证券研究报告·公司点评报告·医疗服务 康龙化成（300759） 2023 年年报点评：业绩稳健增长，平台能力 2024年 04月 01日 提升，一体化 CXO 龙头茁壮成长 证券分析师 朱国广 买入（维持） 执业证书：S0600520070004 zhugg@dwzq.com.cn [Table_EPS] 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 股价走势 营业总收入（百万元） 10,266 11,538 12,819 14,733 17,400 同比 37.92% 12.39% 11.10% 14.93% 18.11% 康龙化成 沪深300 归母净利润（百万元） 1,375 1,601 1,716 2,010 2,420 9% 4% -1% 同比 -17.24% 16.48% 7.18% 17.10% 20.41% -6% -11% EPS-最新摊薄（元/股） 0.77 0.90 0.96 1.12 1.35 -- 21 16 %% -26% P/E（现价&最新摊薄） 27.32 23.45 21.88 18.69 15.52 --- 433 161 %%% [关Ta键bl ...

收入持续稳健，静待行业逐步回暖 康龙化成（300759.SZ ）/医药生物 证券研究报告/公司点评 2024年04月01日 [Table_Industry] [评Ta级ble：_T买itle入] (维持) [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：20.37 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 10266.29 11538.00 12726.35 14531.23 16715.68 分析师：祝嘉琦 增长率yoy% 37.92% 12.39% 10.30% 14.18% 15.03% 执业证书编号：S0740519040001 净利润（百万元） 1374.60 1601.10 1730.74 1965.38 2307.94 电话：021-20315150 增长率yoy% -17.24% 16.48% 8.10% 13.56% 17.43% 每股收益（元） 0.77 0.90 0.97 1.10 1.29 Email：zhujq@zts.com.cn 每股现金流量 1.20 1.54 1.11 1.31 1.43 分析师：崔少煜 净资产收益率 ...

证券代码：300759 证券简称：康龙化成 公告编号：2024-017 康龙化成（北京）新药技术股份有限公司 关于公司实际控制人质押股份延期购回的公告 康龙化成（北京）新药技术股份有限公司（以下简称"公司"）近日接到公 司实际控制人之一楼小强先生的函告，获悉楼小强先生根据其资金需求情况对部 分质押股份进行延期购回，具体情况如下： | | 是否为控 股股东或 | | 占其所 | 占公司 | 是否 | 是否 | | | 延期购 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 第一大股 | 质押数量 | 持股份 | 总股本 | 为限 | 为补 | 质押起 | 原质押 | 回后质 | 质权人 | 质押用 | | 名称 | | （股） | | | | 充质 | 始日 | 到期日 | 押到期 | | 途 | | | 东及其一 | | 比例 | 比例 | 售股 | | | | | | | | | 致行动人 | | | | | 押 | | | 日 | | | | | | | | | | | 年 202 ...

上 市 公 司 医药生物 2024 年04月 01 日 康龙化成 (300759) 公 司 研 究 ——23 年稳健增长，看好一体化商业模式 公 司 点 报告原因：有业绩公布需要点评 评 增持 事件： （维持）  公司发布 2023年报。2023年公司实现营业收入 115.38 亿元，同比增长 12.4%;归母净 利润 16.01 亿元，同比增长 16.5%;扣非归母净利润 15.14亿元，同比增长 6.5%;经调整 证 市场数据： 2024年03月29日 Non-IFRS归母净利润19.03亿元，同比增长3.8%，符合市场预期。 券 收盘价（元） 20.37 研 一年内最高/最低（元） 58.88/18.5 投资要点： 究 市净率 2.9 报 息率（分红/股价） - 告 流通A股市值（百万元） 29100  2023年各业务板块均实现快速的增长。1)实验室服务:2023年收入66.60亿元(+9.38%)， 上证指数/深证成指 3041.17/9400.85 实现毛利率44.28%(-1.25t);其中生物科学收入占比达到51%+，全球创新药研发参与764 注：“息率”以最近一年已公布分红计算 个药物发 ...

[Table_MainInfo] 公司研究/医药与健康护理/医疗保健提供商与服务 证券研究报告 康龙化成（300759）公司年报点评 2024年04月01日 [Table_InvestInfo] 康龙化成 2023 年报点评：全年收入利润 投资评级 优于大市 维持 保持增长态势，看好一体化 CXO 龙头长 股票数据 0[4T月ab0le1_日S收to盘ck价（In元fo）] 21.01 期稳健发展 52周股价波动（元） 18.50-58.88 总股本/流通A股（百万股） 1787/1429 [Table_Summary] 总市值/流通市值（百万元(cid:13) 37553/30015 投资要点： 相关研究 [《Ta 22bl年e_在R手e订po单rtI 3n 0f %o增] 长，看好公司长期稳 公告：康龙化成发布2023年报。  健增长》2023.04.10 点评：  市场表现 收入端保持稳定增长态势。2023年，公司营业收入115亿元，同比增长12.39%， [Table_QuoteInfo] 毛利率达到35.75%，同比下降0.96pct;归母净利润16亿元，同比增长16.48%； 康龙化成 海通综 ...

