曲公司 and Comment E 约 主力 2025 年 12 月 23 日 江中药业 固本拓新，胃肠健康领导者 报告原因: 首次覆盖 (首次评级) | 市场数据: 2025 年 12 月 22 日 | | --- | | 收盘价（元) 24.73 | | 一年内最高/最低（元） 24.98/20.83 | | 市净率 4.1 | | 股息率% (分红/股价) 4.85 | | 流通 A 股市值 (百万元) 15,547 | | 上证指数/深证成指 3,917.36/13,332.73 | | 注："股息率"以最近一年已公布分红计算 | | 基础数据: | 2025年09月30日 | | --- | --- | | 每股净资产（元） | 5.98 | | 资产负债率% | 35.46 | | 总股本/流通 A 股 (百万) | 635/629 | | 流通 B 股/H 股 (百万) | -/- | 年内股价与大盘对 (600750) 沪深300指数 (收益率) 一 40% 证券分析师 张静含 A0230522080004 zhangjh@swsresearch.com 凌静怡 A0230522060001 ...

Core Insights - Jiangzhong Pharmaceutical has established itself as a leader in the traditional Chinese medicine (TCM) sector, particularly with its flagship product, Jiangzhong Gastrointestinal Tablets, which has achieved over 10 billion yuan in annual sales and has sold more than 5 billion boxes over 30 years [1][5]. Group 1: Business Performance - Jiangzhong Gastrointestinal Tablets has maintained its position as the top-selling TCM digestive product in China for 21 consecutive years, reflecting strong brand loyalty and market presence [1]. - The company has reported a compound annual growth rate (CAGR) of 16% in revenue and 13% in net profit during the 14th Five-Year Plan period [1]. Group 2: Technological Innovation - The Jiangzhong Bay manufacturing base features an intelligent production line that automates the entire process from raw material handling to packaging, significantly reducing labor requirements from 200 to just over 10 personnel in liquid formulation [2][3]. - The company has achieved over 95% automation in its TCM extraction and production processes, marking a significant shift from traditional methods to smart manufacturing [3]. Group 3: Product Development - Jiangzhong Pharmaceutical has innovated traditional formulas, such as the "Shengmai San," by integrating modern ingredients to create products like "Huangqi Shengmai Drink," enhancing their appeal and efficacy [4]. - The company has focused on improving the taste and palatability of its products, such as the Jiangzhong Gastrointestinal Tablets, through advanced flavor masking and purification techniques [5]. Group 4: Cultural Integration - The company has launched initiatives like the "Jiangzhong Night Consumption Season," which creatively combines TCM ingredients with popular food trends, such as a digestive hot pot that incorporates elements from Jiangzhong Gastrointestinal Tablets [6]. - Jiangzhong Pharmaceutical aims to enhance the public's understanding and appreciation of TCM through cultural exhibitions and immersive experiences, thereby promoting the integration of traditional medicine into modern lifestyles [7].

Core Viewpoint - 康恩贝 (600572.SH) is actively involved in the development and marketing of various medications related to influenza and colds, including antiviral, cough relief, pain relief, anti-infection, and immune-boosting products [1] Product Categories - The company offers antiviral products such as compound Houttuynia cordata granules, blue honeysuckle granules, and Niuhuang Shangqing capsules [1] - Cough relief products include acetylcysteine effervescent tablets, compound fresh bamboo liquid, and various syrups and oral liquids for children [1] - Pain relief and cold medications consist of ibuprofen granules, compound paracetamol and phenylephrine capsules, and other related products [1] - Anti-infection products include amoxicillin capsules and enteric-coated erythromycin tablets [1] - Immune-boosting products feature vitamins and protein powders, along with a newly approved traditional Chinese medicine, Qinghouyan lozenges, for symptomatic relief of throat discomfort caused by colds [1] Research and Development - The company is advancing its research plans for other influenza and cold-related products, with the Ivy leaf extract and oral liquid project currently in Phase II clinical trials, aimed at treating cough and phlegm associated with acute tracheobronchitis [1]

