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）， 本次回购股份将用于维护公司价值及股东权益，回购完成后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 日和 2024 年 4 月 29 日披露在巨潮资讯网（http://www.cninfo.com.cn）的《关于回购公司 A 股股份方 案的公告》（公告编号：2024-022）和《回购股份报告书》（公告编号：2024-023） （前述两个公告以下合称"回购股份方案"）。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》的规定，公司应当在每个月的前三个交易日内披露截至上月 末的回购进展情况。现将公司回购股份的进展情况公告如下： 2024 年 4 月 26 日至 2024 年 4 月 30 日期间（共计三个交易日），公司未进 行 ...

公司研究 | 年报点评 康龙化成 300759.SZ 增持 （维持） 新签快速增长，一体化平台彰显韧性 股价（2024年04月26日） 19.16元 目标价格 19.38元 52周最高价/最低价 37/17.88元 ——康龙化成23年报&24年一季报点评 总股本/流通A股（万股） 178,739/173,012 A股市值（百万元） 34,246 核心观点 国家/地区 中国 行业 医药生物 ⚫ 事件：公司2023年实现营业收入115.38亿元（+12.4%），归母净利润16.01亿元 报告发布日期 2024年04月29日 （+16.5%）。2024Q1实现营业收入26.71亿元（-1.95%），归母净利润2.31亿元 （-33.8%），虽业绩有所波动，但公司全球客户询单和访问较 2023 年同期有所回 1周 1月 3月 12月 暖，24Q1公司新签订单金额同比增长超过20%，为后续业绩增长提供稳定来源。 绝对表现% 5.39 -8.06 -12.95 -37.66 ⚫ 继续增强一体化平台建设，成熟业务高速增长，新业务未来可期。23 年业绩分业务 相对表现% 4.19 -9.2 -20.46 -28.19 看：1 ...

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 ...

