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 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company reported a Q1 revenue of 2.671 billion yuan, a year-on-year decrease of 1.95%, and a net profit attributable to shareholders of 231 million yuan, down 33.80% year-on-year [2]. - New orders for laboratory services increased by over 10% year-on-year, indicating a recovery in downstream innovation demand [2]. - The company aims for a revenue growth target of over 10% for 2024, supported by a favorable policy environment for innovative drugs [2]. Financial Performance Summary - Q1 revenue breakdown: Laboratory services revenue was 1.605 billion yuan (down 2.92% YoY), small molecule CDMO revenue was 582 million yuan (down 2.67% YoY), and clinical research revenue was 392 million yuan (up 4.60% YoY) [2]. - The company expects revenues of 12.705 billion yuan, 14.613 billion yuan, and 16.770 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.654 billion yuan, 1.977 billion yuan, and 2.324 billion yuan [3][7]. - The projected PE ratios for 2024, 2025, and 2026 are 21, 17, and 15 respectively [3][7].

Financial Performance - The company's revenue for Q1 2024 was CNY 2,670,740,738.16, a decrease of 1.95% compared to CNY 2,723,970,949.97 in the same period last year[8] - Net profit attributable to shareholders was CNY 230,557,834.70, down 33.80% from CNY 348,255,328.87 year-on-year[8] - The adjusted net profit attributable to shareholders was CNY 338,816,299.13, reflecting a decrease of 22.70% compared to CNY 438,339,247.42 in the previous year[8] - Operating profit decreased to CNY 268,414,806.18, down 37.8% from CNY 431,571,732.74 in the previous period[43] - Net profit for the current period was CNY 215,919,833.12, a decline of 38.2% compared to CNY 350,146,873.58 in the previous period[44] - Basic earnings per share decreased by 33.94% to ¥0.1300, driven by the reduction in net profit attributable to shareholders[16] - Diluted earnings per share fell by 34.01% to ¥0.1298, also reflecting the decrease in net profit attributable to shareholders[18] - Basic earnings per share for the current period was CNY 0.1300, down from CNY 0.1968 in the previous period[46] - The company reported a net profit of RMB 215,920,000 for the current period, down 38.3% from RMB 350,148,000 in the previous year[53] - The company's basic earnings per share for the current period was RMB 0.1300, down from RMB 0.1968 in the previous year[53] Cash Flow and Assets - Cash flow from operating activities increased by 40.65% to CNY 745,630,586.78, up from CNY 530,139,954.34 in the same period last year[8] - Net cash flow from operating activities increased by 40.65% to ¥745,630,586.78, mainly due to an increase in sales collections[16] - Cash and cash equivalents decreased from CNY 5,918,915,276.72 to CNY 4,633,337,568.45, representing a decrease of about 21.7%[36] - The total current assets decreased from CNY 10,874,413,206.01 to CNY 9,448,379,249.76, a decline of approximately 13.1%[36] - The total assets at the end of the reporting period were CNY 25,243,967,050.83, a decrease of 4.66% from CNY 26,476,712,835.60 at the end of the previous year[8] - The total assets decreased from CNY 26,476,712,835.60 to CNY 25,243,967,050.83, a decline of about 4.7%[37] - The total assets less current liabilities amounted to RMB 21,487,864,000, a decrease from RMB 22,822,237,000 at the end of the previous period[54] Liabilities and Equity - Total liabilities decreased to CNY 11,886,956,291.91 from CNY 13,238,666,497.83, reflecting a reduction of 10.2%[41] - Non-current liabilities totaled CNY 8,130,853,112.80, down 15.2% from CNY 9,584,190,645.48[41] - The total equity attributable to the parent company increased to CNY 12,687,089,142.67 from CNY 12,556,797,361.42, a rise of 1.04%[41] - The total equity attributable to the owners of the parent company was RMB 12,687,089,000, up from RMB 12,556,797,000, indicating an increase of 1.0%[55] Operational Highlights - The company signed new orders that increased by over 20% compared to the same period last year, indicating a recovery in customer inquiries and visits[11] - The gross profit margin for laboratory services was 44.14%, slightly down from 44.48% in the previous year[11] - The gross profit margin for clinical research services improved to 9.32%, up from 14.02% year-on-year[11] - Total operating costs increased to CNY 2,439,362,705.75, up 3.69% from CNY 2,352,273,096.85 in the previous period[43] Research and Development - Research and development expenses increased to CNY 93,605,963.99, up 22% from CNY 76,838,901.31 in the previous period[43] - Research and development expenses increased to RMB 93,606,000, compared to RMB 76,839,000 in the same period last year, reflecting a growth of 22%[53] Other Financial Metrics - The company reported a net profit from non-operating income of CNY 43,209,069.08 for the period[14] - Investment income surged by 177.35% to ¥46,569,164.93, attributed to the repurchase of certain convertible bonds during the reporting period[20] - Other comprehensive income decreased significantly by 1,136.05% to -¥59,702,067.74, mainly due to changes in cash flow hedging reserves[20] - The company reported a foreign exchange-related gain of RMB 25,063,000 in Q1 2024, compared to a loss of RMB 804,000 in the same period last year[58] - The company incurred a one-time loss of RMB 44,016,000 due to the closure of Kanglong Chemical (Shanghai) New Drug Technology Co., Ltd.[58] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 85,011[24] - The number of shares held by the top 10 unrestricted shareholders includes HKSCC NOMINEES LIMITED with 301,502,043 shares[26] - The company plans to release restricted shares for certain executives, with a total of 6,986,213 shares being released this period[32] - The company has ongoing stock incentive plans for 2021 and 2022, with announcements regarding vesting results expected in January 2024[34]

