Investment Rating - The report maintains an "Accumulate" rating for the company [2]. Core Views - The company achieved a revenue of 11.5 billion yuan in 2023, representing a year-on-year increase of 12.39%. The gross margin was 35.75%, a decrease of 0.96 percentage points year-on-year. The net profit attributable to shareholders was 1.6 billion yuan, up 16.48% year-on-year. Adjusted net profit under non-IFRS was 1.9 billion yuan, a 3.77% increase year-on-year. Excluding the impact of fair value changes in biological assets from the high base in 2022, the adjusted net profit increased by 11.37% year-on-year [1][2]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 2.978 billion yuan, a year-on-year increase of 3.99%. The net profit attributable to shareholders was 462 million yuan, up 11.74% year-on-year, while the adjusted net profit was 431 million yuan, an increase of 18.42% year-on-year. The gross margin for Q4 was 35.15%, down 2.13 percentage points year-on-year [1][2]. Business Segments - The laboratory services segment generated 6.66 billion yuan in revenue, a 9.38% increase year-on-year, with a gross margin of 44.28%. The CMC (small molecule CDMO) services segment achieved 2.71 billion yuan in revenue, up 12.64%, with a gross margin of 33.68%. The clinical research services segment saw revenue of 1.74 billion yuan, a 24.66% increase, with a gross margin of 17.05%. The large molecule and cell and gene therapy services generated 420 million yuan, a 21.06% increase, but reported a negative gross margin of -8.30% due to ongoing investments in this area [2][3]. Earnings Forecast and Valuation - The company is positioned as a leader in the global drug discovery field and is expected to maintain stable growth in its core drug discovery business. The earnings per share (EPS) forecasts for 2024-2026 are 0.96, 1.10, and 1.30 yuan, respectively. The corresponding price-to-earnings (PE) ratios are projected at 21X, 19X, and 16X for 2024 [2][3].

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 业务稳健增长，后端能力有望逐步兑现 目标价格： 27.44 上次预测： 42.00 公 ——康龙化成2023 年年报点评 当前价格： 20.57 司 丁丹(分析师) 吴晗(分析师) 2024.04.03 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） 19.16-55.64 报 总市值（百万元） 36,767 告 本报告导读： 总股本/流通A股（百万股） 1,787/1,429 业务稳健增长，盈利短期承压，一体化逻辑有望兑现，看好公司长期增长，维持增持 流通 B股/H股（百万股） 0/302 流通股比例 97% 评级。 日均成交量（百万股） 30.53 投资要点 ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company's main business performance remains stable, awaiting marginal improvements [2] - In 2023, the company achieved a revenue of 11.538 billion yuan, representing a year-on-year growth of 12.39%, and a net profit attributable to shareholders of 1.601 billion yuan, up 16.48% [5][6] - The laboratory services segment generated revenue of 6.660 billion yuan, with a growth rate of 9.38%, but the growth has significantly slowed compared to the first half of 2023 [5] - The CMC (Chemistry, Manufacturing, and Controls) business reported revenue of 2.711 billion yuan, growing by 12.64%, with an increase in high-value projects expected to enhance revenue and profitability [5] - The clinical research services segment saw revenue of 1.737 billion yuan, a 24.66% increase, with improved gross margins attributed to enhanced efficiency in domestic clinical CRO and SMO operations [5] - The company’s operating cash flow was strong, with a net cash flow from operating activities of 2.754 billion yuan, up 28.50% [5] - Capital expenditures (CAPEX) for 2023 were 2.865 billion yuan, maintaining a historical high, with ongoing investments in capacity expansion [5] Financial Projections - Revenue projections for 2024-2026 are 12.748 billion yuan, 14.755 billion yuan, and 16.995 billion yuan, with year-on-year growth rates of 10.5%, 15.7%, and 15.2% respectively [6][7] - Net profit attributable to shareholders is expected to be 1.715 billion yuan, 2.069 billion yuan, and 2.539 billion yuan for 2024-2026, with growth rates of 7.1%, 20.7%, and 22.7% respectively [6][7] - The price-to-earnings (PE) ratios based on the closing price as of April 10 are projected to be 20.7, 17.1, and 14.0 for 2024-2026 [6][7]

