Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next 6 months [1][9] Core Views - The company's 3Q performance showed sequential improvement, with CMC new order growth accelerating [1] - The company's four major business segments are Laboratory Services, CMC Services, Clinical Research Services, and Large Molecule and Cell & Gene Therapy Services [1] - In the first three quarters of 2024, the company achieved revenue of 8.817 billion yuan, a year-on-year increase of 3.0%, and net profit attributable to the parent company of 1.422 billion yuan, a year-on-year increase of 24.8% [1] - The company's new order signings increased by over 18% year-on-year, with CMC new orders growing by over 30% [1][2] Business Segment Analysis Laboratory Services - Contributed 5.219 billion yuan in revenue in the first three quarters of 2024, a 2.95% year-on-year increase, with a gross margin of 44.76% [1] - New orders increased by over 12% year-on-year [1] - The company's drug safety evaluation laboratory passed national GLP certification in July 2024 [1] CMC Services - Generated 1.977 billion yuan in revenue in the first three quarters of 2024, a 3.29% year-on-year increase [1] - Third-quarter revenue reached 801 million yuan, a 34.9% sequential increase and 20.9% year-on-year growth [2] - New orders increased by over 30% year-on-year [2] Clinical Research Services - Achieved 1.306 billion yuan in revenue in the first three quarters of 2024, a 3.48% year-on-year increase [2] - Gross margin declined to 13.20%, down 5.04 percentage points year-on-year [2] Large Molecule and Cell & Gene Therapy Services - Recorded 311 million yuan in revenue in the first three quarters of 2024, a slight 0.11% year-on-year increase [2] - Gross margin was negative at -42.81%, primarily due to ongoing construction and investment phase [2] Financial Performance - The company's comprehensive gross margin for the first three quarters of 2024 was 33.87%, a decrease of 2.09 percentage points year-on-year [1] - Sales net margin increased to 15.53%, up 2.28 percentage points year-on-year [1] - The company's price-to-earnings ratio for 2024-2026 is projected at 31.58x, 28.17x, and 23.77x respectively [3][4] Future Outlook - The company is expected to achieve EPS of 0.98 yuan, 1.10 yuan, and 1.30 yuan for 2024-2026 [3] - Revenue is projected to grow from 12.190 billion yuan in 2024 to 16.302 billion yuan in 2026 [4] - Net profit is forecasted to increase from 1.751 billion yuan in 2024 to 2.326 billion yuan in 2026 [4]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 康龍化成（北京）新藥技術股份有限公司 (於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2024年11月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03759 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 301,537,125 | RMB | | 1 RMB | | 301,537,125 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 301,537,125 | RMB | | 1 RMB | | 301,537,125 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a continuous improvement in new orders, indicating a steady recovery in overall business performance. The growth in new orders is attributed to the gradual recovery of overseas client demand and the advancement of more service projects into the later stages of clinical development [1][2] - The financial forecasts indicate a projected revenue increase from 11,538 million yuan in 2023 to 15,979 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 15.11% [1][10] - The net profit is expected to grow from 1,601.10 million yuan in 2023 to 2,223.19 million yuan by 2026, with a net profit margin improvement anticipated [1][11] Financial Performance Summary - **Revenue (in million yuan)**: - 2022: 10,266.29 - 2023: 11,538.00 - 2024E: 12,072.30 - 2025E: 13,881.54 - 2026E: 15,979.41 - Year-on-Year Growth Rate: 2023: 12.39%, 2024E: 4.63%, 2025E: 14.99%, 2026E: 15.11% [1] - **Net Profit (in million yuan)**: - 2022: 1,374.60 - 2023: 1,601.10 - 2024E: 1,718.27 - 2025E: 1,876.64 - 2026E: 2,223.19 - Year-on-Year Growth Rate: 2023: 16.48%, 2024E: 7.32%, 2025E: 9.22%, 2026E: 18.47% [1] - **Earnings Per Share (in yuan)**: - 2022: 0.77 - 2023: 0.90 - 2024E: 0.96 - 2025E: 1.05 - 2026E: 1.24 [1] - **Price-to-Earnings (P/E) Ratio**: - 2022: 37.44 - 2023: 32.14 - 2024E: 29.95 - 2025E: 27.42 - 2026E: 23.15 [1] - **Price-to-Book (P/B) Ratio**: - 2022: 4.88 - 2023: 4.10 - 2024E: 3.59 - 2025E: 3.17 - 2026E: 2.79 [1] Market Trends and Order Growth - The company reported a new order growth of over 3.00 billion yuan in the first three quarters of 2024, driven by the recovery of overseas client demand and the expansion of service projects into advanced clinical stages [1][2] - The overall gross margin for the company is expected to stabilize as the business gradually recovers, with a focus on maintaining competitive advantages in integrated and multi-therapy platforms [1][10]

