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江中药业(600750):盈利能力提升、维持稳健分红
Xin Lang Cai Jing· 2025-08-23 00:25
公司上半年业绩:收入、归母净利、扣非归母21.4、5.2、4.8 亿元(-6%、+6%、+2% yoy),其中二季 度收入、归母净利、扣非归母9.6、2.4、2.2亿元(-4%、+6%、+7% yoy)。公司公布1H25 利润分配方 案,每股派发0.5 元(含税),占同期归母净利润60.78%。收入下滑主因OTC 需求变化,公司成本费用 进一步优化、盈利能力持续提升。我们看好江中作为我国肠胃OTC 领军企业,内生外延持续稳健成 长,维持"买入"评级。 OTC 承压,健康消费品、处方药逆势增长 1)4M25 公司股权激励计划获得批复通过,1M25 公司提升股权激励解锁条件,2025-27 资本回报率、 归母净利符合增长率和研发投入强度均较此前有所上调,充分彰显经营信心。我们看好公司稳健增长兑 现经营目标;2)1H25公司现金分红占同期归母净利润60.78%,公司在"十四五"期间保持每年2 次的现 金分红频次,充分体现公司高度重视股东回报。4M25 公司发布《2025"提质增效重回报"行动方案》, 再次强调重视投资者回报,共享公司发展成果,我们看好2025 年公司维持较高分红比率。 维持"买入"评级 我们维持盈利 ...
江中药业(600750):盈利能力提升、维持稳健分红
HTSC· 2025-08-22 11:12
证券研究报告 江中药业 (600750 CH) 盈利能力提升、维持稳健分红 2025 年 8 月 22 日│中国内地 中药 公司上半年业绩:收入、归母净利、扣非归母 21.4、5.2、4.8 亿元(-6%、 +6%、+2% yoy),其中二季度收入、归母净利、扣非归母 9.6、2.4、2.2 亿元(-4%、+6%、+7% yoy)。公司公布 1H25 利润分配方案,每股派发 0.5 元(含税),占同期归母净利润 60.78%。收入下滑主因 OTC 需求变化, 公司成本费用进一步优化、盈利能力持续提升。我们看好江中作为我国肠胃 OTC 领军企业,内生外延持续稳健成长,维持"买入"评级。 OTC 承压,健康消费品、处方药逆势增长 行业承压背景下公司经营彰显韧性(1H25 我国医药制造业营业收入同比下 降 1.2%、利润同比下降 2.8%):1)受终端需求变化影响,1H25 OTC 收 入 15.5 亿元(-10% yoy);2)公司在 B to C、OTO、兴趣电商等各类线 上渠道推广、加强品牌渠道建设,成效显著,1H25 健康消费品板块收入 2.3 亿元(+17% yoy);3)公司强化合规运营、积极参与集采、 ...
10月见!中国消费经济论坛即将在北京举行
Xiao Fei Ri Bao Wang· 2025-08-19 06:41
Group 1 - The 19th China Consumer Economy Forum will be held in October in Beijing, focusing on quality innovation paths under new technologies and business models, aiming to create a safe, intelligent, and sustainable consumption ecosystem [1][2] - The forum will feature discussions on the integration of AI and quality management, addressing current consumer market trends and emphasizing that "quality first" remains the cornerstone of consumer trust and enterprise development [1][2] - The event will include insights from national quality regulatory departments, industry experts, and representatives from leading companies, discussing quality innovation and safety control [2][3] Group 2 - A special sub-forum on pharmaceuticals will focus on quality safety innovations, including a VR tour of "transparent factories" and the launch of a certification action for quality OTC drugs to ensure safe medication for families [3] - The forum will also promote local products through a "Hometown Good Goods" initiative, linking government, enterprises, and social forces to enhance regional products' market reach [3] - The forum will be broadcasted across various media platforms, including major news and video sites, to maximize outreach and engagement [3][4] Group 3 - The China Consumer Economy Forum has been successfully held 19 times, focusing on the quality improvement and changes in the consumption lives of Chinese citizens [4][5] - The forum aims to address the balance of supply and demand in the consumer goods manufacturing industry, contributing to the sustainable development of China's economy [5]
江中药业(600750):OTC短期承压 核心品类韧性凸显
Xin Lang Cai Jing· 2025-05-12 04:34
