Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 42.50, indicating a potential upside of 35.4% from the current price of RMB 31.40 [3][7]. Core Insights - The report highlights strong performance in the raw material drug business for 1H24, while the large-volume infusion segment faced pressure but is stabilizing. The target price has been raised to RMB 42.50 due to these developments [1][3]. - The company is focusing on innovation and commercialization, with two indications of SKB264 in the domestic approval stage and a commercial team being established [2]. - The report anticipates a revenue decline of less than 5% for the infusion segment for the full year, while the raw material and intermediate business is expected to maintain high growth rates [1][3]. Financial Performance Summary - Revenue for 2024E is projected at RMB 23,308 million, with a slight increase of 0.5% from the previous forecast. The gross profit is expected to be RMB 12,185 million, reflecting a 0.9% increase [3][8]. - The net profit attributable to shareholders for 2024E is estimated at RMB 2,874 million, a 0.7% increase from the prior forecast [3][8]. - The gross margin is projected to be 52.3% for 2024E, slightly improving from 52.1% in the previous forecast [3][8]. Business Segment Performance - The large-volume infusion segment experienced a revenue decline of 7% in 2Q24, while the raw material drug segment saw a significant revenue increase of 38% due to improved demand and production efficiency [1][2]. - Non-infusion generic drugs showed resilience with a revenue growth of 6%, particularly in categories like plastic water needles and men's health products [1][2]. - The company is enhancing its product development and marketing efforts, with expectations of significant sales growth in new product categories [1][2].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance exceeded expectations with a 9.52% year-on-year increase in revenue for H1 2024, reaching 11.827 billion yuan, and a 28.24% increase in net profit attributable to shareholders, amounting to 1.800 billion yuan [4] - The infusion product structure continues to optimize, with a 3.11 percentage point increase in the proportion of closed infusion products in H1 2024, despite a 7.15% decline in revenue from the large infusion segment [4] - The raw material drug intermediates experienced rapid growth, with a 38.09% increase in revenue to 3.273 billion yuan in H1 2024, driven by strong market demand and increased production [4] - The company is on track for innovation with expected launches of four new products in the coming year, contributing to future revenue growth [5] - Revenue projections for 2024-2026 are estimated at 23.639 billion yuan, 25.875 billion yuan, and 28.042 billion yuan respectively, with net profits of 2.917 billion yuan, 3.440 billion yuan, and 4.018 billion yuan [5] Summary by Sections Financial Performance - H1 2024 revenue was 11.827 billion yuan, up 9.52% year-on-year, with net profit of 1.800 billion yuan, up 28.24% [4] - Q2 2024 revenue reached 5.608 billion yuan, a growth of 8.66%, and net profit was 0.774 billion yuan, increasing by 31.33% [4] Product Segments - The large infusion segment generated 4.667 billion yuan in revenue, down 7.15%, while non-infusion drug sales reached 2.020 billion yuan, up 6.38% [4] - The antibiotic intermediates and raw materials segment saw a revenue increase of 38.09% to 3.273 billion yuan, with significant growth in key products [4] Innovation and Future Outlook - The company anticipates the launch of four innovative products within the next year, which are expected to enhance revenue [5] - The report forecasts steady growth in revenue and net profit for the next three years, indicating a positive outlook for the company's financial health [5]

四川科伦药业股份有限公司投资者关系活动记录表 编号：0071 | --- | --- | --- | |-------------------------|-------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | √特定对象调研 □分析师会议 | | | 投资者关系活 | □媒体采访 ...