Core Insights - The Chinese medicine sector showed a positive performance with an increase of 0.81% last week, while the overall pharmaceutical sector declined by 2.4% [2] - The valuation metrics for the Chinese medicine sector are as follows: PE (ttm) at 28.11X and PB (lf) at 2.37X, indicating a slight increase from the previous week [3][5] - The recent price index for traditional Chinese medicine materials has risen by 0.2%, with 9 categories increasing in price and 3 categories decreasing [6] Industry Analysis - The fourth batch of national procurement for traditional Chinese medicine includes 90 varieties, which presents both challenges and opportunities for production companies [7] - The investment recommendation maintains an "overweight" rating for the industry, focusing on three main lines: price governance, consumption recovery, and state-owned enterprise reform [8][9] Investment Recommendations - The first investment line emphasizes price governance, suggesting to monitor price reductions and market share in the context of procurement and medical insurance negotiations [8] - The second line focuses on consumption recovery, driven by macroeconomic improvement and an aging population, favoring companies with strong brand and product advantages [9] - The third line highlights opportunities arising from state-owned enterprise reforms, particularly in companies with strong R&D capabilities and unique products [9] Company Performance - Among the companies in the Chinese medicine sector, notable performers include ST Huhuluwa, Darentang, and Zhongsheng Pharmaceutical, while underperformers include Wanbangde and Qidi Pharmaceutical [2]

Investment Rating - The industry maintains an "Overweight" rating, suggesting a positive outlook for investment opportunities in the traditional Chinese medicine sector [6]. Core Insights - The traditional Chinese medicine sector showed resilience with a 0.81% increase in the index, while the broader pharmaceutical sector declined by 2.4% [2]. - The price-to-earnings (PE) ratio for the traditional Chinese medicine sector is 28.11X, reflecting a slight increase, while the price-to-book (PB) ratio stands at 2.37X, also showing a minor rise [3]. - The recent price index for traditional Chinese medicinal materials has increased by 0.2%, indicating a slight upward trend in the market [4]. - The fourth batch of national procurement for traditional Chinese medicine has been announced, including 90 varieties, which presents both challenges and opportunities for production companies [5]. Summary by Sections Market Performance - The traditional Chinese medicine index closed at 6593.95 points, with a weekly increase of 0.81%, contrasting with declines in other pharmaceutical sectors [2][11]. - Notable performers in the sector include ST HuLuWa, DaRenTang, and ZhongSheng Pharmaceutical, while companies like WanBangDe and QiDi Pharmaceutical lagged [2]. Valuation - The PE ratio for the traditional Chinese medicine sector is currently at 28.11X, with a year-to-date maximum of 30.26X and a minimum of 24.72X [3]. - The PB ratio is at 2.37X, with a maximum of 2.59X and a minimum of 2.17X over the past year [3]. Raw Material Prices - The price index for traditional Chinese medicinal materials has shown a slight increase, with 9 categories rising and 3 falling in the past week [4]. Focus on National Procurement - The fourth batch of national procurement includes 90 varieties, with a focus on products that have significant demand and established clinical applications [5]. Investment Recommendations - The report suggests focusing on three main investment themes: price governance, consumption recovery, and state-owned enterprise reform [6][9]. - Specific recommendations include companies with strong R&D capabilities, those less affected by procurement impacts, and leading brand enterprises in traditional Chinese medicine [9].

Company and Industry Summary Company Overview - The company operates in the pharmaceutical industry, focusing on various segments including prescription drugs and health consumer products. The overall market is experiencing pressure, with a decline in hospital markets and a shift towards online sales growth [1][2]. Key Financial Performance - In 2024, the company reported a revenue of 4.435 billion yuan, a decrease of 2.59% year-on-year. However, net profit increased by 9.67% to 788 million yuan [2]. - The weighted average return on equity was 19.58%, up by 1.9 percentage points year-on-year, indicating improved profitability [2]. - Research and development (R&D) investment intensity reached 10.82%, an increase of 0.53 percentage points year-on-year, reflecting a commitment to innovation [2]. Industry Dynamics - The pharmaceutical industry is facing overall pressure with localized breakdowns. The consumer market is growing cautiously, while the hospital market is expected to decline [1]. - The online market is maintaining rapid growth, presenting both opportunities and challenges for the company [1]. Product Performance - The pharmaceutical industrial revenue decreased by 2.79%, but the gross margin remained stable. Key products in the gastrointestinal and respiratory categories contributed over 60% of total revenue [2]. - The company’s health consumer products segment is undergoing restructuring, with a focus on high-end and functional products. However, this segment has seen a decline in revenue due to increased competition [6]. Cost Management - Sales expenses decreased by approximately 8.89% to 1.495 billion yuan, with a sales expense ratio of 33.7% [3]. - Management expenses remained stable at 229 million yuan, with a management expense ratio of 5.16% [3]. Strategic Initiatives - The company is enhancing R&D capabilities, with a 9.31% increase in R&D investment and a focus on building strategic partnerships with research institutions [8]. - A digital transformation strategy is being implemented to improve operational efficiency and enhance marketing capabilities [10]. - The company is committed to sustainable practices, aiming for carbon neutrality and increasing the use of green energy [9]. Future Outlook - For 2025, the company aims to achieve double-digit growth in both revenue and profit, focusing on strengthening core competitiveness and optimizing business operations [11]. - The company plans to accelerate investment and acquisition opportunities to enhance external growth capabilities [11]. Additional Insights - The company maintains a robust dividend policy, with a cumulative cash dividend payout exceeding 60% since its listing [3]. - The health consumer products segment is adopting a strategic model to enhance brand positioning and operational capabilities [6]. This summary encapsulates the key points from the conference call, highlighting the company's financial performance, industry challenges, strategic initiatives, and future outlook.

