Investment Rating - The report maintains a "Buy" rating for Jingxin Pharmaceutical (002020) [1] Core Views - Jingxin Pharmaceutical achieved revenue of 2.15 billion yuan in the first half of 2024, a year-on-year increase of 11.02% [1] - Net profit attributable to the parent company was 400 million yuan, up 27.28% year-on-year [1] - Non-GAAP net profit was 330 million yuan, growing 15.19% year-on-year [1] - Finished drug revenue reached 1.301 billion yuan, a 17.13% increase year-on-year [1] - The company's first Class 1 new drug, Didaxini, officially launched in March 2024 and is expected to participate in national medical insurance negotiations by year-end [1] Business Performance - Finished drug business showed strong growth momentum, driven by marketing model reforms and improved sales capabilities [1] - Raw material drug revenue grew 5.66% to 501 million yuan [1] - Medical device revenue increased slightly by 0.46% to 312 million yuan [1] - Gross margin improved by approximately 1 percentage point, while four expense ratios decreased by about 1 percentage point [1] R&D and Innovation - The company is advancing multiple innovative drug pipelines in areas including schizophrenia, Parkinson's disease, depression, and lipid-lowering [1] - JX11502MA capsule and Kangfuxin enteric-coated capsule II are in clinical trials [1] - JX2105 capsule has obtained clinical approval and is progressing through Phase I trials [1] - More than 10 other research projects are progressing as planned [1] Financial Projections - Forecasted net profit for 2024-2026 is 750 million, 870 million, and 1.03 billion yuan respectively [2] - Projected PE ratios for 2024-2026 are 12x, 11x, and 9x respectively [2] - Revenue growth rates for 2024-2026 are expected to be 10.49%, 10.99%, and 11.48% respectively [3] - Net profit growth rates for 2024-2026 are projected at 21.99%, 14.87%, and 18.23% respectively [3] Valuation Metrics - Current price: 10.78 yuan [1] - Total market capitalization: 9.282 billion yuan [4] - 52-week price range: 8.6-14.73 yuan [4] - Total assets: 8.463 billion yuan [4] - Net assets per share: 6.57 yuan [4] Historical Performance - Relative index performance shows Jingxin Pharmaceutical outperforming the CSI 300 index by 27% over the past year [4] - The company's stock price has shown a strong upward trend, particularly in the first half of 2024 [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.76 CNY [3][4] Core Insights - The company has shown steady performance with robust growth in revenue and profit, achieving a revenue of 2.15 billion CNY in the first half of 2024, representing a year-on-year increase of 11.02%, and a net profit of 402 million CNY, up 27.28% year-on-year [1][2] - The growth in finished drug sales, particularly in the outpatient and overseas markets, has been significant, with outpatient sales increasing by over 80% and overseas sales by over 30% in the first half of 2024 [1][2] - The successful launch of the innovative drug Didasanil and ongoing clinical trials for other innovative drugs indicate a positive trajectory for the company's transformation [1][2] Financial Performance Summary - Revenue for 2024 is projected at 4.4 billion CNY, with a year-on-year growth of 10.0%, and net profit is expected to reach 710 million CNY, reflecting a growth of 14.7% [2][5] - The gross margin is forecasted to be 52.1% in 2024, with a net margin of 16.1% [2][5] - The company's earnings per share (EPS) is estimated to be 0.82 CNY for 2024, increasing to 1.13 CNY by 2026 [2][5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.76 yuan, based on a 18x PE ratio for 2024 [3][4]. Core Insights - The company has shown steady performance with double-digit growth in both revenue and net profit. In the first half of 2024, the company achieved revenue of 2.15 billion yuan (up 11.02% year-on-year) and a net profit of 402 million yuan (up 27.28% year-on-year) [1][2]. - The growth in finished drug sales, particularly in the outpatient and overseas markets, reflects the success of the company's commercialization reforms. Finished drug revenue reached 1.30 billion yuan (up 17.13% year-on-year), with outpatient market revenue growing over 80% and overseas revenue increasing over 30% [1][2]. - The successful launch of the innovative drug Didasanil and ongoing clinical trials for other innovative drugs indicate a well-structured transition towards innovation [1][2]. Financial Performance Summary - Revenue for 2024 is projected at 4.4 billion yuan, with a year-on-year growth of 10.0%. The net profit is expected to reach 710 million yuan, reflecting a growth of 14.7% [2][5]. - The gross margin is forecasted to be 52.1% in 2024, with a net margin of 16.1% [2][5]. - The company's return on equity (ROE) is projected to be 12.4% in 2024, improving to 14.3% by 2026 [2][5].

