湖南启元律师事务所 法律意见书 湖南启元律师事务所 关于湖南九典制药股份有限公司 2023年度股东大会的 法律意见书 二〇二四年五月 湖南省长沙市芙蓉区建湘路393号世茂环球金融中心63层 电话： 0731-8295 3778传真：0731-8295 3779 网站： www.qiyuan.com 湖南启元律师事务所 法律意见书 湖南启元律师事务所 关于湖南九典制药股份有限公司 2023 年度股东大会的 法律意见书 致：湖南九典制药股份有限公司： 湖南启元律师事务所（以下简称"本所"）接受湖南九典制药股份有限公司（以 下简称"公司"）的委托，指派本所律师出席了公司2023年度股东大会（以下简称 "本次股东大会"），对本次股东大会的召集和召开程序、出席会议人员及召集人 的资格、表决程序和表决结果的合法有效性进行现场律师见证，并发表本法律意 见。 本所律师根据《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》（以下简称"《证券法》"）、《上市公司股东大会规则》 （以下简称"《股东大会规则》"）等我国现行法律、法规、规范性文件以及《湖 南九典制药股份有限公司章程》（以下简称"《公司章程》 ...

[Table_Summary] [Table_Title] 外用制剂快速增长，盈利能力稳健提升 [Table_ReportDate] 九典制药(300705)公司简评报告 | 2024.05.15 [Table_Rank] 评级： 买入 核心观点 [Table_Authors] 王斌 首席分析师 SAC 执证编号：S0110522030002 wangbin3@sczq.com.cn 电话：86-10-81152644 [市场指数走势（最近 Table_Chart] 1 年） 资料来源：聚源数据 -0.5 0 0.5 1 15-May 27-Jul 8-Oct20-Dec 2-Mar14-May 九典制药 沪深300 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 37.57 | | 一年内最高 / 最低价（元） | 39.70/18.80 | | 市盈率（当前） | 31.09 | | 市净率（当前） | 6.41 | | 总股本（亿股） | ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a revenue of 2.693 billion yuan in 2023, a year-on-year increase of 15.75%, and a net profit of 368 million yuan, up 36.54% year-on-year. In Q1 2024, revenue reached 591 million yuan, growing 17.74% year-on-year, with a net profit of 126 million yuan, a significant increase of 63.44% year-on-year [2][19] Summary by Sections Performance Growth - The company has shown rapid growth in both revenue and profit, with Q1 2024 net profit growth outpacing revenue growth, attributed to a decrease in sales expense ratio following the inclusion of its core product in provincial procurement [6][19] Business Segments - The formulation segment continues to excel, with revenue from gel patches reaching 2.236 billion yuan in 2023, a 15.86% increase. The core product, Loxoprofen Sodium Gel Patch, generated 1.547 billion yuan, up 18.70% year-on-year. The company is expanding its product pipeline with new formulations and has successfully included Ketoprofen Gel Patch in the national medical insurance directory, which is expected to drive further growth [7][30] Cost and Profitability - The company maintained stable gross and expense ratios, with a gross margin of 77.38% in 2023. R&D expenses increased by 26.26% to 254 million yuan, representing 9.44% of revenue, indicating a commitment to innovation and product development [8][37] Profit Forecast and Investment Suggestion - The report adjusts profit forecasts slightly, projecting revenues of 3.249 billion yuan, 3.908 billion yuan, and 4.690 billion yuan for 2024-2026, with net profits of 508 million yuan, 684 million yuan, and 911 million yuan respectively, reflecting expected continued growth driven by the gel patch segment and stable raw material business [9]

| 证券代码：300705 | 证券简称：九典制药 | 公告编号：2024-036 | | --- | --- | --- | | 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 经中国证券监督管理委员会证监许可〔2023〕526 号文同意注册，湖南九典 制药股份有限公司（以下简称"公司"）于 2023 年 9 月 15 日向不特定对象发行 了 360.00 万张可转换公司债券（以下简称"可转债"），每张面值 100 元，发 行总额为 36,000.00 万元。 | 持有人名称 | 本次变动前 | | 本次变动 | 本次变动后 | | | --- | --- | --- | --- | --- | --- | | | 持有数量 | 占发行总量 | 数量（张） | 持有数量 | 占发行总量 | | | （张） | 比例 | | （张） | 比例 | | 朱志宏 | 1,227,720 | 34.10% | 760,212 | 467,508 | 12.99% | | 朱志云 | 27,253 | 0.76% | 27,253 | 0 | 0.00% | | 朱志纯 | 15, ...