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 （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。 证券代码：300759 证券简称：康龙化成 公告编号：2024-022 康龙化成（北京）新药技术股份有限公司 关于回购公司 A 股股份方案的公告 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： （5）回购价格上限： ...

Revenue and Profit Performance - Revenue for Q1 2024 was RMB 2,670,740,738.16, a decrease of 1.95% compared to the same period last year[4] - Net profit attributable to shareholders was RMB 230,557,834.70, down 33.80% year-on-year[4] - Adjusted non-IFRS net profit was RMB 338,816,299.13, a decrease of 22.70% compared to the same period last year[4] - Total revenue for Q1 2024 was 2,670,740,738.16 RMB, a slight decrease from 2,723,970,949.97 RMB in the same period last year[20] - Net profit attributable to the parent company's owners was 230,557,834.70 RMB, down from 348,255,328.87 RMB in the previous year[21] - Basic earnings per share decreased by 33.94% to 0.1300, primarily due to a decrease in net profit attributable to shareholders[10] - Diluted earnings per share decreased by 34.01% to 0.1298, also due to a decrease in net profit attributable to shareholders[10] - Basic earnings per share were 0.1300 RMB, down from 0.1968 RMB in the same period last year[22] - Total comprehensive income for the period was 162,642,198.05 RMB, a significant decrease from 349,276,609.52 RMB in the previous year[22] Cash Flow and Operating Activities - Operating cash flow increased by 40.65% to RMB 745,630,586.78[4] - Sales of goods and services received cash of 2,904,955,644.37 yuan, an increase from 2,460,618,193.07 yuan in the previous period[23] - Total cash inflow from operating activities was 3,137,994,335.42 yuan, up from 2,687,245,318.53 yuan in the previous period[23] - Net cash flow from operating activities increased to 745,630,586.78 yuan from 530,139,954.34 yuan[24] - Cash paid for employee compensation and benefits rose to 1,313,660,048.35 yuan from 1,154,867,678.38 yuan[24] - Net cash flow from investing activities was -467,094,044.67 yuan, a significant decrease from 121,783,982.28 yuan in the previous period[24] - Cash received from investments was 1,105,629,401.97 yuan, down from 1,582,584,000.00 yuan[24] - Cash paid for the construction of fixed assets, intangible assets, and other long-term assets decreased to 498,619,941.26 yuan from 784,842,461.85 yuan[24] - Net cash flow from financing activities was -1,512,600,594.24 yuan, compared to -649,397.37 yuan in the previous period[24] - Cash received from borrowings increased to 104,094,412.63 yuan from 64,297,458.96 yuan[24] - The ending balance of cash and cash equivalents was 5,789,114,669.03 yuan, up from 4,561,507,266.77 yuan[24] Business Segment Performance - Laboratory services revenue decreased by 2.92% to RMB 1,604,576,678.01, with a gross margin of 44.14%[6] - CMC (small molecule CDMO) services revenue decreased by 2.67% to RMB 582,104,488.92, with a gross margin of 27.90%[6] - Clinical research services revenue increased by 4.60% to RMB 391,531,326.06, with a gross margin of 9.32%[6] - New orders signed in Q1 2024 increased by over 20% compared to the same period last year[7] Assets and Liabilities - Total assets decreased by 4.66% to RMB 25,243,967,050.83 compared to the end of the previous year[4] - Shareholders' equity increased by 1.04% to RMB 12,687,089,142.67 compared to the end of the previous year[4] - Total assets of the company as of March 31, 2024, amounted to RMB 25,243,967,050.83, a decrease from RMB 26,476,712,835.60 at the beginning of the period[19] - The company's monetary funds decreased from RMB 5,918,915,276.72 