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].

我们现在邀请到了多位的公司管理层就公司的这个经营的情况给大家沟通他们分别是公司的这个董事长副总公司的财务总监兼董事会秘书王总以及公司的正代刘总那我们今天的整体交流是分为两个部分那第一个部分的话是先辛苦这个纳总就2023年和2024年一次的整体情况做一个介绍然后最后的话是进入问答交流环节那问答交流环节专业我的同事宇峥来主持那其他各家联合主持的圈子也会一起参与那纳总我先把事情交给你你那边可以开始谢谢 谢谢杨松老师那首先感谢各位分析师老师、股东以及投资者一直以来对公司的关注和支持在目前的环境下我们会继续努力做好本职工作、夯实业绩也相信公司的价值终究在资本市场上会得到更好的体现以下我将从业绩回顾、BD情况以及公司战略三方面更新公司近况首先是业绩回顾从总体来说去年以及今年一季度公司的业绩呈现还是非常不错的 业务上实现了业绩稳定增长、自由产品与渠道突破,同时创新布局也迎来了收获期。业绩稳定增长方面,纪律润二三年6.56亿元,同比增长29.55%二四年一季度1.66亿元,同比增长35.6%扣费纪律润二三年6.34亿元,同比增长25.14%二四年一季度1.65亿元,同比增长30.7% 分红方面,公司坚持了高分红政策,回馈各位 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Insights - The company reported a revenue of 7.564 billion yuan in 2023, a year-on-year increase of 0.72%, and a net profit attributable to shareholders of 656 million yuan, reflecting a growth of 29.55% [1]. - In Q1 2024, the company achieved a revenue of 1.661 billion yuan, a decline of 1.5% year-on-year, but the net profit attributable to shareholders increased by 35.6% to 166 million yuan [1]. - The company is focusing on core brand operations, with the brand operation business accounting for 58.17% of total revenue in 2023, reaching 4.4 billion yuan, a growth of 18.91% [1]. - The company is entering the domestic innovative drug and medical device development market, gradually establishing its own innovation incubation platform [1]. Financial Performance Summary - The company forecasts revenues of 8.606 billion yuan in 2024, 10.073 billion yuan in 2025, and 12.469 billion yuan in 2026, with growth rates of 13.79%, 17.04%, and 23.79% respectively [3][4]. - The net profit attributable to shareholders is projected to be 850 million yuan in 2024, 1.083 billion yuan in 2025, and 1.329 billion yuan in 2026, with growth rates of 29.44%, 27.44%, and 22.73% respectively [3][4]. - The gross profit margin is expected to improve from 29.98% in 2023 to 37.60% in 2026 [3][4]. Business Structure and Strategy - The company is optimizing its business structure, with a significant focus on its core brand, DQ series, which achieved a revenue of 1.897 billion yuan in 2023, a year-on-year increase of 16.53% [1]. - The wholesale and distribution business saw a revenue of 2.774 billion yuan in 2023, a decrease of 19.23% [1]. - The company plans to continue compressing the scale of its wholesale and distribution business while enhancing its core brand operations [1].

[Table_Title] 证券研究报告 致力打造“品牌高速公路”，盈利能力有望持续提升 公司研究 [Table_ReportDate] 2024年04月24日 [Table_ReportType] 公司点评报告 [T事ab件le：_公Su司mm发ar布y] 2 023年年报及2024年一季报，2023年实现营业收入75.64 [百Ta洋bl医e_药Sto(c3k0A1n0d1R5an)k ] 亿元（yoy+0.72%），实现归母净利润 6.56 亿元（yoy+30%），扣非归母净 利润6.35亿元（yoy+25%）。2024年一季度实现营业收入16.61亿元（yoy- 投资评级 2%），归母净利润 1.66 亿元（yoy+36%），扣非归母净利润 1.65 亿元 上次评级 （yoy+31%）。 点评： [唐Ta爱b金le _ A u t h o医r]药 行业首席分析师 ➢ 聚焦品牌运营业务，盈利能力持续优化。①2023 年公司品牌运营业务 执业编号：S1500523080002 创收44亿元（yoy+19%），批发业务实现营收27.74亿元（yoy-19%）， 邮 箱：tangaijin@cindasc.c ...

