证券代码：300705 证券简称：九典制药 债券代码：123223 债券简称：九典转 02 湖南九典制药股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | --- | |-------------------------|----------------------------------------------------------------|-----------------------------------------------------------------------------------------------------|--------|---------| | 投资者关系活动 \n类别 | 特定对象调研 □分析师会议 \n□媒体采访 □业绩说明会 \n□新闻发布会 | □路演活动 | 编号： | 2024-25 | | | □现场参观 | 其他 | | | | 参与单位名称及 人员姓名 | 广发证券、泰康资产、平安养老共 | 3 人 | | | | 时间 2024 | 年 9 月 12 日上午 | 10:30-11:30 | | | | 地点 ...

证券代码：300705 证券简称：九典制药 债券代码：123223 债券简称：九典转 02 湖南九典制药股份有限公司 投资者关系活动记录表 编号：2024-24 | --- | --- | --- | --- | --- | --- | --- | |-------------------------|----------------------------------------------------------------|----------------------------------------------------|-------|-------|-------|-------| | 投资者关系活动 \n类别 | 特定对象调研 □分析师会议 \n□媒体采访 □业绩说明会 \n□新闻发布会 | □路演活动 | | | | | | | □现场参观 | 其他 | | | | | | 参与单位名称及 人员姓名 | 甬兴证券、圆合资本共 | 2 人 | | | | | | 时间 2024 | 年 9 月 9 日下午 | 14:00-15:30 | | | | | | | 地点 公司会议室 | | | ...

| 证券代码：300705 | 证券简称：九典制药 | 公告编号：2024-061 | | --- | --- | --- | | 债券代码：123223 | 债券简称：九典转02 | | 湖南九典制药股份有限公司 关于九典转 02 付息的公告 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。 特别提示： 1、九典转02（债券代码：123223）将于2024年9月18日按面值支付第一年利 息，每10张九典转02（面值1,000元）利息为3.00元（含税）。 息有关事项公告如下： 一、九典转02的基本情况 1、可转债中文简称：九典转 02 2、债权登记日：2024年9月13日（星期五） 3、付息日：2024年9月18日（星期三） 4、除息日：2024年9月18日（星期三） 5、本次付息期间及票面利率：计息期间为2023年9月15日至2024年9月14日， 票面利率为0.30%。 6、九典转02本次付息的债权登记日为2024年9月13日，截至2024年9月13日 下午深圳证券交易所收市后，在中国证券登记结算有限责任公司深圳分公司（以 下简称"中国结算深圳分公司"）登 ...

Group 1: Financial Performance - The company's operating income for 2024 is expected to grow by 10-20% year-on-year [3] - The net profit after deducting non-recurring gains and losses is projected to increase by 30-40% year-on-year [3] - The reduction in the expense ratio is attributed to three main factors: the implementation of centralized procurement for the main product, effective control of expenses due to a marketing model transformation, and an increase in market share [2] Group 2: Product Development and Market Presence - As of July 2024, the development status of the main product, Loxoprofen Sodium Gel Patch, includes 1,300 tertiary hospitals, 1,800 secondary hospitals, 5,000 primary hospitals, and 2,000 private hospitals [2] - There are currently 12 companies that have applied to produce Loxoprofen Sodium Gel Patch, with an additional 8 companies applying for clinical trials [4] - The target consumer group for Loxoprofen Sodium Gel Patch in retail pharmacies includes patients with osteoarthritis, muscle pain, injuries, the elderly, laborers, and athletes [3] Group 3: Sales and Marketing Strategy - The company has nearly 200 sales personnel in the prescription drug segment, approximately 150 in the OTC segment, and fewer than 100 in the raw materials segment [3] - The pricing for the new anti-inflammatory and analgesic patch has not yet been determined, but it will consider existing gel patch products on the market [4] - The online and offline prices for Loxoprofen Sodium Gel Patch are generally consistent [3]

| 证券代码：300705 | 证券简称：九典制药 | 公告编号：2024-060 | | --- | --- | --- | | 债券代码：123223 | 债券简称：九典转02 | | 1、药品名称：吲哚布芬片 2、剂型：片剂 3、规格：0.2g 4、注册分类：化学药品 3 类 5、申请事项：药品注册（境内生产） 湖南九典制药股份有限公司 关于公司获得药品注册证书的公告 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。 湖南九典制药股份有限公司（以下简称"公司"）于近日收到国家药品监督 管理局下发的《药品注册证书》。现将相关情况公告如下： 一、 证书的主要内容 吲哚布芬是一种异吲哚啉基丁酸衍生物，为一种血小板聚集的抑制剂。主要 是通过以下机制发挥抗血小板聚集作用：（1）可逆性抑制血小板环氧化酶，使血 栓素 B2（血小板聚集的强效激活剂）生成减少；（2）抑制二磷酸腺苷（ADP）、肾 上腺素和血小板活化因子（PAF）、胶原和花生四烯酸诱导的血小板聚集；（3）降 低血小板三磷酸腺苷、血清素、血小板因子 3、血小板因子 4 和β-凝血球蛋白 的水平，降低血小板粘附性 ...

