Investment Rating - The report maintains a "Buy" rating for 康龙化成 (300759) [4][3] Core Views - The company shows improvement in gross margin, a continuation of new order growth, and an optimized customer structure, indicating a positive long-term growth outlook [3] - Revenue for Q1-Q3 2024 reached 8.817 billion yuan, up 3.0% year-on-year, with net profit attributable to shareholders at 1.422 billion yuan, up 12.5% [3] - The report adjusts the EPS forecast for 2025-2026 to 1.10 yuan and 1.31 yuan respectively, down from previous estimates of 1.13 yuan and 1.35 yuan, while maintaining the 2024 EPS forecast at 0.98 yuan [3] - The target price is raised to 33.90 yuan from 27.16 yuan, reflecting a valuation premium based on comparable company valuations and the gradual ramp-up of backend business [3] Summary by Sections Financial Performance - Q3 2024 single-quarter revenue was 3.213 billion yuan, up 10.0%, with net profit at 308 million yuan, down 12.62% [3] - Laboratory services revenue for Q1-Q3 2024 was 5.219 billion yuan, up 2.95%, with a gross margin of 44.76% [3] - CMC revenue was 1.977 billion yuan, up 3.29%, with a gross margin of 30.82% [3] - Clinical research services revenue was 1.306 billion yuan, up 3.48%, with a gross margin of 13.20% [3] Order Growth and Customer Structure - New orders for Q1-Q3 2024 increased by over 18% year-on-year, with laboratory services and CMC new orders growing by over 12% and 30% respectively [3] - Revenue from the top 20 global pharmaceutical companies reached 1.293 billion yuan, accounting for 14.66% of total revenue [3] - Revenue from European clients grew by 15.74% to 1.527 billion yuan, while North American clients contributed 5.731 billion yuan, up 4.29% [3] Business Outlook - The report highlights improved operational efficiency and a favorable investment environment, suggesting that backend business development may exceed expectations [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown a steady growth in new orders, achieving a mild recovery for three consecutive quarters, with a year-on-year increase of over 18% in new orders for Q1-Q3 2024 [1][3] - The company is expected to maintain its long-term development outlook, with profit forecasts for 2024-2026 being 1.784 billion, 2.003 billion, and 2.398 billion yuan respectively, and corresponding EPS of 1.00, 1.12, and 1.34 yuan [1][2] Financial Performance Summary - For Q1-Q3 2024, the company achieved operating revenue of 8.82 billion yuan, a year-on-year increase of 24.8% [2] - The adjusted net profit for Q1-Q3 2024 was 1.42 billion yuan, a year-on-year decline of 12.6% [2] - The laboratory services segment generated revenue of 5.22 billion yuan, up 3.0% year-on-year, with a strong growth in the biological sciences business [3] - The CMC business achieved revenue of 1.98 billion yuan, a year-on-year increase of 3.3%, with new orders growing over 30% [3] - Clinical research services generated revenue of 1.31 billion yuan, a year-on-year increase of 3.5% [4] Earnings Forecast Summary - The company forecasts operating revenues of 12.746 billion, 14.470 billion, and 16.526 billion yuan for 2024E, 2025E, and 2026E respectively, with year-on-year growth rates of 10.5%, 13.5%, and 14.2% [5] - The net profit attributable to the parent company is projected to be 1.784 billion, 2.003 billion, and 2.398 billion yuan for the same periods, with year-on-year growth rates of 11.4%, 12.3%, and 19.7% [5]

Investment Rating - The report maintains a "Buy" rating for the Hong Kong stock with a target price of HKD 16.8, and a "Hold" rating for the A-share with a target price of RMB 22.4 [2][6][7]. Core Insights - The company's 3Q24 performance met expectations, with revenue of RMB 3.21 billion, reflecting a year-on-year increase of 10.0% and a quarter-on-quarter increase of 9.5%. The adjusted net profit was RMB 420 million, down 13.2% year-on-year but up 18.7% quarter-on-quarter [3][4]. - The company has adjusted its full-year revenue guidance down to a mid-to-high single-digit growth rate, primarily due to slower-than-expected recovery in laboratory services and delays in major clinical service orders [5][7]. Financial Performance - For 3Q24, the CMC segment showed the fastest revenue growth at 20.9% year-on-year and 34.9% quarter-on-quarter, with a gross margin increase [4]. - The laboratory services segment also experienced a revenue increase of 9.4% year-on-year, driven by growth in the biosciences sector [4]. - The company reported a gross margin of 34.4% for 3Q24, with an adjusted net profit margin of 13% [3][4]. Revenue Breakdown - In the first nine months of 2024, new orders increased by over 18% year-on-year, with significant contributions from the top 20 pharmaceutical companies, which saw a revenue growth of 3.4% year-on-year [3][4]. - North American customer revenue grew by 4.3% year-on-year, while European customer revenue accelerated to 15.7% year-on-year [3][4]. Future Outlook - The company expects to achieve over 10% year-on-year revenue growth in the second half of 2024, with a projected full-year revenue growth in the mid-to-high single digits [5][7]. - The adjusted non-IFRS net profit forecast for 2024 has been reduced by 5% due to lower revenue expectations and higher gross margin forecasts [7].

