Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 142.27 CNY per share, compared to the current price of 84.19 CNY [4]. Core Insights - The company reported its 2024 mid-year results, showing a revenue of 6.639 billion CNY (+7.63% year-on-year) and a net profit attributable to shareholders of 1.720 billion CNY (-20.40% year-on-year) [2]. - The growth hormone segment continues to show stable growth, but increased investment during the transformation period has pressured profit margins [2]. - The company is increasing its R&D investment, which reached 1.138 billion CNY (+10.18% year-on-year) in the first half of 2024, indicating a deepening product layout [2]. Financial Summary - For the first half of 2024, the company achieved revenues of 5.152 billion CNY (+0.25% year-on-year) from Jinsai Pharmaceutical, with a net profit of 1.769 billion CNY (-19.49% year-on-year) [2]. - The gross profit margin decreased by 4.13 percentage points to 84.62%, with net profit margin dropping by 8.74 percentage points to 35.42% [2]. - The company forecasts EPS for 2024, 2025, and 2026 to be 10.16 CNY, 11.06 CNY, and 12.43 CNY respectively, with a projected PE ratio of 14 times for 2024 [2][3].

关于子公司聚乙二醇重组人生长激素 新规格新适应症上市申请获得批准的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 证券代码：000661 证券简称：长春高新 公告编号：2024-092 长春高新技术产业（集团）股份有限公司 产品名称：聚乙二醇重组人生长激素注射液 商品名称：金赛增 受理号：CXSS2300076 规格：27IU/4.5mg/0.5ml/瓶 剂型：注射剂 申请人：长春金赛药业有限责任公司 特纳综合征是由于全部或部分体细胞中一条 X 染色体完全或部分缺失，或 X 染色体存在其他结构异常所致。典型临床表现为：身材矮小、性腺发育不良、 具有特殊的躯体特征（如颈蹼、盾状胸、肘外翻）等，部分伴有自身免疫性疾病 （甲减、糖尿病等）、智力和神经认知功能障碍，对患儿的身心健康造成严重影 响。 近日，长春高新技术产业（集团）股份有限公司（以下简称"公司"）子公 司——长春金赛药业有限责任公司（以下简称"金赛药业"）聚乙二醇重组人生 长激素注射液（以下简称"长效生长激素"）新规格新适应症上市申请获得国家 药品监督管理局（以下简称"国家药监局"）批准。现将相关情 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported a revenue of 6.639 billion yuan for the first half of 2024, representing a year-on-year increase of 7.63%, while the net profit attributable to shareholders decreased by 20.40% to 1.720 billion yuan [2][3]. - The company is increasing its investment in innovation and transformation, with R&D expenses rising to 1.138 billion yuan, accounting for 17.14% of revenue, up 0.40 percentage points year-on-year [3][4]. Summary by Relevant Sections Revenue and Profitability - The company's revenue for Q1 and Q2 of 2024 was 3.177 billion yuan and 3.461 billion yuan, respectively, showing a year-on-year growth of 14.39% and 2.10% [3]. - The net profit for Q1 and Q2 was 859 million yuan and 861 million yuan, with a year-on-year change of +0.20% and -33.94% [3]. Business Segments - The revenue from overseas and non-pediatric old business has increased, with the sales revenue from international markets for growth hormone products reaching 85.238 million yuan, a year-on-year increase of 267.78% [3]. - The revenue from subsidiary companies includes 5.152 billion yuan from Jinsai Pharmaceutical, 618 million yuan from Baike Biological, and 391 million yuan from Huakang Pharmaceutical, with respective year-on-year growth rates of +0.25%, +10.05%, and +10.37% [3]. R&D and Innovation - R&D investment for the first half of 2024 was 1.138 billion yuan, up 10.18% year-on-year, with 887 million yuan in expense-based R&D and 251 million yuan in capitalized R&D [3]. - New product approvals include recombinant human follicle-stimulating hormone injection and other innovative products, with ongoing clinical trials for long-acting growth hormone products [3]. Financial Forecast and Valuation - The net profit forecasts for 2024-2026 have been adjusted downwards to 4.235 billion yuan, 4.630 billion yuan, and 4.943 billion yuan, reflecting a year-on-year change of -6.55%, +9.32%, and +6.75% respectively [4]. - The current price corresponds to a price-to-earnings ratio of 8 for 2024, 8 for 2025, and 7 for 2026, indicating attractive valuation given the company's operational quality [4].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported a revenue of 6.639 billion yuan for the first half of 2024, representing a year-on-year increase of 7.63%, while the net profit attributable to shareholders decreased by 20.40% to 1.720 billion yuan [2][3]. - The company is increasing its investment in innovation and transformation, with R&D expenses rising to 1.138 billion yuan, accounting for 17.14% of revenue, up 0.40 percentage points year-on-year [3][4]. - The revenue structure is shifting, with an increase in the contribution from overseas and non-pediatric businesses, while management expenses surged by 53.71% due to restructuring and increased operational costs [3][4]. Summary by Sections Financial Performance - For Q1 and Q2 of 2024, the company achieved quarterly revenues of 3.177 billion yuan and 3.461 billion yuan, respectively, with year-on-year growth rates of 14.39% and 2.10% [3]. - The net profit for Q1 and Q2 was 859 million yuan and 861 million yuan, showing a decline of 33.94% in Q2 [3]. Revenue Breakdown - The revenue from Jin Sai Pharmaceutical was 5.152 billion yuan, with a net profit of 1.769 billion yuan, down 19.49% year-on-year [3]. - The company saw significant growth in its real estate segment, with revenue increasing by 372.45% to 456 million yuan and net profit rising by 533.17% to 33 million yuan [3]. R&D and Innovation - The company has made progress in launching new products, including several injections and vaccines, with ongoing clinical trials for long-acting growth hormone products [3][4]. - The R&D investment reflects the company's commitment to innovation, with a focus on expanding its product portfolio and enhancing its market position [3][4]. Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been adjusted downward due to uncertainties in growth hormone procurement policies and increased expenses, with projected net profits of 4.235 billion yuan, 4.630 billion yuan, and 4.943 billion yuan, respectively [4]. - The current price corresponds to a price-to-earnings ratio of 8 for 2024, indicating an attractive valuation given the company's operational quality [4].

