华福证券 科伦药业（002422.SZ） 三发驱动，发展驶入快车道 投资要点： "大输液+原料药+创新研发"三发驱动，创新驱动业绩增长：科伦药 业创立于 1996 年，并于 2010 年上市，随着公司不断发展壮大，控股子公 司川宁生物（中间体原料药）和科伦博泰（创新药）分别于 2022 年和 2023 年上市，标志着科伦药业形成"品"字型三大资本平台支撑的运营格局。 公司严格执行"三发驱动，创新增长"的发展战略，依靠三台"发动机" 带动公司持续发展，第一台发动机是通过持续的产业升级和品种结构调整， 保持科伦在输液领域的领先地位。第二台发动机是通过对优质自然资源的 创新性开发利用，构建从中间体、原料药到制剂的抗生素竞争优势，通过 合成生物学实现对公司现有抗生素中间体生产菌种改造进一步节约成本、 提质增效，并利用该技术开发更多新品贡献增量。第三台发动机是通过研 发体系的建设和多元化的技术创新，积累企业基业长青的终极驱动力量。 大输液：龙头地位稳固，产品结构持续升级。我国大输液行业格局较 为集中，以龙头科伦药业，华润双鹤、石四药以及辰欣药业等少量领先企 业为主，其中科伦药业在我国大输液行业收入体量排名第一，2023 ...

Investment Rating - The investment rating for Kelun Pharmaceutical is Neutral, with a target price raised to RMB 41 from RMB 39, indicating a potential upside of 31.5% from the current price of RMB 31.18 [6][4][3]. Core Insights - Kelun Pharmaceutical reported a revenue of RMB 11.827 billion for the first half of 2024, a year-on-year increase of 9.5%, which aligns with the forecast [1]. - The company's net profit attributable to shareholders was RMB 1.8 billion, a 28% increase year-on-year, but below expectations [1]. - The actual tax rate for the first half of 2024 was estimated at 36%, higher than anticipated due to the expiration of previous tax incentives [1]. - The company is a leading player in the infusion products market and a significant entity in the APIs and generic drugs sector, with growth driven by the ramp-up of innovative drugs [3]. Summary by Sections Financial Performance - Revenue for 2024 is projected at RMB 23.89 billion, with net profit estimates of RMB 3.136 billion, reflecting a 3% increase from previous estimates [2]. - The earnings per share (EPS) for 2024 is forecasted at RMB 2.20, up 2.8% from earlier predictions [2]. Valuation Methodology - The target price of RMB 41 is derived using a sum-of-the-parts valuation method, applying a 16.6x P/E ratio for the infusion and generic drug business, consistent with global peers [4]. - The valuation also considers the market value of investments in subsidiaries and a discounted cash flow approach for the innovative drug segment [4]. Market Position and Growth Drivers - Kelun Pharmaceutical's current implied P/E ratio is 15.8x, which is relatively reasonable compared to the industry average of 16.6x [3]. - Key growth drivers include fluctuations in API prices, the speed of innovative drug launches, and updates on centralized procurement policies [3].

Investment Rating - The report assigns a "Buy" rating for the company with a 12-month target price of Rmb40.30 [6][19]. Core Insights - The company's H124 performance slightly missed consensus expectations, with revenue of Rmb11,827 million, a year-on-year increase of 9.5%, and a net profit of Rmb1,800 million, up 28.2% year-on-year [2][3]. - Key drivers for profit improvement include enhanced market development for infusion and non-infusion drugs, increased volume and price for intermediates and active pharmaceutical ingredients, and a reduction in interest-bearing debt and financing rates [3]. - The company maintains its previous guidance for FY24 net profit (excluding Kolun Botai) to reach Rmb3.2-3.25 billion, representing a year-on-year growth of over 15% [4]. Summary by Sections Financial Performance - H124 revenue was Rmb11,827 million, slightly below UBS's forecast of Rmb11,912 million and consensus expectations of Rmb11,918 million, reflecting a -0.8% variance [5]. - H124 net profit was Rmb1,800 million, exceeding UBS's estimate of Rmb1,631 million but falling short of consensus expectations of Rmb1,837 million, showing a -2.0% variance [5]. Business Outlook - The company expects infusion business to grow over 15% year-on-year, non-infusion drugs to grow approximately 15%, intermediates and active pharmaceutical ingredients to grow around 20%, and external investment to grow about 10% [4]. - Anticipated investor focus includes the registration progress and timeline for key products like SKB264, demand trends for infusion products related to respiratory infections, and the potential impact of the tenth batch of national procurement [3]. Market Data - The company's market capitalization is Rmb49.9 billion (approximately US$6.95 billion) with a 52-week stock price range of Rmb35.01 to Rmb22.59 [6]. - The average daily trading volume is 12,332 thousand shares, with an average daily turnover of Rmb393.2 million [6].

