| 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].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][9]. Core Viewpoints - The report highlights the strong profitability of the brand operation business and the innovative layout that is entering a harvest period. The company has consistently adhered to a dividend strategy, with a dividend payout of 400 million yuan in 2023, achieving a payout ratio of 61.03% [5][9]. - The company reported a revenue of 7.564 billion yuan in 2023, a year-on-year increase of 0.72%. When adjusted for the two-invoice system, the revenue is 8.585 billion yuan. The net profit attributable to the parent company was 656 million yuan, up 29.55% year-on-year [5][9]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 7.564 billion yuan, with a net profit of 656 million yuan, reflecting a growth of 29.55% year-on-year. The first quarter of 2024 saw a revenue of 1.661 billion yuan, a decrease of 1.5% year-on-year, but with an adjusted revenue of 1.783 billion yuan [5][7][12]. - The company forecasts revenues of 8.452 billion yuan, 9.717 billion yuan, and 11.230 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 840 million yuan, 1.089 billion yuan, and 1.336 billion yuan [7][12]. Business Segments - **Brand Operation Business**: In 2023, this segment generated 4.400 billion yuan in revenue, a growth of 18.91% year-on-year. The gross margin for this segment was 43.17% [6][9]. - **Wholesale and Distribution**: This segment reported a revenue of 2.774 billion yuan in 2023, a decline of 19.23% year-on-year, primarily due to a strategic focus on core brand operations [8][9]. - **Retail Business**: The retail segment maintained a revenue of 360 million yuan in 2023, with a slight increase of 6.98% in the first quarter of 2024 [8][9]. Market Position and Future Outlook - The company is positioned as a leading Contract Sales Organization (CSO) in China, with a projected price-to-earnings ratio (P/E) of 25-30 times for 2024, indicating a reasonable value range of 40.0-48.0 yuan per share [9][10]. - The report emphasizes the company's commitment to providing better healthcare products and services, with ongoing investments in high-end medical devices and innovative drug development [9][12].

%% 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].

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].