Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 11.54 billion yuan in 2023, representing a year-on-year growth of 12.39%. The net profit attributable to shareholders was 1.60 billion yuan, up 16.48% year-on-year, although the performance was below expectations [2][3][4] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 11,538 million yuan, with a year-on-year increase of 12.39%. The net profit attributable to shareholders was 1,601 million yuan, reflecting a year-on-year growth of 16.48%. The adjusted net profit was 1,903 million yuan, up 3.76% [2][4] - The fourth quarter of 2023 saw revenue of 2,978 million yuan, a 3.99% increase, and a net profit of 462 million yuan, which is an 11.74% increase year-on-year [2] Business Segments - The company operates four main business segments, all of which showed strong revenue growth in 2023: 1. Laboratory services generated 6,660 million yuan in revenue (+9.38%), with a gross margin of 44.28%, down 1.25 percentage points year-on-year 2. CMC (small molecule CDMO) services brought in 2,711 million yuan (+12.64%), with a gross margin of 33.68%, down 1.11 percentage points year-on-year 3. Clinical research services achieved 1,737 million yuan (+24.66%), with a gross margin of 17.05%, up 5.59 percentage points year-on-year 4. Large molecule and cell & gene therapy services, still in the investment phase, generated 425 million yuan (+21.06%), with a negative gross margin of -8.30% [3] Future Outlook - The company is enhancing its business platform, with a capital expenditure (CAPEX) of 2,865 million yuan in 2023 to support future growth. Key developments include: 1. Expansion of laboratory services in Xi'an and Beijing, with a new facility in Ningbo expected to be operational in 2024 2. Establishment of a commercial process development department for CMC services, including investments in Singapore 3. Development of an integrated clinical trial service platform in China and a 96-bed early clinical research center in the U.S. 4. Ongoing expansion of large molecule and cell & gene therapy services, with new facilities in Liverpool and Ningbo expected to be operational in 2024 [3][4] Earnings Forecast and Valuation - The earnings forecast has been adjusted downward due to the pressure on profit margins during the expansion phase. The projected net profits for 2024-2026 are 1,716 million yuan, 2,010 million yuan, and 2,420 million yuan, respectively. The current market valuation corresponds to a P/E ratio of 22, 19, and 16 times for 2024-2026 [4]

证券代码：300759 证券简称：康龙化成 公告编号：2024-017 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 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： | | 是否为控 股股东或 | | 占其所 | 占公司 | 是否 | 是否 | | | 延期购 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 第一大股 | 质押数量 | 持股份 | 总股本 | 为限 | 为补 | 质押起 | 原质押 | 回后质 | 质权人 | 质押用 | | 名称 | | （股） | | | | 充质 | 始日 | 到期日 | 押到期 | | 途 | | | 东及其一 | | 比例 | 比例 | 售股 | | | | | | | | | 致行动人 | | | | | 押 | | | 日 | | | | | | | | | | | 年 202 ...

公 司 研 究 2024年04月01日 康龙化成 （300759）：一体化龙头彰显韧 买入（维持） 公 性，业务间导流贡献增长动力 司 报告原因：业绩点评 ——公司简评报告 简 评 证券分析师 投资要点 杜永宏 S0630522040001 dyh@longone.com.cn  业绩稳健增长，龙头韧性彰显。2023年，公司营收与归母净利分别为115.4、16.0亿元， 医 证券分析师 分别同比增加12.4%、16.5%；实现Non-IFRS经调整归母净利19.0亿元，同比增长3.8%； 药 伍可心 S0630522120001 剔除生物资产公允价值变动因素，Non-IFRS经调整归母净利同比增长11.4%。Q4单季度， 生 wkx@longone.com.cn 公司营收为29.8亿元，同比增加4.0%；归母净利为4.6亿元，同比增加11.7%。公司业绩受 物 阶段性因素影响，伴随行业融资逐步回暖，整体业绩增速有望修复。2023年，公司服务全 数据日期 2024/04/01 球客户超2800家，其中使用多个业务板块服务的客户贡献收入86.4亿元，占比74.9%，其 收盘价 21.01 中CMC约85%的收入 ...