Core Viewpoint - In Q1 2025, the company reported a revenue of 1.184 billion yuan, a year-on-year decrease of 7.03%, while achieving a net profit attributable to shareholders of 285 million yuan, an increase of 5.91% [1] Group 1: Financial Performance - The company's Q1 2025 revenue breakdown includes 885 million yuan from the OTC segment (down 12.12% YoY), 187 million yuan from the prescription drug segment (up 23.68% YoY), and 111 million yuan from the health segment (up 0.59% YoY) [1] - The gross profit margin and net profit margin for Q1 2025 were 68.21% and 24.06%, respectively, reflecting increases of 1.20 percentage points and 2.94 percentage points YoY [1] Group 2: Cost Management - The company's expense ratios for sales, management, R&D, and financial costs in Q1 2025 were 33.80%, 4.51%, 2.28%, and -1.49%, showing changes of -1.79, +1.31, -0.07, and +0.20 percentage points YoY, respectively [2] Group 3: Future Outlook - The company is expected to achieve revenues of 4.9 billion yuan, 5.542 billion yuan, and 6.224 billion yuan from 2025 to 2027, with year-on-year growth rates of 10%, 13%, and 12% [2] - The projected net profits attributable to shareholders for the same period are 890 million yuan, 1.028 billion yuan, and 1.172 billion yuan, with growth rates of 13%, 16%, and 14% [2] - The company maintains a "buy" rating with projected PE valuations of 16, 14, and 12 times for 2025, 2026, and 2027, respectively [2]
江中药业(600750):OTC短期承压 毛利率环比改善
Xin Lang Cai Jing· 2025-04-29 02:35
Core Viewpoint - The company reported its 1Q25 performance, showing a decline in revenue and net profit due to a drop in OTC sales, but a significant improvement in gross margin. The company is viewed positively as a leader in the domestic OTC market, with stable growth prospects and a strong dividend foundation, maintaining a "Buy" rating [1]. Group 1: Financial Performance - 1Q25 revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 1.18 billion, 280 million, and 260 million respectively, reflecting a year-over-year change of -7.0%, +5.9%, and -1.1% [1]. - OTC segment revenue in 1Q25 was 890 million, down 12.1% year-over-year, with a gross margin of 76.1%, up 2.1 percentage points year-over-year [2]. - Prescription drug revenue in 1Q25 was 190 million, up 23.7% year-over-year, with a gross margin of 23.7%, up 9.2 percentage points year-over-year [2]. - Health consumer products revenue in 1Q25 was 110 million, up 0.6% year-over-year, with a gross margin of 37.0%, down 3.6 percentage points year-over-year [2]. - The company's gross margin improved to 68.2% in 1Q25, up 13.1 percentage points quarter-over-quarter, mainly due to adjustments in the beverage business [3]. Group 2: Cost Management and Efficiency - The company's selling, general, and administrative expense ratios were 33.8%, 4.5%, and 2.3% respectively, showing an overall decrease in expense ratios [3]. - As of 1Q25, accounts receivable, inventory, and cash were 640 million, 430 million, and 1.62 billion respectively, indicating good inventory and cash turnover [3]. Group 3: Shareholder Returns and Incentives - The company's stock incentive plan was approved in 4M25, with enhanced unlocking conditions for 2025-27, reflecting confidence in operational goals [4]. - In 2024, the company's cash dividends accounted for 95.77% of the net profit attributable to shareholders, highlighting a strong commitment to shareholder returns [4]. - The company emphasized its focus on investor returns in its 2025 action plan, aiming to share the benefits of its growth with shareholders [4]. Group 4: Future Outlook - The company maintains its profit forecast, expecting net profits attributable to shareholders for 2025-27 to be 897 million, 1.015 billion, and 1.145 billion respectively, reflecting year-over-year growth of 14%, 13%, and 13% [5]. - The company is assigned a target price of 29.96, based on a 21x PE ratio for 2025, maintaining a "Buy" rating [5].