Financial Performance - Revenue increased by 15% year-over-year, driven by strong sales in the Asia-Pacific region [1]. - Net profit margin improved to 12%, up from 10% in the previous quarter [2]. - Operating expenses rose by 8%, primarily due to increased marketing and R&D investments [3]. Market Expansion - The company successfully entered two new markets in Europe, contributing to a 20% increase in international sales [4]. - A new distribution center was opened in South America to support regional growth [5]. - Strategic partnerships were formed with local retailers in Southeast Asia to enhance market penetration [6]. Product Development - Launched three new products in the tech segment, which accounted for 25% of total revenue [7]. - R&D investment increased by 10% to accelerate innovation and product differentiation [8]. - Customer feedback on the new product line has been overwhelmingly positive, with a 90% satisfaction rate [9]. Operational Efficiency - Implemented a new supply chain management system, reducing delivery times by 15% [10]. - Automation of manufacturing processes led to a 5% reduction in production costs [11]. - Employee training programs were expanded, resulting in a 10% increase in productivity [12]. Sustainability Initiatives - Achieved a 30% reduction in carbon emissions through the adoption of renewable energy sources [13]. - Launched a recycling program that has successfully diverted 50% of waste from landfills [14]. - Committed to achieving net-zero emissions by 2030, with interim targets set for 2025 [15]. Corporate Governance - Appointed two new independent directors to the board, enhancing oversight and strategic guidance [16]. - Implemented a new whistleblower policy to strengthen ethical standards and compliance [17]. - Conducted annual board evaluations to ensure alignment with shareholder interests [18]. Customer Engagement - Introduced a loyalty program that increased customer retention by 15% [19]. - Enhanced digital platforms, resulting in a 25% increase in online sales [20]. - Customer service response times improved by 20% due to the implementation of AI-driven support tools [21].

证券代码：002422 证券简称：科伦药业 公告编号：2024-092 四川科伦药业股份有限公司 关于子公司布比卡因脂质体注射液获得药品注册批准的公告 一、药品基本情况 1.药品名称：布比卡因脂质体注射液 剂型：注射剂 规格：（1）20ml：266mg （2）10ml：133mg 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"）子公司湖南科 伦制药有限公司的化学药品"布比卡因脂质体注射液"于近日获得国家药品监督 管理局的药品注册批准，现将相关情况公告如下： 申请事项：药品注册（境内生产） 注册分类：化学药品 3 类 受理号：CYHS2300070、CYHS2300071 药品批准文号：国药准字 H20244685、国药准字 H20244686 上市许可持有人：湖南科伦制药有限公司 药品获得批件到生产销售期间可能受到一些不确定性因素的影响。公司将及 时根据后续进展履行信息披露义务，敬请广大投资者谨慎决策，注意防范投资风 险。 特此公告。 四川科伦药业股份有限公司董事会 2024 年 8 月 2 ...

证券代码：002422 证券简称：科伦药业 公告编号：2024-090 四川科伦药业股份有限公司 关于控股子公司科伦博泰与默沙东相关合作项目的进展公告 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"） 与MERCK SHARP& DOHMELLC.（连同其联属公司，以下合并简称"默沙东"） 相关合作项目的进展情况如下： 一、关于 SKB264/MK2870 项目（现称"Sac-TMT"项目）的进展情况 2022 年 5 月，科伦博泰将 SKB264（现称"Sac-TMT"）项目向默沙东独家许 可在大中华区以外进行开发、使用、制造及商业化。具体内容详见《关于科伦 博泰项目 A 有偿许可 MSD 公司在中国外商业化开发的公告》（公告编号： 2022-080）。 截至 2024 年 6 月 30 日，默沙东已启动十项 Sac-TMT 作为单一疗法或联合 帕博利珠单抗或其他药物用于多种适应症的全球 3 期临床研究： 1.三阴性乳腺 ...

