精麻深耕叠加全球破局 苑东生物2024年营收净利双增

Core Viewpoint - Since the "14th Five-Year Plan," China's pharmaceutical industry has transitioned from a phase of rapid growth to a new stage of high-quality development, shifting from scale expansion to a coordinated improvement of scale and quality [1] Company Performance - In 2024, the company achieved a revenue of approximately 1.35 billion yuan, a year-on-year increase of 20.82%, and a net profit attributable to shareholders of 238 million yuan, up 5.15% year-on-year [2] - Excluding the impact of stock incentive expenses, the net profit attributable to shareholders and the net profit after deducting non-recurring gains and losses increased by 13.47% and 22.87% respectively [2] - The company's revenue from the formulation segment reached 1.077 billion yuan, a growth of 22.25%, while the raw material drug segment generated 121 million yuan, up 28.65% [2] Product Development - The company submitted 18 new formulation product registration applications in 2024 and obtained approvals for 13 new formulation products, including domestic first generics [3] - The company has a strong iterative capability in high-end generics, which continues to contribute to performance growth [3] - The company has completed the industrialization of six special narcotic products and has 16 products listed in the narcotic analgesic field, with over 20 products under research [3][4] R&D Investment - The company maintains a high R&D investment intensity, with 2024 R&D expenditure of approximately 290 million yuan, a year-on-year increase of 16.88%, accounting for 21.31% of revenue [4] - Since 2021, the proportion of R&D investment to revenue has consistently exceeded 20% [4] Internationalization Strategy - The company has made significant progress in internationalizing its raw materials, with several products receiving international approvals, including FDA and EU certifications [7] - The company has successfully commercialized its first product in the U.S. market, marking a breakthrough from 0 to 1 [7] Digital Transformation - In 2024, the company focused on a "digital intelligence" strategy, enhancing its industrial platform and achieving digital management across the entire drug research and production process [8] - The company has received certifications for data management and intelligent manufacturing capabilities, indicating progress in its digital transformation efforts [8] Future Outlook - In 2025, the company aims to accelerate its transformation from generics to innovation, positioning innovation as the core engine for high-quality development [8]