公 司 研 究 医 药 生 物 百诚医药 沪深300 [Table_Reportdate] 2024年08月20日 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn | --- | --- | |--------------------------|------------------| | | | | 数据日期 收盘价 | 2024/08/20 36.84 | | 总股本 ( 万股 ) | 10,892 | | 流通 A 股 /B 股 ( 万股 ) | 6,912/0 | | 资产负债率 (%) | 28.42% | | 市净率 ( 倍 ) | 1.43 | | 净资产收益率 ( 加权 ) | 4.88 | | 12 个月内最高 / 最低价 | 77.78/36.66 | [Table_QuotePic] -53% -40% -27% -14% -1% 12% 25% 38% 23-08 ...

Investment Rating - The report assigns a "Buy" rating for the company, Baicheng Pharmaceutical (301096), marking its first coverage [2]. Core Insights - The company has demonstrated robust revenue growth, with a 23.88% year-on-year increase in revenue for the first half of 2024, reaching 525 million yuan. The net profit attributable to shareholders also grew by 12.35% to 134 million yuan [3][4]. - The CRO (Contract Research Organization) business has shown significant growth, with total revenue of 517 million yuan in the first half of 2024, reflecting a 27.26% increase. The high-margin transformation business continues to drive profitability, achieving a gross margin of 69.85% [4]. - The company is investing heavily in R&D, with a 61.94% increase in R&D expenses to 149 million yuan in the first half of 2024, supporting a pipeline of 17 innovative drug projects [5]. Financial Summary - For the fiscal years 2024 to 2026, the company is projected to achieve net profits of 324 million yuan, 401 million yuan, and 515 million yuan, respectively, with corresponding EPS of 2.97 yuan, 3.68 yuan, and 4.73 yuan [6][8]. - The company's revenue is expected to grow from 1.268 billion yuan in 2024 to 2.011 billion yuan in 2026, with growth rates of 24.66%, 25.81%, and 26.05% for the respective years [6][8]. - The current P/E ratio is projected to decrease from 13.18 in 2024 to 8.28 in 2026, indicating an attractive valuation as earnings grow [6][8].

做仿创CIO行业以及百成一样都发布了深度报告现在来看尽管行业竞争态势有所变化但我们依然看好百成作为能力最全面的研发合伙人之一在行业新需求下面的竞争力今天我们也很荣幸请到了公司董事长娄总董秘刘总财务总监严总IR徐总与我们进行交流此外还有来自于长江东方国联国信海通华创开源 明升 升万 太平洋 信达 新业浙商 中泰和中油证券的各位券商老师与我们共同举办本次会议下面有请公司领导具有半年报的情况进行介绍 谢谢好的 谢谢许总各位尊敬的投资人券商机构代表合作伙伴们晚上好欢迎大家参加百成医药2024年半年度业绩交流会 在此我谨代表百成医药董事会与全体管理层对长期以来大力支持与关心百成医药的广大投资者及社会各界朋友表示诚挚的感谢在这半年里尽管外部环境充满挑战市场竞争愈发激烈但我们始终坚定信念迎难而上公司在研发上也突破了一系列的技术难关稳步推进项目的研发与上市 下面由我先向各位介绍一下公司上半年的业务完成情况上半年公司营业收入5.25亿元同比增长23.88%净利润实现1.34亿元同比增长12.35%新签订单金额7.11亿元同比增长13.38%受托研发服务 研发技术成果转化及权益分层业务收入5.17亿元从比增长27.26%报告之内 ...

医药生物/医疗服务 公 司 研 究 百诚医药（301096.SZ） 2024 年 08 月 18 日 收入及签单稳健增长，加大研发布局新的增长点 ——公司信息更新报告 投资评级：买入（维持） 余汝意（分析师） 汪晋（联系人） yuruyi@kysec.cn wangjin3@kysec.cn 证书编号：S0790523070002 证书编号：S0790123050021 | --- | --- | |-------------------------|-------------| | 日期 | 2024/8/16 | | 当前股价 ( 元 ) | 39.18 | | 一年最高最低 ( 元 ) | 77.78/38.27 | | 总市值 ( 亿元 ) | 42.67 | | 流通市值 ( 亿元 ) | 27.08 | | 总股本 ( 亿股 ) | 1.09 | | 流通股本 ( 亿股 ) | 0.69 | | 近 3 个月换手率 (%) | 170.39 | 收入及新签订单稳健增长，高基数下利润增速放缓 2024H1 公司实现营收 5.25 亿元，同比增长 23.88%；归母净利润 1.34 亿元，同 比增长 ...

