Investment Rating - The report maintains a "Buy" rating for the company with a target price of 39.48 CNY based on a reasonable valuation level of 21 times the earnings for 2024 [3][6]. Core Insights - The company achieved a revenue of 16.789 billion CNY (+6.64%) and a net profit attributable to the parent company of 2.471 billion CNY (+25.85%) in the first three quarters of 2024, indicating rapid growth and improved profitability driven by optimized product structure in infusion products, rising volume and price of antibiotic intermediates, milestone payments from innovative drugs, and excellent cost control [1][2]. - The ADC platform is leading domestically, with products expected to enter a harvest phase soon. Notably, SKB264 (TROP-2 ADC) is anticipated to receive approval for treating triple-negative breast cancer by the end of this year, while several other ADC products are progressing well in development [1][2]. - The company has established an integrated layout from research to production in synthetic biology, with strong demand for antibiotics leading to increased volume and price, enhancing profitability [2]. Financial Summary - The company forecasts earnings per share (EPS) of 1.88 CNY, 2.11 CNY, and 2.36 CNY for 2024, 2025, and 2026 respectively. The projected revenue for 2024 is 23.337 billion CNY, with a year-on-year growth of 8.8% [3][5]. - The gross margin is expected to be 51.7% in 2024, with a net margin of 12.9% and a return on equity (ROE) of 14.1% [5][9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [6][7]. Core Insights - The company reported a strong Q3 performance with a year-on-year revenue increase of 0.35% and a net profit growth of 19.88%. The main drivers for profit growth include reduced sales expenses, ongoing upgrades in large infusion packaging materials, and stable prices for intermediates [1][2]. - For the first three quarters of 2024, the company achieved a total revenue of 16.789 billion yuan, a year-on-year increase of 6.64%, and a net profit of 2.471 billion yuan, reflecting a year-on-year growth of 25.85% [1][3]. - The company is expected to continue its growth trajectory, with projected revenues of 22.967 billion yuan, 25.757 billion yuan, and 28.456 billion yuan for 2024, 2025, and 2026 respectively, representing growth rates of 7.05%, 12.15%, and 10.48% [3][5]. Financial Summary - The company's gross margin for Q1-3 2024 was 52.51%, with a net profit margin of 17.40%. In Q3 alone, the gross margin was 49.35% and the net profit margin was 14.21% [1][5]. - The report forecasts earnings per share (EPS) of 1.98 yuan, 2.21 yuan, and 2.56 yuan for 2024, 2025, and 2026, with corresponding price-to-earnings (P/E) ratios of 17, 15, and 13 [3][5]. - The company is also expected to benefit from the commercialization of 11 new products in 2024, contributing to its revenue growth [1][5].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's profitability continues to improve, with a revenue of 16.789 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 6.64%. The net profit attributable to shareholders reached 2.471 billion yuan, up 25.85% year-on-year [6][7] - The structure of infusion products is continuously optimized, with significant growth in the revenue of raw materials and intermediates. The revenue from antibiotic intermediates and raw materials reached 4.456 billion yuan, a year-on-year increase of 24.43% [7] - The commercialization of innovative products is imminent, with four innovative varieties expected to be launched in the next year. The commercialization team is fully prepared for the sales of these products [8] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 16.789 billion yuan, with a net profit of 2.471 billion yuan, reflecting a year-on-year growth of 25.85% [6] - The operating cash flow for the period was 3.275 