医药生物 | 证券研究报告 — 调整盈利预测 2025 年 4 月 24 日 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 20.5 18.5 16.2 25.7 相对深圳成指 22.6 26.1 19.7 18.8 发行股数 (百万) 1,754.08 流通股 (百万) 1,751.94 总市值 (人民币 百万) 70,145.54 3 个月日均交易额 (人民币 百万) 430.60 主要股东持股比例（%） 中国远大集团有限责任公司 41.67 (19%) (10%) (1%) 8% 16% 25% Apr-24 May-24 Jun-24 Jul-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 华东医药 深圳成指 000963.SZ 买入 原评级：买入 市场价格:人民币 39.99 板块评级:强于大市 股价表现 相关研究报告 《华东医药》20241028 《华东医药》20240816 《华东医药》20240430 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 资料来源：公司公告， Wind ，中银证 ...

Core Viewpoint - The company achieved its best-ever performance in 2024, with significant growth in net profit and revenue, marking a recovery from previous years' stagnation due to market pressures [2][4]. Financial Performance - In 2024, the company reported total revenue of 41.91 billion yuan, a year-on-year increase of 3.16% [4]. - The net profit attributable to shareholders reached 3.51 billion yuan, reflecting a growth of 23.72% compared to the previous year [4]. - The basic earnings per share increased by 23.60% to 2.0046 yuan [4]. - Total assets at the end of 2024 amounted to 37.88 billion yuan, up 13.04% from the previous year [4]. Business Segments - The company focuses on three core therapeutic areas: oncology, endocrinology, and autoimmune diseases, with its subsidiary, Sino-American East China, being a key revenue driver [2]. - Sales from the pharmaceutical commercial segment reached 27.09 billion yuan, a slight increase of 0.41% [2]. - The medical aesthetics segment reported a revenue of 2.33 billion yuan, down 4.94% due to macroeconomic factors [2]. Innovation and R&D - The company has made significant strides in its innovation pipeline, particularly in the endocrinology sector, with promising results from clinical trials for its GLP-1 receptor agonist [5][8]. - R&D investment increased by 12.2% to 1.43 billion yuan, with over 80 innovative drug projects currently in development [8]. - The company has introduced new products, including CAR-T therapies and ADC drugs, which are expected to contribute significantly to future revenues [7][8]. Market Challenges and Opportunities - The company faced challenges from market competition and regulatory pressures, particularly affecting its older products [6]. - The entry into the pet pharmaceutical market is seen as a growth opportunity, with significant sales potential from newly acquired products [3][7].

Core Insights - East China Pharmaceutical achieved a record annual performance in 2024 with revenue of 41.906 billion yuan, a growth rate of 3.16%, and a net profit of 3.512 billion yuan, reflecting a double-digit growth of 23.72% [1] - The company successfully met the performance targets set in the 2022 restricted stock incentive plan for 2024 [1] Revenue Structure - The core subsidiary, Sinopharm East China, contributed sales revenue of 13.811 billion yuan, a year-on-year increase of 13.05%, and a net profit of 2.876 billion yuan, up 29.04% [2] - The pharmaceutical commercial segment generated revenue of 27.092 billion yuan, a slight increase of 0.41%, with a net profit of 456 million yuan, up 5.58% [2] - The medical aesthetics segment saw revenue of 2.326 billion yuan, a decline of 4.94% due to slowing consumer demand [2] - The industrial microbiology segment achieved sales revenue of 711 million yuan, a significant growth of 43.12% [2] Dividend Announcement - East China Pharmaceutical announced a cash dividend of 1.017 billion yuan for 2024, along with an interim dividend of 614 million yuan, totaling an expected cash dividend of 1.631 billion yuan for the year [2] Innovation Pipeline - The company’s innovative product pipeline has entered the acceptance phase, with over 80 projects currently in development [4][5] - The ADC new drug for treating platinum-resistant ovarian cancer received conditional approval from the NMPA in November 2024 [5] - The company has established a robust ADC pipeline with over 12 projects through a combination of in-house development and external partnerships [5] Product Approvals - The ovarian cancer drug Senapali capsules received NMPA approval in January 2025 [6] - The CAR-T product Zevokioran injection has completed certification for over 200 domestic medical institutions since its approval in March 2024 [6] - The innovative self-immune product Arcalyst for rare diseases received approval in 2024 [6] Medical Aesthetics Performance - The medical aesthetics segment generated revenue of 2.326 billion yuan, reflecting a decline amid economic challenges [10] - The subsidiary Sinclair in the UK reported a revenue drop of 25.81% to approximately 967 million yuan [10] - The domestic subsidiary Xinkeli achieved revenue of 1.139 billion yuan, a growth of 8.32% [11] Product Development in Medical Aesthetics - The company has launched 40 high-end medical aesthetic products, with 26 already on the market [11] - New products such as Ellansé have been introduced, with significant uptake in high-end medical institutions [11] - The energy source device V20 received NMPA approval in September 2024, with over 200 institutions adopting the technology [12]