[ T able_StockInfo] 2024 年 08 月 14 日 证券研究报告•2024 半年报点评 买入 （维持） 当前价：10.78 元 京新药业（002020）医药生物 目标价：——元（6 个月） 成品药增速亮眼，扣非净利增长超预期 [Table_Summary 业绩总结：公司] 2024 上半年实现营业收入 21.5 亿元（同比增长 11.02%），实 现归母净利润 4 亿元（同比增长 27.28%）；扣非归母净利润 3.3 亿元（同比增 长 15.19%）。 成品药增速表现亮眼，毛利率提升以及销售费用率下降驱动扣非利润快速增长。 经营业绩稳定增长主要因为营销模式调整改革初步完成、营销力快速提升，仿 制药集采品种带来增量，成品药业务恢复较好增长趋势。扣非净利快速增长主 要系四费率下降约 1pp、毛利率提高约 1pp。归母净利润增速显著高于扣非净利 增速主要系实现政府补助等其他收益约 7213万。上半年，成品药收入 13.01亿 元，同比增长 17.13%；原料药收入 5.01亿元，同比增长 5.66%；医疗器械 3.12 亿元，同比增长 0.46%。 失眠新药地达西尼 2024年 3月正式销售 ...

为新业证券所有内容必须经新业证券审核后方可留存未经允许和授权转载转发此次会议内容均属侵权新业证券将保留追究其法律责任的权利涉及外部嘉宾发言的不承担因转载转发引起的任何损失及责任 市场有风险投资需谨慎提醒投资者注意投资风险审慎参考会议内容尊敬的各位投资人分析师大家下午好欢迎大家参加新兴药业二零二四年中报业绩电话会我是新业证券药分析师孙元元今天与我一同在线主持的还有我的同事周文凯此外还有联合主持的券商还有中信证券 西南证券 华谷证券 东吴证券 北方证券这次电话会呢我们也很荣幸的邀请到了金星药业的董事会秘书王冻证券事务总监黄冻为大家一同交流分享金星药业营销模式调整改革初步完成营销能力快速提升我们也看到公司2024年上半年实现了超预期的增长 在新环境下展现出了强劲的增长韧性同时公司也跨入广场结合的新发展阶段一类新名药一打新米已经成功实现伤害化销售同时创新研发持续生根精神神经心脑血管领域我们下面先把时间交给公司管理层为我们回顾介绍2024年上半年的业绩及业务情况 最后的话我们再开放分析师和投资人的职务环节谢谢谢谢孙老师各位投资者大家上午好我是惊惊摇曳的IR总监黄晓东首先还是非常感谢大家对我们一直以来的支持和关注这样我们 ...

F原证券 医药生物/化学制药 公 司 研 究 京新药业（002020.SZ） 2024 年 08 月 16 日 业绩稳健增长，营销改革效果逐渐显现 ——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 | 2024/8/16 | | 当前股价 ( 元 ) | 11.53 | | 一年最高最低 ( 元 ) | 15.25/8.28 | | 总市值 ( 亿元 ) | 99.28 | | 流通市值 ( 亿元 ) | 75.68 | | 总股本 ( 亿股 ) | 8.61 | | 流通股本 ( 亿股 ) | 6.56 | | 近 3 个月换手率 (%) | 91.26 | 股价走势图 -32% -16% 0% 16% 32% 48% 2023-08 2023-12 2024-04 2024-08 京新药业 沪深300 数据来源：聚源 相关研究报告 《成品药稳中有增，失眠新药放量可 期—公司首次覆盖报告》-2024.5. ...

