Investment Rating - The investment rating for the company is "Buy" with a target of outperforming the market by over 15% in the next six months [6][12]. Core Insights - The company reported a revenue of 8.45 billion yuan for the first three quarters of 2024, representing an increase of 11.19% year-on-year, and a net profit attributable to shareholders of 2.69 billion yuan, up 11.73% [3][4]. - The core products, particularly liver disease and cardiovascular medications, showed strong growth, with revenues of 4.28 billion yuan (+20.24%) and 268 million yuan (+11.66%) respectively for the first three quarters [4]. - The company is actively expanding its channel construction, having added over 10,000 new retail outlets through partnerships with major chains [5]. Financial Performance - For Q3 2024, the company achieved a revenue of 2.80 billion yuan (+9.60%) and a net profit of 965 million yuan (+11.73%) [3]. - The overall gross margin for the first three quarters was 45.54%, a decrease of 2.98 percentage points, with liver disease medications showing a gross margin of 70.79% [5][10]. - The forecast for revenue growth is projected at 13.51% for 2024, with net profit expected to reach 3.31 billion yuan, translating to an EPS of 5.49 yuan [6][11]. Product and Market Development - The company has successfully reintroduced the An Gong Niu Huang Wan product, achieving over 100 million yuan in sales, indicating strong demand resilience [4]. - The cosmetics segment also performed well, with a revenue of 525 million yuan (+21.92%) in the first three quarters [4]. - The company is expected to alleviate gross margin pressure through the potential import of raw materials, which may help stabilize costs [5][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong performance in liver disease medications and maintained high profitability levels in the third quarter of 2024, with total revenue reaching 8.45 billion yuan, an increase of 11.19% year-on-year, and a net profit attributable to shareholders of 2.687 billion yuan, up 11.73% [3][4] - The pharmaceutical sector showed steady growth, with the pharmaceutical manufacturing industry achieving revenue of 4.612 billion yuan, a growth of 19.71%, while the cosmetics segment also performed well, with revenue of 0.525 billion yuan, an increase of 21.92% [3][4] - The company is focusing on cost reduction and efficiency improvement, maintaining a gross margin of 46.87% despite a decline, while the net profit margin slightly increased to 34.62% [3][4] - The company is enhancing its online and offline sales channels, with significant achievements in e-commerce, including ranking first in sales for liver disease medications on major platforms [4] Financial Forecast and Valuation - The company’s revenue forecast for 2024-2026 has been adjusted to 31.53 billion yuan, 36.19 billion yuan, and 41.42 billion yuan respectively, with corresponding P/E ratios of 46, 40, and 35 times [4] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 5.23 yuan, 6.00 yuan, and 6.87 yuan respectively [2][4]

Investment Rating - The report maintains a "Cautious Accumulate" rating for the company [6]. Core Views - The company is actively enhancing channel construction, leading to rapid revenue growth from core products, while effectively controlling costs, indicating a potential for sustained performance growth [4]. - For the first three quarters of 2024, the company reported revenue of 8.45 billion yuan (+11.2%) and a net profit attributable to shareholders of 2.687 billion yuan (+11.7%), with Q3 alone contributing 2.8 billion yuan in revenue (+9.6%) and 965 million yuan in net profit (+11.7%), aligning with expectations [4]. - The forecasted EPS for 2024-2026 is set at 5.21, 5.92, and 6.65 yuan respectively, with a target price adjustment to 248.64 yuan based on a 2025 PE of 42X, reflecting the scarcity of core products [4]. Summary by Sections Revenue and Profitability - The company achieved a revenue of 8.45 billion yuan in Q1-3 2024, marking an 11.2% increase year-on-year, with a net profit of 2.687 billion yuan, also up by 11.7% [4]. - The revenue from liver disease medications reached 4.283 billion yuan (+20.2%), with Q3 alone contributing 1.643 billion yuan (+25.3%) [4]. - The gross margin for Q1-3 2024 was 70.8%, a decrease of 7.4 percentage points year-on-year, while the net profit margin slightly decreased by 0.26 percentage points to 32.16% [4]. Cost Control and Efficiency - Despite a rise in raw material costs leading to a gross margin decline, the company has maintained effective cost control, with sales and management expense ratios at 3.93% and 2.69% respectively, both showing year-on-year reductions [4]. - The company continues to focus on cost reduction and efficiency improvements, which are expected to support stable profit growth as brand influence and revenue scale increase [4]. Market Position and Future Outlook - The company is expanding its distribution channels, with over 10,000 new stores added in Q3 and ongoing development of traditional Chinese medicine outlets [4]. - The online sales channels are being strengthened through partnerships with major e-commerce platforms, contributing to overall sales growth [4]. - The anticipated catalysts for growth include exceeding sales expectations for core products and continued channel expansion [4].

