东兴证券股份有限公司关于青岛百洋医药股份有限公司 增加 2024 年度向关联方采购商品的日常关联交易 预计额度的核查意见 东兴证券股份有限公司（以下简称"东兴证券"或"保荐机构"）作为青岛 百洋医药股份有限公司（以下简称"百洋医药"或"公司"）2021 年度首次公开 发行股票和 2023 年度向不特定对象发行可转换公司债券持续督导的保荐机构， 根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票上市规则》 《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》 等相关法律法规、规范性文件要求，对百洋医药增加 2024 年度向关联方采购商 一、日常关联交易基本情况 （一）日常关联交易概述 公司于 2024 年 1 月 18 日召开第三届董事会第十六次会议、第三届监事会第 十三次会议，并于 2024 年 2 月 5 日召开 2024 年第一次临时股东大会，审议通过 了《关于 2023 年度关联交易确认及 2024 年度日常关联交易预计的议案》，预计 2024 年度将与关联方发生的日常关联交易金额不超过 89,989.00 万元，其中预计 向关联方采购商品金额不超过 64,664.00 ...

| 证券代码：301015 | 证券简称：百洋医药 公告编号：2024-027 | | --- | --- | | 债券代码：123194 | 债券简称：百洋转债 | 青岛百洋医药股份有限公司 2023 年年度股东大会决议公告 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。 特别提示： 1.本次股东大会未出现否决议案的情形。 2.本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1.召开时间： （1）现场会议召开时间：2024年5月13日（星期一）14:00 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为： 2024年5月13日9:15—9:25，9:30—11:30和13:00—15:00；通过深圳证券交易所互 联网投票系统投票的时间为：2024年5月13日9:15—15:00。 2.召开地点：山东省青岛市市北区开封路88号青岛百洋医药股份有限公司会 议室 3.召开方式：本次股东大会采用现场表决与网络投票相结合的方式召开 4.召集人：董事会 5.主持人：董事长付钢先生 本次会议的各项程序符合有关 ...

| 证券代码：301015 | 证券简称：百洋医药 公告编号：2024-026 | | --- | --- | | 债券代码：123194 | 债券简称：百洋转债 | 青岛百洋医药股份有限公司 本次业绩说明会召开后，投资者可以通过全景网（https://ir.p5w.net）查看本 次业绩说明会的召开情况及主要内容。 （问题征集专题页面二维码） 特此公告。 青岛百洋医药股份有限公司 董事会 2024 年 5 月 8 日 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。 青岛百洋医药股份有限公司定于 2024 年 5 月 15 日（星期三）15:00-16:30 在全景网举办 2023 年度业绩说明会，本次年度业绩说明会将采用网络远程的方 式举行，投资者可登陆全景网"投资者关系互动平台"（https://ir.p5w.net）参与 本次年度业绩说明会。 出席本次说明会的人员有：公司董事长兼总经理付钢先生、财务总监兼董事 会秘书王国强先生、独立董事郝先经先生。 为充分尊重投资者、提升交流的针对性，现就公司 2023 年度业绩说明会提 前向投资者公开征集问题，广泛听取 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company's performance in 2023 met expectations, with a revenue of 7,563.90 million yuan, a year-on-year increase of 0.72%, and a net profit attributable to the parent company of 656.31 million yuan, up 29.55% year-on-year [1][5]. - The brand matrix is in a phase of rapid expansion, with innovative drugs and high-end medical devices expected to drive new growth points [4][5]. Financial Performance Summary - In 2023, the company's core business brand operation achieved a revenue of 4,400 million yuan, a year-on-year increase of 18.91%. Adjusted for the two-invoice system, the revenue was 5,420 million yuan [2]. - The gross profit margin for 2023 was 29.98%, an increase of 2.22 percentage points year-on-year, while the net profit margin was 8.46%, up 2 percentage points [3]. - The company forecasts revenue for 2024-2025 to be adjusted to 88.70 billion yuan and 101.25 billion yuan, respectively, with net profit forecasts of 8.53 billion yuan and 10.66 billion yuan [5][6]. Business Structure and Growth - The company has improved its business structure and scale effects, leading to enhanced profitability. The wholesale and distribution business accounted for 36.68% of total revenue in 2023, down 9.05 percentage points year-on-year, contributing to improved profit margins [3]. - The core products, such as the DQ series, have shown significant scale effects, with a reduction in sales expense ratio by 2% in 2024 Q1 [3]. Market Position and Future Outlook - The company is expected to continue its steady growth trajectory due to the rapid expansion of its brand matrix and the commercialization of innovative drugs and high-end medical devices [4][5].

