华东医药 000963 基础数据： 分分析析师师：XXX huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085205 2024 年 8 月 16 日 证券研究报告/公司研究 化学制剂/化学制药/医药生物 创新步入收获期，BD 合作持续推进 事件：公司发布2024年半年报：2024年上半年公司实现营收209.65亿元， 截至 2024 年 8 月 16 日 当前股价 30.25 元 投资评级 买入 评级变动 维持 总股本 17.54 亿股 流通股本 17.50 亿股 总市值 530.59 亿元 流动市值 529.65 亿元 事件点评： 同比增长2.84%；归母净利润16.96亿元，同比增长18.29%；扣非归母净 利润16.25亿元，同比增长13.85%。其中第二季度公司实现营业收入 105.54亿元，同比增长2.76%；归母净利润 8.34亿元，同比增长 22.85%; 扣非归母净利润7.87亿元，同比增长17.46%。如扣除股权激励费用及参 控股研发机构等损益影响，实现归属于上市公司股东的扣除非经常性损 益净利润18.02亿元，相比2023年上半年度 ...

证券代码：000963 证券简称：华东医药 华东医药股份有限公司投资者关系活动记录表 | --- | --- | --- | |------------|---------------|---------------------| | | □特定对象调研 | □分析师会议 | | 投资者关系 | □媒体采访 | □业绩说明会 | | 活动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | ☑其他 华东医药 2024 | 参与单位：华创证券、中信建投证券、兴业证券、中金公司、中信证券、 中国银河证券、浙商证券、申万宏源证券、东吴证券、国金证券、国盛 证券、天风证券、西南证券、方正证券、德邦证券、国联证券、AIHC Capital Management Limited、Franklin Templeton Investments、HGNH International Asset Management (SG) PTE.LTD、KIM 韩国投信、SMC - P notes、The Capital Group、UBS Asset Management (Singapore) Limited、 嘉实基金 ...

Investment Rating - The report maintains a "Recommend" rating for the company [3][4]. Core Viewpoints - The company reported Q2 2024 results that exceeded expectations, with a revenue of 20.965 billion yuan, a year-on-year increase of 2.84%, and a net profit attributable to shareholders of 1.696 billion yuan, up 18.29% year-on-year [2]. - The pharmaceutical industrial segment showed robust growth, achieving a revenue of 6.698 billion yuan in H1 2024, a 10.63% increase year-on-year, while the medical aesthetics business faced challenges due to global economic conditions [2][3]. - The company has a strong pipeline with 129 projects under research, including 86 innovative products and biosimilars, and has increased R&D investment by 10.34% to 1.110 billion yuan in H1 2024 [3][5]. Financial Performance Summary - For H1 2024, the company achieved a revenue of 20.965 billion yuan, with a net profit of 1.696 billion yuan, and a non-recurring net profit of 1.625 billion yuan, reflecting growth rates of 2.84%, 18.29%, and 13.85% respectively [2]. - The forecast for net profit attributable to shareholders for 2024-2026 is projected at 3.429 billion yuan, 3.995 billion yuan, and 4.606 billion yuan, with year-on-year growth rates of 20.78%, 16.52%, and 15.29% respectively [5][6]. - The company’s earnings per share (EPS) are expected to be 1.95 yuan, 2.28 yuan, and 2.63 yuan for 2024-2026, with corresponding price-to-earnings (PE) ratios of 15, 13, and 11 [5][6].

不投资决策并自行承担投资风险华创证券不应使用本次内容所导致的任何损失承担任何责任专家发言内容仅代表专家个人观点不代表本公司观点本次会议内容不得涉及国家保密信息内幕信息未公开重大信息商业秘密个人隐私不得涉及可能引发不当炒作或股价异常波动的敏感信息 不得涉及影响社会或资本市场稳定的言论未经华创证券事先书面许可任何机构或个人不得以任何形式复制、刊载、转载、转发、引用本次会议内容否则,由此造成的一切后果及法律责任由该机构或个人承担本公司保留追究及法律责任的权利市场有风险,投资需谨慎 好的各位投资者上午好欢迎大家参加由华创证券联合中信建筑兴悦中进等券商一起举办的华东医药二零二四年中暴变化会我是华创医药组的郑成以及的还有朱克成 像是公司层面出席的领导有首席科学家刘东州总投资发展部总经理于喜总董事会秘书陈波总财务负责人邱仁波总我们看到公司二级股利润表现还是非常亮眼工业和医美两项业务都是稳健增长研发的项目也是稳步的推进 然后公司现在TA仅15倍市值500亿出头投资价值还是非常显著我们首先请董立成总就上半年经营情况做一个介绍后续我们会开放券商和投资者问答最后董立成总会给我们做个总结我们先有请成总发言 好的 谢谢郑老师也谢谢各位 ...