Financial Performance - Revenue for 3Q2024 reached RMB 3,213 million, showing a 9.5% increase QoQ and a 10.0% increase YoY [3] - Net profit for 3Q2024 was RMB 308 million, a decline of 65.1% QoQ and 12.6% YoY [3] - Non-IFRS adjusted net profit for 3Q2024 was RMB 417 million, up 18.7% QoQ but down 13.2% YoY [3] - Total revenue for 1-3Q2024 was RMB 8,817 million, a 3.0% increase YoY [4] - Net profit for 1-3Q2024 was RMB 1,422 million, a 24.8% increase YoY [4] Revenue Composition - Laboratory Services accounted for 59% of total revenue, followed by Small Molecule CDMO Services at 22%, Clinical Development Services at 15%, and Biologics & CGT Services at 4% [5] - North America contributed 65% of revenue, Europe 17%, China 15%, and the rest of the world (ROW) 3% [5] - Revenue from North America grew by 4.3%, while Europe saw a growth of 15.7%. Conversely, revenue from China declined by 12.1% [5] Customer Base and Orders - New purchase orders (POs) for 1-3Q2024 increased by over 18% YoY, indicating a modest recovery [4] - Revenue from the top 20 pharmaceutical customers grew by 3.4%, while other customers saw a growth of 2.9% [6] - The company has a diversified customer base, with 15% revenue from the top 20 pharma companies, 82% from other repeat customers, and 4% from new customers [6] Segment Performance - Bioscience services generated strong revenue growth in 3Q2024, accounting for approximately 54% of the segment's revenue in 1-3Q2024 [7] - CMC (Small Molecule CDMO) Services achieved a record revenue of RMB 801 million in 3Q2024, a 34.9% increase QoQ and a 20.9% increase YoY [8] - Clinical Development Services revenue was RMB 463 million in 3Q2024, with a slight growth of 1.3% YoY [9] - Biologics & CGT Services faced challenges, with revenue declining by 16.7% QoQ and 9.6% YoY [10] Expense Management - Selling and distribution expenses as a percentage of total revenue remained stable at around 2.1% to 2.2% from 2021 to 1-3Q2024 [11] - R&D costs as a percentage of total revenue increased slightly to 3.8% in 1-3Q2024 from 3.5% in 1-3Q2023 [11] Future Outlook - The company expects to achieve over 10% revenue growth in the second half of 2024 [17] - Positive free cash flow is anticipated for 2024, with net operating cash flow projected to improve [13]

编号：2024-06 证券代码：300759 证券简称：康龙化成 康龙化成（北京）新药技术股份有限公司投资者关系活动记录表 | --- | --- | --- | |-------------------------|--------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | □ 特定对象调研 | □ 分析师会议 | | | □ 媒体采 ...