Core Insights - Jiangzhong Pharmaceutical achieved a revenue of 4.435 billion yuan in 2024, a year-on-year decrease of 2.59%, while the net profit attributable to shareholders was 788 million yuan, an increase of 9.67% [1] - The OTC segment showed strong demand with a revenue of 3.266 billion yuan, reflecting a year-on-year growth of 7.07% [1] OTC Segment Performance - Key products in the gastrointestinal field, such as the core product "Gastrointestinal Digestive Tablets," saw a double-digit revenue growth, with sales reaching 169 million boxes, up by 10.91% year-on-year [1] - In the throat and cough segment, core products like "Compound Fresh Bamboo Liquid" and "Compound Grass Coral Tablets" contributed to double-digit growth, with sales of "Compound Grass Coral Tablets" reaching 37 million boxes, up by 4.05% year-on-year [1] - The nutritional supplement segment saw a revenue of over 200 million yuan, with sales of "Multivitamin Tablets" at 12 million boxes, down by 10.30% year-on-year [1] Health Business and Prescription Drug Segment - The health segment reported a revenue of 345 million yuan, a significant year-on-year decline of 47.30%, attributed to intensified industry competition and restructuring efforts [2] - The prescription drug segment generated a revenue of 793 million yuan, down by 3.50% year-on-year, with the decline narrowing due to the consolidation of traditional Chinese medicine pieces [2] Profitability and Cost Management - The company's gross margin was 63.52%, a decrease of 0.51 percentage points year-on-year, with the OTC segment having the highest gross margin at 72.74% [3] - The sales expense ratio improved to 33.70%, down by 2.33 percentage points year-on-year, while the net profit margin increased to 17.77%, up by 1.99 percentage points year-on-year [3] Dividend Policy and Future Outlook - The company announced a cash dividend of 7 yuan per 10 shares, resulting in a cash dividend ratio of 55.86%, with an overall annual dividend ratio reaching 95.77% [3] - The company aims for double-digit growth in revenue and profit by 2025, supported by a dual-driven strategy of "internal growth + external expansion" [3][4]

Investment Rating - The investment rating for Jiangzhong Pharmaceutical (600750.SH) is "Buy" (maintained) [1] Core Views - The company is expected to achieve steady revenue and profit growth in 2024, with a projected revenue of 4.435 billion yuan (down 2.59% year-on-year) and a net profit of 788 million yuan (up 9.67% year-on-year) [4] - The report highlights the company's strong brand advantages in the gastrointestinal and intestinal medication sectors, which are expected to drive long-term growth potential [4] - The earnings forecast for 2025-2027 has been maintained, with net profits projected at 891 million yuan, 1.008 billion yuan, and 1.131 billion yuan respectively [4] Financial Performance Summary - In 2024, the company achieved a gross margin of 63.52% (down 1.79 percentage points) and a net margin of 19.40% (up 1.94 percentage points) [4] - The sales expense ratio decreased to 33.70% (down 3.38 percentage points), while the management expense ratio increased to 5.16% (up 0.37 percentage points) [4] - The company’s non-prescription drug business generated revenue of 3.266 billion yuan (up 7.07%) with a gross margin of 72.74% (up 1.04 percentage points) [5] - The prescription drug segment reported revenue of 793 million yuan (down 3.50%) with a gross margin of 39.30% (down 17.54 percentage points) [5] Business Segment Insights - The non-prescription drug segment continues to show robust growth, particularly in core products like Jianwei Xiaoshi Pian, which achieved double-digit growth [6] - The company is optimizing its brand positioning in health consumer products and focusing on self-developed products to drive future growth [6] - The prescription drug segment is targeting specific demographics and therapeutic areas, including elderly care, women's health, and gastrointestinal treatments [6] Financial Projections - Revenue is projected to increase to 4.820 billion yuan in 2025, with a year-on-year growth of 8.7% [8] - The earnings per share (EPS) is expected to rise from 1.25 yuan in 2024 to 1.42 yuan in 2025, and further to 1.80 yuan by 2027 [8] - The price-to-earnings (P/E) ratio is projected to decrease from 17.5 in 2024 to 12.2 by 2027 [8]