公司点评报告 · 医药行业 转型升级致利润承压、短期费用投入较高 2024 年中报业绩点评 核心观点 。 事件：2024 年 8 月 15 日，长春高新公布 2024 年半年报，实现营业收入约 66.39 亿元，同比增长 7.63%；归母净利润 17.20 亿元，同比下降 20.40%。 24Q2 实现营收 34.61 亿元，同比增长 2.10%；归母净利润 8.61 亿元，同比下 滑 33.94%。受地产公司结算增加成本、金赛药业转型调整管理架构等原因影 响，上半年归母净利润出现下滑。 。 金赛药业营收持平企稳。2024H1 子公司金赛药业实现收入 51.52 亿元，同 比增长 0.25%，主要由于长效产品放量，营收企稳；实现归母净利润 17.69 亿 元，同比降低 19.49%，主要由于金赛新 BU 管理架构调整导致的管理费用提 升，以及研发投入增加。长期来看，粉针、水针均集采中标，长效产品 PEG 实 现自产自用，同时出海业务呈现良好态势，我们预计生长激素收入和净利润有 望实现稳中有增。 o 金赛药业处于关键转型期，多个产品或有望明年上市。以生长激素为基石， 金賽药业向妇儿健康领域延伸，虽组人促卵泡激素 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 6.639 billion yuan for the first half of 2024, representing a year-on-year increase of 7.63%. However, the net profit attributable to shareholders decreased by 20.40% to 1.720 billion yuan [4] - The company is facing short-term pressure on performance, but its diversified product portfolio is expected to support long-term growth [4] - Increased investment in sales and R&D is noted, with sales, management, and R&D expense ratios rising to 29.12%, 8.31%, and 13.36% respectively in the first half of 2024 compared to the same period in 2023 [4] - The company is actively advancing its innovation strategy, with multiple new product registrations and applications in progress, which lays a foundation for future growth [4] Financial Summary - For 2024, the company is projected to achieve a net profit of 4.016 billion yuan, a decrease of 11.4%, with EPS expected to be 9.93 yuan, corresponding to a P/E ratio of 8.7 [4][6] - Revenue forecasts for 2024-2026 are 15.445 billion yuan, 16.567 billion yuan, and 17.784 billion yuan respectively, with net profits expected to grow to 4.336 billion yuan and 4.700 billion yuan in 2025 and 2026 [6] - The gross margin is projected to decline from 86.0% in 2023 to 83.0% in 2024, stabilizing around 83.3% by 2026 [6]