Financial Performance - In Q3 2024, the company achieved a revenue of RMB 3,213 million, reflecting a 10.0% year-over-year (YoY) growth and a 9.5% quarter-over-quarter (QoQ) increase [7] - The net profit attributable to shareholders was RMB 308 million, down 12.6% YoY and significantly down 65.1% QoQ [7] - Non-IFRS adjusted net profit for Q3 2024 was RMB 417 million, up 18.7% QoQ but down 13.2% YoY [7] Year-to-Date Performance - For the first three quarters of 2024, total revenue reached RMB 8,817 million, a 3.0% increase YoY [9] - Net profit attributable to shareholders for 1-3Q 2024 was RMB 1,422 million, up 24.8% YoY [9] - Non-IFRS adjusted net profit for the same period was RMB 1,107 million, down 21.6% YoY [9] Revenue Composition - Revenue breakdown for 1-3Q 2024: - Laboratory services: 59% - Small molecule CDMO: 22% - Clinical research services: 15% - Large molecule and CGT services: 4% [10] - Revenue from domestic delivery increased by 3.7%, while overseas delivery decreased by 1.3% [10] Client Revenue Growth - Revenue from North American clients grew by 4.3%, while European clients saw a 15.7% increase [11] - Revenue from Chinese clients declined by 12.1% [11] - Revenue from the top 20 pharmaceutical companies increased by 3.4% [11] Cost and Expenses - Selling and distribution expenses accounted for 11.3% of revenue in 1-3Q 2024 [21] - Administrative expenses represented 13.4% of revenue during the same period [21] - Research and development expenses were 3.8% of revenue in 1-3Q 2024 [22] Future Outlook - The company anticipates a revenue growth of over 10% in the second half of 2024 [29] - The pharmaceutical and healthcare industry is expected to continue its development despite temporary market pressures [29] - The company aims to enhance efficiency and reduce costs through an integrated and international development strategy [29]

康龙化成：第三季度净利润3.08亿元 同比下降12.62% 财联社10月29日电，康龙化成发布2024年第三季 度报告，前三季度实现营业收入88.17亿元，同比增长3%；归属于上市公司股东的净利润14.22亿元，同 比增长24.82%。 其中，第三季度实现营业收入32.13亿元，同比增长10.02%；归属于上市公司股东的净利润3.08亿元， 同比下降12.62%。 查看公告原文 ...

Financial Performance - Revenue for Q3 2024 reached 3,212,811,697.13 yuan, a year-on-year increase of 10.02%[3] - Net profit attributable to shareholders in Q3 2024 was 308,396,080.13 yuan, a year-on-year decrease of 12.62%[3] - Total assets as of the end of Q3 2024 were 23,570,041,501.34 yuan, a year-on-year decrease of 10.98%[3] - Total operating revenue for the current period is 8,817,275,052.00 yuan, an increase from 8,560,256,911.27 yuan in the previous period[24] - Operating profit for the current period is 1,627,236,356.80 yuan, up from 1,328,483,021.07 yuan in the previous period[24] - Net profit attributable to the parent company's shareholders is 1,421,799,112.63 yuan, compared to 1,139,038,016.10 yuan in the previous period[25] - Basic earnings per share (EPS) for the current period is 0.8028, up from 0.6430 in the previous period[25] - Total comprehensive income for the current period is 1,430,086,645.22 yuan, compared to 1,107,456,956.68 yuan in the previous period[25] - Net profit for the current period is 1,369,206,716.49 yuan, compared to 1,134,523,142.41 yuan in the previous period[25] - Total comprehensive income attributable to the parent company's shareholders is 1,478,341,755.57 yuan, up from 1,112,499,103.26 yuan in the previous period[25] Revenue Breakdown by Service and Region - Laboratory services revenue for the first three quarters of 2024 was 5,218,670,210.75 yuan, a year-on-year increase of 2.95%[4] - CMC (small molecule CDMO) services revenue for the first three quarters of 2024 was 1,976,627,679.48 yuan, a year-on-year increase of 3.29%[4] - Revenue from North American clients in the first three quarters of 2024 was 573,067.48 million yuan, a year-on-year increase of 4.29%[5] - Revenue from Chinese clients in the first three quarters of 2024 was 132,879.79 million yuan, a year-on-year decrease of 12.14%[5] - Revenue from European