上 市 公 司 医药生物 2024 年04月 01 日 康龙化成 (300759) 公 司 研 究 ——23 年稳健增长，看好一体化商业模式 公 司 点 报告原因：有业绩公布需要点评 评 增持 事件： （维持）  公司发布 2023年报。2023年公司实现营业收入 115.38 亿元，同比增长 12.4%;归母净 利润 16.01 亿元，同比增长 16.5%;扣非归母净利润 15.14亿元，同比增长 6.5%;经调整 证 市场数据： 2024年03月29日 Non-IFRS归母净利润19.03亿元，同比增长3.8%，符合市场预期。 券 收盘价（元） 20.37 研 一年内最高/最低（元） 58.88/18.5 投资要点： 究 市净率 2.9 报 息率（分红/股价） - 告 流通A股市值（百万元） 29100  2023年各业务板块均实现快速的增长。1)实验室服务:2023年收入66.60亿元(+9.38%)， 上证指数/深证成指 3041.17/9400.85 实现毛利率44.28%(-1.25t);其中生物科学收入占比达到51%+，全球创新药研发参与764 注：“息率”以最近一年已公布分红计算 个药物发 ...

[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 2024年04月01日 [Table_InvestInfo] 康龙化成 2023 年报点评：全年收入利润 投资评级 优于大市 维持 保持增长态势，看好一体化 CXO 龙头长 股票数据 0[4T月ab0le1_日S收to盘ck价（In元fo）] 21.01 期稳健发展 52周股价波动（元） 18.50-58.88 总股本/流通A股（百万股） 1787/1429 [Table_Summary] 总市值/流通市值（百万元(cid:13) 37553/30015 投资要点： 相关研究 [《Ta 22bl年e_在R手e订po单rtI 3n 0f %o增] 长，看好公司长期稳 公告：康龙化成发布2023年报。  健增长》2023.04.10 点评：  市场表现 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%， [Table_QuoteInfo] 毛利率达到35.75%，同比下降0.96pct;归母净利润16亿元，同比增长16.48%； 康龙化成 海通综 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's core business is developing steadily, and new business initiatives are continuously opening up growth opportunities [4][5] - In 2023, the company achieved revenue of 11.54 billion yuan, a year-on-year increase of 12.39%, and a net profit attributable to shareholders of 1.60 billion yuan, up 16.48% year-on-year [4] - The company has expanded its customer base significantly, adding over 800 new clients, contributing approximately 859 million yuan in revenue [4] - The report anticipates a decrease in profit forecasts for 2024-2025 due to slowing downstream demand, while also introducing profit forecasts for 2026 [4] Financial Performance Summary - In 2023, the laboratory services and CMC business generated revenues of 6.66 billion yuan and 2.71 billion yuan, respectively, with growth rates of 9.38% and 12.64% [5] - Clinical research services saw revenue of 1.74 billion yuan in 2023, a year-on-year increase of 24.66%, with a gross margin of 17.05% [6] - The company expects net profits for 2024-2026 to be 1.79 billion yuan, 2.02 billion yuan, and 2.43 billion yuan, respectively, with corresponding EPS of 1.00 yuan, 1.13 yuan, and 1.36 yuan [4][7] - The current stock price corresponds to P/E ratios of 20.4, 18.0, and 15.0 for the years 2024, 2025, and 2026, respectively [4] Business Development - The company participated in 764 drug discovery projects in 2023, a 17% increase from the previous year [5] - The new Ningbo third park is expected to gradually come into operation in 2024, enhancing the company's capabilities in safety assessment, pharmacokinetics, and toxicology [5] - The new business segments, including large molecules and CGT, generated a combined revenue of 425 million yuan in 2023, growing by 21.06% [6]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported a steady revenue growth of 12.39% year-on-year, reaching 11.54 billion yuan in 2023, with a net profit of 1.60 billion yuan, up 16.48% year-on-year [1][2] - New business segments are currently in the layout phase and are incurring losses, which has slowed the growth rate of non-GAAP net profit compared to revenue growth [1] - The company is expected to benefit from the completion of new facilities and ongoing projects, which will enhance its service capabilities in drug safety evaluation and pharmacology [1] Summary by Sections Revenue and Profitability - In 2023, the company achieved operating revenue of 11.54 billion yuan, a 12.39% increase year-on-year, and a net profit attributable to shareholders of 1.60 billion yuan, a 16.48% increase year-on-year [1][2] - The adjusted non-GAAP net profit was 1.90 billion yuan, reflecting a 3.77% increase year-on-year, and a growth of 11.37% when excluding the high base effect from fair value changes in biological assets [1] Business Segments Performance 1. **Laboratory Services**: Revenue reached 6.66 billion yuan, up 9.38% year-on-year, with a gross margin of 44.28% [1] 2. **CMC Services**: Revenue was 2.71 billion yuan, a 12.64% increase year-on-year, with a gross margin of 33.68% [1] 3. **Clinical Research Services**: Revenue grew by 24.66% year-on-year to 1.74 billion yuan, with a gross margin of 17.05% [1] 4. **Large Molecule and Cell & Gene Therapy Services**: Revenue was 425 million yuan, up 21.06% year-on-year, but with a negative gross margin of -8.3% [1] Future Outlook - The company expects a compound annual growth rate (CAGR) of 10-15% in revenue, down from previous estimates of over 25%, due to a cooling phase in the biopharmaceutical investment environment [1] - Profit growth is anticipated to lag behind revenue growth in 2024 due to ongoing losses in new business segments [1] Financial Projections - The forecast for net profit attributable to shareholders for 2024-2026 is 1.72 billion yuan, 1.99 billion yuan, and 2.34 billion yuan, representing year-on-year growth rates of 7.2%, 15.8%, and 17.6% respectively [1][2]

