Investment Rating - The investment rating for the company is "Buy" [18] Core Views - The company achieved a revenue growth of 68% in 2023, with a strong performance continuing into Q1 2024. The revenue for 2023 was 1.017 billion yuan, up 67.51%, and the net profit attributable to shareholders was 272 million yuan, up 40.07% [2][5] - The business model of "technology transformation + entrusted development + equity sharing" has been continuously strengthened, leading to a substantial increase in new orders and revenue [5][16] - The company has a robust order backlog, with new orders growing rapidly, totaling 1.36 billion yuan in 2023, a year-on-year increase of 35.1% [16][39] Financial Performance Summary - **Revenue and Profit Forecasts**: - 2024 revenue is projected at 1.375 billion yuan, a 35% increase year-on-year, with net profit expected to reach 377 million yuan, a 39% increase [3][15] - Revenue forecasts for 2025 and 2026 are 1.797 billion yuan and 2.294 billion yuan, respectively, with year-on-year growth rates of 31% and 28% [3][15] - **Quarterly Performance**: - Q4 2023 revenue was 304 million yuan, up 62.66%, with a net profit of 70 million yuan, up 44% [2][5] - Q1 2024 revenue was 216 million yuan, up 34.04%, with a net profit of 50 million yuan, up 42.06% [2][5] - **Key Financial Metrics**: - The company’s gross margin for 2023 was 65.53%, with a net profit margin of 26.73% [25] - The projected PE ratios for 2024, 2025, and 2026 are 20x, 15x, and 12x, respectively [3][15] Business Model and Order Growth - The self-developed technology transformation business accounted for 38.6% of total revenue in 2023, with a revenue increase of 77.7% [16][22] - The company has enhanced its order acceptance and execution capabilities by relocating to a new R&D headquarters, which has expanded its laboratory and technical team [16][39]