Investment Rating - The investment rating for the company is "Buy" and the rating has been maintained [1][3][8] Core Views - The company achieved a historical high in performance, with 2024 revenue reaching 41.906 billion yuan, a year-on-year increase of 3.16%, and a net profit attributable to shareholders of 3.512 billion yuan, up 23.72% year-on-year [3][8] - The pharmaceutical industry is identified as the core growth engine, with the pharmaceutical manufacturing segment showing a net profit of 2.876 billion yuan, a 29.04% increase year-on-year [3][4] - The company has accelerated the launch of innovative products, with 133 ongoing research projects, including 94 innovative products and biosimilars [3][4] Financial Performance Summary - For 2024, the company reported a comprehensive gross margin of 33.21%, an increase of 0.81 percentage points year-on-year, and a net profit margin of 8.34%, up 1.33 percentage points year-on-year [3][4] - The revenue breakdown by segment includes: pharmaceutical commerce at 27.092 billion yuan (0.41% growth), pharmaceutical manufacturing at 13.811 billion yuan (13.05% growth), medical aesthetics at 2.326 billion yuan (-4.94% decline), and industrial microbiology at 711 million yuan (43.12% growth) [3][4] - The company expects net profits for 2025-2027 to be 4.028 billion, 4.559 billion, and 5.120 billion yuan respectively, with corresponding EPS of 2.30, 2.60, and 2.92 yuan [8][10] Research and Development - The company invested 2.678 billion yuan in R&D for the pharmaceutical manufacturing segment in 2024, a 16.77% increase year-on-year, with direct R&D expenses accounting for 12.91% of the segment's revenue [3][4] - Several innovative products have been approved for market launch, including CAR-T product and biosimilars, indicating a strong pipeline and ongoing commitment to innovation [3][4][5] Market Performance - The total market capitalization of the company is 68.985 billion yuan, with a circulating market value of 68.904 billion yuan [1][3] - The company is positioned to benefit from the recovery of domestic and international consumer markets, particularly in the medical aesthetics segment, which is expected to stabilize and grow with new product approvals [5][6]

Investment Rating - The investment rating for the company is "Buy" and the rating has been maintained [1][3][8] Core Views - The company achieved record high performance in 2024, with operating revenue of 41.906 billion yuan, a year-on-year increase of 3.16%, and a net profit attributable to shareholders of 3.512 billion yuan, up 23.72% year-on-year [3][8] - The pharmaceutical industry is identified as the core growth engine, with the pharmaceutical manufacturing segment achieving a net profit of 2.876 billion yuan, a year-on-year increase of 29.04% [3][4] - The company has accelerated the launch of innovative products, with significant R&D investment in the pharmaceutical sector reaching 2.678 billion yuan, a 16.77% increase year-on-year [3][4] Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 41.906 billion yuan, with a gross margin of 33.21% and a net margin of 8.34% [3][10] - The pharmaceutical commercial, industrial, aesthetic medicine, and industrial microbiology segments generated revenues of 27.092 billion, 13.811 billion, 2.326 billion, and 711 million yuan respectively, with growth rates of 0.41%, 13.05%, -4.94%, and 43.12% [3][4] R&D and Innovation - The company has 133 ongoing pharmaceutical projects, with 94 being innovative products and biosimilars [3][4] - Several innovative products were approved for market launch in 2024, including CAR-T product and biosimilar injections [4][5] Market Outlook - The company expects net profits for 2025-2027 to be 4.028 billion, 4.559 billion, and 5.120 billion yuan respectively, with corresponding EPS of 2.30, 2.60, and 2.92 yuan [8][10] - The company is focusing on expanding its international market presence and enhancing its product development capabilities [5][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profit performance slightly exceeded expectations, with notable growth in the industrial and industrial microbiology segments [7] - In 2024, the company achieved total revenue of 41.906 billion yuan, representing a year-on-year growth of 3.16%, and a net profit attributable to shareholders of 3.512 billion yuan, up 23.72% year-on-year [7] - The industrial segment saw rapid growth, with core subsidiary China Medical East achieving sales revenue of 13.811 billion yuan, a 13.05% increase, and a net profit of 2.876 billion yuan, up 29.04% [7] - The industrial microbiology segment reported a significant revenue increase of 43.12%, with various sub-segments showing strong growth [7] - The aesthetic medicine segment experienced a decline in overseas revenue but maintained growth in domestic revenue, with total revenue of 2.326 billion yuan, down 4.94% year-on-year [7] - The company has a rich pipeline of products under development, focusing on oncology, endocrinology, and autoimmune diseases, with over 80 innovative drug candidates [7] - The profit forecast for 2025-2026 has been adjusted, with expected net profits of 4.014 billion yuan and 4.539 billion yuan, respectively, corresponding to a P/E ratio of 17 and 15 [7] Financial Summary - Total revenue for 2023 is projected at 40.624 billion yuan, with a year-on-year growth of 7.71% [1] - The net profit attributable to shareholders for 2023 is estimated at 2.839 billion yuan, reflecting a year-on-year increase of 13.59% [1] - The latest diluted EPS for 2023 is expected to be 1.62 yuan per share, with a P/E ratio of 24.30 [1] - The company’s total assets are projected to reach 37.879 billion yuan by 2024, with total liabilities of 14.315 billion yuan [8] - The cash flow from operating activities for 2024 is expected to be 3.749 billion yuan [8]