[Table_MainInfo] 公司研究/医药与健康护理 证券研究报告 百洋医药（301015）公司年报点评 2024年05月06日 [Table_InvestInfo] 品牌运营业务盈利能力强，创新布局迎来 投资评级 优于大市 维持 收获期 股票数据 0[4Ta月b3le0_日S收to盘ck价（In元fo）] 32.35 [Table_Summary] 52周股价波动（元） 21.40-43.50 投资要点： 总股本/流通A股（百万股） 526/119 总市值/流通市值（百万元） 17004/3846 相关研究  公告：百洋医药发布2023年报和2024年一季报。 [《Ta聚b焦le品_R牌e运p营or业tI务nf，o]打 造国内CSO龙头》  收入端还原两票制增速显著，公司长期坚持分红策略。2023年，公司营业收 2024.02.21 入 75.64亿元，同比增长 0.72%，若还原两票制业务后计算，公司实现营业 市场表现 收入85.85亿元。归母净利润6.56亿元，同比增长29.55%；扣非归母净利 [Table_QuoteInfo] 57.88% 百洋医药 海通综指 润6.35亿元，同比增长25 ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨百洋医药（ ） 301015.SZ [2T0a2b3le年_T暨itl2e0]24Q1 财报点评：利润符合预期， 结构优化 CSO 报告要点 [2T0a2b3le年_S公um司m实a现ry]营收 75.64 亿元，同比增长 0.72%；实现归母净利润 6.56 亿元，同比增长 29.55%；实现扣非归母净利润6.35亿元，同比增长25.14%。2024年第一季度实现营收16.61 亿元，同比下降1.50%；实现归母净利润1.66亿元，同比增长35.60%；实现扣非归母净利润 1.65亿元，同比增长30.71%。 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company reported a revenue of 7.564 billion yuan in 2023, reflecting a year-over-year growth of 0.72%. The net profit attributable to shareholders was 656 million yuan, up 29.55% year-over-year [6][9]. - The company's brand operation business showed robust growth, achieving a revenue of 4.4 billion yuan in 2023, which is an increase of 18.91% year-over-year [4][7]. - The report highlights the successful commercialization of key products, including the Dicalcium series and others, which contributed significantly to revenue growth [8][9]. Financial Performance Summary - **2023 Financials**: - Revenue: 7,564 million yuan - Net Profit: 656 million yuan - Gross Margin: 30.0% - Return on Equity (ROE): 24.6% [3][9] - **2024 Projections**: - Expected Revenue: 8,700 million yuan (15.0% growth) - Expected Net Profit: 854 million yuan (30.1% growth) - Expected Gross Margin: 30.8% [3][4] Brand Performance - The Dicalcium series generated a revenue of 1.897 billion yuan in 2023, with a gross margin of 66.48% [7][8]. - The Hai Lu product line achieved a revenue of 640 million yuan, marking a significant growth of 49.88% year-over-year [7][8]. - The company is focusing on building a brand matrix in various health sectors, enhancing its competitive edge [8][9]. Market Position and Strategy - The company is positioned as a leading health brand commercialization platform, with successful product launches validating its business model [4][9]. - The report emphasizes the company's strategic partnerships with research institutions to develop innovative medical devices and drugs, which are expected to yield commercial benefits in the near future [8][9].

[ 2T 0a 2b 4l 年e_S 0t 4o 月ckI 2n 5f 日o] 证券研究报告•2023年报&2024年一季报点评 当前价： 30.56元 百洋医药（301015） 医药生物 目标价： ——元（6个月） 持续聚焦主业，品牌运营稳健增长 投资要点 西南证券研究发展中心 [T a事ble件_S：u公mm司a发ry布] 2023年年报及 2024年一季报。2023年公司实现收入75.6亿 [分Ta析bl师e_：Au杜th向or阳] 元（+0.7%）；实现归母净利润 6.6亿元（+29.6%）；扣非归母净利润 6.4亿元 执业证号：S1250520030002 （+25.1%）。2024Q1公司实现收入 16.6亿元（-1.5%）；实现归母净利润 1.7 电话：021-68416017 亿元（+35.6%）；扣非归母净利润1.7亿元（+30.7%）。 邮箱：duxy@swsc.com.cn  2023 年业绩稳健增长。分业务看：1）品牌运营业务：公司的核心业务品牌运 营业务实现收入44亿元（+18.9%），若还原两票制业务后计算，品牌运营业务 [相Tab对le指_Q数u表ot现eP ic] 实现营业 ...