Investment Rating - The report maintains a "Buy" rating for 康龙化成 (300759) [4][3] Core Views - The company shows improvement in gross margin, a continuation of new order growth, and an optimized customer structure, indicating a positive long-term growth outlook [3] - Revenue for Q1-Q3 2024 reached 8.817 billion yuan, up 3.0% year-on-year, with net profit attributable to shareholders at 1.422 billion yuan, up 12.5% [3] - The report adjusts the EPS forecast for 2025-2026 to 1.10 yuan and 1.31 yuan respectively, down from previous estimates of 1.13 yuan and 1.35 yuan, while maintaining the 2024 EPS forecast at 0.98 yuan [3] - The target price is raised to 33.90 yuan from 27.16 yuan, reflecting a valuation premium based on comparable company valuations and the gradual ramp-up of backend business [3] Summary by Sections Financial Performance - Q3 2024 single-quarter revenue was 3.213 billion yuan, up 10.0%, with net profit at 308 million yuan, down 12.62% [3] - Laboratory services revenue for Q1-Q3 2024 was 5.219 billion yuan, up 2.95%, with a gross margin of 44.76% [3] - CMC revenue was 1.977 billion yuan, up 3.29%, with a gross margin of 30.82% [3] - Clinical research services revenue was 1.306 billion yuan, up 3.48%, with a gross margin of 13.20% [3] Order Growth and Customer Structure - New orders for Q1-Q3 2024 increased by over 18% year-on-year, with laboratory services and CMC new orders growing by over 12% and 30% respectively [3] - Revenue from the top 20 global pharmaceutical companies reached 1.293 billion yuan, accounting for 14.66% of total revenue [3] - Revenue from European clients grew by 15.74% to 1.527 billion yuan, while North American clients contributed 5.731 billion yuan, up 4.29% [3] Business Outlook - The report highlights improved operational efficiency and a favorable investment environment, suggesting that backend business development may exceed expectations [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown a steady growth in new orders, achieving a mild recovery for three consecutive quarters, with a year-on-year increase of over 18% in new orders for Q1-Q3 2024 [1][3] - The company is expected to maintain its long-term development outlook, with profit forecasts for 2024-2026 being 1.784 billion, 2.003 billion, and 2.398 billion yuan respectively, and corresponding EPS of 1.00, 1.12, and 1.34 yuan [1][2] Financial Performance Summary - For Q1-Q3 2024, the company achieved operating revenue of 8.82 billion yuan, a year-on-year increase of 24.8% [2] - The adjusted net profit for Q1-Q3 2024 was 1.42 billion yuan, a year-on-year decline of 12.6% [2] - The laboratory services segment generated revenue of 5.22 billion yuan, up 3.0% year-on-year, with a strong growth in the biological sciences business [3] - The CMC business achieved revenue of 1.98 billion yuan, a year-on-year increase of 3.3%, with new orders growing over 30% [3] - Clinical research services generated revenue of 1.31 billion yuan, a year-on-year increase of 3.5% [4] Earnings Forecast Summary - The company forecasts operating revenues of 12.746 billion, 14.470 billion, and 16.526 billion yuan for 2024E, 2025E, and 2026E respectively, with year-on-year growth rates of 10.5%, 13.5%, and 14.2% [5] - The net profit attributable to the parent company is projected to be 1.784 billion, 2.003 billion, and 2.398 billion yuan for the same periods, with year-on-year growth rates of 11.4%, 12.3%, and 19.7% [5]