（301096.SZ）：一季度业绩超预期， 百诚医药（ [Table_StockNameRptType] 301096） 公司研究/公司点评 订单充沛，业绩持续高增长 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_TargetPrice] 百诚医药(301096)公司点评报告 2024 年 04 月 27 日 [Table_Summary] 事件： 百诚医药近期发布 2023 年及 2024 年一季度报告：2023 年公司实现收入 10.2 亿（+67.5%），主要系公司抓住国内药物研发 CRO 市场的良好发展机 遇，深化与客户的战略合作关系，加强研发团队的建设，持续提升公司核心 竞争力；新增订单金额为 13.6 亿（含税，+35.1%），充足的订单为公司业 绩增长提供保障；实现归母净利润 2.7 亿（+40.1%）、扣非归母净利润 2.6 亿（+52.5%）。2024Q1 公司实现收入 2.2 亿（+34.0%）、归母净利润 4981.8 万（+42.1%）、扣非归母净利润 4872.2 万（+41.0%）。。 研发技术服务与权益分成协同链条打通，实现项目价值最大化 分业务看：2023 年临床前药学研究收入 3.4 亿（+54.8%）、研发技术成果 转化 3.9 亿（+77.7%）、临床服务 1.9 亿（+141.3%）、CDMO 5249.3 万 （+152.4%）及权益分成 2962.6 万（-48 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2][3]. Core Insights - The company achieved a revenue of 1.017 billion yuan in 2023, representing a year-on-year increase of 67.51%, and a net profit attributable to shareholders of 272 million yuan, up 40.07% from the previous year [2]. - In Q1 2024, the company reported a revenue of 216 million yuan, a 34.04% increase year-on-year, with a net profit of 50 million yuan, reflecting a 42.06% growth [2]. - The company has a robust order backlog, with new orders amounting to 1.36 billion yuan in 2023, a 35.06% increase year-on-year, and a total order amount of 1.586 billion yuan, up 18.90% [2]. - The company’s contract research and development services, along with technology transfer and revenue-sharing businesses, generated 953 million yuan in revenue, marking a 65.16% increase, with a gross margin of 67.36% [2]. - The company has a rich pipeline of nearly 300 self-developed projects awaiting transformation, with 85 projects currently under revenue-sharing agreements [2]. Summary by Sections Financial Performance - The company forecasts revenues of 1.364 billion yuan for 2024, 1.819 billion yuan for 2025, and 2.373 billion yuan for 2026, with corresponding net profits of 361 million yuan, 478 million yuan, and 619 million yuan respectively [3]. - The earnings per share (EPS) are projected to be 3.32 yuan in 2024, 4.39 yuan in 2025, and 5.68 yuan in 2026, with price-to-earnings (P/E) ratios of 20.8, 15.7, and 12.1 respectively [3]. Business Development - The company is enhancing its integrated service system to support the growth of its CDMO (Contract Development and Manufacturing Organization) business, with a production facility covering 136,000 square meters and capable of producing 24 dosage forms [2]. - The company has successfully completed 360 projects in 2023, with external customer orders generating 52.49 million yuan in revenue, a significant increase of 152.35% [2].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [27]. Core Insights - The company reported a significant increase in revenue and net profit for 2023, with total revenue reaching 1.017 billion yuan, a year-on-year growth of 67.51%, and a net profit of 271.97 million yuan, up 40.07% [1][5]. - For Q1 2024, the company achieved revenue of 216 million yuan, representing a 34.04% year-on-year increase, and a net profit of 49.82 million yuan, up 42.06% [1]. - The company has strong order growth, with total new orders for 2023 amounting to 1.36 billion yuan, a 35.06% increase year-on-year, and an order backlog of approximately 1.586 billion yuan at the end of 2023, up 18.90% [14][31]. Summary by Sections Financial Performance - In 2023, the company maintained a gross margin of 65.53%, with a net profit margin of 26.73%. The operating expenses included sales expenses of 9.65 million yuan and management expenses of 128.63 million yuan, reflecting increases of 23.08% and 26.82% respectively [14][16]. - The company’s R&D expenses were 24.1 million yuan, up 45.13%, indicating a strong commitment to innovation [14]. Revenue Forecast - The company’s revenue is projected to grow to 1.339 billion yuan in 2024, 1.757 billion yuan in 2025, and 2.270 billion yuan in 2026, with growth rates of 31.59%, 31.21%, and 29.21% respectively [5][33]. - Net profit forecasts for the same period are 381 million yuan, 510 million yuan, and 672 million yuan, with growth rates of 40.11%, 33.96%, and 31.73% respectively [5][33]. Business Segments - The company’s contract development and manufacturing organization (CDMO) segment is expected to accelerate, with revenue from external custom development and production reaching 52.49 million yuan in 2023, a 152.35% increase [31]. - The self-developed technology transfer segment generated approximately 392 million yuan in 2023, reflecting a 77.66% increase, with ongoing projects expected to yield further revenue [31]. Market Position - The company is positioned in a favorable market environment, with strong demand for its services and products, indicating significant growth potential in the coming years [5][31].

公 司 研 究 2024年04月24日 百诚医药（301096）：业绩高增长，协同 效应显著 ——公司简评报告 证券分析师 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn -28% -20% -12% -4% 5% 13% 21% 29% 23-04 23-07 23-10 24-01 百诚医药 沪深300 订单充沛，人员扩张。1）订单充沛：2023年，公司新增订单为13.60亿元（含税），同比 增长35.1%；在手订单15.86亿元（不含税），同比增长18.9%。2）人员扩张：2023年末， 公司共有技术研发人员1249名，同比增长33.4%，占全体人员71.5%。公司持续扩张技术 团队支撑项目储备及业务发展，前景可期。 自研成果转化：储备充分支撑高速发展。2023年公司自研转化收入为3.92亿元， （YoY+77.7%)，实现毛利率78.6%，较去年同期提升0.6个百分点。1）积极布局优质项目 研发，众多药品国内申报居前列：2023年，公司项目注册申报178项，其中22个药品为全 国前三申报 ...

