Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company has shown strong performance in its third-quarter report, with revenue of 2.045 billion yuan, a year-on-year increase of 39.59%, and a net profit of 421 million yuan, up 46.93% year-on-year [2] - The core products are experiencing rapid growth, particularly the traditional Chinese medicine (TCM) decoction pieces, which saw a revenue increase of 51.24% [3] - The company is focusing on the secondary development of its unique product, Wuling Capsule, for treating mild cognitive impairment, which is expected to drive further growth [4] - A stock incentive plan has been introduced, reflecting the company's confidence in future development, with performance targets set for net profit growth [5] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 2.045 billion yuan, with a gross margin of 61.61% and a net margin of 20.90% [2] - The third quarter alone contributed 617 million yuan in revenue, marking a 35.97% increase year-on-year [2] Product Performance - The Wuling series sales revenue grew by 24.88%, with significant increases in the sales volume of Wuling Capsule and Lingze Tablets [3] - The sales revenue of TCM decoction pieces surged by 175.96%, indicating a strong market demand [3] Strategic Initiatives - The company is leveraging the market opportunities presented by the national policies supporting TCM, which is expected to enhance the growth of its core products [7] - The stock incentive plan aims to motivate key personnel and align their interests with the company's long-term growth objectives [5] Future Projections - The company expects revenues of 2.596 billion yuan in 2024, with net profits projected at 534 million yuan, reflecting a growth rate of 39.5% [9] - Earnings per share (EPS) are forecasted to increase to 0.76 yuan in 2024, with continued growth anticipated in subsequent years [9]

佐力药业 20241111 摘要 • 佐力药业是一家专注于药用真菌原料的中成药生产企业，其核心产品包括 乌灵胶囊和百令系列。公司发展历程可分为三个阶段：1995 年至 2013 年， 公司主要从事乌灵胶囊中成药生产；2014 年至 2017 年，公司尝试业务多 元化；2018 年后，公司逐渐剥离非药业务，回归主业，专注于药用真菌 及其衍生品的研发和生产。 • 乌灵胶囊是佐力药业业绩增长的核心驱动力。短期内，由于需求扩容和集 采放量等多种因素催化，乌灵胶囊实现了加速放量。我们预计，到 2028 年，乌灵胶囊市场规模有望达到 255 亿元，复合年增长率（CAGR）将达到 19%。长期来看，通过外延并购精神、神经类大品种以及内生增长，公司 在精神科室拥有百亿级别的可延展增量空间。 • 百令系列产品以发酵虫草菌粉为核心原料，目前在肾病领域知晓率较高， 并且慢性肾病患者基数持续提升。百令胶囊已于今年二季度完成挂网，我 们测算到 2028 年其收入有望超过 4 亿元。未来，公司在肾病科室有望复 制精神科室的发展模式，实现类似的发展路径。 • 佐力药业于 2024 年 10 月 27 日推出了股权激励及员工持股计划，其具体 ...

Company Overview - Zhaoli Pharmaceutical's stock price reached a historical high, increasing by 3.20% to 18.37 yuan, with a trading volume of 7.5886 million shares and a transaction amount of 138 million yuan, resulting in a turnover rate of 1.26% [1] - The latest total market capitalization of Zhaoli Pharmaceutical in A-shares is 12.884 billion yuan, with a circulating market value of 11.042 billion yuan [1] Industry Performance - The pharmaceutical and biotechnology industry overall saw a rise of 1.80%, with 420 stocks increasing in price, including seven stocks hitting the daily limit, such as International Medicine and Kanghui Pharmaceutical [1] - Conversely, 63 stocks experienced price declines, with the largest drops recorded by Shuangcheng Pharmaceutical, Dongfang Ocean, and C Jianlankang, with declines of 10.00%, 8.18%, and 5.88% respectively [1] Margin Trading Data - As of November 11, the latest margin trading balance for Zhaoli Pharmaceutical is 214 million yuan, with a financing balance of 214 million yuan, reflecting an increase of 24.301 million yuan over the past ten days, representing a growth of 12.84% [1]

投资者关系活动记录表 证券代码：300181 证券简称：佐力药业 编号：2024-017 浙江佐力药业股份有限公司 | --- | --- | --- | |-------------------------------|--------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

上 市 公 司 证 券 研 究 报 告 医药生物 2024 年 10 月 28 日 佐力药业 (300181) ——三季度持续高增长，股权激励彰显信心 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 28 日 | | 收盘价（元） | 17.42 | | 一年内最高/最低（元） | 18.30/8.36 | | 市净率 | 4.7 | | 息率（分红 / 股价） | 2.58 | | 流通 A 股市值（百万元） | 10,471 | | 上证指数/深证成指 | 3,322.20/10,685.89 | 投资要点： | --- | --- | |-------------------------------|------------------------| | | | | 基础数据 : 2024 | 年 09 月 30 日 | | | | | 每股净资产（元） | 3.71 | | 资产负债率 % | 31.79 | | 总股本/流通 A 股（百万） | 70 ...