clients (including the UK) in the first three quarters of 2024 was 152,731.20 million yuan, a year-on-year increase of 15.74%[5] - The company's overseas laboratories and factories saw a revenue decline of 1.34% in the first three quarters of 2024, accounting for 12.78% of total revenue[5] New Orders and Growth - New orders in the first three quarters of 2024 increased by over 18% year-on-year, with CMC services new orders growing by over 30%[6] Cash Flow and Financial Position - Cash and cash equivalents decreased by RMB 3.86 billion, a 66.19% drop compared to the beginning of the year[10] - Prepaid expenses increased by RMB 7.76 million, a 43.59% rise due to higher prepayments for raw material purchases[10] - Other receivables grew by RMB 51.75 million, a 45.74% increase mainly due to higher tax refund subsidies[10] - Deferred tax assets increased by RMB 54.30 million, a 35.44% rise due to higher deferred tax assets related to deductible losses[10] - Investment income surged by RMB 567.42 million, a 1,158.41% increase due to gains from the disposal of non-current financial assets and convertible bond repurchases[10] - Fair value change losses decreased by RMB 62.32 million, a 155.03% drop due to reduced gains from biological assets and derivative financial instruments[10] - Asset disposal losses increased by RMB 23.92 million, a 9,732.09% rise due to higher non-current asset disposal losses[11] - Non-operating income decreased by RMB 2.19 million, a 64.56% drop due to reduced government subsidies[11] - Income tax expenses increased by RMB 66.25 million, a 35.54% rise due to higher profit[11] - Total assets decreased to 23.57 billion yuan from 26.48 billion yuan at the beginning of the period[21][22] - Current assets decreased to 7.10 billion yuan from 10.87 billion yuan at the beginning of the period[21] - Non-current assets increased to 16.47 billion yuan from 15.60 billion yuan at the beginning of the period[21] - Total liabilities decreased to 9.54 billion yuan from 13.24 billion yuan at the beginning of the period[22] - Current liabilities increased to 4.16 billion yuan from 3.65 billion yuan at the beginning of the period[22] - Non-current liabilities decreased to 5.39 billion yuan from 9.58 billion yuan at the beginning of the period[22] - Owner's equity increased to 14.03 billion yuan from 13.24 billion yuan at the beginning of the period[22] - Cash and cash equivalents decreased to 2.00 billion yuan from 5.92 billion yuan at the beginning of the period[21] - Accounts receivable increased to 2.27 billion yuan from 2.24 billion yuan at the beginning of the period[21] - Inventory increased to 1.20 billion yuan from 1.01 billion yuan at the beginning of the period[21] - Sales of goods and services received cash of 8,940,386,810.41 yuan, an increase from 8,345,874,274.78 yuan in the previous period[26] - Cash received from tax refunds was 417,480,501.78 yuan, up from 384,922,168.66 yuan in the previous period[26] - Total cash inflow from operating activities was 9,481,564,856.83 yuan, compared to 8,954,356,730.64 yuan in the previous period[26] - Cash paid for goods and services was 1,740,077,789.56 yuan, an increase from 1,602,776,669.59 yuan in the previous period[26] - Cash paid to employees and for employee benefits was 4,309,827,312.87 yuan, up from 3,912,340,413.31 yuan in the previous period[26] - Net cash flow from operating activities was 1,770,502,528.88 yuan, a decrease from 2,029,402,975.72 yuan in the previous period[26] - Net cash flow from investing activities was -897,439,031.21 yuan, an improvement from -1,807,866,341.75 yuan in the previous period[26] - Net cash flow from financing activities was -4,785,948,104.84 yuan, a significant decrease from 431,485,182.20 yuan in the previous period[27] - The net increase in cash and cash equivalents was -3,857,571,108.40 yuan, compared to 663,129,877.44 yuan in the previous period[27] - The ending balance of cash and cash equivalents