医药生物 | 证券研究报告 — 业绩评论 2024 年 8 月 16 日 000963.SZ 买入 原评级：买入 市场价格:人民币 30.25 板块评级:强于大市 股价表现 (31%) (23%) (15%) (7%) 2% 10% Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 华东医药 深圳成指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (29.7) 3.1 (15.1) (28.6) 相对深圳成指 (18.7) 8.0 (2.5) (7.0) | --- | |-----------| | 1,754.33 | | 1,750.90 | | 50,050.96 | | 279.62 | | | | 41.66 | | | 以 2024 年 8 月 16 日收市价为标准 相关研究报告 《华东医药》20240430 《华东医药》20240418 《华东医药》20231026 中银国际证券股份有限公司 具备证券投资咨询业务资格 医药生物：化学制药 证券分析师：梁端玉 duanyu.liang@bo ...

Investment Rating - Buy (Maintained) [1] Core Views - The company achieved a revenue of 20.965 billion yuan (+2.84%) and a net profit attributable to the parent company of 1.696 billion yuan (+18.29%) in the first half of 2024 [3] - The pharmaceutical industry segment maintained a steady growth of over 10%, while the pharmaceutical commerce segment experienced a slight decline [3] - The medical aesthetics business achieved a revenue growth of over 10%, with domestic medical aesthetics contributing significantly [3] - The company has a rich pipeline of 129 R&D projects, with 86 being innovative products and biosimilars, providing a foundation for long-term growth [4] Financial Performance - Revenue for 2024H1: 20.965 billion yuan (+2.84%) [3] - Net profit attributable to the parent company for 2024H1: 1.696 billion yuan (+18.29%) [3] - Revenue for Q2 2024: 10.554 billion yuan (+2.76%) [3] - Net profit attributable to the parent company for Q2 2024: 834 million yuan (+22.85%) [3] Segment Performance - Pharmaceutical Industry: Revenue of 6.698 billion yuan (+10.63%), net profit of 1.385 billion yuan (+11.48%) [3] - Pharmaceutical Commerce: Revenue of 13.552 billion yuan (-0.58%), net profit of 218 million yuan (+0.90%) [3] - Medical Aesthetics: Revenue of 1.348 billion yuan (+10.14%), with domestic medical aesthetics contributing 618 million yuan (+19.78%) [3] R&D and Innovation - Total R&D projects: 129, including 86 innovative products and biosimilars [4] - Key areas of focus: Endocrinology, autoimmune diseases, and oncology [4] - Recent approvals: Liraglutide injection for type 2 diabetes and obesity in 2023, and application for recurrent pericarditis in March 2024 [4] Financial Forecasts - Revenue forecast for 2024-2026: 43.511 billion yuan, 47.734 billion yuan, 52.180 billion yuan [2] - Net profit attributable to the parent company forecast for 2024-2026: 3.348 billion yuan, 3.916 billion yuan, 4.561 billion yuan [4] - EPS forecast for 2024-2026: 1.91 yuan, 2.23 yuan, 2.60 yuan [2] Valuation Metrics - Current P/E ratio: 14.95x (2024E), 12.78x (2025E), 10.97x (2026E) [2] - Current P/B ratio: 2.14x (2024E), 1.83x (2025E), 1.57x (2026E) [9] - ROE forecast for 2024-2026: 14.28%, 14.32%, 14.29% [9]

证券研究报告 华东医药 (000963 CH) 2Q24 利润增长提速 2Q24 收入利润稳健增长，维持买入评级 公司 8/15 发布 24 年中报，1H24 实现营收 209.7 亿元（+2.8%yoy），归母 净利润 17.0 亿元（+18.3%yoy），扣非归母净利润 16.3 亿元（+13.9%yoy）， 其中 2Q24收入+2.8%yoy，归母净利润+22.9%yoy，扣非净利润+17.5%yoy。 收入端增速低于利润增速主因商业增速放缓（1H24 商业收入占比 65%，利 润占比 13%）。考虑到 24 年集采影响较小+创新药密集获批+利拉鲁肽放量+ 国内医美放量，我们给予 24-26 年归母净利润 34.14/40.56/43.79 亿元，分 部估值法给予目标价 48.12 元（前值 50.49 元）。 商业高基数下承压，工业仿制药增长稳健 1）商业：1H24 营收 135.5 亿元，-0.6%yoy，其中 2Q24 +0.7%yoy，考虑 到 2H23 低基数，我们预计全年收入+~5%；2）工业：1H24 中美华东收入 67.0 亿元，+10.6%yoy，归母净利润 13.9 亿元，+11.5 ...