Investment Rating - The report maintains a "Buy" rating for the Hong Kong stock with a target price of HKD 16.8, and a "Hold" rating for the A-share with a target price of RMB 22.4 [2][6][7]. Core Insights - The company's 3Q24 performance met expectations, with revenue of RMB 3.21 billion, reflecting a year-on-year increase of 10.0% and a quarter-on-quarter increase of 9.5%. The adjusted net profit was RMB 420 million, down 13.2% year-on-year but up 18.7% quarter-on-quarter [3][4]. - The company has adjusted its full-year revenue guidance down to a mid-to-high single-digit growth rate, primarily due to slower-than-expected recovery in laboratory services and delays in major clinical service orders [5][7]. Financial Performance - For 3Q24, the CMC segment showed the fastest revenue growth at 20.9% year-on-year and 34.9% quarter-on-quarter, with a gross margin increase [4]. - The laboratory services segment also experienced a revenue increase of 9.4% year-on-year, driven by growth in the biosciences sector [4]. - The company reported a gross margin of 34.4% for 3Q24, with an adjusted net profit margin of 13% [3][4]. Revenue Breakdown - In the first nine months of 2024, new orders increased by over 18% year-on-year, with significant contributions from the top 20 pharmaceutical companies, which saw a revenue growth of 3.4% year-on-year [3][4]. - North American customer revenue grew by 4.3% year-on-year, while European customer revenue accelerated to 15.7% year-on-year [3][4]. Future Outlook - The company expects to achieve over 10% year-on-year revenue growth in the second half of 2024, with a projected full-year revenue growth in the mid-to-high single digits [5][7]. - The adjusted non-IFRS net profit forecast for 2024 has been reduced by 5% due to lower revenue expectations and higher gross margin forecasts [7].

Financial Performance - Revenue for 3Q2024 reached RMB 3,213 million, showing a 9.5% increase QoQ and a 10.0% increase YoY [3] - Net profit for 3Q2024 was RMB 308 million, a decline of 65.1% QoQ and 12.6% YoY [3] - Non-IFRS adjusted net profit for 3Q2024 was RMB 417 million, up 18.7% QoQ but down 13.2% YoY [3] - Total revenue for 1-3Q2024 was RMB 8,817 million, a 3.0% increase YoY [4] - Net profit for 1-3Q2024 was RMB 1,422 million, a 24.8% increase YoY [4] Revenue Composition - Laboratory Services accounted for 59% of total revenue, followed by Small Molecule CDMO Services at 22%, Clinical Development Services at 15%, and Biologics & CGT Services at 4% [5] - North America contributed 65% of revenue, Europe 17%, China 15%, and the rest of the world (ROW) 3% [5] - Revenue from North America grew by 4.3%, while Europe saw a growth of 15.7%. Conversely, revenue from China declined by 12.1% [5] Customer Base and Orders - New purchase orders (POs) for 1-3Q2024 increased by over 18% YoY, indicating a modest recovery [4] - Revenue from the top 20 pharmaceutical customers grew by 3.4%, while other customers saw a growth of 2.9% [6] - The company has a diversified customer base, with 15% revenue from the top 20 pharma companies, 82% from other repeat customers, and 4% from new customers [6] Segment Performance - Bioscience services generated strong revenue growth in 3Q2024, accounting for approximately 54% of the segment's revenue in 1-3Q2024 [7] - CMC (Small Molecule CDMO) Services achieved a record revenue of RMB 801 million in 3Q2024, a 34.9% increase QoQ and a 20.9% increase YoY [8] - Clinical Development Services revenue was RMB 463 million in 3Q2024, with a slight growth of 1.3% YoY [9] - Biologics & CGT Services faced challenges, with revenue declining by 16.7% QoQ and 9.6% YoY [10] Expense Management - Selling and distribution expenses as a percentage of total revenue remained stable at around 2.1% to 2.2% from 2021 to 1-3Q2024 [11] - R&D costs as a percentage of total revenue increased slightly to 3.8% in 1-3Q2024 from 3.5% in 1-3Q2023 [11] Future Outlook - The company expects to achieve over 10% revenue growth in the second half of 2024 [17] - Positive free cash flow is anticipated for 2024, with net operating cash flow projected to improve [13]

编号：2024-06 证券代码：300759 证券简称：康龙化成 康龙化成（北京）新药技术股份有限公司投资者关系活动记录表 | --- | --- | --- | |-------------------------|--------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | □ 特定对象调研 | □ 分析师会议 | | | □ 媒体采 ...

