammatory drug with superior solubility and faster absorption compared to regular ibuprofen [3] - Tianyao Pharmaceutical's subsidiary obtained a drug registration certificate for injectable hydrocortisone sodium succinate, used for critical conditions such as allergic shock and severe adrenal insufficiency [4] Financial Reports - Wantai Biological reported a net loss of 52.78 million yuan in Q1 2025, with revenue of 401 million yuan, a year-on-year decline of 46.76%, primarily due to market adjustments and government procurement impacts [5] - Heng Rui Pharmaceutical's Q1 2025 report showed a revenue of 7.206 billion yuan, a year-on-year increase of 20.14%, and a net profit of 1.874 billion yuan, up 36.9%, largely due to a licensing payment from IDEAYA [6] - Kingstone Pharma reported a revenue of 291 million yuan in Q1 2025, down 19.65%, with a net profit of 62.85 million yuan, a decrease of 30.02% [8] - Baijun Medical achieved a revenue of 100 million yuan in Q1 2025, a 31.3% increase, with a net profit of 32.50 million yuan, up 290.69%, driven by stable sales of existing products and successful new product launches [9] Capital Market Activities - Tonghe Pharmaceutical plans to invest 11 million yuan to increase its stake in Hangzhou Boya Biomedical Co., Ltd., raising its ownership from 16.34% to 24.93% [10] - Chengyuan Biotechnology announced the completion of several million yuan in equity financing, aimed at upgrading its gene synthesis technology platform [11] Industry Developments - Zhang Wenhong's team announced significant progress in developing a broad-spectrum antiviral drug for monkeypox, which is set to enter clinical approval stages [12] - Qianxin Biotechnology signed a licensing agreement with Caldera Therapeutics for its long-acting dual antibody QX030N, granting global exclusive rights for development and commercialization [13] Public Sentiment Alerts - Weiming Pharmaceutical announced that its important subsidiary, Tianjin Weiming, was suspended from production and sales, which could trigger further risk warnings if production does not resume within three months [14]
同和药业(300636) - 2024年度募集资金存放与使用情况的专项报告
2025-04-24 11:00
证券代码:300636 证券简称:同和药业 公告编号:2025-016 江西同和药业股份有限公司 2024 年度募集资金存放与使用情况的专项报告 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。 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上 市公司募集资金管理和使用的监管要求(2022 年修订)》(证监会公 告〔2022〕15 号)、《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》以及《深圳证券交易所创业板上市公 司自律监管指南第 2 号——公告格式》的相关规定,江西同和药业股 份有限公司(以下简称"公司")就 2024 年度募集资金存放与使用情 况作如下专项报告: 一、 募集资金基本情况 (一) 募集资金金额和资金到账时间 经中国证券监督管理委员会《关于同意江西同和药业股份有限公 司向特定对象发行股票注册的批复》(证监许可〔2023〕676 号文) 文件核准,公司向特定对象发行人民币普通股 72,926,162 股,每股 面值 1 元,发行价格 10.97 元/股,募集资金总额为 799,999,997.14 元。上 ...
同和药业(300636) - 2024年度内部控制自我评价报告
2025-04-24 11:00
江西同和药业股份有限公司 2024 年度内部控制自我评价报告 江西同和药业股份有限公司 2024 年度内部控制自我评价报告 江西同和药业股份有限公司全体股东: 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求(以下简 称企业内部控制规范体系),结合江西同和药业股份有限公司(以下简称公司)内部控制制 度和评价办法,在内部控制日常监督和专项监督的基础上,我们对公司 2024 年 12 月 31 日 (内部控制评价报告基准日)的内部控制有效性进行了评价。 一、重要声明 按照企业内部控制规范体系的规定,建立健全和有效实施内部控制,评价其有效性,并 如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行 监督。经理层负责组织领导企业内部控制的日常运行。公司董事会及全体董事保证本报告内 容不存在任何虚假记载、误导性陈述或重大遗漏,并对报告的真实性、准确性和完整性承担 个别及连带责任。 公司内部控制的目标是:通过公司内控体系的设计、运行、评估和持续改进工作,不断 完善内部控制管理职责和对应规范,规范风险应对措施,持续提升内部控制管理水平,建立 较完善的内部控制体系。合理保证经营 ...
同和药业(300636) - 关于使用部分闲置自有资金进行现金管理的公告
2025-04-24 11:00
一、投资目的及投资额度 证券代码:300636 证券简称:同和药业 公告编号:2025-021 江西同和药业股份有限公司 关于使用部分闲置自有资金进行现金管理的公告 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。 为提高资金使用效率,合理利用部分闲置自有资金,增加公司收 益,江西同和药业股份有限公司(以下简称"公司")于 2025 年 4 月 23 日召开第四届董事会第四次会议,审议通过了《关于使用部分闲 置自有资金进行现金管理的议案》,董事会同意公司使用不超过人民 币 10 亿元的部分闲置自有资金适时进行现金管理,投资决议有效期 限自公司股东大会审议通过之日至 2025 年年度股东大会召开之日有 效,在授权额度内滚动使用,在额度范围内公司董事会授权董事长行 使该项投资决策并签署相关合同文件。以上议案尚需提交股东大会审 议。具体情况公告如下: 自公司股东大会审议通过之日起至 2025 年年度股东大会召开之 日有效,在授权额度内滚动使用。以往经股东大会核准已生效的相关 额度自本议案获股东大会审议批准日起可延用,但需按本次议案中所 批准的额度执行。如在期限内增加额 ...