billion yuan, down 22.97% year-on-year, indicating a need for monitoring cash flow management [6] Product and Market Analysis - The infusion product segment has shown stable revenue with significant profit growth, driven by a decrease in sales expenses and an increase in the proportion of closed infusion products [7] - The antibiotic intermediates and raw materials segment has seen a substantial increase in both volume and price, contributing to the overall revenue growth [7] Future Outlook - The company expects to maintain stable revenue growth, with projected revenues of 23.639 billion yuan, 25.875 billion yuan, and 28.042 billion yuan for 2024, 2025, and 2026 respectively [9] - The net profit attributable to shareholders is forecasted to be 2.917 billion yuan, 3.443 billion yuan, and 4.021 billion yuan for the same years, indicating a positive growth trajectory [9]

证券代码：002422 证券简称：科伦药业 公告编号：2024-121 四川科伦药业股份有限公司 关于子公司核心产品芦康沙妥珠单抗（sac-TMT）的新药申请获国 家药品监督管理局受理的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 四川科伦药业股份有限公司（以下简称"公司"或"科伦药业"）近日获悉， 公司控股子公司四川科伦博泰生物医药股份有限公司（以下简称"科伦博泰"） 基于芦康沙妥珠单抗(sac-TMT，前称 SKB264/MK-2870) OptiTROP-Lung04 关键 III 期研究积极结果的新药申请(NDA)（以下称"该申请"）已获中国国家药品监 督管理局(NMPA)药品审评中心(CDE)受理，用于治疗经表皮生长因子受体酪氨 酸激酶抑制剂(EGFR-TKI)治疗后进展的 EGFR 突变局部晚期或转移性非小细胞 肺癌(NSCLC)成人患者。 一、药品基本情况 OptiTROP-Lung04 是一项多中心、随机、注册Ⅲ期临床研究，评估芦康沙妥 珠单抗(sac-TMT)单药对比培美曲塞联合铂类治疗经 EGFR-TKI 治疗后进展的 EGFR 突 ...

Group 1: Financial Performance and Market Outlook - The company expects to achieve its annual budget targets for 2024 and 2025, focusing on closed-system products to support infusion revenue [1] - The infusion market is projected to remain stable, with a gradual increase in market concentration among leading companies, despite ongoing competition [1] - By the end of 2024, it is anticipated that half of the provinces will complete the price collection and linkage work for basic infusion products [1] Group 2: Cost Management and Production Efficiency - The company plans to reduce sales expenses in the hospital sector to maintain stable gross profit margins for high-margin products [3] - The introduction of high-speed production lines is expected to reduce production costs by 10-20%, with two lines starting production in Q4 2024 [3] - The company aims to optimize its product structure by replacing traditional plastic bottles with closed-system bags [3] Group 3: Product Development and Market Strategy - The sales proportion of closed-system infusion products has increased by 3% in the first half of the year, with a goal to lead the market in three-chamber bags [3] - The company is actively pursuing market opportunities in response to the exit of competitors from the Chinese market [3] - Future growth in generic drugs is anticipated, particularly if the results of the tenth batch of centralized procurement meet expectations [4] Group 4: Research and Development Focus - The company is focusing on areas with competitive advantages in drug development, including perioperative care, respiratory, anesthesia, and complex formulations [4] - The R&D expenditure for generic drugs is expected to stabilize in 2024, with a focus on optimizing project management and enhancing output ratios [4] - The company is exploring diverse development directions for ADCs (Antibody-Drug Conjugates), aiming to replace traditional chemotherapy with more targeted therapies [5]