Financial Performance - In 2024, the company achieved a revenue of CNY 41.906 billion, a year-on-year increase of 3.16% [4] - The net profit attributable to shareholders was CNY 3.512 billion, up 23.72% year-on-year [4] - The net profit after deducting non-recurring gains and losses was CNY 3.352 billion, reflecting a growth of 22.48% [4] - Compared to 2021, revenue and net profit grew by 21.24% and 52.59%, respectively [4] Business Segments Performance Pharmaceutical Industry - The pharmaceutical segment generated a revenue of CNY 13.811 billion, with a year-on-year growth of 13.05% [5] - The net profit for this segment was CNY 2.876 billion, increasing by 29.04% [5] - R&D investment in the pharmaceutical industry reached CNY 2.678 billion, a 16.77% increase [5] Aesthetic Medicine - The domestic aesthetic medicine subsidiary reported a revenue of CNY 1.139 billion, growing by 8.32% [6] - The UK subsidiary, Sinclair, generated approximately CNY 0.967 billion, a decline of 25.81% due to global economic challenges [6] Industrial Microbiology - The industrial microbiology segment achieved a revenue of CNY 0.711 billion, a significant increase of 43.12% [25] - Growth rates for specific areas included 38% for specialty raw materials and intermediates, 20% for xRNA, and 142% for health and biological materials [25] R&D and Product Development - The company has over 80 innovative drug candidates in its pipeline [5] - The oral small molecule GLP-1 receptor agonist HDM1002 has shown promising results in clinical trials, with over 800 participants [17] - The ADC pipeline includes more than 12 projects, with ongoing clinical trials for several candidates [14] Market Strategy and Future Outlook - The company plans to actively participate in medical insurance negotiations for new products [6] - There is a focus on expanding market presence in both domestic and international markets, particularly in the aesthetic medicine sector [26] - The company anticipates a gradual recovery in overseas aesthetic medicine markets [26] Investor Relations and Communication - The annual performance meeting was attended by 381 institutional and individual investors [2] - The chairman emphasized the commitment to high-quality development and strategic goals for the upcoming three-year plan [27]

Group 1 - The core viewpoint of the article is that the audit committee of East China Pharmaceutical Co., Ltd. has conducted a thorough evaluation of the performance of the accounting firm Tianjian for the 2024 fiscal year, confirming its compliance with professional standards and independence [7][12][24]. - The audit committee reported that Tianjian effectively executed its quality management measures during the annual audit process, with no significant issues identified [2][11]. - The audit work plan for 2024 was comprehensive and tailored to the company's specific needs, focusing on key areas such as revenue recognition and asset impairment [3][4]. Group 2 - Tianjian has established a dedicated audit team with members possessing extensive experience in auditing listed companies, supported by experts in various fields [4]. - The company has implemented a systematic information security management framework, ensuring the confidentiality and proper handling of sensitive information during the audit process [5]. - Tianjian has accumulated over 100 million yuan in professional risk funds and liability insurance, demonstrating its capacity to manage professional risks [6]. Group 3 - The audit committee's evaluation confirmed that Tianjian adhered to independent auditing principles and provided objective and fair reflections of the company's financial status [10][12]. - The company has made changes to its accounting policies in accordance with new regulations issued by the Ministry of Finance, effective from January 1, 2024, which will not impact previously disclosed financial statements [14][22]. - The board of directors and the supervisory board have approved the changes to the accounting policies, affirming that these changes are reasonable and will not adversely affect the company's financial results [25][26].