康龙化成（北京）新药技术股份有限公司 监事会议事规则 中国 北京 2024 年 3 月 康龙化成（北京）新药技术股份有限公司 监事会议事规则 第一章 总则 第一条 为完善康龙化成（北京）新药技术股份有限公司（"公司"）的法人 治理结构，进一步明确公司监事会的议事方式和表决程序，促使监事和监事会有 效履行监督职责，充分发挥监事会的监督职能，依据《中华人民共和国公司法》 （"《公司法》"）、公司股票上市地证券交易所的上市规则和《康龙化成（北京） 新药技术股份有限公司章程》（"《公司章程》"）的规定，制定本规则。 第二条 公司依法设立监事会，监事会由 3 名监事组成，其中非职工代表监 事 2 名，职工代表监事 1 名。监事会是公司的监督机构，对股东大会负责并报告 工作，行使法律、法规、《公司章程》和股东大会赋予的各种权利，对公司财务 以及公司董事、高级管理人员履行职责的合法性进行监督，维护公司、股东及员 工的合法权益。 第三条 监事会向股东大会负责，监事会行使下列职权： （一）对董事会编制的公司定期报告进行审核并提出书面审核意见； （二）检查公司财务； （三）对董事、高级管理人员执行公司职务的行为进行监督，对违反法 ...

