2024 年 03 月 31 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 大单品高增长，成本费用管控优化 证券分析师： 周小刚 S0350521090002 zhouxg@ghzq.com.cn 证券分析师： 赵宁宁 S0350523040002 ——太极集团（ ） 年年报点评报告 600129 2023 zhaonn@ghzq.com.cn 最近一年走势 事件 : 2024年3月28日，太极集团发布2023年年报：2023年公司实现营业 收入 156.23 亿元（同比+10.58%），归母净利润 8.22 亿元（同比 +131.99%），扣非归母净利润7.74亿元（同比+111.35%）。 投资要点 :  聚焦主品，2023年藿香正气口服液、急支糖浆高速增长。2023年 公司实现工业收入103.88亿元（同比+19.40%），其中现代中药收 相对沪深300表现 2024/03/29 入66.04亿元（同比+31.64%），化药收入37.84亿元（同比+2.72%）； 表现 1M 3M 12M 商业收入77.26亿元（同比-3.31%）；药材资源板块收入10.17亿 太极集团 ...

证券研究报告：医药生物 | 公司点评报告 2024年3月30日 股票投资评级 太极集团(600129) 2023 年提质增效成效明显，2024 年数字化转型加 买入|首次覆盖 快提升经营质效 个股表现 ⚫ 事件点评 3 月 28 日，公司发布 2023 年年报：2023 年收入 156.23 亿元 太极集团 医药生物 71% （+10.58%），归母净利润8.22亿元（+131.99%），扣非净利润7.74亿 61% 元（+111.35%），经营现金流净额6.72亿元（-62.29%）。2023Q4收入 51% 41% 34.4亿元（-1.57%），归母净利润0.64亿元（-35.73%），扣非净利润 31% 21% 0.59亿元（+34.96%）。 11% 1% ⚫ 中药保持快速增长，省外拓展成效显著 -9% 2023年公司医药工业收入103.88亿元（+19.4%），其中现代中药 -19% -29% 66.04亿元（+31.64%，收入占比63.6%），化药37.84亿元（+2.72%）； 2023-03 2023-06 2023-08 2023-11 2024-01 2024-03 医药商业收入 77. ...

Investment Rating - The report does not explicitly state an investment rating for the company [1][4][6] Core Views - The company achieved robust growth in its pharmaceutical industry, with core products performing exceptionally well [1][2] - The company's revenue for 2023 was RMB 15.623 billion, a year-on-year increase of 11%, and net profit attributable to shareholders was RMB 822 million, a year-on-year increase of 132% [1] - The pharmaceutical industry segment generated revenue of RMB 10.388 billion, a year-on-year increase of 19.40%, with a gross margin of 64.74% [2] - Key products such as Taiji Huoxiang Zhengqi Oral Liquid and Jizhi Syrup showed significant sales growth, with increases of 45% and 67% respectively [2] - The company has a broad product portfolio covering key therapeutic areas, including digestive and metabolic drugs, respiratory drugs, and cardiovascular drugs [3] - The company is expected to achieve revenue of RMB 17.9 billion, RMB 20.7 billion, and RMB 23.9 billion in 2024, 2025, and 2026 respectively, with a compound annual growth rate (CAGR) of 26.29% for net profit attributable to shareholders [4] Financial Performance and Valuation - The company's revenue for 2023 was RMB 15.623 billion, with a net profit attributable to shareholders of RMB 822 million [1] - The company's EBITDA for 2023 was RMB 1.631 billion, and it is expected to reach RMB 3.316 billion by 2026 [5] - The company's EPS is projected to be RMB 1.98, RMB 2.52, and RMB 2.97 in 2024, 2025, and 2026 respectively [4] - The company's P/E ratio is expected to decrease from 22.5 in 2023 to 11.2 in 2026, indicating potential undervaluation [5] - The company's net profit margin improved from 2.42% in 2022 to 5.46% in 2023, and is expected to reach 7.17% by 2026 [8] Industry and Market Position - The company operates in the pharmaceutical and biological industry, specifically in the traditional Chinese medicine sector [6] - The company's products have strong brand value, with several products ranking first in their respective categories in the 2023 China OTC Drug Statistics Ranking [3] - The company is a leading player in the OTC traditional Chinese medicine market, with significant advantages in brand and product portfolio [4] Future Outlook - The company is expected to maintain strong revenue growth, with projected revenue increases of 14.79%, 15.51%, and 15.38% in 2024, 2025, and 2026 respectively [4] - The company's net profit attributable to shareholders is expected to grow at a CAGR of 26.29% over the next three years [4] - The company's profitability metrics, including ROE and ROIC, are expected to remain strong, with ROE projected to be 21.27% in 2026 [8]

