Core Viewpoint - The company is facing significant pressure on its performance due to rising costs and declining revenues in certain segments, particularly in the two-sex health medication category, while showing potential growth in gastrointestinal medications [1][2]. Financial Performance - In 2024, the company achieved revenue of 721 million yuan, a year-on-year decrease of 5.23%, with a net profit attributable to shareholders of 108 million yuan, down 32.45% year-on-year [1]. - For Q1 2025, the company reported revenue of 185 million yuan, a decline of 2.35%, and a net profit of 32 million yuan, down 30.62% year-on-year [1]. - The decline in profits is attributed to rapid growth in expenses, including management expenses of 75 million yuan (up 12.64% year-on-year) and R&D expenses of 86 million yuan (up 37.42% year-on-year) in 2024 [1]. Segment Performance - Revenue from two-sex health medications fell to 178 million yuan, a decrease of 20.87%, primarily due to intensified market competition [2]. - Revenue from gastrointestinal medications remained stable at 206 million yuan, with a slight increase of 1.04% year-on-year [1][2]. - The company is optimistic about the potential of its gastrointestinal medication, Hewei Zhengchang Wan, which has received acceptance for its production registration application and is expected to be approved within the year [2]. R&D Progress - The company has made significant progress in R&D, with several key developments: - The CKBA ointment for vitiligo has completed Phase II enrollment, with data expected in mid-2025 [2]. - The NDA for compound sodium sulfate tablets was accepted in November 2024, marking the first application in the country, with approval anticipated within the year [2]. - The company is also advancing in ophthalmic medications, with the sodium dichloride eye drops expected to be approved this year [2]. - In the two-sex health segment, the lidocaine and prilocaine aerosol has completed its first enrollment and is expected to submit an NDA within the year [2]. Earnings Forecast - Based on the 2024 annual report, the company has revised its revenue forecasts, projecting earnings per share of 0.33, 0.61, and 1.01 yuan for 2025-2027, respectively [3]. - The target price for the company is set at 22.77 yuan, based on a 69 times price-to-earnings ratio for 2025 [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 22.77 CNY based on a 69 times price-to-earnings ratio for 2025 [2][5]. Core Views - The company is experiencing short-term performance pressure but is expected to achieve long-term growth. The revenue forecast for 2025-2027 has been adjusted, with earnings per share projected at 0.33 CNY, 0.61 CNY, and 1.01 CNY respectively [1][2]. - The company reported a revenue of 721 million CNY for 2024, a decrease of 5.2% year-on-year, and a net profit of 108 million CNY, down 32.4% year-on-year. The first quarter of 2025 saw a revenue of 185 million CNY, a decline of 2.35% [9]. - The company is focusing on enhancing its product offerings and marketing strategies, particularly in the gastrointestinal and sexual health segments, while also making progress in R&D for new drugs [9]. Financial Summary - The company's financial performance shows a decline in revenue and net profit for 2024, with a projected recovery starting in 2025. The revenue is expected to grow by 24.0% in 2025, followed by 28.8% in 2026 and 31.9% in 2027 [4][11]. - Key financial metrics include: - Revenue (2023A: 761 million CNY, 2024A: 721 million CNY, 2025E: 894 million CNY) - Net profit (2023A: 160 million CNY, 2024A: 108 million CNY, 2025E: 140 million CNY) - Earnings per share (2023A: 0.38 CNY, 2024A: 0.25 CNY, 2025E: 0.33 CNY) [4][11].

业绩短期承压，看好中长期成长 ——泰恩康 24 年报&25 年一季报点评 核心观点 盈利预测与投资建议 ⚫ 根据 24 年报，我们下调营业收入预测，预测公司 2025-2027 年每股收益分别为 0.33/0.61/1.01 元（原 2025-2026 年预测为 0.39/0.62 元），根据可比公司，给予公 司 2025 年 69 倍市盈率，对应目标价为 22.77 元，维持"增持"评级。 风险提示 研发进展不及预期风险；新产品放量低预期风险；市场竞争加剧风险；毛利率提升不及 预期风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 761 | 721 | 894 | 1,152 | 1,520 | | 同比增长 (%) | -2.9% | -5.2% | 24.0% | 28.8% | 31.9% | | 营业利润(百万元) | 191 | 109 | 179 | 325 | 530 | | 同比增长 (%) | -8.7% | -43.1% ...