公司点评报告 · 医药行业 三季度业绩超预期，创新板块兑现在即 —— 2024 年三季报业绩点评 2024 年 10 月 29 日 | --- | --- | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------|------------------------------| | ⚫ | 事件： 公司发布 2024 年三季报，前三季度收入 167.89 亿元，同比增长 6.64% ， | 科伦药业 （股票代码：002422） | | | | 归母净利润 24.71 亿元，同比增长 25.85% ，扣非后归母净利润 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 16.789 billion yuan for the third quarter of 2024, representing a year-on-year increase of 6.64%, while the net profit attributable to the parent company was 2.471 billion yuan, up 25.85% year-on-year [1] - The company has shown a significant improvement in its asset structure, with a notable increase in capital reserves by 45.55% year-on-year, surpassing the previous year's total [1] - The company’s core product, Lukanasatuzumab (Jiatelai), has received acceptance for a new indication NDA application, which is expected to accelerate its market entry [1] Financial Performance Summary - For the first three quarters of 2024, the overall gross margin was 52.51%, a decrease of 0.43 percentage points year-on-year, while the expense ratio was 31.17%, down 5.85 percentage points year-on-year [1] - The company’s operating cash flow for the period was 3.275 billion yuan, a decrease of 22.97% year-on-year [1] - The company expects revenues of 23 billion yuan, 25.475 billion yuan, and 27.597 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 7.2%, 10.8%, and 8.3% [3][4] Financial Indicators - The net profit attributable to the parent company is projected to be 3.094 billion yuan, 3.663 billion yuan, and 4.109 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 26.0%, 18.4%, and 12.2% [3][4] - The company’s gross margin is expected to improve slightly from 52.9% in 2024 to 54.2% in 2026 [3][4] - The projected P/E ratios for the next three years are 17X, 15X, and 13X respectively [1][3]

Financial Performance - The company's revenue for Q3 2024 reached ¥4,961,672,916, representing a 0.35% increase year-over-year, while the year-to-date revenue totaled ¥16,788,775,173, up 6.64% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was ¥670,816,034, a 19.88% increase year-over-year, with a year-to-date net profit of ¥2,470,927,259, reflecting a 25.85% increase[2]. - The net profit after deducting non-recurring gains and losses for Q3 2024 was ¥693,377,264, up 21.49% year-over-year, while the year-to-date figure was ¥2,446,592,329, an increase of 27.32%[2]. - The total profit for the current period was ¥3,705,661,963, up from ¥2,545,795,288, indicating an increase of about 45.3%[26]. - Comprehensive income totalled ¥2,903,385,363, compared to ¥2,216,439,909 in the previous period, reflecting an increase of around 30.9%[26]. - Basic earnings per share improved to ¥1.57 from ¥1.35, indicating a growth of approximately 16.3%[26]. Assets and Liabilities - The company's total assets at the end of Q3 2024 amounted to ¥38,392,363,975, a 5.31% increase from the end of the previous year[2]. - Total liabilities decreased to CNY 12.16 billion from CNY 13.44 billion, a reduction of about 9.5%[23]. - The equity attributable to shareholders of the parent company rose to CNY 22.56 billion, up from CNY 19.67 billion, marking an increase of approximately 14.7%[24]. - Current assets rose to CNY 19.07 billion from CNY 18.29 billion, an increase of about 4.3%[22]. - The company's retained earnings increased to CNY 11.34 billion from CNY 10.55 billion, an increase of about 7.5%[24]. Cash Flow - The company's cash flow from operating activities for the year-to-date period was ¥3,275,424,580, which represents a decrease of 22.97% compared to the same period last year[2]. - The total cash inflow from operating activities for the current period was ¥19,166,712,485, a decrease of 4.78% compared to ¥20,125,729,327 in the previous period[27]. - The net cash flow from operating activities decreased to ¥3,275,424,580, down 22.87% from ¥4,252,150,839 in the same period last year[27]. - Cash inflow from investment activities was ¥9,555,768,110, significantly higher than ¥5,010,691,332 in the previous period, indicating a strong increase of 90.56%[27]. - The ending balance of cash and cash equivalents was ¥5,095,056,907, down from ¥5,430,336,946 in the previous year[28]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 