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 31 日 太 极集团(600129.SH) 证券研究报告 业绩符合预期，核心品种实现高增长 中成药 投资评级 买入-A 事件： 首次评级 2024 年 3 月 28 日，公司发布 2023 年年度报告。2023 年公司实现 6个月目标价 42.24元 营业收入 156.23 亿元，同比增长 10.58%；实现归母净利润 8.22亿 股价 (2024-03-29) 33.25元 元，同比增长 131.99%，实现扣非归母净利润 7.74 亿元，同比增长 111.35%。单季度来看，2023 年 Q4 公司实现营业收入 34.40 亿元， 交易数据 同比下滑 1.57%，实现归母净利润 0.64 亿元，同比下滑 35.73%， 总市值(百万元) 18,516.62 实现扣非归母净利润 0.59 亿元，同比增长 19.96%。 流通市值(百万元) 18,516.62 总股本(百万股) 556.89 业绩符合预期，现代中药实现高增长，首次拆分中药材资源业务。 流通股本(百万股) 556.89 根据公司 2024 年 1 月发布的业 ...

张忠喜先生的辞职不会导致公司董事会人数低于法定最低人数， 不会影响公司董事会的正常运作和公司的日常生产经营。根据《公司 法》《公司章程》的相关规定，张忠喜先生的辞职申请自送达公司董 事会之日起生效。公司将根据相关规定，尽快完成董事的补选工作。 证券代码：600129 证券简称：太极集团 公告编号：2024-020 重庆太极实业（集团）股份有限公司 关于董事辞职的公告 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。 重庆太极实业（集团）股份有限公司（以下简称：公司）董事会 于 2024 年 3 月 28 日收到公司董事张忠喜先生提交的书面辞职申请。 因工作调动原因，张忠喜先生申请辞去公司董事、副总经理、董事会 审计委员会委员职务。辞职后，张忠喜先生不再担任公司任何职务。 截至本公告披露日，张忠喜先生未持有公司股份，亦不存在应履 行而未履行的承诺事项。 公司及公司董事会对张忠喜先生在任职期间为公司发展所做出 的贡献表示衷心感谢！ 特此公告。 重庆太极实业（集团）股份有限公司 2024 年 3 月 30 日 ...