Group 1: 泰恩康 (Tianenkang) - The company has completed the enrollment of 200 subjects for the Phase II clinical trial of CKB ointment, with results expected in July 2025 [1] - The registration application for the domestic production of Hewei Zhengchang Wan has been accepted, and the production line transformation is complete, aiming for approval within the year [1] - Minoxidil lotion has completed pre-listing preparations, with expected revenue recognition in Q2 of this year [1] - The company plans to submit multiple product approvals within the next year, including CKB and injectable paclitaxel polymer micelles [1] Group 2: 环旭电子 (Huanxu Electronics) - The domestic manufacturing ratio has decreased to 60%, with production shifting to Mexico, Poland, and Vietnam [2] - AI accelerator card business is expected to grow by 150%, with capacity expansion in Taiwan and Mexico [2] - The company is focusing on wearable products and SiP modules, with new product lines in Vietnam [2] - Annual capital expenditure (Capex) is projected to be over $200 million [2] Group 3: 艾力斯 (Ailis) - The company is advancing multiple key products, with Golai Resep tablets entering the comprehensive review stage and aiming for inclusion in annual medical insurance negotiations [3] - A new large molecule R&D department has been established, focusing on lung cancer, with plans for IND submission next year [3] - The company plans to continue expanding its marketing team and optimize resource allocation to ensure stable operations [3] - Cash dividends totaling 292.5 million yuan are planned for 2024, with an increase in mid-term dividends expected in the first half of 2025 [3] Group 4: 华阳集团 (Huayang Group) - The automotive electronics business has seen an expanding customer base, with a significant year-on-year increase in new orders [4] - The company has achieved larger display viewing angles for VPD products and is promoting them to multiple automakers [4] - Huayang Group is reducing geopolitical risks by establishing subsidiaries in Thailand and Mexico [4]

Financial Performance - In 2024, the company achieved a revenue of CNY 721 million, with a net profit of CNY 108 million attributed to shareholders [3] - For Q1 2025, the revenue was CNY 185 million, and the net profit was CNY 31.55 million [3] R&D Investment - The company increased its R&D investment to CNY 158 million in 2024, accounting for 21.96% of its revenue [3] - The company has 18 drug development projects that have submitted registration applications and received acceptance from CDE [4] Product Development Highlights - The clinical trial for the innovative drug CKBA ointment for vitiligo has completed enrollment of 200 subjects, with results expected in July 2025 [5][6] - The registration application for "He Wei Zheng Chang Wan" has been accepted, with production capabilities ready for scaling upon approval [7] - The company is actively promoting the "He Wei Zheng Chang Wan" brand, targeting regions like Guangdong, Guangxi, and Fujian, and plans to expand to 2-3 new areas this year [7][8] Market Potential - The potential market for the CKBA ointment is significant, with expectations of it becoming a major profit driver upon approval [6] - The market for the treatment of presbyopia is substantial, with 56.9% of individuals aged 35 and above affected, totaling approximately 390 million people in China [10] Upcoming Product Launches - The company plans to launch the minoxidil lotion in Q2 2025, aiming to establish it as a significant brand in the hair loss treatment market [9] - The registration for the sodium hyaluronate eye drops for presbyopia is expected to be submitted in the first half of 2025, with no similar products currently approved in China [11] Organizational Structure - The sales team remains stable, focusing on outpatient markets and establishing a dedicated ophthalmology division [12] - The company plans to adjust its organizational structure to enhance brand promotion efforts and streamline R&D focus on core product areas [12]

近期泰恩康（301263）发布2025年一季报，证券之星财报模型分析如下： 泰恩康2025年一季度财务表现 收入与利润 根据泰恩康发布的2025年一季报，公司营业总收入为1.85亿元，同比下降2.35%。归母净利润为3154.6 万元，同比下降30.62%；扣非净利润为3145.75万元，同比下降27.58%。这表明公司在一季度的盈利能 力有所减弱。 盈利能力指标 从盈利能力来看，公司的毛利率为61.65%，同比减少2.41%；净利率为16.62%，同比减少25.91%。每股 收益为0.07元，同比减少36.36%。这些数据反映出公司在一季度的成本控制和盈利水平方面面临一定压 力。 成本与费用 一季度，公司的销售费用、管理费用、财务费用总计为5806.82万元，三费占营收比为31.45%，同比增 长23.34%。这表明公司在费用控制方面存在一定的挑战，费用增长速度超过了收入的增长。 资产负债情况 截至一季度末，公司的货币资金为4.85亿元，同比增长14.71%；应收账款为3.74亿元，同比增长 13.87%；有息负债为3.2亿元，同比增长52.00%。应收账款与利润的比例高达345.92%，需关注应收账款 的 ...

