| | 东财医药何玮。 | | --- | --- | | 时间 | 2025 年 8 月 27 日（星期三） | | 地点 | 电话会议 | | 上市公司接待人 | 董秘：洪贇飞；证券事务代表：史笑梦 | | 员姓名 | | | | 一、公司基本情况介绍 | | | 2025 年上半年，公司实现营业收入 20.17 亿元，同比下降 | | | 6.20%；其中成品药收入 11.75 亿元，同比下降 9.68%；原料药 | | | 收入 4.53 亿元，同比下降 9.59%；医疗器械收入 3.49 亿元， | | | 同比增长 12.01%。实现归母净利润 3.88 亿元，同比下降 3.54%； | | | 实现扣非净利润 3.60 亿元，同比增长 7.78%。公司持续锤炼经 | | | 营韧性，通过多维度策略组合筑牢经营基本盘。 | | | 二、投资者问答主要内容： | | | 问题一：地达西尼的销售进展？ | | | 答：2025 年上半年，在医保准入的助力下，公司围绕京诺宁® | | | （地达西尼胶囊）的商业化布局持续深化，新增 400 多家重点 | | | 医疗机构准入资质，累计实现医院覆盖数量达 ...

Core Viewpoint - The article highlights the growth and transformation of Jingxin Pharmaceutical, emphasizing its focus on central nervous system and cardiovascular drugs, alongside its commitment to innovation and expansion in the medical device sector [3][4][5]. Group 1: Company Overview - Jingxin Pharmaceutical was established in 1990, initially focusing on quinolone antibiotics and cardiovascular drugs, later expanding into the fields of mental health and digestive products [3]. - The company follows a strategy of strengthening its pharmaceutical core business while developing medical devices, having acquired Shenzhen Juyun in 2015 to enter the medical device market [3]. Group 2: Financial Performance - For 2024, Jingxin Pharmaceutical is projected to achieve a revenue of 4.16 billion yuan (approximately $0.62 billion), representing a 4.0% increase, and a net profit of 710 million yuan (approximately $0.1 billion), reflecting a 15.0% growth [3]. - The company's finished drug business, which includes cardiovascular, mental health, and digestive products, has seen a compound annual growth rate (CAGR) of approximately 29.3% from 2010 to 2019, although the growth rate slowed to 6.5% from 2020 to 2024 due to various market pressures [3]. Group 3: Innovation and R&D - Jingxin Pharmaceutical is accelerating its innovation transformation, focusing on the development of innovative drugs in the mental health sector while also considering strong cardiovascular products [4]. - In 2024, the company plans to invest 383 million yuan (approximately $0.057 billion) in R&D, with several key products in various stages of clinical trials, including JX2201 and JX11502MA [4]. Group 4: Business Segments - The raw material drug segment is expected to generate 876 million yuan (approximately $0.13 billion) in 2024, despite a decline of 8.34%, with a focus on expanding overseas [5]. - The medical device segment, led by Shenzhen Juyun, is projected to achieve a revenue of 693 million yuan (approximately $0.1 billion) in 2024, marking a 7.68% increase, supported by a strong domestic and recovering international market [5]. Group 5: Investment Outlook - The company forecasts net profits of 780 million yuan (approximately $0.12 billion), 880 million yuan (approximately $0.13 billion), and 1.01 billion yuan (approximately $0.15 billion) for 2025, 2026, and 2027, respectively, with growth rates of 9.5%, 12.9%, and 15.0% [6]. - Based on a segment valuation, the company is assigned a reasonable valuation of 22.14 billion yuan (approximately $3.2 billion) and is given a "recommended" rating [6].

Investment Rating - The report assigns a "Recommended" rating to the company with a target price of 25.7 yuan [1]. Core Views - The report highlights that the company is focusing on the central nervous system and cardiovascular fields, with increased investment in research and development [1][6]. - The report indicates that the company has cleared risks in its finished drug business and is expected to achieve stable growth moving forward [7][8]. - The company is accelerating its innovation transformation, particularly in the fields of central nervous system and cardiovascular drugs [8][58]. Financial Summary - The company is projected to achieve total revenue of 41.59 billion yuan in 2024, with a year-on-year growth of 4.0% [2][16]. - The net profit attributable to shareholders is expected to be 7.12 billion yuan in 2024, reflecting a year-on-year increase of 15.0% [2][16]. - Earnings per share are forecasted to be 0.83 yuan in 2024, with a price-to-earnings ratio of 24 times [2][10]. Business Overview - The company has a comprehensive layout in the pharmaceutical industry, including both finished drugs and medical devices, and has established a strong presence in the domestic market [14][16]. - The finished drug business primarily focuses on cardiovascular, central nervous system, and digestive health, with a significant increase in sales in the outpatient market [21][34]. - The raw material drug and medical device businesses are also performing well, with the raw material drug revenue expected to be 8.76 billion yuan in 2024, despite a slight decline [9][21]. Innovation and R&D - The company has made significant strides in innovation, with a focus on developing new drugs for the treatment of insomnia and other conditions [58][60]. - The first innovative drug, Dazisni, has been approved and is expected to rapidly gain market share [60]. - The company is actively pursuing new drug development, with several products in various stages of clinical trials [58][59]. Investment Recommendations - The report forecasts net profits for 2025, 2026, and 2027 to be 7.8 billion, 8.8 billion, and 10.1 billion yuan respectively, with corresponding growth rates of 9.5%, 12.9%, and 15.0% [10][16]. - The current stock price corresponds to price-to-earnings ratios of 22, 20, and 17 for the years 2025, 2026, and 2027 [10].

Group 1 - The company currently has several innovative drugs in clinical trials, including JX11502 capsules, rehabilitation new enteric-coated capsules, and LP(a) mechanism lipid-lowering drugs [2] - The company has expressed interest in overseas business development for some of its innovative drugs [2] - The company assures that its pipeline for innovative drug development is robust and sufficient for future growth [2]

Investment Rating - The report maintains a "Buy" rating for Jingxin Pharmaceutical (002020) with a target price of 18, compared to the last closing price of 13.73 [1]. Core Insights - In Q1 2025, the company reported a revenue of 9.56 billion, a year-on-year decline of 9.86%, and a net profit attributable to shareholders of 1.63 billion, down 4.62% year-on-year. The net profit after deducting non-recurring items was 1.47 billion, a decrease of 6.45% year-on-year [4][5]. - The decline in revenue and profit is primarily attributed to the high base effect from the same period last year. The overall gross profit for Q1 was 4.56 billion, with a gross margin of 47.71%, down 4.17 percentage points from the previous year. The sales expense ratio improved to 15.84%, a decrease of 3.76% year-on-year [5][6]. - The company invested 0.87 billion in R&D in Q1 2025, focusing on innovative drug development. Clinical trials for key products are progressing well, including JX11502MA for schizophrenia and a modified new drug for ulcerative colitis [6]. Financial Forecasts - The company forecasts revenues of 43.67 billion, 46.73 billion, and 50.47 billion for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 5.01%, 7.01%, and 8.00%. The net profit attributable to shareholders is projected to be 8.20 billion, 9.11 billion, and 10.15 billion for the same years, with growth rates of 15.21%, 11.12%, and 11.35% respectively [7][8]. - The current price-to-earnings (PE) ratios are estimated at 14, 13, and 12 for 2025, 2026, and 2027 [6][7].