陕西康惠制药股份有限公司（以下简称"公司"）于 2025 年 8 月 25 日取得 陕西省药品监督管理局换发的《药品生产许可证》 （许可证编号：陕 20160073）， 换发后的《药品生产许可证》有效期至 2030 年 8 月 24 日，具体情况如下： 一、《药品生产许可证》的主要信息 企业名称：陕西康惠制药股份有限公司 证券代码：603139 证券简称：康惠制药 公告编号：2025-052 陕西康惠制药股份有限公司 关于换发药品生产许可证的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 生产负责人：郭建刚 许可证编号：陕 20160073 社会信用代码：916100006984144239 分类码：AhzCz 注册地址：陕西省咸阳市秦都区高新技术产业开发区彩虹二路 法定代表人：王延岭 企业负责人：王延岭 质量负责人：郝红梅 质量授权人：郝红梅 有效期至：2030 年 8 月 24 日 生产地址和生产范围： 陕西省咸阳市秦都区高新技术产业开发区胭脂路 36 号：膏药，软膏剂，茶 剂，颗粒剂，硬胶囊剂，片剂，酒剂，合剂，搽 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on revenue and profit growth projections. Core Viewpoints - The company achieved a revenue of 3.501 billion yuan in 2024, representing a year-on-year growth of 5.72%, with a net profit of 723 million yuan, up 27.19% year-on-year [1][2] - The first quarter of 2025 showed continued growth, with revenue reaching 1.021 billion yuan, a 12.29% increase year-on-year, and a net profit of 217 million yuan, up 13.89% year-on-year [1][2] - The acquisition of Yingu Pharmaceutical is expected to enhance the company's product portfolio and contribute to future growth [2] Financial Performance Summary - In 2024, the company reported a total revenue of 35.01 billion yuan, with the patch segment generating 21.25 billion yuan (up 3.35%), tablet segment 3.55 billion yuan (up 35.6%), capsule segment 7.52 billion yuan (up 5.66%), and ointment segment 1.28 billion yuan (down 7.09%) [2] - The net profit margin improved by 3.48 percentage points to 20.64% in 2024, driven by a gross margin increase of 2.53 percentage points to 75.82% [2] - The company maintained a high dividend payout ratio of 70.64% in 2024, with a consistent dividend yield above 4% over the past three years [2] Earnings Forecast - The company is projected to achieve revenues of 41.57 billion yuan, 46.05 billion yuan, and 51.22 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of approximately 19%, 11%, and 11% [2] - Corresponding net profits are expected to be 832 million yuan, 954 million yuan, and 1.098 billion yuan for the same years, with growth rates of about 15% each year [2][3] - The price-to-earnings ratio (P/E) is projected to be around 16 times, 14 times, and 12 times for 2025, 2026, and 2027 respectively [2][3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6][8] Core Views - The company achieved a revenue of 35.01 billion yuan in 2024, representing a year-on-year growth of 5.72%, and a net profit attributable to shareholders of 7.23 billion yuan, up 27.19% year-on-year [6][7] - The company is focusing on its pharmaceutical core business, demonstrating strong operational resilience, with significant growth in prescription drug sales due to the expansion into nearly 5,000 hospitals and primary healthcare institutions [6][7] - The company completed the acquisition of Yingu Pharmaceutical, enhancing its product portfolio with high-tech formulations, while maintaining a high dividend payout ratio of 70.64% [6][7] Financial Summary - Revenue projections for 2024 to 2027 are as follows: 35.01 billion yuan (2024), 41.80 billion yuan (2025E), 47.44 billion yuan (2026E), and 52.91 billion yuan (2027E), with respective growth rates of 5.72%, 19.41%, 13.49%, and 11.53% [2][6] - Net profit attributable to shareholders is projected to grow from 7.23 billion yuan in 2024 to 11.22 billion yuan in 2027, with growth rates of 27.19%, 17.18%, 15.17%, and 15.03% respectively [2][6] - The company’s earnings per share (EPS) is expected to increase from 1.27 yuan in 2024 to 1.98 yuan in 2027, with corresponding P/E ratios decreasing from 17.20 to 11.08 [2][6] Profitability and Growth - The company’s net profit margin and return on equity (ROE) are projected to improve, with net profit margins of 20.64% in 2024 and 21.20% in 2027, and ROE increasing from 24.58% to 29.53% over the same period [7] - The gross margin for the manufacturing sector is expected to be 77.05% in 2024, reflecting a year-on-year increase of 3.59 percentage points [6][7] Strategic Outlook - The company is expected to maintain double-digit growth in its core business, driven by the strengthening of its "evidence-based traditional Chinese medicine" label and the expansion of its hospital network [6][7] - The OTC business is anticipated to recover due to improved online and offline marketing strategies [6][7]