股票代码：300759.SZ 股票代码：3759.HK 2024 三 季 报 说 明 会 2024年10月 前瞻性陈述 本演示文稿呈现的文件、观点和材料（以下简称"文件"）由康龙化成(北京)新药技术股份有限公司(以下简称"公司")编制，供本公司在演示文稿中用于报告使用，不构成对本公司有关证券的推荐。您完 全理解该文件是在保密的基础上提供的，并遵守以下规定。本文件内容未经任何司法管辖区的任何监管机构审核。在某些司法管辖区，本文件的分发可能受到法律的限制，持有本文件的收件人应告 知自己并遵守这些限制。通过访问本文件，即表示您同意(i)您已阅读并同意遵守本文件通知和免责声明的内容，以及(ii)对在本文件中披露的信息绝对保密。 本文件未经独立核实，不构成任何投资决策的依据。不构成要约或邀请,也不构成在任何司法管辖区域内要求认购或购买任何证券的要约邀请（报价）,在根据该司法管辖区的证券法进行注册或取得资 格之前，征集或出售都将是非法的，或者不符合该司法管辖区的法律法规，并且文件中的任何内容均不构成任何投资决策、合同或承诺的基础。本文件不包含任何可能导致被视为(1)广告的信息或材 料，包含在《证券及期货条例》(香港法律第 ...

Financial Performance - Revenue for Q3 2024 reached 3,212,811,697.13 yuan, a year-on-year increase of 10.02%[3] - Net profit attributable to shareholders in Q3 2024 was 308,396,080.13 yuan, a year-on-year decrease of 12.62%[3] - Total assets as of the end of Q3 2024 were 23,570,041,501.34 yuan, a year-on-year decrease of 10.98%[3] - Total operating revenue for the current period is 8,817,275,052.00 yuan, an increase from 8,560,256,911.27 yuan in the previous period[24] - Operating profit for the current period is 1,627,236,356.80 yuan, up from 1,328,483,021.07 yuan in the previous period[24] - Net profit attributable to the parent company's shareholders is 1,421,799,112.63 yuan, compared to 1,139,038,016.10 yuan in the previous period[25] - Basic earnings per share (EPS) for the current period is 0.8028, up from 0.6430 in the previous period[25] - Total comprehensive income for the current period is 1,430,086,645.22 yuan, compared to 1,107,456,956.68 yuan in the previous period[25] - Net profit for the current period is 1,369,206,716.49 yuan, compared to 1,134,523,142.41 yuan in the previous period[25] - Total comprehensive income attributable to the parent company's shareholders is 1,478,341,755.57 yuan, up from 1,112,499,103.26 yuan in the previous period[25] Revenue Breakdown by Service and Region - Laboratory services revenue for the first three quarters of 2024 was 5,218,670,210.75 yuan, a year-on-year increase of 2.95%[4] - CMC (small molecule CDMO) services revenue for the first three quarters of 2024 was 1,976,627,679.48 yuan, a year-on-year increase of 3.29%[4] - Revenue from North American clients in the first three quarters of 2024 was 573,067.48 million yuan, a year-on-year increase of 4.29%[5] - Revenue from Chinese clients in the first three quarters of 2024 was 132,879.79 million yuan, a year-on-year decrease of 12.14%[5] - Revenue from European clients (including the UK) in the first three quarters of 2024 was 152,731.20 million yuan, a year-on-year increase of 15.74%[5] - The company's overseas laboratories and factories saw a revenue decline of 1.34% in the first three quarters of 2024, accounting for 12.78% of total revenue[5] New Orders and Growth - New orders in the first three quarters of 2024 increased by over 18% year-on-year, with CMC services new orders growing by over 30%[6] Cash Flow and Financial Position - Cash and cash equivalents decreased by RMB 3.86 billion, a 66.19% drop compared to the beginning of the year[10] - Prepaid expenses increased by RMB 7.76 million, a 43.59% rise due to higher prepayments for raw material purchases[10] - Other receivables grew by RMB 51.75 million, a 45.74% increase mainly due to higher tax refund subsidies[10] - Deferred tax assets increased by RMB 54.30 million, a 35.44% rise due to higher deferred tax assets related to deductible losses[10] - Investment income surged by RMB 567.42 million, a 1,158.41% increase due to gains from the disposal of non-current financial assets and convertible bond repurchases[10] - Fair value change losses decreased by RMB 62.32 million, a 155.03% drop due to reduced gains from biological assets and derivative financial instruments[10] - Asset disposal losses increased by RMB 23.92 million, a 9,732.09% rise due to higher non-current asset disposal losses[11] - Non-operating income decreased by RMB 2.19 million, a 64.56% drop due to reduced government subsidies[11] - Income tax expenses increased by RMB 66.25 million, a 35.54% rise due to higher profit[11] - Total assets decreased to 23.57 billion