Pharmaron Beijing Co., Ltd. 康 龍 化 成（ 北 京 ）新 藥 技 術 股 份 有 限 公 司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） 中華人民共和國，北京 2024年4月11日 於本公告日期，董事會包括執行董事樓柏良博士、樓小強先生及鄭北女士；非執 行董事胡柏風先生及李家慶先生；獨立非執行董事李麗華女士、周其林先生、曾 坤鴻先生及余堅先生。 康龍化成（北京）新藥技術股份有限公司（「本公司」）董事會（「董事會」）謹此宣 佈，董事會會議將於2024年4月25日（星期四）舉行，藉以（其中包括）審議及批准 本公司及其附屬公司截至2024年3月31日止三個月之第一季度業績及其發佈。 承董事會命 康龍化成（北京）新藥技術股份有限公司 主席 樓柏良博士 （股份代號：3759） 董事會會議通告 ...

证券代码：300759 证券简称：康龙化成 公告编号：2024-018 康龙化成（北京）新药技术股份有限公司 关于参与私募股权投资基金暨关联交易的进展公告 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、投资事项概述 康龙化成（北京）新药技术股份有限公司（以下简称"公司"）为充分运用 专业投资机构在行业内项目收集、研判的能力，提高公司投资能力，公司作为有 限合伙人以自有资金认缴出资 28,000 万元人民币，与关联方康君投资管理（北 京）有限公司作为普通合伙人、关联方北京欣元至康企业管理咨询合伙企业（有 限合伙）作为特殊有限合伙人共同投资宁波甬欣康君创业投资合伙企业（有限合 伙）（以下简称"基金"或"甬欣康君"。注：截至目前基金的名称为宁波康君 启承股权投资合伙企业（有限合伙），后续拟变更为宁波甬欣康君创业投资合伙 企业（有限合伙），具体名称以市场监督管理部门最终核定为准）。 2023 年 12 月 22 日，公司召开了第三届董事会第五次会议和第三届监事会 第五次会议，审议通过了《关于参与私募股权投资基金暨关联交易的议案》，同 意公司作为有限合伙人以自有资 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 25.22 CNY over the next six months, based on a current price of 21.01 CNY [1]. Core Insights - The company reported a revenue of 11.54 billion CNY for 2023, reflecting a year-on-year growth of 12.4%. The net profit attributable to shareholders was 1.6 billion CNY, up 16.5% year-on-year. The adjusted Non-IFRS net profit was approximately 1.9 billion CNY, a growth of 3.8% [2][12]. - The revenue growth is primarily driven by stable performance in mature business segments, while new sectors show promising potential for future growth [2][17]. Summary by Sections 1. Business Performance - The company operates four main business segments: laboratory services, CMC (small molecule CDMO) services, clinical research services, and large molecule and cell & gene therapy services. 1. Laboratory Services: Generated 6.66 billion CNY in revenue, accounting for 57.7% of total revenue, with a gross margin of 44.3% [2][17]. 2. CMC Services: Achieved 2.71 billion CNY in revenue, representing 23.5% of total revenue, with a gross margin of 33.7% [2][17]. 3. Clinical Research Services: Revenue reached 1.74 billion CNY, up 24.7% year-on-year, with a gross margin of 17.1% [2][18]. 4. Large Molecule and Cell & Gene Therapy Services: Generated 0.43 billion CNY in revenue, a year-on-year increase of 21.1%, but with a negative gross margin of -8.3% [2][18]. 2. Financial Forecast and Valuation - The company is expected to achieve net profits of 1.73 billion CNY, 2.01 billion CNY, and 2.35 billion CNY for the years 2024, 2025, and 2026, respectively. The projected PE ratio for 2024 is 26 times [2][27]. - Revenue growth rates for 2024-2026 are forecasted at 10.6%, 14.0%, and 16.2%, respectively, with an overall gross margin improvement expected [2][26]. 3. Market Position and Competitive Advantage - The company is recognized as a leading player in the CRO industry, with a strong project experience, team size, and service range, which enhances its competitive edge [2][27]. - The company has a clear shareholding structure, with major shareholders holding 19.3% of the equity, and its subsidiaries cover the entire pharmaceutical outsourcing service chain [2][20].