2024 年 04 月 27 日 评级 买入 | --- | --- | |------------------------------------|--------------| | 评级变动 交易数据 \n当前价格（元） | 维持 \n36.22 | | 52 周价格区间（元） | 19.58-38.85 | | 总市值（百万） | 12501.28 | | 流通市值（百万） | 7555.00 | | 总股本（万股） | 34514.90 | | 流通股（万股） | 20858.50 | 涨跌幅比较 -29% -9% 11% 31% 51% 2023-04 2023-07 2023-10 2024-01 九典制药 化学制药 | --- | --- | --- | --- | |----------|-------|-------|-------| | | | | | | % | 1M | 3M | 12M | | | | | | | 九典制药 | -1.58 | 16.28 | 45.21 | | 化学制药 | 2.65 | 3.92 | -7.72 | 吴号 分析师 执业证书编号:S053052205 ...

F源证券 核心品种持续放量，运营效率再提升 ——公司信息更新报告 yuruyi@kysec.cn 证书编号：S0790523070002 股价走势图 数据来源：聚源 《业绩超预期，盈利能力持续增强— 公司信息更新报告》-2023.10.26 《业绩符合预期，凝胶贴膏销售收入 持 续 增 长 — 公 司 信 息 更 新 报 告 》 -2023.8.16 《快速成长的特色制剂企业—公司深 度报告》-2023.6.14 2023 年公司实现营业收入 26.93 亿元（同比+15.75%，以下均为同比口径）；归 母净利润 3.68 亿元（+36.54%）；扣非归母净利润 3.40 亿元（+36.91%）。2024Q1 公司实现营业收入 5.91 亿元（+17.74%）；归母净利润 1.26 亿元（+63.44%）；扣 非归母净利润 1.06 亿元（+53.90%）。费用端看，公司 2023 年销售费用率 48.56% （-3.87pct）；管理费用率 3.64%（+0.83pct）；研发费用率 9.44%（+0.79pct）；财 务费用率 0.22%（-0.37pct）。2024Q1 公司销售费用率 40.50%（- ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [5][29]. Core Viewpoints - The company achieved a revenue of 2.69 billion yuan in 2023, representing a year-on-year growth of 15.75%, and a net profit of 368.26 million yuan, up 36.54% year-on-year [18][26]. - The main product, Loxoprofen Sodium Gel Patch, is expected to see increased sales through both hospital and outpatient channels, with significant market share growth anticipated due to ongoing regional procurement initiatives [9][20]. - The company has a strong pipeline with over 15 transdermal drug delivery products in development, aiming to establish itself as a leader in this field [20]. Financial Performance - The company forecasts revenues of 3.11 billion yuan, 3.59 billion yuan, and 4.18 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 513.05 million yuan, 675.70 million yuan, and 901.37 million yuan [13][14]. - The earnings per share (EPS) are projected to increase from 1.07 yuan in 2023 to 2.61 yuan by 2026, reflecting a strong growth trajectory [14][19]. - The company reported a sales expense ratio of 48.56% in 2023, which is expected to decrease further as operational efficiencies improve [19][27]. Business Segments - The pharmaceutical formulation segment generated 2.24 billion yuan in revenue in 2023, with the leading product contributing 1.55 billion yuan, marking an 18.70% increase year-on-year [11][18]. - The raw materials business also showed robust growth, with revenue from active pharmaceutical ingredients reaching 168 million yuan, up 29.87% year-on-year [11][18]. Market Position - The company is actively expanding its outpatient market presence, having developed partnerships with 280 chain stores covering nearly 38,000 outlets by the end of 2023 [9][20]. - The newly launched Ketoprofen Gel Patch was included in the National Medical Insurance Directory at a price of 8.68 yuan per patch, contributing positively to revenue growth [20].

