Financial Performance - In 2024, the company achieved a revenue of CNY 41.906 billion, with a foreign sales revenue of CNY 1.095 billion, accounting for 2.61% of total revenue [20] - The pharmaceutical industrial revenue reached CNY 13.811 billion, representing 32.96% of total revenue [13] - The medical beauty business generated CNY 2.326 billion in revenue, with the subsidiary Xinkeli Meixue contributing CNY 1.139 billion [10] Business Development - The company completed its seventh three-year plan, achieving record high revenue and net profit attributable to shareholders [1] - The industrial microbiology business reported a revenue of CNY 711 million, a year-on-year increase of 43.12% [5] - The company is focusing on four strategic directions: xRNA, specialty APIs & intermediates, health & biological materials, and animal health [2] Product Pipeline and Innovation - The company is preparing for the commercial launch of the innovative ADC drug, Ailaha (Somatuzumab), targeting platinum-resistant ovarian cancer [3] - The oral GLP-1 receptor agonist HDM1002 has completed Phase III clinical trials for weight management, with over 800 participants enrolled in earlier phases [4] - The company has 15 new patent authorizations in 2024, including core patents for GLP-1R/GIPR dual-target agonists [6] Market Strategy - The company maintains a global operational layout for its medical beauty business, focusing on high-end markets [2] - The company plans to enhance its market coverage and registration processes to stabilize the performance of its core subsidiary, Sinclair [2] - The company aims to improve the accessibility of its innovative high-priced drugs through diverse payment channels and market penetration strategies [21] Challenges and Responses - The medical beauty sector faces challenges due to macroeconomic slowdowns and declining consumer demand, but is expected to stabilize with new product approvals [30] - The company is actively managing production costs and enhancing operational efficiency to mitigate the impact of drug price negotiations and procurement policies on profit margins [19] - The company is committed to maintaining a cash dividend policy while balancing strategic development and shareholder returns [12]

2025 年 05 月 09 日 王睿哲 C0062@capital.com.tw 目标价(元) 47.8 公司基本信息 | 产业别 | | | | 医药生物 | | --- | --- | --- | --- | --- | | A 股价(2025/5/8) | | | | 39.03 | | 深证成指(2025/5/8) | | | | 10197.66 | | 股价 12 个月高/低 | | | | 40.8/25.63 | | 总发行股数(百万) | | | | 1754.08 | | A 股数(百万) | | | | 1751.94 | | A 市值(亿元) | | | | 683.78 | | 主要股东 | | | | 中国远大集团有 | | | | | | 限责任公司 | | | | | | (41.67%) | | 每股净值(元) | | | | 13.72 | | 股价/账面净值 | | | | 2.85 | | | 一个月 | | 三个月 一年 | | | 股价涨跌(%) | | 5.8 | 13.5 18.8 | | | 近期评等 | | | | | | 日期 | 收盘价 | | 评级 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [9] Core Insights - The company achieved a revenue of RMB 419.1 billion in 2024, representing a year-over-year growth of 3.2%, with a net profit of RMB 35.1 billion, up 23.7% year-over-year [5] - The pharmaceutical industrial segment showed steady growth, with a core subsidiary generating revenue of RMB 138.1 billion, a year-over-year increase of 13.1% [7] - The company is actively advancing new innovative drugs and medical aesthetics products, with a research and development investment of RMB 2.7 billion in 2024, reflecting a year-over-year increase of 16.8% [7] Financial Performance - The company reported a gross margin of 33.2% in 2024, an increase of 0.8 percentage points year-over-year, while the expense ratio decreased to 22.1%, down 1 percentage point [7] - The projected net profits for 2025, 2026, and 2027 are RMB 40.7 billion, RMB 47.8 billion, and RMB 55.7 billion, respectively, with year-over-year growth rates of 15.9%, 17.6%, and 16.5% [8] - The earnings per share (EPS) for the same years are expected to be RMB 2.32, RMB 2.73, and RMB 3.18, with corresponding price-to-earnings (P/E) ratios of 16X, 13X, and 12X [8] Shareholder Information - The major shareholder is China Yuanda Group Co., Ltd., holding 41.67% of the shares [5] - The company has a total market capitalization of RMB 645.24 billion [5] Market Position - The company operates in the pharmaceutical and medical aesthetics sectors, with a product mix that includes 52.1% from commercial operations and 15.3% from manufacturing [2]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [9]. Core Insights - The company achieved a revenue of RMB 419.1 billion in 2024, representing a year-over-year growth of 3.2%, with a net profit of RMB 35.1 billion, up 23.7% year-over-year [5]. - The pharmaceutical industrial segment showed steady growth, with the core subsidiary achieving a revenue of RMB 138.1 billion, a year-over-year increase of 13.1% [7]. - The company is actively advancing new innovative drugs and medical aesthetic products, with a total of 94 projects in research and development [7]. Summary by Sections Company Performance - The company reported a net profit of RMB 35.1 billion for 2024, with a quarterly revenue of RMB 104.3 billion in Q4, marking a year-over-year increase of 1.9% [5]. - The company plans to distribute a cash dividend of RMB 5.80 per 10 shares [5]. Revenue Breakdown - The pharmaceutical commercial segment generated revenue of RMB 270.9 billion, with a net profit of RMB 4.6 billion, reflecting a year-over-year growth of 0.4% [7]. - The overseas medical aesthetic business faced challenges, with revenue declining by 25.8%, while domestic medical aesthetics grew by 8.3% [7]. Profitability Metrics - The overall gross margin for 2024 was 33.2%, an increase of 0.8 percentage points year-over-year, driven by improved margins in the pharmaceutical commercial segment [7]. - The company’s expense ratio decreased to 22.1%, down 1 percentage point from the previous year [7]. Future Outlook - The company forecasts net profits of RMB 40.7 billion, RMB 47.8 billion, and RMB 55.7 billion for 2025, 2026, and 2027, respectively, with year-over-year growth rates of 15.9%, 17.6%, and 16.5% [8]. - The expected earnings per share (EPS) for the same years are projected to be RMB 2.32, RMB 2.73, and RMB 3.18, with corresponding price-to-earnings (P/E) ratios of 16X, 13X, and 12X [8].