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 [1]. - Strategic partnerships were formed with local retailers in Southeast Asia to enhance market penetration [2]. Product Development - Launched three new products in the tech segment, which accounted for 25% of total revenue [3]. - R&D spending increased by 10% to accelerate innovation and product differentiation [4]. - Customer feedback on the latest product line has been overwhelmingly positive, with a 95% satisfaction rate [1]. Operational Efficiency - Implemented a new supply chain management system, reducing delivery times by 15% [2]. - Automation initiatives in manufacturing led to a 10% reduction in production costs [3]. - Employee training programs were expanded, resulting in a 20% improvement in operational productivity [4]. Sustainability Initiatives - Achieved a 30% reduction in carbon emissions through the adoption of renewable energy sources [1]. - Introduced a recycling program that has successfully diverted 50% of waste from landfills [2]. - Committed to achieving net-zero emissions by 2030, with interim targets set for 2025 [3]. Corporate Governance - Appointed two new independent directors to the board, enhancing oversight and strategic guidance [4]. - Strengthened compliance measures to ensure adherence to global regulatory standards [1]. - Conducted an annual shareholder meeting, where key strategic initiatives were approved with a 90% vote in favor [2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 39.89 CNY, compared to the last closing price of 30.73 CNY [1][3]. Core Insights - The company is transitioning into a new phase of innovative growth driven by a three-pronged strategy, focusing on large-volume infusion, synthetic biology, and generic drugs, alongside innovative pharmaceuticals [1][3]. - The company has established a robust operational platform consisting of Kelong Pharmaceutical, Chuaning Biology, and Kelong Botai, successfully transforming into a comprehensive pharmaceutical company [2][3]. - The company has shown strong financial performance, with a five-year CAGR of 27% in net profit attributable to shareholders, and a 2024 Q1 revenue of 6.219 billion CNY, representing an 11.03% year-on-year growth [2][17]. Summary by Sections Company Overview - Kelong Pharmaceutical was founded in 1996 and went public in 2010. It has implemented a three-pronged strategy to drive innovative growth and has a stable shareholding structure with the chairman holding 25.29% [9][10]. Core Business Products - The company has a diverse product portfolio, with large-volume infusions accounting for 47% of revenue in 2023, generics at 20%, raw materials and intermediates at 22%, and innovative drugs at 7% [13][14]. Revenue Growth and Profitability - The company has experienced steady revenue growth, with a CAGR of 5% from 2019 to 2023. The net profit attributable to shareholders has grown significantly, driven by optimized product offerings and recovering market demand [17][19]. - The gross margin has improved from 52.43% in 2023, with a net profit margin of 12.34% [19].

证券代码：002422 证券简称：科伦药业 公告编号：2024-087 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： 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 | 8,767,500 | 2.31% | 0.55% | 2023/8/25 | 2024/8/9 | 华泰证券（上海） 资产管理有限公司 | | 合计 | - | 8,767,500 | 2.31% | ...