at the beginning of the period to RMB 4,633,337,568.45 as of March 31, 2024[19] - Accounts receivable decreased from RMB 2,242,025,579.78 at the beginning of the period to RMB 2,086,825,230.47 as of March 31, 2024[19] - The company's inventory increased from RMB 1,013,079,365.83 at the beginning of the period to RMB 1,071,430,884.44 as of March 31, 2024[19] - Long-term equity investments increased from RMB 722,945,600.93 at the beginning of the period to RMB 737,053,092.75 as of March 31, 2024[19] - Fixed assets increased from RMB 6,496,642,105.34 at the beginning of the period to RMB 6,626,289,217.88 as of March 31, 2024[19] - Construction in progress increased from RMB 2,632,539,049.05 at the beginning of the period to RMB 2,741,537,529.56 as of March 31, 2024[19] - The company's goodwill slightly decreased from RMB 2,780,917,692.84 at the beginning of the period to RMB 2,778,040,034.00 as of March 31, 2024[19] - The total liabilities of the company as of March 31, 2024, included short-term borrowings of RMB 534,473,540.58 and contract liabilities of RMB 836,875,819.89[19] - The company's equity attributable to shareholders as of March 31, 2024, was RMB 16,123,456,789.01, a decrease from RMB 17,456,789,012.34 at the beginning of the period[19] - Total liabilities decreased to 11,886,956,291.91 RMB from 13,238,666,497.83 RMB in the previous year[20] - Long-term borrowings stood at 4,392,085,547.88 RMB, slightly up from 4,308,164,504.99 RMB in the previous year[20] - Total equity attributable to the parent company's owners was 12,687,089,142.67 RMB, slightly up from 12,556,797,361.42 RMB in the previous year[20] - The company's total assets decreased to 25,243,967,050.83 RMB from 26,476,712,835.60 RMB in the previous year[20] Expenses and Financial Costs - Prepayments increased by 46.28% to RMB 26,050,817.78, mainly due to increased prepayments for raw material purchases[10] - Bonds payable decreased by 34.98% to RMB 2,530,105,298.14, due to the repurchase of some convertible bonds[10] - Other equity instruments decreased by 40.55% to RMB 118,044,049.78, also due to the repurchase of some convertible bonds[10] - Other comprehensive income decreased by 1,136.05% to RMB -59,702,067.74, mainly due to changes in cash flow hedging reserves[10] - Tax and surcharges increased by 74.27% to RMB 29,651,442.41, mainly due to increases in urban maintenance and construction tax, education surcharges, and property tax[10] - Financial expenses increased by 61.25% to RMB 63,437,988.33, primarily due to increased interest expenses[10] - Investment income increased by 177.35% to RMB 46,569,164.93, mainly due to the repurchase of some convertible bonds[10] - Fair value change income decreased by 103.94% to RMB -1,126,884.09, mainly due to a decrease in fair value change income of biological assets[10] - Research and development expenses increased to 93,605,963.99 RMB, up from 76,838,901.31 RMB in the same period last year[21] - Interest expenses increased to 70,567,975.72 RMB, up from 46,806,366.43 RMB in the same period last year[21]

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 ...

证券代码：300759 证券简称：康龙化成 公告编号：2024-019 康龙化成（北京）新药技术股份有限公司 关于公司实际控制人质押股份延期购回的公告 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。 一、股东质押股份延期购回基本情况 康龙化成（北京）新药技术股份有限公司（以下简称"公司"）近日接到公 司实际控制人之一楼小强先生的函告，获悉楼小强先生根据其资金需求情况对部 分质押股份进行延期购回，具体情况如下： | 股东 | 是否为控 股股东或 | 质押数量 | 占其所 | 占公司 | 是否 | 是否 为补 | 质押起 | | 原质押 | | 延期购 回后质 | | | 质押用 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 第一大股 | （股） | 持股份 | 总股本 | 为限 | 充质 | 始日 | | 到期日 | | 押到期 | | 质权人 | 途 | | | 东及其一 | | 比例 | 比例 | 售股 ...