| 股东 | 是否为第一 大股东及一 | 本次解除质 押可转债数 | 占其所 持可转 | 占公司可 | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 致行动人 | 量（张） | 债比例 | 转债比例 | | | | | 朱志宏 | 是 | 1,227,720 | 100.00% | 34.11% | 2023-10-30 | 2024-4-24 | 云南国际 信托有限 | | | | | | | | | 公司 | | 段立新 | 否 | 438,900 | 99.99% | 12.19% | 2023-10-30 | 2024-4-24 | 云南国际 信托有限 | | | | | | | | | 公司 | | 合计 | - | 1,666,620 | - | 46.30% | - | - | - | 1、本次可转债解除质押基本情况 | 证券代码：300705 | 证券简称：九典制药 | 公告编号：2024-035 | | --- | --- | --- | | 债券代码：123223 | 债券简称：九典转 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 44.9 CNY, corresponding to a market capitalization of 15.5 billion CNY based on a 30x P/E ratio for 2024 [1][8]. Core Insights - The company has shown strong performance with a well-formed product matrix, indicating robust long-term growth potential. The projected net profits for 2024, 2025, and 2026 are 516 million CNY, 676 million CNY, and 890 million CNY respectively, reflecting significant growth rates of 40% and 31% [1][19]. - The revenue for 2023 was 2.693 billion CNY, a year-on-year increase of 15.75%, with a net profit of 368 million CNY, up 36.54% [5][6]. - The company is expanding its product lines, particularly in the transdermal patch segment, with over 15 external preparations in development, including several that are already in production [18]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are 3.275 billion CNY, 3.957 billion CNY, and 4.882 billion CNY, with growth rates of 22%, 21%, and 23% respectively [1][12]. - The net profit forecasts for the same years are 516 million CNY, 676 million CNY, and 890 million CNY, with growth rates of 40%, 31%, and 32% respectively [1][12]. - The earnings per share (EPS) are expected to rise from 1.07 CNY in 2023 to 2.58 CNY by 2026, indicating a strong upward trend [1][12]. Business Performance - The company's OTC products and solid oral formulations have been performing well, with the revenue from drug formulations reaching 2.24 billion CNY in 2023, a 15.9% increase [6]. - The sales expense ratio has decreased from 48.6% in 2023 to 40.5% in Q1 2024, indicating improved operational efficiency [5][6]. - The raw material and auxiliary material segments also showed growth, with revenues of 170 million CNY and 180 million CNY respectively in 2023, reflecting a competitive advantage in cost and market share [6].

证券分析师 相关研究 ➢ 投资逻辑：1）核心产品洛索洛芬钠凝胶贴膏受益于外用贴膏渗透率提升+院内深耕+院外渠 道加大投入，有望继续快速增长；2）酮洛芬凝胶贴膏 2023 年底进入医保，格局好，2024 年预计开始贡献收入增量；3）贴膏/贴剂管线丰富，预计 2024-25 年将有约 4 个贴膏产品在 国内获批。 ➢ 风险提示：院外渠道拓展不及预期；竞争格局恶化风险；在研产品上市进展不及预期 源引金融活水 泽润中华大地 关键假设 3. 技术转让及服务/植物提取物及其他：目前整体收入规模较小，预计 2024-2026 年收入增速分别为 5%/5%/5%和 15%/13%/12%。 3）贴膏/贴剂管线丰富，预计 2024-25 年将有约 4 个贴膏产品在国内获批。 源引金融活水 泽润中华大地 第3页/ 共16页 表 1：公司产品情况 源引金融活水 泽润中华大地 资料来源：Wind，华源证券研究 资料来源：Wind，华源证券研究 资料来源：Wind，华源证券研究 源引金融活水 泽润中华大地 控费初见成效，盈利能力有望逐步提升。随着 2017 年公司重磅产品洛索洛芬钠凝胶贴 膏上市，带动整体毛利率提升，达到约 77%的水 ...