证券代码：002422 证券简称：科伦药业 公告编号：2024-086 四川科伦药业股份有限公司 关于变更持续督导保荐代表人的公告 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"）2022 年公开发行可转换公 司债券项目的保荐机构为长江证券承销保荐有限公司（以下简称"长江保荐"）， 原委派的保荐代表人为杨光远先生、李忠先生，持续督导期自 2022 年 4 月 20 日 至 2023 年 12 月 31 日。因公司可转换公司债券募集资金尚未使用完毕，长江保 荐对募集资金仍存在督导义务。 近日，公司接到长江保荐通知，长江保荐原委派的保荐代表人李忠先生因工 作变动不再负责公司的持续督导工作。为保证持续督导工作的顺利进行，长江保 荐现委派李振东先生接替李忠先生担任公司 2022 年公开发行可转换公司债券项 目的持续督导保荐代表人，继续履行持续督导职责。李振东先生的简历见附件。 公司董事会对原保荐代表人李忠先生在公司公开发行可转换公司债券持续 督导期间所做的工作表示衷心的感谢！ 特此公告。 四川科伦药业股份有限公司董事会 20 ...

证券代码：002422 证券简称：科伦药业 公告编号：2024-085 四川科伦药业股份有限公司 关于子公司注射用美罗培南/氯化钠注射液 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"注射用美罗培南/氯化钠注射液"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： 一、药品基本情况 1.药品名称：注射用美罗培南/氯化钠注射液 剂型：注射剂 规格：（1）粉体室：按美罗培南（C17H25N3O5S）计0.5g；液体室：氯化钠注射 液100ml：0.9g. （2）粉体室：按美罗培南（C17H25N3O5S）计1.0g；液体室：氯化钠注射液100ml： 0.9g. 申请事项：药品注册（境内生产） 注册分类：化学药品4类 受理号：CYHS2300077、CYHS2301061 获得药品注册批准的公告 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。 粉液双室袋是国际上先进的输液产品，其中粉体和液体分别位于两个独立的 腔室，保证混合前各腔室药品的稳定性，临床使用时即开、即混、即用，可有效 避免 ...

本次电话会已经面向浙商证券研究所签约的机构投资者以及受邀客户第三方嘉宾发言内容仅代表其个人观点所有信息或所表述的意见均不构成对具体证券在具体价位具体时点具体市场表现的判断或投资建议 2、嘉宾所说信息或所表述的意见均不构成浙商证券研究所研究观点如果嘉宾发布的观点和浙商研究所发布的观点有分歧或不一致这也仅作为一种不同的研究视角供投资者参考3、依照监管要求和保密原则,未经合法授权,严禁录音、记录、转发 感谢您的理解和配合若本次交流内容不慎流出或涉嫌违反上述情形的我们将保留追究法律责任的权利再次感谢您对这张证券的理解和配合 谢谢好的 各位投资者下午好我是智商医药的飞行技术工程系 然后今天很荣幸我们也邀请到科伦药业的副总经理董秘冯浩总以及我们投资者关系的领导莫兰总一起参加我们今天的深入报告解读的电话会然后那今天的大概的会议的流程的话还是由我们团队先介绍一下我们对于科伦药业的更新的深入报告的一些核心的观点然后后面的话我们团队也会就市场上关心的问题跟 管理层做一些交流最后的话我们也会开放这个投资者的提问但是这样一个流程那我们先还是先回到最开始我们对这个宣传报告的解读大家也看到其实我们在2022年的年底的时候也发表了一篇科林 ...

四川科伦药业股份有限公司 2024 年度第一期资产担保债务融资工具（科创票据）发行结果公告 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。 证券代码：002422 证券简称：科伦药业 公告编号：2024-084 本期资产担保债务融资工具（科创票据）募集资金用途为补充流动资金。 特此公告。 四川科伦药业股份有限公司董事会 2024年7月4日 四川科伦药业股份有限公司（以下简称"公司"）《关于公司发行非金融 企业债务融资工具的议案》已于2023年4月12日经公司第七届董事会第二十六次 会议审议通过，并经2023年5月4日召开的公司2022年年度股东大会审议批准。 相关董事会和股东大会决议公告详见2023年4月14日和2023年5月5日的《证券时 报》《上海证券报》《证券日报》和《中国证券报》以及公司指定信息披露网 站巨潮资讯网（www.cninfo.com.cn）。 公司于2023年12月25日收到中国银行间市场交易商协会（以下简称"交易 商协会"）下发的《接受注册通知书》（以下简称《通知书》）（中市协注 [2023]SCP529号），交易商协会同意接受公司超短期 ...