一季度新签订单增长超 20%，发布回购方案，彰显持续发展信心 康龙化成（300759.SZ ）/医药生物 证券研究报告/公司点评 2024年04月28日 [Table_Industry] [评Ta级ble：_T买itle入] (维持) [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：19.16 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 10266.29 11538.00 12726.35 14531.23 16715.68 分析师：祝嘉琦 增长率yoy% 37.92% 12.39% 10.30% 14.18% 15.03% 执业证书编号：S0740519040001 净利润（百万元） 1374.60 1601.10 1730.74 1965.38 2307.94 电话：021-20315150 增长率yoy% -17.24% 16.48% 8.10% 13.56% 17.43% 每股收益（元） 0.77 0.90 0.97 1.10 1.29 Email：zhujq@zts.com.cn 每股现金流量 1.20 1.54 1.11 1.31 1.43 ...

一、公司前十名股东持股情况 1 | | 限合伙） | | | | --- | --- | --- | --- | | 7 | 宁波龙泰康投资管理有限公司 | 40,135,026 | 2.25% | | 8 | 香港中央结算有限公司 | 28,523,504 | 1.60% | | 9 | 中国银行股份有限公司－华宝中证 医疗交易型开放式指数证券投资基 | 26,076,961 | 1.46% | | | 金 | | | | 10 | 中国工商银行股份有限公司－中欧 医疗创新股票型证券投资基金 | 23,695,225 | 1.33% | 康龙化成（北京）新药技术股份有限公司（以下简称"公司"）于 2024 年 4 月 25 日召开的第三届董事会第七次会议审议通过了《关于回购公司 A 股股份 方案的议案》，公司计划使用不低于人民币 2 亿元且不超过人民币 3 亿元（均包 含本数）的自有资金以集中竞价交易方式回购公司已发行的人民币普通股（A 股）， 本次回购股份拟全部予以注销并相应减少公司注册资本。具体内容详见公司于 2024 年 4 月 26 日披露在巨潮资讯网（http://www.cninfo.com.c ...

康龙化成（北京）新药技术股份有限公司 回购股份报告书 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 鉴于截至 2024 年 4 月 19 日康龙化成（北京）新药技术股份有限公司（以下 简称"公司"）A 股股票连续 20 个交易日内股票收盘价格跌幅累计超过 20%， 为维护公司价值及股东权益所必需，切实推动"质量回报双提升"行动方案的实 施，公司拟使用自有资金以集中竞价交易方式回购公司部分人民币普通股 A 股 股份（以下简称"本次回购"）。 1、回购方案的主要内容 证券代码：300759 证券简称：康龙化成 公告编号：2024-023 （1）回购股份的种类：公司已发行的人民币普通股（A 股）。 （2）回购股份的用途：本次回购股份将用于维护公司价值及股东权益。本 次回购股份后拟全部予以注销并相应减少公司注册资本。 （3）回购金额：本次回购资金总额为不低于人民币 2 亿元且不超过人民币 3 亿元（均包含本数），具体回购资金总额以回购期满时实际回购股份使用的资 金总额为准。 （4）回购资金来源：公司自有资金。 （5）回购价格上限：不超过人民币 31 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is experiencing short-term pressure on performance in Q1 2024, with revenue of 2.671 billion yuan, a year-on-year decline of 1.95%, and a net profit attributable to shareholders of 231 million yuan, down 33.80% year-on-year. However, the expansion of new business is expected to open up growth opportunities [5][6] - The company maintains its long-term growth outlook, with profit forecasts for 2024-2026 set at 1.789 billion, 2.019 billion, and 2.425 billion yuan respectively, and EPS projected at 1.00, 1.13, and 1.36 yuan [5][6] Summary by Sections Financial Performance - In Q1 2024, the company reported revenue of 2.671 billion yuan, a decrease of 1.95% year-on-year, and a net profit of 231 million yuan, down 33.80% year-on-year. The adjusted net profit (Non-IFRS) was 339 million yuan, a decline of 22.70% year-on-year. The decline in revenue is attributed to increased operating costs and expenses [5] - The company added over 800 new clients in 2023, contributing approximately 859 million yuan to revenue, indicating ongoing growth from new customer acquisition [5] Business Segments - The laboratory services and CMC (Chemistry, Manufacturing, and Controls) segments generated revenues of 1.605 billion and 582 million yuan respectively in Q1 2024, both showing a decline of around 2.92% and 2.70% year-on-year. The laboratory services remain the core business, participating in 764 drug discovery projects in 2023, a 17% increase from 2022 [6] - Clinical research services achieved revenue of 392 million yuan in 2023, reflecting a year-on-year growth of 4.60%. The company has 1,035 clinical CRO projects and 1,450 SMO projects, indicating a transition to high-quality development in this area [7] Future Outlook - The company expects to enhance its service capabilities with the gradual launch of the Ningbo Third Park in 2024, which will improve its animal testing services [6] - The long-term profit forecasts remain unchanged, with expected net profits of 1.789 billion, 2.019 billion, and 2.425 billion yuan for 2024, 2025, and 2026 respectively, alongside a decreasing P/E ratio from 19.1 to 14.1 over the same period [5][8]