Core Viewpoint - The company has achieved significant growth in revenue and net profit, demonstrating resilience and adaptability in a competitive pharmaceutical market, while focusing on innovation and high-quality development across its four main business segments [21][24][28]. Company Overview - Founded in 1993 and headquartered in Hangzhou, Zhejiang, the company has developed into a large-scale comprehensive pharmaceutical listed company covering the entire pharmaceutical industry chain, including pharmaceutical manufacturing, commercial distribution, medical aesthetics, and industrial microbiology [5][6]. Business Segments Pharmaceutical Manufacturing - The pharmaceutical manufacturing segment achieved a sales revenue of 138.11 billion yuan, a year-on-year increase of 13.05%, and a net profit of 28.76 billion yuan, up 29.04% [24][25]. - The company focuses on high-quality, efficient development, optimizing organizational structure, and enhancing capability construction [24]. Pharmaceutical Commercial - The pharmaceutical commercial segment reported a revenue of 270.92 billion yuan, a slight increase of 0.41%, and a net profit of 4.56 billion yuan, up 5.58% [28]. - The company emphasizes maintaining existing market share while expanding into new markets, enhancing service quality, and leveraging digital transformation [29][30]. Medical Aesthetics - The medical aesthetics segment generated revenue of 23.26 billion yuan, a decrease of 4.94%, but is expected to recover with new product launches [31][32]. - The company has a global operational platform through its subsidiary Sinclair, focusing on expanding its product offerings and market presence [31][32]. Industrial Microbiology - The industrial microbiology segment achieved a sales revenue of 7.11 billion yuan, a significant increase of 43.12% [39]. - The company is actively expanding its international market presence and enhancing its product development capabilities in this segment [40][41]. Financial Performance - In 2024, the company reported total revenue of 419.06 billion yuan, a year-on-year growth of 3.16%, and a net profit of 35.12 billion yuan, up 23.72% [21][22]. - The company maintains a comprehensive gross profit margin of 33.21%, reflecting improved operational quality [21]. Innovation and R&D - The company has established a global new drug R&D center, focusing on innovative drug development in oncology, endocrinology, and autoimmune diseases, with over 80 innovative drug pipelines [9][10]. - Continuous investment in R&D has led to the development of a diverse product pipeline, ensuring a steady flow of innovative products to the market [9][10]. Market Strategy - The company is adapting to the evolving pharmaceutical market landscape by enhancing its marketing strategies, focusing on digital transformation, and improving service delivery across its business segments [28][30]. - The company aims to strengthen its competitive position by leveraging its established relationships with healthcare providers and expanding its product offerings [30].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [9] Core Insights - The company achieved a revenue of RMB 419.1 billion in 2024, representing a year-over-year growth of 3.2%, with a net profit of RMB 35.1 billion, up 23.7% year-over-year [5] - The pharmaceutical industrial segment showed steady growth, with a core subsidiary generating revenue of RMB 138.1 billion, a year-over-year increase of 13.1% [7] - The company is actively advancing new innovative drugs and medical aesthetics products, with a research and development investment of RMB 2.7 billion in 2024, reflecting a year-over-year increase of 16.8% [7] Financial Performance - The company reported a gross margin of 33.2% in 2024, an increase of 0.8 percentage points year-over-year, while the expense ratio decreased to 22.1%, down 1 percentage point [7] - The projected net profits for 2025, 2026, and 2027 are RMB 40.7 billion, RMB 47.8 billion, and RMB 55.7 billion, respectively, with year-over-year growth rates of 15.9%, 17.6%, and 16.5% [8] - The earnings per share (EPS) for the same years are expected to be RMB 2.32, RMB 2.73, and RMB 3.18, with corresponding price-to-earnings (P/E) ratios of 16X, 13X, and 12X [8] Shareholder Information - The major shareholder is China Yuanda Group Co., Ltd., holding 41.67% of the shares [5] - The company has a total market capitalization of RMB 645.24 billion [5] Market Position - The company operates in the pharmaceutical and medical aesthetics sectors, with a product mix that includes 52.1% from commercial operations and 15.3% from manufacturing [2]