| 证券代码：301015 | 证券简称：百洋医药 | 公告编号：2024-025 | | --- | --- | --- | | 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 关于与专业投资机构共同投资的公告 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、与专业投资机构共同投资概述 （一）基本情况 为实现产业布局，把握合作机会，充分借助合作伙伴的投资经验、优质资源 和专业能力，促进公司产业延展升级，青岛百洋医药股份有限公司（以下简称"公 司"或"上市公司"）与阿斯利康商务咨询（无锡）有限公司、中金资本运营有 限公司、山东省新动能基金管理有限公司、青岛市创新投资有限公司、青岛市引 导基金投资有限公司、青岛高新产业发展母基金合伙企业（有限合伙）、无锡阿 斯利康中金创业投资合伙企业（有限合伙）、济南高新财金投资有限公司、银丰 融金（北京）投资管理有限公司、津市嘉山产业发展投资有限公司共同出资设立 阿斯利康中金青岛医疗健康创业投资基金（有限合伙）（暂定名，最终以工商登 记核准登记名称为准，以下简称"投资基金"或"合伙企业"） ...

| 证券代码：301015 | 证券简称：百洋医药 | 公告编号：2024-017 | | --- | --- | --- | | 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 年度利润分配预案公告 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。 青岛百洋医药股份有限公司（以下简称"公司"）于 2024 年 4 月 19 日召开 第三届董事会第十七次会议和第三届监事会第十四次会议，审议通过了《关于 2023 年度利润分配预案的议案》，该议案尚需提交公司 2023 年年度股东大会审 议。现将具体情况公告如下： 一、2023 年度利润分配预案的基本情况 经立信会计师事务所（特殊普通合伙）审计，2023 年度公司合并报表中可 供分配利润为 1,448,972,045.40 元，母公司报表中可供分配利润为 517,924,131.26 元。根据合并报表、母公司报表中可供分配利润孰低的原则，2023 年度公司可 供分配利润为 517,924,131.26 元。 为积极回报股东，结合公司实际经营情况，公司拟定 2023 年度利 ...

青岛百洋医药股份有限公司 董事会关于独立董事独立性情况的专项意见 根据《上市公司独立董事管理办法》《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》 等要求，青岛百洋医药股份有限公司（以下简称"公司"）董事会对公司在任独 立董事付明仲女士、陆银娣女士、郝先经先生的独立性情况进行评估并出具如下 专项意见： 经核查独立董事付明仲女士、陆银娣女士、郝先经先生的任职经历以及签署 的相关自查文件，上述人员未在公司担任除独立董事以外的其他职务，未在公司 主要股东公司担任任何职务，与公司以及主要股东、实际控制人之间不存在利害 关系或其他可能妨碍其进行独立客观判断的关系，不存在影响独立董事独立性的 情况。因此，公司独立董事符合《上市公司独立董事管理办法》《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》中对独立董事独 立性的相关要求。 青岛百洋医药股份有限公司 董事会 2024 年 4 月 23 日 青岛百洋医药股份有限公司 报告人：付明仲 2024 年 4 月 19 日 青岛百洋医药股份有限公司 独立董事关于 2023 年度独立性的自查 ...

青岛百洋医药股份有限公司 董事会审计委员会对会计师事务所 2023 年度履行监督职责情况报告 根据《国有企业、上市公司选聘会计师事务所管理办法》《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》和《董事会专门委 员会工作细则》等规定和要求，青岛百洋医药股份有限公司（以下简称"公司"） 董事会审计委员会本着勤勉尽责的原则，恪尽职守，认真履职。现将董事会审计 委员会对会计师事务所 2023 年度履行监督职责的情况汇报如下： 一、2023 年年审会计师事务所基本情况 （一）会计师事务所基本情况 （一）2023 年 4 月 21 日 ，审计委员会对立信的专业资质、业务能力、诚 信状况、独立性、过往审计工作情况及其执业质量等进行了严格核查和评价，认 为其具备为公司提供审计工作的资质和专业能力，能够满足公司审计工作的要求， 同意聘任立信为公司 2023 年度审计机构，并提交公司董事会审议。 （二）2023 年 12 月 19 日，审计委员会与年审注册会计师召开审计计划沟 通会议，对公司 2023 年度审计工作的审计范围、审计方法、重要时间节点、人 员安排、审计重点关注事项等进行了充分沟通。 立信 ...