浦银国际研究 公司研究 | 医药行业 康龙化成（3759.HK/300759.CH）：1Q24 业 绩不及预期，但新签订单增速超预期 阳景 浦 首席医药分析师 银 维持港股“买入”评级，略微下调目标价至 16.8 港元；维持 A股“持 Jing_yang@spdbi.com 国 有”评级，略微下调目标价至 22.4 元。 (852) 2808 6434 际 ● 1Q24 业绩逊于预期：1Q24收入为26.7亿元（-2.0% YoY, -10.3% QoQ）， 经调整Non-IFES 归母净利润为3.39亿元（-22.7% YoY, -31.0% QoQ），收入 胡泽宇 CFA 和经调整归母净利润均逊于我们预期：（1）收入不及预期，主要由于行业 医药分析师 融资疲软及公司对上海和宁波/北京地区的实验室服务业务进行整合，关闭 ryan_hu@spdbi.com 上海地区实验室；（2）经调整Non-IFRS归母净利润明显低于预期，除了受 (852) 2808 6446 到关闭上海地区实验室带来的一次性亏损影响（约人民币4,400万元），也 2024年4月26日 受员工成本上升（主要来自于2H23新入职员工）、生物资 ...

Investment Rating - The investment rating for 康龙化成 (300759) is not explicitly stated in the report, but the analysis suggests a positive outlook based on new order growth and revenue projections [1]. Core Insights - The company reported a revenue of 2.671 billion yuan in Q1 2024, a year-on-year decrease of 1.95%, with a net profit attributable to shareholders of 231 million yuan, down 33.80% year-on-year [1]. - The report highlights a 20%+ year-on-year growth in new orders, indicating potential recovery in business performance [1]. - The company is undergoing business integration, which has impacted profit margins, with a gross margin of 32.66%, down 3.13 percentage points year-on-year [1]. - The report anticipates a gradual recovery in the industry, supported by an increase in active customers and overseas revenue growth of 27.5% [1]. Financial Performance Summary - For Q1 2024, the company achieved revenues of 1.605 billion yuan in laboratory services (down 2.9% YoY) and 582 million yuan in CMC services (down 2.7% YoY) [1]. - The gross margin for laboratory services was 44.1%, while for CMC services it was 27.9%, reflecting a decline due to increased costs [1]. - The company expects revenues of 12.766 billion yuan, 14.492 billion yuan, and 16.879 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 10.6%, 13.5%, and 16.5% [2]. - The net profit attributable to shareholders is projected to be 1.606 billion yuan, 1.944 billion yuan, and 2.454 billion yuan for the same years, with growth rates of 0.3%, 21.1%, and 26.2% respectively [2]. Operational Insights - The company has integrated its laboratory services in Shanghai and Ningbo/Beijing, resulting in a one-time loss but aims to enhance scale efficiency [1]. - The report notes a slight increase in expense ratios, with the total expense ratio for Q1 2024 at 22.88%, up 1.36 percentage points year-on-year [1]. - The number of new customers increased by over 800 in 2023, with active customers exceeding 2800, indicating a strong customer base for future growth [1].

