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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证券研究报告 相对收益 7.4 4.2 26.6 相关报告 药-2023.10.25 2023-10-25 诚医药-2023.8.13 2023-08-13 药-2023.8.9 2023-08-10 药-2023.4.27 2023-04-27 公司快报 2024 年 04 月 23 日 百诚医药(301096.SZ) 事件： 持续强化"技术转化+受托开发+权益分成"经营模式，公司业绩 持续高增长： 各项业务蓬勃发展，看好公司业绩持续高增长： 预计公司 2024 年-2026 年的归母净利润分别为 3.74 亿元、4.88 亿 元、6.17 亿元，分别同比增长 37.6%、30.5%、26.3%；预计 2024 年 EPS 为 3.44 元/股，给予当期 PE 25 倍，对应 6 个月目标价为 86.00 元/股，给予买入-A 的投资评级。 mashuai@essence.com.cn 本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 1 药-2023.3.28 本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 2 | --- | --- | --- | --- | --- | -- ...

百诚医药23年报&24一季报交流240422原文 2024年04月22日21:26 发言人100:00 内容仅供参会者内部使用，不得公开发布。白城医药未授权任何媒体转发此次会议相关内容，未经允许 和授权的转载、转发均属侵权。白城医药将保留追究其法律责任的权利，百城医药不承担因转载、转发 而产生的任何损失和责任。 发言人100:22 手纪要关注公众号： 发言人200:44 好的，谢谢。欢迎各位投资机构、投资人、券商机构参加百诚医药二三年年报及24年一季报的业绩交流 会。在过去的一年里段百诚医药在充满挑战的环境中，从持续发展实现了优异的成绩，取得了可喜的进 展。下面向大家介绍一下去年和今年一季度公司的各项情况。首先咱们介绍第一部分是财务经营数 发言人2 02:14 6.84亿元，比上年未增长8.12。24年一季度，公司实现营业收入2.16亿元，同比增长34.04%。归属于上 市公司股东的净利润4982万元，同比增长42.06%。归属于上市公司股东的扣除非经常性损益的净利 润4872万元，同比增长41%。经营活动产生的现金流量净额-1.2。 发言人2 03:05 好地下室。 发言人203:59 调研 截止二三年末。 ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of 500 million CNY for the year, representing a growth of 25% compared to the previous year[17]. - The company's operating revenue for 2023 reached ¥1,017,448,123.50, representing a 67.51% increase compared to ¥607,410,539.16 in 2022[22]. - The net profit attributable to shareholders for 2023 was ¥271,966,149.52, a 40.07% increase from ¥194,163,970.20 in the previous year[22]. - The net profit after deducting non-recurring gains and losses was ¥258,785,182.11, up 52.48% from ¥169,720,623.53 in 2022[22]. - The total assets of the company at the end of 2023 were ¥3,669,106,137.11, reflecting a 25.24% increase from ¥2,929,704,604.58 at the end of 2022[22]. - The basic earnings per share for 2023 was ¥2.51, a 39.44% increase compared to ¥1.80 in 2022[22]. - The company achieved operating revenue of CNY 1,017,448,123.50, representing a year-on-year growth of 67.51%[82]. - The net profit attributable to shareholders reached CNY 27,196,61, an increase of 40.07% compared to the previous year[82]. - The net profit after deducting non-recurring gains and losses was CNY 25,878,52, reflecting a growth of 52.48% year-on-year[82]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 3 RMB per 10 shares to all shareholders based on a total share count of 108,142,603 shares as of December 31, 2023[4]. - The cash dividend represents a minimum of 20% of the profit distribution, in line with the company's growth stage and significant capital expenditure plans[185]. - The total cash dividend amount includes no other forms of distribution, such as share buybacks[185]. - The company will retain undistributed profits for future allocation[187]. Research and Development - The company plans to invest 100 million CNY in new technology for drug manufacturing to improve efficiency and reduce costs[17]. - The company has independently initiated nearly 300 drug varieties, covering major disease areas such as respiratory, digestive, infectious, tumor, mental, and cardiovascular diseases[45]. - The company has 19 ongoing innovative drug research projects, including 13 small molecule drugs and 6 large molecule biological drugs, focusing on revolutionary treatments for major diseases[46]. - The company is committed to increasing its investment in research and development to drive innovation and improve product offerings[60]. - R&D expenses increased due to heightened investment in self-initiated projects, with the innovative drug project BIOS-0618 completing Phase I clinical trials[83]. - The company is developing multiple innovative drugs targeting asthma, neuropathic pain, and inflammatory diseases, enhancing its R&D pipeline[102]. Market Expansion and Strategy - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 30% based on new product launches and market expansion strategies[17]. - The company is expanding its market presence in Southeast Asia, targeting a 15% market share within the next two years[17]. - The company aims to expand its market reach over the next