本报讯 （记者王镜茹） 4月25日晚间，广东泰恩康医药股份有限公司（以下简称"泰恩康"）披露2024年业绩和2025年第一季度 业绩。公司2024年实现营业收入7.20亿元，归属于上市公司股东的净利润1.08亿元；2025年第一季度实 现营业收入1.85亿元，归属于上市公司股东的净利润3154.60万元。 2024年公司持续加大创新研发投入力度，全年研发投入1.58亿元，占营业收入的比重为21.94%。自主研 发取得显著成果，公司自研1类创新药CKBA软膏白癜风Ⅱ期临床试验已完成100%受试者入组，临床试 验进展顺利；公司积极推动和胃整肠丸在国内的注册审批进程，目前其境内生产药品注册上市许可申请 已获受理；公司复方硫酸钠片的境内生产药品注册上市许可申请已于2024年11月获受理，该品种截至目 前尚未有其他企业取得药品注册证书；盐酸毛果芸香碱滴眼液Ⅲ期临床试验已完成全部受试者入组，有 望成为国内首个上市用于治疗老花眼的药品；甲磺酸雷沙吉兰片、枸橼酸西地那非口崩片、孟鲁司特钠 颗粒、盐酸普拉克索缓释片等4个品种取得注册批件，超额完成每年2个至3个研发项目落地的目标。 公司还稳步推进多个具有市场潜力的仿制药特色品种 ...

4月26日，泰恩康（301263）年报亮相，2024年度公司共实现营业收入7.21亿元，实现净利润1.08亿元。 泰恩康聚焦于挖掘具有临床价值、差异化的产品，目前公司已形成两性健康用药、肠胃用药、眼科用药 等优势板块。同时公司在上述领域积极加大研发投入进一步丰富产品管线，并通过1类创新药CKBA积 极布局白癜风等皮肤自免用药领域。 从营业收入构成来看，公司核心板块肠胃用药和眼科用药的销售收入保持稳定，其中，肠胃用药实现销 售收入2.06亿元，同比增长1.04%；眼科用药实现销售收入1.85亿元，同比增长0.13%。 研发强度持续提升 2024年公司研发投入金额1.58亿元，研发投入占营业收入比例为21.96%，与2022年、2023年研发投入占 比6.9%、20.95%相比，研发强度进一步增加。 截至2024年末，公司研发人员数量为169人，相比上年增加7.64%。 华铂凯盛作为公司的医药研发平台，致力于研究开发市场需求大、市场竞争较小并符合公司自身销售渠 道资源优势的新药及仿制药，并组建了包含化学原料药、化学制剂、生物药等领域专业技术人员组成的 核心研发团队，具备较强的医药研发能力。 截至目前，公司主要的医 ...

国泰海通证券股份有限公司 （二）募集资金使用和结余情况 2024 年，公司使用募集资金 13,510.84 万元，其中直接投入募投项目资金为 4,510.84 万元，使用超募资金永久补充流动资金 9,000.00 万元。截至 2024 年 12 月 31 日，公司使用募集资金累计投入 68,783.53 万元，募集资金账户余额为 40,124.07 万元（包括未到期现金管理及收到的银行存款利息扣除银行手续费等 的净额）。截至 2024 年 12 月 31 日，公司募集资金使用及结余情况如下： 1 | 项目 | 金额（元） | | --- | --- | | 募集资金总额 | 1,177,863,000.00 | | 减：发行费用 | 125,782,297.08 | | 实际募集资金净额 | 1,052,080,702.92 | | 减：募集资金支出金额 | 687,835,297.84 | | 其中：置换预先投入募投项目资金 | 42,274,193.16 | | 直接投入募投项目资金 | 125,561,104.68 | | 补充营运资金 | 250,000,000.00 | | 超募资金永久补充流动资金 ...

国泰海通证券股份有限公司 关于广东泰恩康医药股份有限公司 （以下无正文） 3 2024 年持续督导定期现场检查报告 | 保荐机构名称：国泰海通证券股份有限公司 被保荐公司简称：泰恩康 | | --- | | （以下简称"国泰海通"或"保荐人"） | | 保荐代表人姓名：刘祥茂 联系电话：021-38031764 | | 保荐代表人姓名：徐振宇 联系电话：021-38031760 | | 现场检查人员姓名：徐振宇、王宁、李慧琪 | | 年度 现场检查对应期间：2024 | | 现场检查时间：2025 年 4 月 22 日-2025 年 4 月 24 日 | | 一、现场检查事项 现场检查意见 | | （一）公司治理 是 否 不适用 | | 现场检查手段：现场检查人员对公司财务总监、证券事务代表进行沟通、访谈；查看公司章程、 | | 公司治理制度以及三会规则等公司内部治理文件；查阅公司三会会议记录、表决、决议等；查看 | | 上市公司的主要生产、经营、管理场所；并对有关文件、原始凭证及其他资料进行了复制、记录。 | | 1．公司章程和公司治理制度是否完备、合规 √ | | 2．公司章程和股东大会、董事会、监事会规 ...