负责准备本报告以及撰写本报告的所有研究分析师或工作人员在此保证，本研究报告中关于任何发行商或证券所发 表的观点均如实反映分析人员的个人观点。负责准备本报告的分析师获取报酬的评判因素包括研究的质量和准确 性、客户的反馈、竞争性因素以及开源证券股份有限公司的整体收益。所有研究分析师或工作人员保证他们报酬的 任何一部分不曾与，不与，也将不会与本报告中具体的推荐意见或观点有直接或间接的联系。 本报告可能附带其它网站的地址或超级链接，对于可能涉及的开源证券网站以外的地址或超级链接，开源证券不对 其内容负责。本报告提供这些地址或超级链接的目的纯粹是为了客户使用方便，链接网站的内容不构成本报告的任 何部分，客户需自行承担浏览这些网站的费用或风险。 请务必参阅正文后面的信息披露和法律声明 2 / 4 公司信息更新报告 医药生物/医疗服务 ——公司信息更新报告 隐证券 百诚医药（301096.SZ） 2024 年 04 月 24 日 投资评级：买入（维持） 余汝意（分析师） yuruyi@kysec.cn 证书编号：S0790523070002 业绩增长强劲，新签订单金额稳健增长 自研转化业务发展迅速，权益分成未来有望贡献业绩 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 92.00, compared to the last closing price of 75.41 [1][4]. Core Insights - The company has demonstrated robust growth in performance, with significant results from self-research and transformation efforts [11][18]. - The company reported a revenue of 1.017 billion yuan for 2023, reflecting a year-on-year growth of 67.51%, and a net profit of 272 million yuan, up 40.07% [9]. - The company has signed new orders worth 1.36 billion yuan in 2023, marking a 35.06% increase year-on-year, with a backlog of 1.586 billion yuan, up 18.90% [9]. Financial Summary - Revenue projections for 2024-2026 are 1.4 billion, 1.909 billion, and 2.577 billion yuan, with growth rates of 37.57%, 36.38%, and 34.98% respectively [5][9]. - Net profit forecasts for the same period are 374 million, 521 million, and 705 million yuan, with growth rates of 37.60%, 39.16%, and 35.41% respectively [5][9]. - The company’s R&D expenses for 2023 were 241 million yuan, a 45.13% increase, representing 23.69% of revenue [9]. Business Performance - The clinical and CDMO business segments showed impressive growth, with revenues of 193 million and 52 million yuan, respectively, reflecting increases of 141.25% and 152.35% year-on-year [9]. - The company has successfully transformed 104 projects in 2023, generating 392 million yuan in revenue, a 77.66% increase, with a gross margin of 78.62% [9]. - The company has over 300 drug candidates in development, targeting various disease areas including respiratory, digestive, infectious, oncology, psychiatric, and cardiovascular diseases [9]. Market Position - The company is positioned to outperform the industry, with expectations of returns exceeding the CSI 300 index by more than 5% over the next six months [7]. - The stock has shown a strong performance compared to the CSI 300 index, with a notable increase in share price over the past months [2]. Conclusion - The report indicates a strong outlook for the company, driven by high growth rates in revenue and net profit, alongside a solid pipeline of projects and orders, reinforcing the "Buy" rating [1][9][11].

仿制药 CRO 龙头持续高增长，长期业绩确定性较强 2024 年 04 月 23 日 | --- | --- | --- | --- | --- | |----------------------------------------------------|-------|------------------|------------|-------| | 项目/年度 | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 1,017 | 1,374 | 1,827 | 2,394 | | 增长率（%） | 67.5 | 35.0 | 33.0 | 31.0 | | 归属母公司股东净利润（百万元） | 272 | 375 | 510 | 680 | | 增长率（%） | 40.1 | 37.9 | 35.8 | 33.5 | | 每股收益（元） | 2.50 | 3.44 | 4.68 | 6.24 | | PE | 28 | 20 | 15 | 11 | | PB | 2.8 | 2.6 | 2.3 | 2.0 | | 资料来源： Wind ，民生证券研究院预测；（注 ...

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