2024 年 08 月 21 日 公司点评 增持/下调 百诚医药(301096) 目标价: 昨收盘:36.84 受托研发有所承压，自研转化开始提速 ◼ 走势比较 (40%) (26%) (12%) 2% 16% 30% 23/8/2123/11/224/1/1424/3/2724/6/824/8/20 百诚医药 沪深300 ◼ 股票数据 总股本/流通(亿股) 1.09/1.09 总市值/流通(亿元) 40.13/40.13 12 个月内最高/最低价 (元) 77.78/36.66 相关研究报告 <<业绩维持高速增长，自研转化成果 不断展现>>--2024-04-24 <<业务多点开花，CRO 新星高成长>>- -2023-11-09 证券分析师：周豫 电话： E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：张崴 电话： E-MAIL：zhangwei@tpyzq.com 事件： 8 月 14 日，公司发布 2024 年半年报，2024H1 实现营业收入 5.25 亿 元，同比增长 23.88%，归母净利润为 1.34 亿元，同比增长 12.35%，扣 ...

百诚医药（ [Table_StockNameRptType] 301096） | --- | --- | --- | |---------------------------------------------------------------------------------------|-------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a robust performance with a revenue of 525 million yuan, representing a year-on-year increase of 23.88%, and a net profit of 134 million yuan, up 12.35% year-on-year [7] - The gross margin reached a new high of 68.75%, primarily due to the increased contribution from high-margin technology transfer business [7] - The company is experiencing short-term pressure in its front-end business due to intensified competition, while its clinical business is benefiting from the advancement of high-end projects [7][8] - The company has a strong project pipeline and is accelerating the development of innovative and difficult-to-generate drugs, laying a foundation for long-term growth and performance resilience [8] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 525 million yuan (YoY +23.88%) and a net profit of 134 million yuan (YoY +12.35%) [7] - The gross margin was 68.75% (+2.19 percentage points), while the net profit margin was 25.56% (-2.62 percentage points) [7] - The company’s R&D expense ratio increased to 28.32%, reflecting ongoing investments in innovative and generic drug development [7] Business Segments - The preclinical business revenue was 113 million yuan (YoY -9.09%), impacted by increased competition leading to price declines [7] - The clinical business revenue grew to 93 million yuan (YoY +32.22%), driven by an increase in the number of second and third-class drug development projects [7] - CDMO revenue from the subsidiary was 62 million yuan (YoY +3.21%), with external CDMO orders contributing 5.12 million yuan [8] Future Outlook - The company expects a recovery in client drug production and sales, which will likely lead to a return to rapid growth in CDMO and revenue-sharing income [8] - The projected net profits for 2024-2026 are 376 million, 508 million, and 668 million yuan, respectively, with corresponding EPS of 3.45, 4.66, and 6.13 yuan [8][10]

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]