Investment Rating - The report maintains a "Recommended" rating for the company [2][6] Core Views - The company reported Q1 2024 revenue of 2.671 billion yuan, a year-over-year decrease of 2.0%, and a net profit attributable to shareholders of 231 million yuan, down 33.8% year-over-year. After adjusting for one-time losses and share-based compensation, the non-IFRS adjusted net profit was 339 million yuan, a decrease of 22.7% year-over-year, which is in line with market expectations [3][4] - The revenue from laboratory services was 1.605 billion yuan, down 2.9% year-over-year, while CMC service revenue was 582 million yuan, down 2.7% year-over-year. Clinical research service revenue increased by 4.6% year-over-year to 392 million yuan. The company expects improvements in gross margins due to scale effects and enhanced labor efficiency following the closure of its Shanghai laboratory [4][6] - New orders showed signs of improvement, with a year-over-year increase of over 20% in new signed orders for Q1 2024. Laboratory services new signed orders grew by over 10%, while CMC services saw a 40% increase in new signed orders [4][6] Financial Summary - For the fiscal year 2024, the company is projected to achieve revenue of 12.689 billion yuan, with a year-over-year growth of 10.0%. The net profit is expected to be 1.468 billion yuan, reflecting a decrease of 8.3% year-over-year. The gross margin is projected to be 34.4% [5][8] - The company's earnings per share (EPS) for 2024 is forecasted to be 0.82 yuan, down from the previous estimate of 1.13 yuan [6][8] - The company’s total assets are projected to be 25.074 billion yuan in 2024, with a debt-to-asset ratio of 43.2% [7][8]

股 票 研 究 [Table_industryInfo] 医药/必需消费 [ Table_Main[康ITnaf 龙bol]e 化_Ti成tle]( 300759) [评Tab级le_：Inv est] 增持 上次评级： 增持 新签订单好转，环比改善可期 目标价格： 27.44 上次预测： 27.44 公 ——康龙化成2024 年一季报点评 当前价格： 19.16 司 丁丹(分析师) 吴晗(分析师) 2024.04.27 更 0755-23976735 010-83939773 [交Ta易bl数e_M据a rket] 新 dingdan@gtjas.com wuhan024878@gtjas.com 证书编号 S0880514030001 S0880523080005 52周内股价区间（元） 18.17-50.08 报 总市值（百万元） 34,246 告 本报告导读： 总股本/流通A股（百万股） 1,787/1,429 新签订单好转，业绩有望逐季修复，一体化转型逻辑持续兑现，看好公司长期增长， 流通 B股/H股（百万股） 0/302 流通股比例 97% 维持增持评级。 日均成交量（百万股） 31.88 投资要 ...

康龙化成（300759.SZ）2024年一季报点评 Q1 新签订单同比增长超 20%，下游创新需求逐渐回暖 2024年04月26日 ➢ 事件：2024年4月25日，康龙化成发布2024一季报。公司Q1实现收入 推荐 维持评级 26.71亿元，同比下降1.95%；归母净利润2.31亿元，同比下降33.80%；经调 当前价格： 19.16元 整净利润3.39亿元，同比下降22.70%。 ➢ 实验室服务环比复苏，小分子 CDMO 新签订单高速增长。实验室服务在 [Table_Author] 2024 年Q1 实现收入16.05 亿元，同比下降 2.92%，毛利率保持在 44.14%。 Q1实验室业务新签订单同比增长超10%，公司对上海、宁波等地的实验室进行 整合以增加规模效应，并且积极拓展寡核苷酸、多肽、抗体、ADC等新兴领域。 小分子CDMO业务2024年Q1实现收入5.82亿元，同比下降2.67%，主要系 部分客户项目的交付节奏影响；毛利率为 27.90%，同比下降 5.05pts，绍兴新 CMC模块在23Q4转固以及中英人员数量增长导致成本提升。Q1 CDMO新签 分析师 王班 订单同比增长40%+，下游需求 ...

本议案已经第三届董事会审计委员会第七次会议审议通过。 证券代码：300759 证券简称：康龙化成 公告编号：2024-020 康龙化成（北京）新药技术股份有限公司 第三届董事会第七次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 康龙化成（北京）新药技术股份有限公司（以下简称"公司"或"本公司"） 第三届董事会第七次会议于 2024 年 4 月 25 日上午 10：30 以通讯方式召开，本 次会议通知及会议材料于 2024 年 4 月 11 日以邮件形式向全体董事发出，经全体 与会董事的认可，公司于 2024 年 4 月 23 日增加两项议案。会议应出席董事 9 名，实际出席董事 9 名。本次会议由公司董事长 Boliang Lou 博士主持，公司部 分高级管理人员列席了本次会议。本次会议的召集和召开符合《中华人民共和国 公司法》等有关法律、行政法规、部门规章、规范性文件和《康龙化成（北京） 新药技术股份有限公司章程》的规定。 二、董事会会议审议情况 与会董事审议并以记名投票方式通过了以下议案： （一）审议通过《关于 20 ...