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [4]. Core Views - The company achieved a revenue of 11.538 billion RMB in 2023, representing a year-on-year growth of 12.39%, with a gross margin of 35.75%. The net profit attributable to shareholders reached 1.601 billion RMB, up 16.48% year-on-year, while the adjusted non-GAAP net profit was 1.903 billion RMB, reflecting a growth of 3.77% [2][3]. - The company added over 800 new clients in 2023, serving a total of over 2,800 clients globally, demonstrating robust growth despite a cooling phase in global healthcare investment [2]. - The company is actively expanding its new molecular business, with laboratory services generating revenue of 6.660 billion RMB (up 9.38% year-on-year) and a gross margin of 44.28%. The small molecule CDMO segment achieved revenue of 2.711 billion RMB (up 12.64% year-on-year) with a gross margin of 33.68% [2][3]. - The CMC projects are progressing, with 885 drug molecules or intermediates involved in CMC services, including 29 projects in process validation and commercialization, and 27 projects in clinical phase III [3]. Financial Summary - The company’s revenue is projected to grow from 12.762 billion RMB in 2024 to 17.103 billion RMB in 2026, with corresponding net profits of 1.704 billion RMB and 2.391 billion RMB respectively [7]. - The earnings per share (EPS) are expected to be 0.95 RMB in 2024, 1.14 RMB in 2025, and 1.34 RMB in 2026, with price-to-earnings (P/E) ratios of 21.39, 17.89, and 15.24 respectively [3][7]. - The report suggests a reasonable value of 25.74 RMB per share for A-shares and 12.10 HKD per share for H-shares based on a 27x P/E valuation for 2024 [3][4].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 康龍化成（北京）新藥技術股份有限公司 (於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2024年4月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 | 03759 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 301,537,125 | RMB | | 1 RMB | | 301,537,125 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 301,537,125 | RMB | | 1 RMB | | 301,537,125 | | 2. 股份 ...

浦银国际研究 公司研究 | 医药行业 康龙化成（3759.HK/300759.CH）：4Q23 业 绩符合预期；2024 年收入指引为 10%+增速 阳景 浦 首席医药分析师 银 4Q23 业绩符合预期。2024 年收入增速指引为 10%+，净利润增速预 Jing_yang@spdbi.com 国 计慢于收入增速。维持港股目标价 17.5港元，A股目标价 23.3元。 (852) 2808 6434 际 ● 4Q23 业绩符合预期：康龙化成2023全年收入增长12.4% YoY达到115.38 胡泽宇 CFA 亿元，经调整Non-IFRS归母净利润增长3.8% YoY达到19.03亿元，符合之 前公布的业绩预告和我们预期。4Q23来说：1）总收入达到29.8亿元 (+4.0% 医药分析师 ryan_hu@spdbi.com YoY, +2% QoQ)，其中来自欧洲客户的收入增速最快(+15% YoY, +32.1% QoQ), (852) 2808 6446 其次是美国（+3.2% YoY, +6.6% QoQ），来自中国客户的收入则同比环比均有 所下降（-11.8% YoY, -23.8% QoQ）。板块层 ...

[Table_MainInfo] 公司研究/医药与健康护理/医疗保健提供商与服务 证券研究报告 康龙化成（300759）公司年报点评 康龙化成 2023 年报点评：全年收入利润 保持增长态势，看好一体化 CXO 龙头长 期稳健发展 [Table_Summary] 投资要点：  公告：康龙化成发布2023年报。  点评： 收入端保持稳定增长态势。2023年，公司营业收入115亿元，同比增长12.39%， 毛利率达到35.75%，同比下降0.96%；归母净利润16亿元，同比增长16.48%； 扣非归母净利润15亿，同比增长6.51%；经调整Non-IFRS归母净利润19亿元， 同比增长 3.77%。剔除生物资产公允价值变动导致的 2022年同期利润高基数的 影响，经调整Non-IFRS归母净利润同比增长11.37%。2023年第四季度，公司营 业收入29.78亿元，同比增长3.99%；归母净利润4.62亿元，同比增长11.74%； 扣非净利润4.31亿元，同比增长18.42%。  2023年分业务板块经营情况： （1）实验室服务：收入66.6亿元，同比增长9.38%；毛利率44.28%，同比降低 1.25% ...