Financial Performance - The company achieved operating revenue of 15.62 billion yuan in 2023, representing a year-on-year increase of 10.58%[24]. - Net profit attributable to shareholders reached 822.12 million yuan, a significant increase of 131.99% compared to the previous year[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 774.45 million yuan, reflecting a year-on-year growth of 111.35%[24]. - Basic earnings per share were 1.48 yuan, up 131.25% from 0.64 yuan in 2022[18]. - The weighted average return on equity increased to 23.82%, compared to 12.15% in the previous year[18]. - The company reported a total revenue of 16,600 million for the year, with a net profit of 1,310.43 million[113]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion yuan, representing a 20% year-over-year growth[116]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion yuan, representing a 15% year-over-year growth[117]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of 3.0 CNY per 10 shares to all shareholders, totaling approximately 167.07 million CNY (including tax) based on a total share capital of 556,890,744 shares as of December 31, 2023[4]. - The company has held two shareholder meetings during the reporting period, ensuring equal voting rights for all shareholders[103]. - The company is committed to maintaining the interests of minority shareholders and has made amendments to its articles of association to enhance governance[103]. - The total number of ordinary shareholders as of the end of the reporting period was 26,909, down from 38,422 the previous month[199]. Audit and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm, ensuring the authenticity and completeness of the financial report[3]. - The company is committed to ensuring the accuracy and completeness of the annual report, with management taking legal responsibility for its content[2]. - The company has not violated any regulatory decision-making procedures for external guarantees[6]. - The company has not reported any significant differences in governance compared to regulations set by the China Securities Regulatory Commission[105]. Risk Management - The company has outlined potential risks and corresponding countermeasures in the annual report management discussion and analysis section[6]. - The company faces significant risks from policy changes in the pharmaceutical industry, including centralized procurement and healthcare reforms, which may impact revenue and profit[101]. - The company is addressing market risks by improving its competitive capabilities and optimizing supply chain management[102]. Research and Development - The company launched 31 key R&D projects in 2023, including 16 traditional Chinese medicine projects, 14 chemical drug projects, and 1 biological drug project[31]. - The company has established strategic partnerships with over 20 universities and research institutions to enhance innovation and R&D capabilities[31]. - The company is focusing on R&D for anti-tumor, cardiovascular, and endocrine system drugs, while managing the risks associated with new drug development[102]. - Research and development expenses surged by 113.52% to approximately ¥233.62 million, compared to ¥109.42 million in the previous year, reflecting a significant increase in R&D investment[39]. Market Expansion and Strategy - The company expanded its international business, entering five new markets including the UAE and Italy, and obtained 21 relevant import/export certificates[27]. - The company aims to enhance its market presence in Southeast Asia, targeting a 20% increase in sales from this region[113]. - The company plans to enhance its digital marketing efforts, with an investment of 101.44 million aimed at increasing online sales channels[113]. - The company plans to establish at least 50 new key supplier partnerships and expand its direct sales pharmacy model by adding no less than 100 new franchise pharmacies in 2024[96]. Corporate Governance - The board of directors consists of 15 members, with 12 external directors and 5 independent directors, ensuring a majority of external and independent oversight[104]. - The company has established a long-term mechanism to prevent the controlling shareholder from occupying the company's funds and harming its interests, with specific provisions in the Articles of Association regarding "occupation equals freezing"[104]. - The company has implemented a communication mechanism with the controlling shareholder to ensure timely information disclosure[104]. Environmental and Social Responsibility - The company invested a total of 4,909,000 CNY in poverty alleviation and rural revitalization projects, benefiting 240,000 people[169]. - The company has established an environmental protection management system and developed emergency response plans for environmental incidents[163]. - The company achieved a reduction of 13,723 tons in carbon dioxide equivalent emissions through various decarbonization measures[164]. Financial Management - The company has established a comprehensive budget management system for subsidiaries, focusing on budget indicators and key tasks for performance evaluation[150]. - The company is committed to strengthening financial management and budget control, focusing on dynamic management and precise quantification of indicators[100]. - The company has implemented changes in accounting policies effective from January 1, 2023, impacting the recognition of deferred tax assets and liabilities[176].

医药生物/中药Ⅱ 公 司 研 太极集团（600129.SH） 经营质效稳定提升，发展改革持续推进 究 2024年03月29日 ——公司信息更新报告 投资评级：买入（维持） 余汝意（分析师） yuruyi@kysec.cn 证 书编号：S0790523070002 日期 2024/3/29 当前股价(元) 33.25  经营质效提升，利润快速增长，维持“买入”评级 公 一年最高最低(元) 68.44/29.75 公司2023年实现营收156.23亿元（同比+10.58%，下文皆为同比口径）；归母净 司 利润8.22亿元（+131.99%）；扣非归母净利润7.74亿元（+111.35%）。从盈利能 信 总市值(亿元) 185.17 息 流通市值(亿元) 185.17 力来看，2023年毛利率为48.6%（+3.18pct），净利率为5.26%（+2.76pct）。从费 更 总股本(亿股) 5.57 用端来看，2023 年销售费用率为 33.45%（+0.41pct）；管理费用率为 4.74% 新 报 流通股本(亿股) 5.57 （-0.53pct）；研发费用率为1.5%（+0.74pct）；财务费用率为0.94 ...