证券研究报告|公司点评报告 [Table_Date] 2024 年 08 月 17 日 [Table_Title] 业绩受竞争加剧影响低于预期，自研项目转化 收入继续贡献业绩弹性 | --- | --- | --- | --- | |-------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Viewpoints - The company has shown strong growth in self-research transformation business, with a revenue of 5.25 billion yuan in the first half of 2024, representing a year-on-year increase of 23.88%. The net profit attributable to the parent company reached 1.34 billion yuan, up 12.35% year-on-year [1]. - The self-research transformation revenue reached 2.90 billion yuan, growing by 52.43% year-on-year, with a high gross margin of 87.28%. The company successfully transformed 36 projects in the first half of 2024 [1]. - The company has a robust pipeline with nearly 300 self-research projects, including 19 approved products, and is actively developing new drugs, including 17 self-research projects [1]. - The company’s contract research organization (CRO) services faced short-term pressure, but new orders remained stable, with a total of 7.11 billion yuan in new orders signed in the first half of 2024, a year-on-year increase of 13.38% [1]. Financial Summary - The company is projected to achieve revenues of 11.76 billion yuan, 13.84 billion yuan, and 16.23 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 15.6%, 17.6%, and 17.3% [2][4]. - The net profit attributable to the parent company is expected to be 3.00 billion yuan, 3.62 billion yuan, and 4.39 billion yuan for the same years, corresponding to a PE ratio of 14, 12, and 10 [2][4]. - The company’s gross margin is projected to remain stable around 65% over the next few years, with a net profit margin of approximately 25% [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in its main business, with a significant increase in R&D investment. The revenue for the first half of 2024 reached 525.06 million yuan, representing a year-on-year growth of 23.88%, while the net profit attributable to the parent company was 134.21 million yuan, up 12.35% year-on-year [2][3] - The company is expected to maintain robust order growth, with new orders in the first half of 2024 amounting to 711 million yuan, a year-on-year increase of 13.38% [2][3] - The company anticipates revenue growth to outpace profit growth due to increased R&D spending and a decline in revenue from equity-sharing businesses [2][3] Financial Performance Summary - Revenue and Profit Forecast: - 2024E Revenue: 1,338.87 million yuan (31.59% growth) - 2025E Revenue: 1,756.74 million yuan (31.21% growth) - 2026E Revenue: 2,269.90 million yuan (29.21% growth) - 2024E Net Profit: 333.35 million yuan (22.57% growth) - 2025E Net Profit: 411.31 million yuan (23.39% growth) - 2026E Net Profit: 515.12 million yuan (25.24% growth) [2][3][7] - Key Financial Metrics: - Gross Margin for H1 2024: 68.75% (up 2.19 percentage points) - Net Margin for H1 2024: 25.56% (down 2.62 percentage points) - R&D Expenses for H1 2024: 149 million yuan (up 61.94%) [2][3][5] Business Segment Performance - The company’s revenue from entrusted R&D services in H1 2024 was approximately 206 million yuan (up 5.8%), while revenue from self-developed technology transfer was about 290 million yuan (up 52.4%) [3] - The CDMO segment saw a significant decline in revenue, amounting to 5.12 million yuan (down 70.4%), but is expected to recover as production capacity ramps up [3] - The innovative drug development segment is progressing, with the BIOS-0618 clinical trial ongoing, which is anticipated to contribute positively to future performance [3] Valuation Metrics - P/E Ratio for 2024E: 13.89 - P/B Ratio for 2024E: 1.53 - PEG Ratio for 2024E: 0.62 [1][7]

杭州百诚医药科技股份有限公司 2024 年半年度报告全文 杭州百诚医药科技股份有限公司 2024 年半年度报告 2024 年 8 月 1 杭州百诚医药科技股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人楼金芳、主管会计工作负责人颜栋波及会计机构负责人(会计 主管人员)颜栋波声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成本公司对投 资者的承诺，敬请投资者注意投资风险。 公司在本报告第三节"管理层讨论与分析"中"十、公司面临的风险和 应对措施"部分，描述了公司经营中可能存在的风险，敬请投资者关注相关 内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 杭州百诚医药科技股份有限公司 2024 年半年度报告全文 目录 | --- | --- | |------------------------------- ...

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