three years, increasing investment in market development resources and broadening marketing channels[131]. - The company plans to enter three new international markets by the end of 2024[154]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 300 million allocated for potential deals[154]. Operational Efficiency and Cost Management - The gross margin improved to 60%, up from 55% in the previous year, due to better cost management and pricing strategies[17]. - The company aims to reduce operational costs by 5% in 2024 through efficiency improvements[154]. - The company reported a significant increase in operating costs, which rose by 76.98% to CNY 350,737,208.85[82]. - The company reported a significant reduction in operational costs by 15% through efficiency improvements in its supply chain[159]. Corporate Governance and Compliance - The company emphasizes the importance of accurate financial reporting and has ensured that all board members attended the meeting to review the annual report[4]. - The company has established a comprehensive governance structure, ensuring compliance with legal regulations and protecting shareholder interests[144]. - The company has maintained compliance with corporate governance regulations, ensuring timely and efficient decision-making[177]. - The company has a structured remuneration plan for its directors and senior management, which is approved by the board and shareholders[170]. Risk Management - Future development risks are discussed in the management analysis section, highlighting potential challenges the company may face[4]. - The company faces risks related to drug development failures and is strengthening its R&D team and optimizing drug development processes to mitigate these risks[133]. - The company acknowledges the long drug development cycles and is actively monitoring policy changes to manage project execution risks[134]. - The report highlights risks related to the competence of key personnel and potential penalties from regulatory violations[200]. Employee and Talent Management - The company expanded its workforce to 1,747 employees, with 426 new hires, and 71.49% of employees are in technical research and development roles[79]. - The company has implemented various internal control systems, including financial management and internal audit systems, to meet management requirements and development needs[197]. - The company emphasizes a competitive and fair compensation system, aligning employee salaries with job responsibilities and performance contributions[183]. - Training programs are implemented to enhance employee skills, including new employee training and ongoing professional development[184]. Strategic Partnerships and Collaborations - A new strategic partnership was formed with a leading pharmaceutical company to co-develop innovative drug solutions[162]. - The company is actively expanding its CDMO business layout, focusing on seamless integration of "intermediates - active pharmaceutical ingredients - formulations" for efficient drug development[60]. - The company has established an innovation center focused on new drug development across various therapeutic areas, including the nervous system and respiratory system[66]. Financial Strategy and Fund Utilization - The company reported a net fundraising amount of CNY 1,863,430,088.41 after deducting issuance costs from the total fundraising of CNY 2,152,516,693.20[118]. - The company plans to use RMB 36,387.00 million (30% of the total excess funds) for permanent working capital, approved in multiple board meetings[122]. - The company has committed to using raised funds for specific projects, with a detailed plan for gradual investment[118].

证券代码：301096 证券简称：百诚医药 公告编号：2024-009 杭州百诚医药科技股份有限公司 关于公司 2023 年度利润分配方案的公告 本公司全体董事、高级管理人员保证公告内容的真实、准确和完整，并对公告 中的虚假记载、误导性陈述或者重大遗漏承担责任。 杭州百诚医药科技股份有限公司（以下简称"公司"）于 2024 年 4 月 19 日召开 第三届董事会第二十一次会议和第三届监事会第十七次会议，审议通过了《关于公司 2023 年度利润分配方案的议案》，现将有关事宜公告如下： 一、2023 年度利润分配方案情况 如在实施权益分派的股权登记日前总股本发生变动的，公司拟维持每股分配比例 不变，相应调整分配总额。利润分配方案符合《公司章程》规定的利润分配政策和公 司的股东回报规划。 二、本次方案审批意见及程序 1、董事会意见 董事会同意本次方案，认为公司拟定的 2023 年度利润分配方案符合《公司法》、 《公司章程》关于利润分配的相关规定，符合公司确定的利润分配政策、股东长期回 报规划以及做出的相关承诺，与公司经营实际情况、业绩及未来发展相匹配，符合公 司当前的实际情况，兼顾了股东利益，未损害公司股东尤其是中 ...