was 1,931,543,560.63 yuan, down from 2,022,842,617.58 yuan in the previous period[27] Shareholder and Investment Information - The top shareholder, HKSCC NOMINEES LIMITED, holds 16.87% of the shares, totaling 301,501,968 shares[12] - China Bank holds 25,892,311 shares, accounting for 1.45% of the total shares[14] - Industrial and Commercial Bank of China holds 13,655,593 shares, accounting for 0.76% of the total shares[14] - The company acquired approximately 78.5% equity of Shanghai Jiyin Intelligent Technology Co., Ltd. for RMB 43 million[17] - The company completed the first tranche of equity transfer payment and obtained control of Shanghai Jiyin in July 2024[17] - All first batch of HKD 300 million zero-coupon convertible bonds due in 2026 have been repurchased or redeemed and canceled[18] - The second batch of RMB 1,916 million zero-coupon USD-settled convertible bonds due in 2026 were repurchased or redeemed and delisted in June 2024[18] - The company's subsidiary Pharmaron (Hong Kong) International Limited invested an additional USD 7 million in PharmaGend, holding 35% of its shares[18] - The company increased its investment in AstraZeneca Fund to RMB 191 million, accounting for 8.46% of the fund's total subscribed capital[18] - The company completed the repurchase of shares through centralized bidding on July 26, 2024[19] - The company adjusted the 2021, 2022, and 2023 A-share restricted stock incentive plans on August 28, 2024[19] Operating Costs and Expenses - Total operating costs for the current period are 7,773,877,243.72 yuan, up from 7,354,768,450.44 yuan in the previous period[24] - Research and development expenses for the current period are 332,252,436.76 yuan, up from 296,764,121.85 yuan in the previous period[24]

Financial Performance - The company's operating revenue for Q3 2024 was CNY 3,212,811,697.13, representing a 10.02% increase compared to the same period last year[4]. - Net profit attributable to shareholders for Q3 2024 was CNY 308,396,080.13, a decrease of 12.62% year-on-year[4]. - The adjusted net profit attributable to shareholders under non-IFRS was CNY 417,128,142.56, down 13.20% compared to the previous year[4]. - Revenue from laboratory services for the first three quarters of 2024 was CNY 5,218,670,210.75, with a gross margin of 44.76%, up 2.95% year-on-year[5]. - Revenue from CMC (small molecule CDMO) services was CNY 1,976,627,679.48, with a gross margin of 30.82%, reflecting a 3.29% increase year-on-year[5]. - The company reported a significant increase in other comprehensive income by 1,170.63%, reaching 51,712,554.95 CNY compared to -4,830,087.99 CNY at the beginning of the year[10]. - The total income tax expense increased by 35.54%, amounting to 252,668,803.97 CNY compared to 186,420,334.57 CNY in the same period last year[11]. - The company reported a basic earnings per share of ¥0.8028, up from ¥0.6430 in the previous period, representing an increase of approximately 24.8%[34]. Assets and Liabilities - The total assets at the end of Q3 2024 were CNY 23,570,041,501.34, a decrease of 10.98% from the end of the previous year[4]. - The company's total current assets decreased from RMB 10.874 billion at the beginning of the period to RMB 7.098 billion at the end of the period[26]. - Non-current assets increased from RMB 15.602 billion at the beginning of the period to RMB 16.472 billion at the end of the period, indicating growth in long-term investments[27]. - Total liabilities at the end of the period amounted to ¥9,543,999,010.21, a decrease from ¥13,238,666,497.83 at the beginning of the period[30]. - The company’s total non-current liabilities were ¥5,387,955,744.22, compared to ¥9,584,190,645.48 at the beginning of the period, indicating a significant reduction[30]. - The total number of common shareholders at the end of the reporting period is 76,716[12]. Cash Flow - The company’s cash flow from operating activities for the year-to-date