在今天的早上有我们动物药团队联合14家友商组织的关于左利药业300181的2024年三级报解读的电话会议我是动物证券的联席所长一二首席分析师朱国广今天和我一块组织的我们的中药分析师李倩左利药业可以说是近两三年是我们动物药团队是特别看好的标的也是这个2024年我们团队首推的标的 在今年三级报可以说在整个现在目前尤其整个医药行业现在相对来说业绩比较超预期的比较少的这种背景下我们是昨天晚上看到佐利亚医院再次三级证展示出了非常好的这样一个数据这个收入我看是在将近36%的增长利润的话也是在扣费后利润在41%以上的增长 可以说在这个延续着上半年的这一个高增长的态势同时的话呢接着我们也可以看到就是这个 三季度整体上其实经营环境压力还是相对比较大的在这种背景下仍然有这么好的业绩我们认为从整个行业上来看也是非常稀缺的难得的标的同时的话也是股权激励这一块昨天也披露了股权激励股权激励的话现在目前对未来三年的业绩要求也是非常的高也充分的体现出公司对未来三年的业绩增长的信心 好 今天我们是非常荣幸邀请到公司的总经理汪涛总和常务副总冯总以及董秘伍总这三位核心领导接下来我们先请伍总简要分享一下三级度的业绩情况包括股权激励的相关的情况 邀请 ...

2024 年 10 月 27 日 公司研究 3Q24 收入利润高增，股权激励和员工持股计划彰显信心 ——佐力药业（300181.SZ）2024 年三季报点评 | --- | --- | --- | --- | --- | |--------------------------------------------|---------------------------------------------|----------------------------------------------------------------------------------------------|----------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

佐[Ta力ble药_Sto业ckN（ameRptType] 300181） 公司点评 核心产品优势凸显带来业绩持续高增长，股权激励落地彰显未来发展信心 | --- | --- | --- | |-----------------------------------------------------------------------------------------------|---------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 2.045 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 39.59%, with a net profit attributable to shareholders of 421 million yuan, up 46.93% [2] - The equity incentive plan aims for an average annual compound growth rate of 28% over the next three years, with a target to double net profit by 2027 [2][13] - The company focuses on high-quality products in the Wuling series, with multiple product lines including Wuling, Bailing, and formula granules showing significant growth potential [18] Summary by Sections 1. Equity Incentive Plan - The equity incentive plan includes granting up to 6.605 million restricted shares, accounting for 0.94% of total share capital, with a grant price of 8.07 yuan per share [13] - The performance targets for the next three years are set with net profit growth rates of no less than 30% for 2025, 66% for 2026, and 110% for 2027, based on 2024 figures [15] 2. Strategic Focus on Wuling Series - The Wuling series saw a revenue increase of 24.88% in the first three quarters of 2024, driven by significant sales growth in Wuling capsules and Lingze tablets [18] - The Bailing series is recovering, with sales volume increasing by 22.14% year-on-year, and the upcoming launch of Bailing capsules is expected to provide a second growth curve [25] - The traditional Chinese medicine pieces and formula granules are experiencing substantial growth, with sales revenue increasing by 51.24% and 175.96% respectively [18] 3. Profit Forecast and Investment Rating - The forecast for net profit attributable to shareholders for 2024 has been adjusted down to 543 million yuan, while the 2025 estimate remains at 714 million yuan [26] - The 2026 net profit forecast has been raised to 894 million yuan, with corresponding P/E ratios of 21, 16, and 13 for 2024, 2025, and 2026 respectively [26] - The current valuation corresponds to a PEG of less than 1, supporting the "Buy" rating [26]

医药生物/中药Ⅱ 公 司 研 究 佐力药业（300181.SZ） 2024 年 10 月 27 日 2024Q3 营收利润快速增长，股权激励彰显发展信心 ——公司信息更新报告 投资评级：买入（维持） | --- | |---------------------------| | | | | | 巢舒然（联系人） | | | | chaoshuran@kysec.cn | | 证书编号： S0790123110015 | 余汝意（分析师） yuruyi@kysec.cn 证书编号：S0790523070002 | --- | --- | |-------------------------|------------| | 日期 | 2024/10/25 | | 当前股价 ( 元 ) | 16.15 | | 一年最高最低 ( 元 ) | 18.30/8.36 | | 总市值 ( 亿元 ) | 113.27 | | 流通市值 ( 亿元 ) | 97.07 | | 总股本 ( 亿股 ) | 7.01 | | 流通股本 ( 亿股 ) | 6.01 | | 近 3 个月换手率 (%) | 208.27 | 股价走势图 - ...