Investment Rating - The report maintains a "Buy" rating for East China Medicine (000963 SZ) [2] Core Views - The company achieved revenue of 20 965 billion yuan (+3%) and net profit attributable to the parent company of 1 696 billion yuan (+18%) in the first half of 2024 [2] - The second quarter of 2024 saw revenue of 10 554 billion yuan (+3%) and net profit attributable to the parent company of 834 million yuan (+23%) [2] - The company's four major business segments (pharmaceutical industry pharmaceutical commerce medical aesthetics and industrial microbiology) showed steady growth with improved profitability [2] - The medical aesthetics segment achieved revenue of 1 348 billion yuan (+10 14%) with Sinclair contributing 570 million yuan (-14 81%) and Xinkeli Aesthetics contributing 618 million yuan (+19 78%) [2] - The company has 86 innovative drug and biosimilar projects in its R&D pipeline as of August 2024 with several key products in advanced stages of development [2] Financial Performance - The company's revenue is expected to grow from 44 629 billion yuan in 2024E to 53 529 billion yuan in 2026E with a CAGR of 9 63% [4] - Net profit attributable to the parent company is projected to increase from 3 364 billion yuan in 2024E to 4 572 billion yuan in 2026E with a CAGR of 16 55% [4] - EPS is forecasted to grow from 1 92 yuan in 2024E to 2 61 yuan in 2026E with corresponding P/E ratios of 16x 13x and 12x [3] - ROE is expected to improve from 14 38% in 2024E to 15 31% in 2026E [4] Business Segments - The core subsidiary Sino-American East China achieved revenue of 6 698 billion yuan (+10 63%) and net profit of 1 385 billion yuan (+11 48%) in the first half of 2024 [2] - The medical aesthetics segment contributed 13 48% of total revenue with Xinkeli Aesthetics showing strong growth of 19 78% [2] R&D Progress - The company has 86 innovative drug and biosimilar projects in its pipeline as of August 2024 [2] - Key products include Somituoximab injection (for platinum-resistant ovarian cancer) and Maihuatinib tablets (for EGFR-sensitive mutations) which have received marketing application acceptance [2] - The oral small molecule GLP-1 receptor agonist HDM1002 completed Phase 2 clinical trials for weight management in overweight or obese populations [2] - The global innovative product Rilonacept for injection (ARCALYST®) and Ustekinumab biosimilar are under review for CAPS RP and plaque psoriasis indications respectively [2]

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 16 日 华东医药(000963.SZ) 医美业务稳步发展且创新研发渐入佳 境，2024H1 公司经营依旧稳健 事件： 公司发布了 2024 年半年度报告，2024H1 公司分别实现营收和扣非后 归母净利润 209.65 亿元和 16.25 亿元，分别同比增长 2.84%和 13.85%。 得益于工业板块稳步发展和医美业务盈利稳步提升，2024H1 公 司业绩增长稳健： 998345874 收入端，2024H1 公司实现营收 209.65 亿元，同比增长 2.84%。其中， 中美华东、医药商业、医美业务（剔除内部抵消）分别实现营收 66.98 亿元（+10.63%）、135.52 亿元（-0.58%）、13.48 亿元（+10.14%）。 利润端，2024H1 公司实现扣非后归母净利润 16.25 亿元，同比增长 13.85%。得益于工业板块稳步增长和医美业务盈利稳步提升，公司业 绩实现稳健增长。 国内业务成为医美板块的核心驱动力，多个产品取得积极进展： 公司稳步推进国内国际双循环发展的战略，目前国内业务成为驱动医 美板块持续增长的 ...

华东医药股份有限公司 2024 年半年度报告全文 华东医药股份有限公司 2024 年半年度报告 2024 年 8 月 16 日 1 华东医药股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人吕梁、主管会计工作负责人吕梁及会计机构负责人(会计主管 人员)邱仁波声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告涉及的未来计划、发展战略等前瞻性描述，不构成公司对 投资者的实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并 应当理解计划、预测与承诺之间的差异。 公司在经营中，面对有行业政策变化及产品降价风险、新药研发风险、 投资并购风险、汇率波动风险等，详细内容见本报告"第三节 管理层讨论与 分析"之"十、公司面临的风险和应对措施"。敬请广大投资者关注，并注意投 资风险。 公司经本次董事会审议通过的利润分配预案为：以公司现有总股本 1,754,327,548 股 ...