证券研究报告 长春高新 (000661 CH) 高基数下金赛企稳,转型周期投入提升 投资评级(维持): 买入 目标价(人民币): 142.80 研究员 代雯 SAC No. S0570516120002 SFC No. BFI915 daiwen@htsc.com +(86) 21 2897 2078 研究员 沈卢庆 SAC No. S0570519060001 SFC No. BNL372 shenluqing@htsc.com +(86) 21 2897 2228 研究员 孙茗馨 SAC No. S0570524020003 SFC No. BSZ633 sunmingxin019077@htsc.co m +(86) 21 2897 2228 华泰研究 中报点评 2024 年 8 月 16 日│中国内地 生物医药 高基数背景下收入稳健增长，业务转型周期管理/研发费用率有所上行 长春高新实现 1H24 收入 66.39 亿元（+7.6% yoy），归母净利润 17.2 亿元 （-20.4% yoy）。收入稳健增长而利润有所下滑，主因：1）2Q 高基数下， 金赛长效销售增长放缓，粉针/水针收入体量维稳；2） ...

证券代码：000661 证券简称：长春高新 公告编号：2024-091 长春高新技术产业（集团）股份有限公司 关于部分董事、监事、高级管理人员增持公司股份计划实施完成的公告 部分董事、监事、高级管理人员保证向本公司提供的信息内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 4、本次增持计划的实施期限：上述拟增持人计划在未来 6 个月内实施增持 计划。 5、本次拟增持股份的方式：通过深圳证券交易所集中竞价方式实施增持计 划。 增持计划的具体内容详见公司披露的《关于部分董事、监事、高级管理人员 增持公司股份计划的公告》（公告编号：2024-090）。 特别提示： 1、增持计划情况：长春高新技术产业（集团）股份有限公司（以下简称"公 司"）董事长、总经理姜云涛先生，董事、副总经理王志刚先生，董事、副总经 理李秀峰先生，监事会主席解兵先生，监事刘永川先生，职工代表监事李姝女士， 副总经理叶朋先生，副总经理、财务总监朱兴功先生，董事会秘书李洪谕先生拟 于 2024 年 8 月 16 日起 6 个月内通过深圳证券交易所集中竞价方式增持公司股 ...

证券代码：000661 证券简称：长春高新 长春高新技术产业（集团）股份有限公司 投资者关系活动记录表 编号：2024-006 □特定对象调研 □分析师会议 | --- | --- | --- | |----------------|------------------------------|-------------------------------------------------------| | 投资者关系活动 | | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 | □路演活动 | | | □现场参观 √电话会议 | | | | | 奥博资本、彬元资本、博道基金、程越康越、春谷私募、淳 | | | | 厚基金、大家资管、淡水泉、道仁资管、德邦证券、鼎讯基 | | | | 金、东方证券、东海基金、东吴证券、东吴资管、工银瑞 | | | | 信、国金证券、国联安、国联证券、国盛证券、国泰基金、 | | | | 国投瑞银、国投证券、禾永投资、红象投资、泓德基金、华 | | | | 安证券、华富基金、华泰证券、华泰证券资管、华夏久盈、 | | | | 华源证券、汇安基金、汇添富基金、嘉谟资 ...

业绩简评 2024 年 8 月 15 日，公司发布 2024 年半年度报告。公司 2024 年 上半年营业收入 66.39 亿元，同比增长 7.63%；实现归母净利润 17.20 亿元，同比降低 20.40%；实现扣非归母净利润 17.37 亿 元，同比降低19.72%。分季度看，2024年第二季度公司实现营业 收入 34.61 亿元，同比增长 2.09%；实现归母净利润 8.61 亿元， 同比减少 33.94%；实现扣非归母净利润 8.90 亿元，同比减少 32.02%。 经营分析 各板块收入端实现稳健增长，费用端短期承压。公司及各子公司 稳健经营，子公司金赛药业实现收入51.52亿元（+0.25%），实现 归母净利润 17.69 亿元（-19.49%）；子公司百克生物实现收入 6.18 亿元（+10.50%），实现归母净利润 1.38 亿元（+23.54%）； 子公司华康药业实现收入 3.91 亿元，（+10.37%），实现归母净利 润 0.24 亿元（+26.42%）；子公司高新地产实现收入 4.56 亿元， （+372.45%），实现归母净利润 0.33 亿元（533.17%）。上半年公 司管理费用 ...