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 307.50 CNY and a current price of 230.54 CNY [1]. Core Insights - The company's revenue for Q3 2024 is reported at 84.5 billion CNY, reflecting an increase of 11.2% year-on-year, while the net profit attributable to the parent company is 28.0 billion CNY, up by 9.6% [1]. - The core product, Pian Zai Huang, is expected to see a recovery in sales growth, although costs remain under pressure due to rising raw material prices [1]. - The company anticipates significant growth in liver disease medication revenue for the full year, driven by a notable increase in sales during Q3 2024 [1]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 42.8 billion CNY from liver disease medications, with a year-on-year growth of 20.2% [1]. - The gross profit margin for liver disease medications has decreased by 10.8 percentage points year-on-year, primarily due to increased raw material costs [1]. - The company has maintained stable financial indicators, with a projected revenue growth of 15% annually from 2024 to 2026 [1][3]. Revenue Breakdown - The revenue from the cosmetics segment reached 5.3 billion CNY in the first three quarters of 2024, showing a year-on-year increase of 21.9% [1]. - The company’s total revenue projections for 2024, 2025, and 2026 are 11,568 million CNY, 13,302 million CNY, and 15,294 million CNY, respectively, with a consistent growth rate of 15% [3]. Valuation Metrics - The report indicates a price-to-earnings (P/E) ratio of 50 for 2023, decreasing to 33 by 2026, reflecting an expected improvement in earnings [3]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 5.34 CNY, 6.15 CNY, and 7.09 CNY, respectively [3].

证券代码：600436 证券简称：片仔癀 公告编号：2024-046 漳州片仔癀药业股份有限公司 第七届董事会第二十五次会议决议公告 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。 漳州片仔癀药业股份有限公司（以下简称"公司"）第七届董事 会第二十五次会议于 2024 年 10 月 17 日（星期四）上午 9：00 在公 司片仔癀大厦 24 楼会议室以通讯方式召开。会议通知和议案以专人 送达、电子邮件方式发出。本次会议应参加表决董事 9 人，实际表决 的董事 9 人。会议召开符合《公司法》与《漳州片仔癀药业股份有限 公司章程》（以下简称"《公司章程》"）的有关规定，合法、有效，会 议由董事长林志辉先生主持。经审议，与会董事以通讯方式表决以下 决议： 出席会议的董事 9 票同意，0 票反对，0 票弃权。 报告内容详见公司同日在上海证券交易所网站披露的公告。 本议案已经公司董事会审计委员会 2024 年第八次会议审议通 过，同意相关内容并提交至公司董事会审议。本议案经董事会审议通 过后无需提交至公司股东大会审议。 二、审议通过《公 ...

漳州片仔癀药业股份有限公司 2024 年第三季度报告 证券代码：600436 证券简称：片仔癀 漳州片仔癀药业股份有限公司 2024 年第三季度报告 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。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准 确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责 任。 公司负责人林志辉、主管会计工作负责人杨海鹏及会计机构负责人（会计主管人 员）郑志平保证季度报告中财务信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 1 / 22 漳州片仔癀药业股份有限公司 2024 年第三季度报告 注："本报告期"指本季度初至本季度末 3 个月期间，下同。 一、 主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 | --- | --- | --- | --- | --- | |-------------------------------------------------|------------------- ...