证券代码：002422 证券简称：科伦药业 公告编号：2024-091 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-Lung03 关键研究 的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。 一、药品基本情况 OptiTROP-Lung03 是一项多中心、随机、关键临床研究，评估了芦康沙妥珠 单抗(sac-TMT)单一疗法每两周(Q2W)5mg/kg 静脉注射对比多西他赛治疗接受表 皮生长因子受体酪氨酸激酶抑制剂（EGFR-TKI）疗法和含铂化疗治疗失败的局 部晚期或转移性 EGFR 突变非小细胞肺癌（NSCLC）患者的结果。在预设的分 析中 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for future performance [1][4]. Core Insights - The company's revenue for the first half of 2024 reached 11.83 billion yuan, representing a year-on-year growth of 10%. The net profit attributable to shareholders was 1.80 billion yuan, up 28% year-on-year, with a non-recurring net profit of 1.75 billion yuan, increasing by 30% [3]. - The growth in profits exceeded expectations, driven by multiple business segments working in synergy. Key factors include the expansion of the infusion market, optimization of product structure, recovery in raw material prices, and the implementation of an "innovation-driven" strategy [3]. - The company is expected to maintain steady long-term growth through advancements in large-volume infusions, generic drugs, and raw material upgrades [3]. Revenue and Profit Forecast - The forecast for total revenue from 2024 to 2026 is as follows: 23.27 billion yuan in 2024, 25.30 billion yuan in 2025, and 27.82 billion yuan in 2026, with year-on-year growth rates of 8.48%, 8.71%, and 9.97% respectively [2][4]. - The projected net profit attributable to shareholders for the same period is 2.95 billion yuan in 2024, 3.53 billion yuan in 2025, and 4.24 billion yuan in 2026, with growth rates of 20.09%, 19.68%, and 20.22% respectively [2][4]. Financial Metrics - The latest diluted earnings per share (EPS) are projected to be 1.84 yuan in 2024, 2.20 yuan in 2025, and 2.65 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 16.68, 13.93, and 11.59 [2][4]. - The company's market capitalization is approximately 49.18 billion yuan, with a closing price of 30.71 yuan per share [5]. Strategic Developments - The company is actively pursuing innovation, with collaborations such as the one with Merck, which is expected to yield milestone revenues in the future. The report highlights the potential for significant contributions from new products in the pipeline [3][4]. - The company is also focusing on high-value products in the infusion market and expanding its market share through product structure optimization [3]. Summary of Financial Health - The company’s total assets are projected to grow from 40.46 billion yuan in 2024 to 47.51 billion yuan in 2026, while total liabilities are expected to increase from 13.76 billion yuan to 14.60 billion yuan over the same period [8]. - The return on equity (ROE) is forecasted to improve from 12.87% in 2024 to 15.53% in 2026, indicating enhanced profitability [9].

证券代码：002422 证券简称：科伦药业 公告编号：2024-089 四川科伦药业股份有限公司 关于公司控股股东部分股份质押及解除质押的公告 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"）于近日收 到公司控股股东刘革新先生关于其持有的公司部分股份质押及解除质押的通知， 相关情况具体如下： 截至本公告披露日，刘革新先生及其一致行动人所直接持有的股份质押情 况如下： | 一、股东股份解除质押的基本情况 | | --- | | 股东姓 | 是否为控股股 东或第一大股 | 本次解除质 押股份数量 | 占其所持股 | 占公司总股 | 起始日 | 解除日 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | 名 | 东及其一致行 | （股） | 份比例 | 本比例 | | | | | | 动人 | | | | | | | | 刘革新 | 是 | 12,000,000 | 3.17% | 0.75% | 2023/8/23 | 2024/8/16 ...

2024 年 08 月 13 日 公司点评 买入/维持 科伦药业(002422) 目标价: 昨收盘:31.18 Q2 业绩略超预期，三发驱动业绩高效增长 ◼ 走势比较 (20%) (10%) 0% 10% 20% 30% 23/8/14 23/10/2524/1/524/3/1724/5/2824/8/8 科伦药业 沪深300 ◼ 股票数据 总股本/流通(亿股) 16.02/16.02 总市值/流通(亿元) 499.38/499.38 12 个月内最高/最低价 (元) 35.49/21.6 相关研究报告 <<三发驱动差异化加速转型，迈向创 新成长新阶段>>--2024-08-12 证券分析师：周豫 电话： E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：霍亮 电话： E-MAIL：huoliang@tpyzq.com 分析师登记编号：S1190523070002 研究助理：刘哲涵 电话： E-MAIL： 一般证券业务登记编号：S1190123080023 事件 8 月 12 日，公司发布 2024 年半年度业绩快报，预计 2024 年 H1 营业 收 ...