业绩简评 2024 年 3月 28日，公司发布 2023 年年度报告。2023 年公司实现 收入156.2亿元，同比+10.6%；归母净利润8.2亿元，同比+132.0%； 扣非归母净利润7.7 亿元，同比+111.3%。 单季度看，公司2023 年Q4 实现收入 34.4 亿元，同比-1.6%；归 母净利润 0.64 亿元，同比-35.7%；扣非归母净利润 0.59 亿元， 同比+35.0%。 经营分析 主品放量迅速，医药工业增长态势良好：分板块来看，2023 年公 司医药工业实现收入103.88亿元，同比+19.4%，其中现代中药实 人民币(元) 成交金额(百万元) 现收入66.04 亿元，同比+31.64%；化药实现收入37.84 亿元，同 73.00 1,400 比+2.72%。核心品种中：太极藿香正气口服液实现收入 22.71 亿 66.00 1,200 1,000 元，同比+45%；急支糖浆实现收入8.81 亿元，同比+67%；通天口 59.00 800 52.00 服液实现收入3.16 亿元，同比+10%；鼻窦炎口服液实现收入2.61 600 45.00 400 亿元，同比+22%；复方对乙酰氨 ...

[Table_Title] 证券研究报告 核心品种营收高增长，推进数字化转型 公司研究 [Table_ReportDate] 2024年03月29日 [Table_ReportType] 公司点评报告 [T事ab件le：_ 1S）u太mm极ar集y]团发布2023年年度报告，2023年公司实现营业收入 156.2 [太Ta极bl集e_团Sto（ck6A0n0dR1a2n9k）] 亿元，同比增长10.58%；实现归母净利润8.22亿元，同比增长131.99%; 实 投资评级 增持 现扣非归母净利润7.74亿元，同比上升111.35%；经营性现金流量净额 6.72 亿元，同比下降 62.29%；2023 年公司 EPS 为 1.48 元/股，同比增长 上次评级 增持 无 131.25%。2）太极集团公告，公司合计拟派发现金红利 1.67亿元（含税）， 2023年度公司现金分红比例为20.32%。 [唐Ta爱b金le_医Au药th行o业r]首席分析师 执业编号：S1500523080002 点评： 联系电话：19328759065  核心产品收入增速较快。据公司公告，2023 年四季度，公司实现营收 邮箱：tan ...

关于本报告 本报告是重庆太极实业（集团）股份有限公司发布的第二份 ESG 报告，本着客观、规范、透明和全面的原则， 详细披露公司 2023 年在积极承担社会责任和促进可持续发展等方面的具体举措、重点实践、亮点案例和关键 绩效，旨在回应利益相关方的期望，未来更好地履行社会责任。 时间范围 本 报 告 涵 盖 期 间 为 2023 年 1 月 1 日 至 12 月 31 日。为增强本报告的对比性和前瞻性，部分 内容适当追溯以往年份。 报告范围 本报告以重庆太极实业（集团）股份有限公司为 主体，包括下属分子公司。除特别说明外，本 报告范围与本公司年报范围保持一致。 编制依据 国务院国有资产监督管理委员会《央企控股上 市公司 ESG 专项报告编制研究》 上海证券交易所《上海证券交易所上市公司自 律监管指引第 1 号—规范运作》《上海证券交 易所上市公司自律监管指引第 14 号—可持续 发展报告（试行）（征求意见稿）》 全球报告倡议组织（GRI）《可持续发展报告标 准（GRI Standards）》 《联合国可持续发展目标》(UN SDGs 2030) 数据来源及可靠性保证 本报告引用的全部信息数据均来自于重庆太极 实 ...