was CNY 1,770,502,528.88, down 12.76% year-on-year[4]. - Operating cash inflow for the current period reached CNY 8,940,386,810.41, an increase of 7.15% compared to CNY 8,345,874,274.78 in the previous period[35]. - Net cash flow from operating activities was CNY 1,770,502,528.88, down 12.73% from CNY 2,029,402,975.72 in the previous period[36]. - Cash inflow from investment activities totaled CNY 2,369,036,263.63, up from CNY 2,107,544,066.88 in the previous period[37]. - Net cash flow from investment activities was -CNY 897,439,031.21, an improvement from -CNY 1,807,866,341.75 in the previous period[37]. - Cash inflow from financing activities was CNY 793,674,688.64, down from CNY 1,445,088,087.27 in the previous period[38]. - Net cash flow from financing activities was -CNY 4,785,948,104.84, compared to a positive CNY 431,485,182.20 in the previous period[38]. Shareholder Information - The top 10 shareholders hold a combined 53.88% of the shares, with HKSCC NOMINEES LIMITED holding the largest share at 16.87%[12]. - The second-largest shareholder, Shenzhen Xinchongkang Investment Partnership, holds 14.59% of the shares[12]. - Pharmaron Holdings Limited, the third-largest shareholder, owns 10.10% of the shares[12]. - The total number of shares held by the top 10 unrestricted shareholders is 1,000,000,000[13]. - The largest unrestricted shareholder, HKSCC NOMINEES LIMITED, holds 301,501,968 shares[13]. - The total number of restricted shares at the beginning of the period was 64,260,000, with 6,986,213 shares released during the period[17]. - The number of shares held by the largest shareholder, Lou Xiaoqiang, decreased from 51,041,250 to 45,405,037 due to lock-up restrictions[17]. - The company has no preferred shareholders as of the reporting period[17]. - There are no known relationships or concerted actions among the top shareholders, except for specific connections mentioned[14]. Investments and Acquisitions - The company acquired approximately 78.5% of Shanghai Jiying Intelligent Technology Co., Ltd. for a total investment of RMB 43 million, enhancing its capabilities in AI technology[19]. - The company successfully repurchased and canceled all of its first batch of USD 300 million zero-coupon convertible bonds, with a net amount raised of approximately RMB 3.776 billion from the issuance[20]. - The company invested an additional USD 7 million in PharmaGend Global Medical Services Pte. Ltd., increasing its stake to 35%[21]. - The company signed a strategic cooperation agreement with AstraZeneca Investment (China) Co., Ltd., committing to a total investment of RMB 91 million in the AstraZeneca Fund, representing 8.46% of the total subscription amount[23]. Other Financial Metrics - The company recognized a one-time loss of RMB 44,016 thousand due to business closure during the reporting period[46]. - The company reported a foreign exchange-related loss of RMB 32,273 thousand and unrealized gains of RMB (468,170) thousand from equity investments[46]. - The company experienced a 41.74% increase in credit impairment losses, totaling -24,846,953.62 CNY compared to -17,530,101.09 CNY in the previous year[11]. - The company reported a decrease in operating income by 64.56%, amounting to 1,201,135.59 CNY compared to 3,389,121.43 CNY in the same period last year[11]. - Research and development expenses increased to ¥332,252,436.76 from ¥296,764,121.85, marking a rise of approximately 11.9%[32].

| 序号 | 股东名称 | 持股数量 | 占公司扣除回购专户 | | --- | --- | --- | --- | | | | （股） | 股份后总股本的比例 | | 1 | 深圳市信中康成投资合伙企业（有限合伙） | 260,827,958 | 14.67% | | 2 | 深圳市信中龙成投资合伙企业（有限合伙） | 44,498,506 | 2.50% | | | 合计 | 305,326,464 | 17.17% | 注：上表合计数与各明细数直接相加之和在尾数上如有差异，是因四舍五入所致。 证券代码：300759 证券简称：康龙化成 公告编号：2024-065 康龙化成（北京）新药技术股份有限公司 关于持股 5%以上股东的一致行动人减持股份的预披露公告 公司持股 5%以上股东深圳市信中康成投资合伙企业（有限合伙）及其一致行 动人深圳市信中龙成投资合伙企业（有限合伙）保证向本公司提供的信息内容真实、 准确和完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 康龙化成（北京）新药技术股份有限公司（以下简称"公司"）于近日收到 公司持股 ...