33,751[9]. - Liu Gexin holds 23.67% of shares, totaling 379,128,280 shares, with 106,624,000 shares pledged[9]. - The state-owned enterprise Yaan State-owned Assets Management Co., Ltd. holds 5.86% of shares, totaling 93,801,074 shares, with 32,700,800 shares pledged[9]. - The foreign entity Hong Kong Central Clearing Limited holds 5.17% of shares, totaling 82,873,371 shares[9]. - The top ten shareholders do not have any significant changes in their shareholding status compared to the previous period[10]. Expenses - Management expenses increased by 38.62% year-over-year to ¥979,692,555 due to business scale growth[7]. - Financial expenses decreased by 73.51% year-over-year to ¥54,504,775, attributed to a reduction in financing scale and interest rates[7]. - Research and development expenses decreased to ¥1,584,138,271 from ¥1,665,659,341, a reduction of about 4.87%[25]. - The company reported a decrease in sales expenses to ¥2,614,400,264 from ¥3,249,237,667, a reduction of approximately 19.5%[25]. Investments and Structured Deposits - The company has invested in structured deposits with Chengdu Bank, totaling 30,000,000 RMB across three deposits, with an expected annual return rate of 3.10%[11]. - The actual profit from the structured deposits during the reporting period is 236.46 million RMB[11]. - The company has structured deposits totaling 20,000 million CNY with a floating interest rate of 2.75% maturing on June 28, 2024[13]. - A significant investment of 30,000 million CNY in structured deposits was made with a floating interest rate of 2.65% maturing on July 31, 2024[13]. - The company has made a structured deposit of 30,000 million CNY with a floating interest rate of 2.80% maturing on July 22, 2024[12]. Product Development and Approvals - The company announced the approval of the drug Aiqupuobai Ethanolamine Tablets, enhancing its product portfolio[18]. - The company announced the approval of its subsidiary's drug, Olaparib, for registration on January 20, 2024[6]. - The company achieved a breakthrough therapy designation for its core product SKB264 (MK-2870) for treating PD-L1 negative TNBC[11]. - The company received FDA fast track designation for its product A400 (EP0031) on March 12, 2024[10]. - The company is expanding its market presence through new product registrations and clinical trials[28]. Strategic Partnerships - The company is expected to engage in routine related transactions with Chenshin Pharmaceutical Group in 2024, indicating ongoing partnerships[18]. - The company is collaborating with MSD on the SKB264/MK2870 project, indicating ongoing strategic partnerships[7]. - The company is actively expanding its market presence through strategic partnerships and product approvals[18].

四川科伦药业股份有限公司（以下简称"公司"或"科伦药业"）第八届监 事会第四次会议通知于 2024 年 10 月 24 日以电话和电子邮件方式送达全体监事。 第八届监事会第四次会议于 2024 年 10 月 28 日在科伦药业总部以现场及通讯的 方式召开，会议应到监事 3 人，实到监事 3 人，其中监事万鹏先生以现场方式出 席，其他监事均以通讯方式出席。会议的召开符合《中华人民共和国公司法》（以 下简称"《公司法》"）等法律、行政法规、部门规章、规范性文件和《公司章 程》的规定，作出的决议合法有效。 本次会议由公司监事会主席万鹏先生主持，与会监事就以下议案进行了审议、 表决，形成决议如下： 一、以 3 票同意、0 票反对、0 票弃权，审议通过了《关于公司 2024 年第三 季度报告的议案》 经审核，监事会认为：董事会编制和审核公司 2024 年第三季度报告的程序 符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了 上市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 证券代码：002422 证券简称：科伦药业 公告编号：2024-119 特此公告。 四川科伦药业股份有限公司 第 ...

本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、误 导性陈述或者重大遗漏负连带责任。 四川科伦药业股份有限公司（以下简称"公司"或"科伦药业"）第八届董 事会第四次会议通知于 2024 年 10 月 24 日以电话和电子邮件方式送达全体董事、 监事和高级管理人员。第八届董事会第四次会议于 2024 年 10 月 28 日以现场及 通讯的方式召开，会议应到董事 9 人，实到董事 9 人，其中董事刘思川先生以现 场方式出席，其他董事均以通讯方式出席，公司监事和高级管理人员列席了会议。 会议的召开符合《中华人民共和国公司法》（以下简称"《公司法》"）等法律、 行政法规、部门规章、规范性文件和《公司章程》的规定，作出的决议合法有效。 本次会议由公司董事长刘革新先生主持，与会董事就以下议案进行了审议与 表决，形成了如下决议： 证券代码：002422 证券简称：科伦药业 公告编号：2024-118 四川科伦药业股份有限公司 第八届董事会第四次会议决议公告 四川科伦药业股份有限公司董事会 2024 年 10 月 29 日 1 备查文件： 经公司董事签字确认的公司第八届董事会第四次会议决议。 一、以 ...