Financial Performance - For the year ended December 31, 2023, the total revenue was approximately RMB 11,538 million, an increase of about RMB 1,272 million or 12.4% compared to the previous year[4]. - The profit attributable to equity holders of the parent company was approximately RMB 1,601 million, representing an increase of 16.5% from RMB 1,375 million in 2022[4]. - The net cash flow from operating activities was approximately RMB 2,754 million, up 28.5% from RMB 2,143 million in the prior year[4]. - The basic earnings per share for the year was RMB 0.9033, compared to RMB 0.7750 in 2022, reflecting a significant increase[5]. - The gross profit margin reached 35.5%, a decrease of 1.0 percentage points compared to the previous year[59]. - The net profit attributable to the parent company was approximately RMB 1,601.1 million, an increase of 16.5% compared to RMB 1,374.6 million for the year ended December 31, 2022[84]. Revenue Breakdown - The laboratory services segment generated revenue of RMB 6,660,117 thousand, up from RMB 6,088,778 thousand in the previous year, reflecting a growth of about 9.4%[21]. - North America accounted for the largest share of revenue at RMB 7,400,776 thousand, an increase of 11.4% from RMB 6,644,016 thousand in 2022[22]. - The clinical research services segment reported a revenue of RMB 1,737,293 thousand, which is a significant increase from RMB 1,393,573 thousand in 2022, marking a growth of approximately 24.6%[21]. - Total revenue from Europe increased to RMB 1,844,397 thousand, up from RMB 1,483,241 thousand in 2022, representing a growth of approximately 24.4%[22]. - Revenue from the top 20 global pharmaceutical clients was RMB 1,722.7 million, a year-on-year increase of 14.9%, representing 14.9% of total revenue[61]. Asset and Equity Growth - Non-current assets totaled RMB 15,602 million as of December 31, 2023, compared to RMB 13,957 million in 2022, indicating growth in asset base[9]. - Current assets increased to RMB 10,874 million from RMB 6,536 million in the previous year, showing a strong liquidity position[9]. - The total equity attributable to equity holders of the parent company rose to RMB 12,557 million from RMB 10,549 million, indicating a solid capital structure[10]. Dividend and Shareholder Returns - The company proposed a final dividend of RMB 2.0 per share, amounting to a total of approximately RMB 358 million[4]. - The proposed final dividend for the year 2023 is RMB 0.20 per share, totaling approximately RMB 357,479,000, compared to RMB 0.30 per share in 2022, totaling RMB 357,367,000[38]. Research and Development - Research and development expenses increased to RMB 448 million from RMB 282 million, highlighting a commitment to innovation[5]. - The company operates a comprehensive integrated pharmaceutical R&D service platform with 21 R&D centers and production bases across China, the UK, and the US, focusing on accelerating drug innovation[49]. - The company is committed to becoming a global leader in multi-therapy drug development services, enhancing international collaboration and cross-disciplinary service offerings[49]. Employee and Operational Metrics - As of December 31, 2023, the company employed 9,466 laboratory service staff, including over 6,000 laboratory chemists, establishing a leading position in laboratory chemical services globally[68]. - The company participated in 764 drug discovery projects in 2023, an increase of approximately 17% compared to the previous year[66]. - The company has added over 800 new customers during the reporting period, contributing RMB 858.7 million to revenue, which is 7.4% of total revenue[60]. Financial Costs and Income - Total financial costs rose to RMB 213,502 thousand in 2023, compared to RMB 191,704 thousand in 2022, marking an increase of 11.3%[30]. - Interest income decreased slightly to RMB 33,543 thousand in 2023 from RMB 35,213 thousand in 2022[28]. - The total other income for 2023 was RMB 374,011 thousand, down from RMB 425,786 thousand in 2022, indicating a decline of 12.1%[28]. Market and Competitive Position - The global pharmaceutical market's R&D and production investment is projected to grow from approximately $625.1 billion in 2023 to $825.0 billion by 2028, with a CAGR of 5.7%[180]. - China's pharmaceutical market R&D and production investment is expected to increase from approximately ¥686.8 billion in 2023 to ¥1,035.6 billion by 2028, with a CAGR of 8.6%[180]. - The company aims to enhance its integrated drug development service platform while expanding into new drug areas such as oligonucleotides, peptides, and gene therapies[185]. Risk Management - The company acknowledges potential risks, including a decline in demand for drug development services and the loss of qualified research personnel, which could adversely affect operations[194]. - The company is closely monitoring environmental protection policies, as stricter regulations could increase compliance costs[197]. - The rise of international trade protectionism may negatively impact the company's operations, particularly as a significant portion of clients are overseas pharmaceutical and biotech companies[199]. Incentive Plans and Shareholder Alignment - The 2022 A-share incentive plan aims to attract and retain core management and technical personnel, with a total of 379 eligible participants[114]. - The incentive plans are designed to align the interests of shareholders, the company, and core employees, enhancing the company's competitiveness[114]. - The company recorded share-based compensation expenses of RMB 147,963,000 for the twelve months ending December 31, 2023, compared to RMB 127,248,000 for the same period in 2022, reflecting an increase of approximately 16%[145].

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 24.75 CNY for the next six months [6][11]. Core Views - The company achieved a revenue of 11.538 billion CNY in 2023, representing a year-on-year growth of 12.39%, and a net profit attributable to shareholders of 1.601 billion CNY, up 16.48% year-on-year [2][11]. - The steady growth in various business segments, including laboratory services, CMC, clinical research services, and large molecule and cell & gene therapy services, has contributed to the overall performance [2][3]. - The company is actively expanding into new business areas such as peptides, oligonucleotides, ADCs, and antibodies, which supports the stable growth of laboratory services [3]. - The CMC services are expected to grow rapidly due to the company's integrated business layout, with a significant increase in commercial projects from 15 in 2022 to 29 in 2023 [4]. - The clinical research services are also thriving, with ongoing clinical trial projects reaching 1,035 and site management projects exceeding 1,450 [5]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 11.538 billion CNY, a 12.39% increase from the previous year, and a net profit of 1.601 billion CNY, reflecting a 16.48% growth [2][12]. - The revenue breakdown includes laboratory services at 6.660 billion CNY (+9.38%), CMC at 2.711 billion CNY (+12.64%), clinical research services at 1.737 billion CNY (+24.66%), and large molecule and cell & gene therapy services at 0.425 billion CNY (+21.06%) [2][12]. Business Development - The company is diversifying its service offerings to include peptides, oligonucleotides, ADCs, and antibodies, which has helped maintain stable growth in laboratory services [3]. - The CMC service segment is benefiting from a strong client base, with approximately 85% of its revenue coming from existing clients in drug discovery services [4]. - The clinical research service segment is expanding rapidly, with a significant number of ongoing projects, indicating a robust market position [5]. Future Projections - The company expects net profits to reach 1.768 billion CNY in 2024, 1.980 billion CNY in 2025, and 2.208 billion CNY in 2026, with an estimated EPS of 0.99 CNY for 2024 [11][12].