Investment Rating - The report assigns a rating of "Accumulate" for the company [1]. Core Insights - The company achieved a revenue of 1.366 billion yuan in the first half of 2024, representing a year-on-year increase of 12.19%, and a net profit attributable to shareholders of 284 million yuan, up 43.77% [1]. - The company has optimized its sales expenses significantly, with a sales expense ratio of 39.98%, down 8.74% compared to the previous year [1]. - The product pipeline and marketing network are rapidly developing, with 125 approved formulations and 85 registered raw materials, enhancing the company's competitive edge [1]. Financial Performance Summary - In Q2 2024, the company reported a revenue of 775 million yuan, a 5.00% increase, and a net profit of 158 million yuan, up 31.24% [1]. - The company’s revenue from formulations was 1.09 billion yuan (+7.5%), raw materials revenue was 110 million yuan (+86.7%), and excipients revenue was 90 million yuan (-1.7%) [1]. - The company’s earnings per share (EPS) for 2024-2026 are projected to be 1.05, 1.37, and 1.73 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 21, 16, and 13 times [1][4]. Revenue and Profit Forecast - The company is expected to achieve revenues of 3.187 billion yuan in 2024, 3.744 billion yuan in 2025, and 4.390 billion yuan in 2026, with year-on-year growth rates of 18.4%, 17.5%, and 17.3% respectively [3][4]. - The net profit forecast for the same period is 429 million yuan, 510 million yuan, and 544 million yuan, with growth rates of 38.2%, 30.7%, and 26.8% respectively [3][4].

2024 年 08 月 26 日 评级 买入 | --- | --- | --- | |---------------------------|----------|--------------| | 交易数据 \n当前价格（元） | 评级变动 | 维持 \n22.06 | | 52 周价格区间（元） | | 19.58-38.90 | | 总市值（百万） | | 10732.79 | | 流通市值（百万） | | 6490.17 | | 总股本（万股） | | 48652.70 | | 流通股（万股） | | 29420.60 | 涨跌幅比较 -16% 34% 84% 134% 2023-08 2023-11 2024-02 2024-05 2024-08 九典制药 化学制药 | --- | --- | --- | --- | |----------|--------|--------|-------| | % | 1M | 3M | 12M | | | | | | | 九典制药 | -10.94 | -13.08 | 57.82 | | 化学制药 | 1.99 | -7.71 | -3.55 | 吴号 分 ...

证券研究报告·公司点评报告·化学制药 九典制药（300705） 2024 半年报点评：利润端维持快速增长，销 售费用率显著下降 2024 年 08 月 27 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 2326 | 2693 | 3088 | 3776 | 4351 | | 同比（ % ） | 42.92 | 15.75 | 14.70 | 22.26 | 15.23 | | 归母净利润（百万元） | 269.70 | 368.26 | 511.55 | 692.93 | 864.52 | | 同比（ % ） | 32.05 | 36.54 | 38.91 | 35.46 | 24.76 | | EPS- 最新摊薄（元 / 股） | 0.55 | 0. ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company reported a revenue of 1.366 billion yuan in the first half of 2024, representing a year-on-year increase of 12.19%. The net profit attributable to shareholders was 284 million yuan, up 43.77%, while the net profit after deducting non-recurring items was 255 million yuan, an increase of 43.24% [3][4] - The profitability of the company continues to improve, with the sales expense ratio decreasing to 39.98%, down 8.74 percentage points year-on-year, attributed to the implementation of centralized procurement and the promotion of a semi-self-operated model. The net profit margin increased to 20.80%, up 4.57 percentage points year-on-year [4] - The company has successfully developed a target chain of 350 stores, covering nearly 80,000 outlets, indicating strong growth potential in the outpatient market [4] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 1.366 billion yuan, a 12.19% increase year-on-year, and a net profit of 284 million yuan, a 43.77% increase [3] - The company expects revenue for 2024 to reach 3.116 billion yuan, with a year-on-year growth rate of 15.7%. The net profit is projected to be 508 million yuan, reflecting a growth rate of 37.9% [5] Product Development - The company’s product lineup is expanding, with the ketoprofen gel patch expected to maintain rapid growth after being included in the National Medical Insurance Directory for 2023. This product differentiates itself from the existing product, losartan sodium gel patch, in terms of indications and pricing [4] - Several other topical formulations are in the application stage, which will complete the product lineup in the transdermal drug delivery field, ensuring sustained performance growth [4] Profitability Forecast - The company’s revenue forecasts for 2024 to 2026 are 3.116 billion yuan, 3.886 billion yuan, and 4.771 billion yuan, with corresponding year-on-year growth rates of 15.7%, 24.7%, and 22.8% respectively. The net profit forecasts for the same period are 508 million yuan, 657 million yuan, and 805 million yuan, with growth rates of 37.9%, 29.3%, and 22.5% respectively [5]

九典制药（300705.SZ）/化学 制药 证券研究报告/公司点评 2024 年 08 月 25 日 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...