Investment Rating - The report maintains a "Buy" rating for the company with a market price of 31.52 [1] Core Insights - The company reported a revenue of 75.64 billion yuan in 2023, a year-on-year increase of 0.72%, and a net profit of 6.56 billion yuan, up 29.55% year-on-year [3] - The first quarter of 2024 showed a revenue of 16.61 billion yuan, a decrease of 1.50% year-on-year, but a net profit increase of 35.60% year-on-year to 1.66 billion yuan [3] - The brand operation business continues to thrive, contributing significantly to revenue and profit margins, with a gross margin of 43.17% [3][4] - The company is focusing on core brand operations while reducing wholesale distribution, leading to improved profitability metrics [4] - Revenue projections for 2024-2026 are set at 91.23 billion, 107.30 billion, and 126.46 billion yuan, with expected growth rates of 21%, 18%, and 18% respectively [4] Financial Performance Summary - The company achieved a gross margin of 29.98% and a net margin of 8.46% in 2023, reflecting improvements in operational efficiency [4] - Earnings per share (EPS) are projected to grow from 1.25 yuan in 2024 to 2.48 yuan in 2026 [1][4] - The price-to-earnings (P/E) ratio is expected to decrease from 25.2 in 2023 to 12.7 in 2026, indicating potential undervaluation [1] - The return on equity (ROE) is projected to remain strong, with values of 25% in 2024 and 24% in 2026 [1][4] Business Segment Analysis - The core brand operation business generated 44.00 billion yuan in revenue in 2023, accounting for 58.17% of total revenue, with significant contributions from key products [3] - The wholesale distribution segment saw a revenue decline of 19.23% in 2023, as the company shifted focus to its core operations [3][4] - Key product revenues include 18.97 billion yuan from the Diqu series, 6.40 billion yuan from Hailu, and 0.83 billion yuan from Niutushuma, all showing strong growth [3]

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 35.69 CNY over the next six months, representing a dynamic price-to-earnings ratio of 22 times for 2024 [4][8][13]. Core Insights - The company has shown rapid growth, with a 2023 revenue of 7.564 billion CNY, a year-on-year increase of 0.72%, and a net profit of 656 million CNY, up 29.55% year-on-year. In Q1 2024, revenue was 1.661 billion CNY, down 1.50% year-on-year, but net profit increased by 35.60% to 166 million CNY [1][2]. - The company's focus on brand operations has driven performance, with the brand operation segment generating 4.4 billion CNY in revenue in 2023, a growth of 18.91%, and contributing over 80% to the company's gross profit [3][6]. - The company is expanding its product matrix, with innovative drugs and high-end medical devices entering the commercialization phase, which is expected to enhance future revenue streams [7][12]. Financial Performance - In 2023, the company achieved a gross margin of 29.98%, an increase of 2.21 percentage points, and a net margin of 8.68%, up 1.99 percentage points. The sales expense ratio improved to 14.05%, down 0.89 percentage points [2]. - The brand operation business is the main profit driver, with a gross margin of 43.17% in 2023. The core brand, Dikao, generated 1.897 billion CNY in revenue, a growth of 16.53% [3][6]. - The company expects revenue growth rates of 13.61%, 15.50%, and 18.54% for 2024 to 2026, with net profit growth rates of 29.94%, 27.59%, and 28.75% respectively [12][13]. Market Position - The company has adjusted its wholesale and retail business layout, with wholesale revenue declining by 19.23% to 2.774 billion CNY in 2023, while retail revenue remained stable at 360 million CNY [6]. - The total market capitalization of the company is approximately 15.79 billion CNY, with a circulating market capitalization of about 3.57 billion CNY [4]. Valuation Analysis - The report compares the company with peers such as Yifeng Pharmacy and Shanghai Pharmaceuticals, noting an average PE ratio of 15.94 times for comparable companies in 2024 [13][14].