青岛百洋医药股份有限公司 审计报告及财务报表 二○二三年度 信会师报字[2024]第 ZG11261 号 青岛百洋医药股份有限公司 审计报告及财务报表 （2023 年 01 月 01 日至 2023 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-6 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | | 财务报表附注 | 1-127 | 审计报告 信会师报字[2024]第 ZG11261 号 青岛百洋医药股份有限公司全体股东： 一、 审计意见 我们审计了青岛百洋医药股份有限公司（以下简称百洋医药）财务报 表，包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合 并及母公司利润表、合并及母公司现金流量表、合并及母公司所有者权益 变动表以及相关财务报表附注。 我们认为，后附的财务报 ...

Financial Performance - The company's revenue for Q1 2024 was CNY 1.66 billion, a decrease of 1.50% compared to CNY 1.69 billion in the same period last year[2] - Net profit attributable to shareholders increased by 35.60% to CNY 166 million from CNY 122 million year-on-year[2] - The company achieved a diluted earnings per share of CNY 0.3084, up 32.30% from CNY 0.2331 in the same period last year[2] - Total operating revenue for the current period is CNY 1,661,158,413.81, a decrease of 1.55% from CNY 1,686,422,354.66 in the previous period[14] - Net profit for the current period is CNY 164,996,276.84, an increase of 37.94% compared to CNY 119,549,046.03 in the previous period[15] - Basic earnings per share increased to CNY 0.3158 from CNY 0.2331 in the previous period, reflecting a growth of 35.00%[16] - The total comprehensive income for the current period is CNY 164,819,594.46, compared to CNY 118,641,995.18 in the previous period, reflecting a growth of 38.92%[16] Cash Flow and Assets - The net cash flow from operating activities decreased by 11.61% to CNY 136 million compared to CNY 154 million in the previous year[2] - The company's cash and cash equivalents rose to CNY 1,511,955,087.30 from CNY 1,179,907,366.65, representing an increase of about 28.2%[11] - The total cash and cash equivalents at the end of the period reached 1,309,208,226.15, up from 880,720,784.89 in the previous year[18] - The net cash flow from investing activities was -21,870,452.41, compared to -21,707,086.02 in the previous year[18] - The net cash flow from financing activities was 203,613,641.66, a significant increase from -43,584,438.97 in the previous year[18] - Cash inflow from financing activities totaled 306,094,239.95, compared to 55,922,012.38 in the previous year[18] - The company received 304,427,373.39 in cash from borrowings, a substantial increase from 54,802,012.38 in the previous year[18] Assets and Liabilities - The total assets at the end of the reporting period were CNY 5.65 billion, an increase of 6.60% from CNY 5.30 billion at the end of the previous year[2] - The total assets of Qingdao Baiyang Pharmaceutical Co., Ltd. increased to CNY 5,648,059,763.12, up from CNY 5,298,596,848.65, reflecting a growth of approximately 6.6%[12] - The total liabilities increased to CNY 2,840,907,861.23 from CNY 2,656,309,283.00, marking an increase of about 6.9%[13] - The company's total equity rose to CNY 2,807,151,901.89 from CNY 2,642,287,565.65, indicating an increase of approximately 6.2%[13] Operational Efficiency - The core brand operation business generated revenue of CNY 919 million, with a gross profit margin of 82.14%[6] - The company plans to enhance its market activities through key campaigns for its products, which contributed to a reduction in sales expense ratio by 2%[6] - Total operating costs decreased to CNY 1,441,669,270.27, down 5.31% from CNY 1,522,707,439.62 in the previous period[14] - The company experienced a decrease in sales expenses to CNY 210,119,326.69, down 15% from CNY 246,820,599.16 in the previous period[14] Other Financial Metrics - The company's weighted average return on equity was 6.03%, an increase of 0.85% compared to the previous year[2] - The company reported an investment income of CNY 8,423,800.93, compared to a loss of CNY 592,536.88 in the previous period, indicating a significant turnaround[14] - Other income increased to CNY 3,042,916.14 from CNY 877,726.71 in the previous period, marking a substantial rise[14] - Research and development expenses were CNY 3,055,723.40, showing a decrease from CNY 3,055,723.40 in the previous period[14] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 7,363, with the largest shareholder holding 70.22% of the shares[7] Company Developments - The company has not reported any new product launches or significant technological advancements in this quarter[10] - There are no indications of market expansion or mergers and acquisitions mentioned in the report[10] - The company has not undergone an audit for the first quarter report[19] - The report was released on April 23, 2024, by the board of directors[19]