根据《上海证券交易所上市公司自律监管指引第3号——行业信息披 露（2022年修订）》《上市公司行业信息披露指引第六号——医药制造 （2022年修订）》等相关法律法规，漳州片仔癀药业股份有限公司（以 下简称"公司"）现将2024年前三季度主要经营数据披露如下： 证券代码：600436 证券简称：片仔癀 公告编号：2024-048 漳州片仔癀药业股份有限公司 2024年前三季度主要经营数据公告 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。 一、 公司 2024 年前三季度主营业务分行业情况 | | | | 行业 | 主营业务 | 主营业务 | 毛利率 | 主营业务 收入增长 | 主营业务 成本增长 | 毛利率 | | --- | --- | --- | --- | --- | --- | --- | | | 收入 | 成本 | （%） | | | 增减情况 | | | | | | 率（%） | 率（%） | | | 医药 | 461,178.86 | 152,709.23 | 66.89 | 19.71 | 60.08 | 减少 ...

证券代码：600436 证券简称：片仔癀 公告编号：2024-047 漳州片仔癀药业股份有限公司 第七届监事会第十八次会议决议公告 《公司 2024 年第三季度报告》编制和审议的人员有违反保密规定的 行为。 本议案无需提交至公司股东大会审议。 一、审议通过《公司 2024 年第三季度报告》； 参加表决的监事 5 票同意,0 票反对，0 票弃权。报告内容详见公 司同日在上海证券交易所网站披露的公告。 监事会发表审核意见如下： 1、公司董事会对《公司 2024 年第三季度报告》的编制和审议程 序符合法律法规和公司内部管理制度的各项规定；2、《公司 2024 年 第三季度报告》的内容和格式符合中国证监会和上海证券交易所的各 项规定，所包含的信息从各个方面真实地反映出公司报告期内的经营 1 / 2 管理和财务状况等事项；3、在发表独立审核意见前，未发现参与到 本公司监事会及全体监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。 漳州片仔癀药业股份有限公司（以下简称"公司"）第七届监事 会第十八次会议于 2024 年 10 月 17 日（星期四）上午 11： ...

证券代码：600436 证券简称：片仔癀 公告编号：2024-045 漳州片仔癀药业股份有限公司 2024 年半年 度权益分派实施公告 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。 重要内容提示： | 股份 | 股权登记日 | 最后 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | 类别 | | 交易日 | | | | Ａ股 | 2024/10/21 | － | 2024/10/22 | 2024/10/22 | 差异化分红送转：否 一、 通过分配方案的股东大会届次和日期 2024 年 5 月 20 日，漳州片仔癀药业股份有限公司（以下简称"公 司"）召开 2023 年年度股东大会，审议通过《公司 2023 年度利润分配 预案》，授权董事会在符合相关前提下决定 2024 年中期利润分配方案 并实施。 2024 年 8 月 23 日，公司召开第七届董事会第二十四次会议，审议 通过《公司 2024 年中期利润分配预案》。 1 每股分配比例 A 股每股现金红利 1.15 ...

证券代码：600436 证券简称：片仔癀 公告编号：2024-044 漳州片仔癀药业股份有限公司 关于投资参与设立基金的进展公告 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。 重要内容提示： 漳州片仔癀药业股份有限公司（以下简称"公司"）全资子 公司漳州片仔癀投资管理有限公司（以下简称"片仔癀投资"）与 上海同山投资管理有限公司（以下简称"同山投资"）、及海南乐 心科技有限责任公司（以下简称"乐心科技"）共同发起设立上海 闽山生命健康科技合伙企业（有限合伙）（以下简称"闽山科 技"）。其中，片仔癀投资作为有限合伙人以自有资金认缴出资 300 万元，占闽山科技的比例为 30.00%。 盈科创新资产管理有限公司（以下简称"盈科资本"）和闽 山科技作为普通合伙人，与片仔癀投资、盈嘉科达投资有限公司 （以下简称"盈嘉科达"）、漳州高鑫发展有限公司（以下简称 "高鑫发展"）、三明市投资发展集团有限公司（以下简称"三明 发展"）共同发起设立福建片仔癀盈科健康产业投资合伙企业（有 限合伙）（暂定名，该合伙企业尚未完成工商注册，以下简称"片 ...