Financial Performance - In 2023, the company achieved a revenue of RMB 11,538.0 million, representing a year-on-year growth of 12.4%[6] - The net profit attributable to shareholders was RMB 1,601.1 million, an increase of 16.5% compared to the previous year[6] - The net cash flow from operating activities reached RMB 2,753.5 million, up by 28.5% year-on-year[6] - Total revenue for the year ended December 31, 2023, was approximately RMB 11,538 million, an increase of about RMB 1,272 million or 12.4% compared to the previous year[10] - Gross profit for the same period was RMB 4,095 million, reflecting a growth of 9.2% from RMB 3,749 million in 2022[10] - Adjusted net profit under non-IFRS was RMB 1,903 million, a slight increase of 3.8% from RMB 1,834 million in 2022[10] - The profit attributable to the owners of the parent company was approximately RMB 1,601.1 million, an increase of about 16.5% compared to the year ended December 31, 2022[11] - The net cash flow from operating activities was approximately RMB 2,753.5 million, an increase of about 28.5% compared to the year ended December 31, 2022[11] Assets and Liabilities - By the end of 2023, total assets amounted to RMB 26,476.7 million, reflecting a growth of 29.2% from the beginning of the year[6] - The net assets attributable to shareholders were RMB 12,556.8 million, which is a 19.0% increase from the start of the year[6] - Total liabilities rose to RMB 13,238.667 million in 2023, compared to RMB 9,652.689 million in 2022[13] - The total current assets as of December 31, 2023, were approximately RMB 10,874.4 million, compared to RMB 6,536.0 million as of December 31, 2022[31] - The current ratio as of December 31, 2023, was approximately 3.0, compared to 1.7 as of December 31, 2022[31] Workforce and Operations - The workforce as of December 31, 2023, totaled 20,295 employees, with 89.87% engaged in R&D, production technology, and clinical services[8] - The total number of employees increased by 814 to 20,295, with R&D, production technology, and clinical service personnel making up 89.9% of the workforce[21] - The company operates 21 R&D service centers and production bases across China, the UK, and the US, providing innovative drug development solutions[6] - The company has a workforce of 9,466 employees in laboratory services, with over 6,000 laboratory chemists, positioning it as a leader in scale and experience globally[22] Research and Development - The company is diversifying its service offerings, expanding into new drug areas including small nucleic acids, peptides, antibodies, and ADC drugs[6] - The company continues to enhance its traditional small molecule drug development services while integrating new technologies[6] - The company participated in 764 small molecule drug discovery projects in 2023, maintaining growth in this segment[7] - The company’s integrated service platform has enhanced its competitive advantage in drug development, particularly in small molecule drug discovery and new drug modalities[7] - The company is focused on developing and producing gene and cell therapy products, meeting specific analytical requirements for clinical development[19] Client Base and Market Presence - The company expanded its customer base, adding over 800 new clients, with active clients exceeding 2,800[6] - Revenue from North American customers was RMB 7,400.8 million, an increase of 11.4%, accounting for 64.1% of total revenue[21] - The company served over 2,800 global customers, with those using multiple business segments contributing RMB 8,641.1 million, or 74.9% of total revenue[20] - New customers added during the reporting period exceeded 800, contributing RMB 858.7 million, which accounted for 7.4% of total revenue[20] Corporate Governance and Management - The board of directors was reduced from 11 to 9 members, with 3 executive directors, 2 non-executive directors, and 4 independent non-executive directors[36] - The company emphasizes a "people first, customer-centered" philosophy, focusing on employee development and improving mechanisms for personal career growth[54] - The board has established four specialized committees to oversee specific aspects of corporate governance[92] - The company has a strong management team, including Mr. Lou as COO and Ms. Zheng as Executive Vice President, both of whom have extensive backgrounds in their respective fields[72][73] Environmental, Social, and Governance (ESG) - The company is actively enhancing its ESG performance and has initiated ISO 14001 environmental management system certification[21] - The company has been recognized with multiple awards for its ESG efforts, including being rated as a "low-risk" company by Sustainalytics and included in the ESG Top 50 for Chinese listed companies[22] - The company is committed to environmental protection, health, safety, and intellectual property rights, ensuring the protection of clients' intellectual property[55] Future Outlook and Strategy - The company aims to enhance its service capabilities and management efficiency to meet market and customer demands through integrated drug research and development services[16] - The company plans to continue enhancing its R&D capabilities in large molecules and cell and gene therapy services[34] - The company aims to strengthen its CMC (small molecule CDMO) service competitiveness and expand into new drug areas such as oligonucleotides, peptides, antibodies, ADCs, and cell and gene therapies[58] - The company will continue to focus on "full-process, integrated, and international" development strategies to enhance service quality and gain market share in the pharmaceutical health industry[58] Financial Management and Investments - The company has implemented a series of financing and fiscal policies to manage its capital resources and mitigate related risks[33] - The company completed a capital increase agreement with Kanglong Biotech for a total consideration of approximately RMB 950 million on September 19, 2023[34] - The company has pledged deposits of approximately RMB 127.7 million for issuing letters of credit and environmental protection as of December 31, 2023, compared to RMB 49.3 million on December 31, 2022[33] - The company plans to utilize RMB 377.6 million for operational working capital and other general corporate purposes, with 100% of the funds expected to be utilized by December 31, 2023[144] Risk Management - The company has established a risk management system aimed at enhancing risk prevention capabilities and promoting sustainable development[114] - The internal audit system is designed to improve the quality and efficiency of internal audits, thereby enhancing the company's supervision and risk control mechanisms[114] - The company employs a combination of qualitative and quantitative methods for risk analysis, prioritizing risks based on their likelihood and impact[117] Shareholder Relations - The board of directors will continue to enhance investor relations management in 2024, focusing on proactive communication through various channels[129] - The company has adopted a shareholder communication policy, which was reviewed and deemed effective by the board on March 27, 2024[129] - The company reported a net amount of approximately RMB 4,522.7 million raised from the global offering, fully utilized as per the prospectus dated November 14, 2019[135]

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 ...

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 ...

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]