Investment Rating - Buy (Maintained) [1] Core Views - The company reported robust performance in H1 2024, with revenue reaching 2.15 billion yuan (+11.02% YoY) and net profit attributable to shareholders of 402 million yuan (+27.28% YoY) [1] - The finished drug business showed strong growth, with revenue increasing by 17.13% YoY to 1.301 billion yuan, driven by sales system upgrades [1] - The company's marketing reform has begun to show results, with rapid growth in out-of-hospital market revenue, which increased by over 80% YoY in H1 2024 [2] - The company's first Class 1 new drug, Jinonning® (Didaxinib Capsules), officially entered the market in March 2024, marking a new stage of "innovation and imitation combination" for the company [2] - The company is expected to achieve net profits of 722 million yuan, 822 million yuan, and 941 million yuan in 2024, 2025, and 2026, respectively, with corresponding PE valuations of 13.6x, 12.0x, and 10.5x [2] Financial Performance - In H1 2024, the company's revenue from finished drugs was 1.301 billion yuan (+17.13% YoY), while revenue from APIs was 501 million yuan (+5.66% YoY), and revenue from medical devices was 312 million yuan (+0.46% YoY) [1] - The company's sales expenses decreased by 3.63% YoY in H1 2024, with a sales expense ratio of 17.85% (-2.72 percentage points) [2] - The company's gross margin is expected to improve from 50.6% in 2023 to 53.5% in 2026, with net profit margins increasing from 15.6% to 16.7% over the same period [4] - The company's ROE is projected to rise from 11.2% in 2023 to 13.0% in 2026, reflecting improved profitability [4] Business Development - The company has shifted its marketing model from a "line-based" system to a hospital and retail division model, focusing on deepening hospital market penetration and expanding the out-of-hospital market [2] - The company has established strategic partnerships with multiple chain pharmacies, accelerating the layout of its retail business [2] - The company's R&D pipeline is progressing steadily, with several projects in clinical trials, including JX11502MA Capsules and Kangfuxin Enteric-coated Capsules II [2] Valuation and Forecast - The company's revenue is expected to grow from 3.999 billion yuan in 2023 to 5.688 billion yuan in 2026, with a CAGR of 12.4% [4] - The company's net profit is forecasted to increase from 619 million yuan in 2023 to 941 million yuan in 2026, with a CAGR of 14.9% [4] - The company's EPS is projected to rise from 0.72 yuan in 2023 to 1.09 yuan in 2026, with a P/E ratio decreasing from 17.67x to 10.5x over the same period [4]

Financial Performance - Revenue for the first half of 2024 reached 2.15 billion yuan, an increase of 11.02% year-over-year [4] - Finished drug revenue: 1.301 billion yuan, up 17.13% [4] - API revenue: 501 million yuan, up 5.66% [4] - Medical device revenue: 312 million yuan, up 0.46% [4] - Net profit attributable to shareholders: 402 million yuan, up 27.28% [4] - Non-GAAP net profit: 334 million yuan, up 15.19% [4] Sales and Marketing - Sales expenses decreased by 3.63% to 384 million yuan in H1 2024, with the sales expense ratio dropping by 2.72 percentage points [4] - The company has been focusing on improving sales efficiency and optimizing the internal structure of sales expenses [4] - The launch of Didansine (Jingnuoning®) in March 2024 has led to over 30 academic promotion events and the development of more than 200 hospitals [4] R&D and Innovation - JX11502MA capsule and Kangfuxin enteric-coated capsule are in Phase II clinical trials [4] - JX2105 capsule has obtained clinical approval and is progressing smoothly in Phase I trials [4] - Over 10 other R&D projects are in progress [4] International Business - Formulation export business grew by over 30% in H1 2024, driven by capacity expansion and the completion of 9 technology transfer projects [4] - The company is focusing on expanding its presence in European and American markets, as well as emerging markets, while building its own brand [4] Operational Adjustments - The company restructured its sales model in 2023, merging hospital and retail divisions, which has shown positive results since Q3 2023 [4] - The company aims to deepen its presence in hospital markets and accelerate retail business through strategic partnerships with chain pharmacies [4] Depreciation and Amortization - The company expects a significant amount of depreciation and amortization in 2024 due to the completion of several production bases [4] - The company plans to mitigate the impact of depreciation and amortization through increased sales revenue [4]

证 券 研 告 公 司 研 究 究 报 2024 年 08 月 16 日 | --- | --- | --- | |---------------------------------------------------------|---------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

公 司 报 告 公 司 半 年 报 点 评 证 券 研 究 报 告 京新药业(002020.SZ) 成品药院外放量迅速，精神神经创新管线持续推进 推荐（维持） 事项： 股价：11.44 元 | --- | --- | |----------------------------|----------------------| | 主要数据 \n行业 | 医药 | | 公司网址 | www.jingxinpharm.com | | 大股东 / 持股 | 吕钢 /20.77% | | 实际控制人 | 吕钢 | | 总股本 ( 百万股 ) | 861 | | 流通 A 股 ( 百万股 ) | 656 | | 流通 B/H 股 ( 百万股 ) | | | 总市值（亿元） | 99 | | 流通 A 股市值 ( 亿元 ) | 75 | | 每股净资产 ( 元 ) | 6.57 | | 资产负债率 (%) | 32.8 | 行情走势图 - 103300150 相关研究报告 【平安证券】京新药业（002020.SZ）*季报点评*24Q1 业绩重回 长期 增长轨 道，盈 利能力 持续 优化*推荐 20240424 【平安证券】 ...