HSJN(SZ:002817) Cai Jing Wang·2025-03-29 10:14Core Viewpoint - Huangshan Capsule (002817.SZ) reported a revenue of 473 million yuan for 2024, a year-on-year increase of 2.31%, but with a decline in net profit. The company has shown significant growth in its two high-end products, indicating a successful optimization of its product structure despite industry challenges [1][2]. Group 1: Financial Performance - The company achieved a net profit of 49.25 million yuan and a non-recurring net profit of 47.16 million yuan, reflecting a decline compared to the previous year [1]. - Revenue from enteric-coated capsules reached 73.74 million yuan, growing by 25.23%, while plant-based capsules generated 53.69 million yuan, with a growth of 64.37% [1][3]. - The revenue distribution among the three main product categories is as follows: gelatin capsules (73.15%), enteric-coated capsules (15.52%), and plant-based capsules (11.33%) [3]. Group 2: Product Development and Innovation - Huangshan Capsule has established a comprehensive product matrix, including gelatin, enteric-coated, and HPMC (plant-based) capsules, with a production capacity exceeding 40 billion capsules annually [2][3]. - The company invested 14.01 million yuan in R&D for 2024, applying for five new patents and receiving four, enhancing its technological innovation capabilities [3]. - The rapid growth of high-end products is attributed to the company's focus on technological innovation and continuous investment [3]. Group 3: Market Position and Strategy - The company is one of the largest manufacturers of pharmaceutical capsules in China, benefiting from its compliance and technological advantages amid industry consolidation [4]. - Huangshan Capsule is advancing its digital transformation, with over 20 technical upgrades in its workshops planned for 2024 [4][5]. - The company has established a robust marketing network and partnerships with major pharmaceutical companies, enhancing customer loyalty and market presence [5]. Group 4: Global Expansion - Huangshan Capsule is actively expanding into international markets, having achieved FDA DMF registration, which allows for the export of high-end products to Europe and the U.S. [6][7]. - In 2024, overseas sales reached 79.66 million yuan, a growth of 80.85% compared to 2023, accounting for 16.82% of total revenue [7]. - The global hollow capsule market is projected to grow from 6.219 billion yuan in 2023 to 9.405 billion yuan by 2029, with a compound annual growth rate of 5.60% [8]. Group 5: Profit Distribution - The company announced a profit distribution plan for 2024, proposing a cash dividend of 0.38 yuan per 10 shares, totaling 11.37 million yuan, marking the highest cumulative dividend of 19.44 million yuan in its history [8].