yuan from 26.48 billion yuan at the beginning of the period[21][22] - Current assets decreased to 7.10 billion yuan from 10.87 billion yuan at the beginning of the period[21] - Non-current assets increased to 16.47 billion yuan from 15.60 billion yuan at the beginning of the period[21] - Total liabilities decreased to 9.54 billion yuan from 13.24 billion yuan at the beginning of the period[22] - Current liabilities increased to 4.16 billion yuan from 3.65 billion yuan at the beginning of the period[22] - Non-current liabilities decreased to 5.39 billion yuan from 9.58 billion yuan at the beginning of the period[22] - Owner's equity increased to 14.03 billion yuan from 13.24 billion yuan at the beginning of the period[22] - Cash and cash equivalents decreased to 2.00 billion yuan from 5.92 billion yuan at the beginning of the period[21] - Accounts receivable increased to 2.27 billion yuan from 2.24 billion yuan at the beginning of the period[21] - Inventory increased to 1.20 billion yuan from 1.01 billion yuan at the beginning of the period[21] - Sales of goods and services received cash of 8,940,386,810.41 yuan, an increase from 8,345,874,274.78 yuan in the previous period[26] - Cash received from tax refunds was 417,480,501.78 yuan, up from 384,922,168.66 yuan in the previous period[26] - Total cash inflow from operating activities was 9,481,564,856.83 yuan, compared to 8,954,356,730.64 yuan in the previous period[26] - Cash paid for goods and services was 1,740,077,789.56 yuan, an increase from 1,602,776,669.59 yuan in the previous period[26] - Cash paid to employees and for employee benefits was 4,309,827,312.87 yuan, up from 3,912,340,413.31 yuan in the previous period[26] - Net cash flow from operating activities was 1,770,502,528.88 yuan, a decrease from 2,029,402,975.72 yuan in the previous period[26] - Net cash flow from investing activities was -897,439,031.21 yuan, an improvement from -1,807,866,341.75 yuan in the previous period[26] - Net cash flow from financing activities was -4,785,948,104.84 yuan, a significant decrease from 431,485,182.20 yuan in the previous period[27] - The net increase in cash and cash equivalents was -3,857,571,108.40 yuan, compared to 663,129,877.44 yuan in the previous period[27] - The ending balance of cash and cash equivalents was 1,931,543,560.63 yuan, down from 2,022,842,617.58 yuan in the previous period[27] Shareholder and Investment Information - The top shareholder, HKSCC NOMINEES LIMITED, holds 16.87% of the shares, totaling 301,501,968 shares[12] - China Bank holds 25,892,311 shares, accounting for 1.45% of the total shares[14] - Industrial and Commercial Bank of China holds 13,655,593 shares, accounting for 0.76% of the total shares[14] - The company acquired approximately 78.5% equity of Shanghai Jiyin Intelligent Technology Co., Ltd. for RMB 43 million[17] - The company completed the first tranche of equity transfer payment and obtained control of Shanghai Jiyin in July 2024[17] - All first batch of HKD 300 million zero-coupon convertible bonds due in 2026 have been repurchased or redeemed and canceled[18] - The second batch of RMB 1,916 million zero-coupon USD-settled convertible bonds due in 2026 were repurchased or redeemed and delisted in June 2024[18] - The company's subsidiary Pharmaron (Hong Kong) International Limited invested an additional USD 7 million in PharmaGend, holding 35% of its shares[18] - The company increased its investment in AstraZeneca Fund to RMB 191 million, accounting for 8.46% of the fund's total subscribed capital[18] - The company completed the repurchase of shares through centralized bidding on July 26, 2024[19] - The company adjusted the 2021, 2022, and 2023 A-share restricted stock incentive plans on August 28, 2024[19] Operating Costs and Expenses - Total operating costs for the current period are 7,773,877,243.72 yuan, up from 7,354,768,450.44 yuan in the previous period[24] - Research and development expenses for the current period are 332,252,436.76 yuan, up from 296,764,121.85 yuan in the previous period[24]