公 司 研 究 2024年04月01日 康龙化成 （300759）：一体化龙头彰显韧 买入（维持） 公 性，业务间导流贡献增长动力 司 报告原因：业绩点评 ——公司简评报告 简 评 证券分析师 投资要点 杜永宏 S0630522040001 dyh@longone.com.cn  业绩稳健增长，龙头韧性彰显。2023年，公司营收与归母净利分别为115.4、16.0亿元， 医 证券分析师 分别同比增加12.4%、16.5%；实现Non-IFRS经调整归母净利19.0亿元，同比增长3.8%； 药 伍可心 S0630522120001 剔除生物资产公允价值变动因素，Non-IFRS经调整归母净利同比增长11.4%。Q4单季度， 生 wkx@longone.com.cn 公司营收为29.8亿元，同比增加4.0%；归母净利为4.6亿元，同比增加11.7%。公司业绩受 物 阶段性因素影响，伴随行业融资逐步回暖，整体业绩增速有望修复。2023年，公司服务全 数据日期 2024/04/01 球客户超2800家，其中使用多个业务板块服务的客户贡献收入86.4亿元，占比74.9%，其 收盘价 21.01 中CMC约85%的收入 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's core business is developing steadily, and new business initiatives are continuously opening up growth opportunities [4][5] - In 2023, the company achieved revenue of 11.54 billion yuan, a year-on-year increase of 12.39%, and a net profit attributable to shareholders of 1.60 billion yuan, up 16.48% year-on-year [4] - The company has expanded its customer base significantly, adding over 800 new clients, contributing approximately 859 million yuan in revenue [4] - The report anticipates a decrease in profit forecasts for 2024-2025 due to slowing downstream demand, while also introducing profit forecasts for 2026 [4] Financial Performance Summary - In 2023, the laboratory services and CMC business generated revenues of 6.66 billion yuan and 2.71 billion yuan, respectively, with growth rates of 9.38% and 12.64% [5] - Clinical research services saw revenue of 1.74 billion yuan in 2023, a year-on-year increase of 24.66%, with a gross margin of 17.05% [6] - The company expects net profits for 2024-2026 to be 1.79 billion yuan, 2.02 billion yuan, and 2.43 billion yuan, respectively, with corresponding EPS of 1.00 yuan, 1.13 yuan, and 1.36 yuan [4][7] - The current stock price corresponds to P/E ratios of 20.4, 18.0, and 15.0 for the years 2024, 2025, and 2026, respectively [4] Business Development - The company participated in 764 drug discovery projects in 2023, a 17% increase from the previous year [5] - The new Ningbo third park is expected to gradually come into operation in 2024, enhancing the company's capabilities in safety assessment, pharmacokinetics, and toxicology [5] - The new business segments, including large molecules and CGT, generated a combined revenue of 425 million yuan in 2023, growing by 21.06% [6]

证券研究报告 | 年报点评报告 2024年03月28日 康龙化成（300759.SZ） 收入稳健符合预期，新业务亏损影响利润，静待投融资回暖 公司发布 2023 年年度报告。2023 年公司实现营业收入 115.4 亿元，同比增长 买入（维持） 12.39%；归母净利润16.01亿元，同比增长16.48%；归母扣非后净利润15.14亿 股票信息 元，同比增长6.51%，经调整Non-IFRS归母净利润19.03亿元，同比增长3.77%， 若剔除生物资产公允价值变动导致去年同期利润高基数的影响，公司经调整 行业 医疗服务 Non-IFRS归母净利润同比增长11.37%。 前次评级 买入 业绩稳健符合预期，新业务还处于布局阶段有亏损，因而扣非利润增速慢于收入增 3月27日收盘价(元) 20.20 速：公司整体收入稳健增长符合预期，扣非利润增速慢于收入增速，主要是由于新 总市值(百万元) 36,105.36 业务的亏损。分板块来看： 总股本(百万股) 1,787.39 1）实验室服务：2023年收入66.6亿元（同比+9.38%），毛利率44.28%（同比-1.25 其中自由流通股(%) 79.93 个百分点）。2 ...

康龙化成（北京）新药技术股份有限公司 监事会议事规则 中国 北京 2024 年 3 月 康龙化成（北京）新药技术股份有限公司 监事会议事规则 第一章 总则 第一条 为完善康龙化成（北京）新药技术股份有限公司（"公司"）的法人 治理结构，进一步明确公司监事会的议事方式和表决程序，促使监事和监事会有 效履行监督职责，充分发挥监事会的监督职能，依据《中华人民共和国公司法》 （"《公司法》"）、公司股票上市地证券交易所的上市规则和《康龙化成（北京） 新药技术股份有限公司章程》（"《公司章程》"）的规定，制定本规则。 第二条 公司依法设立监事会，监事会由 3 名监事组成，其中非职工代表监 事 2 名，职工代表监事 1 名。监事会是公司的监督机构，对股东大会负责并报告 工作，行使法律、法规、《公司章程》和股东大会赋予的各种权利，对公司财务 以及公司董事、高级管理人员履行职责的合法性进行监督，维护公司、股东及员 工的合法权益。 第三条 监事会向股东大会负责，监事会行使下列职权： （一）对董事会编制的公司定期报告进行审核并提出书面审核意见； （二）检查公司财务； （三）对董事、高级管理人员执行公司职务的行为进行监督，对违反法 ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB for the year, representing a growth of 25% compared to the previous year[9]. - The company's operating revenue for 2023 was ¥11,537,996,314.78, representing a 12.39% increase from ¥10,266,288,179.53 in 2022[12]. - The net profit attributable to shareholders for 2023 was ¥1,601,096,033.08, a 16.48% increase compared to ¥1,374,604,224.18 in 2022[12]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥1,513,870,443.51, up 6.51% from ¥1,421,388,329.84 in 2022[12]. - The gross margin improved to 45%, up from 40% in the previous year, reflecting better operational efficiency[9]. - The company achieved a net profit margin of 15%, up from 12% in the previous year, indicating improved operational efficiency[145]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB for the year, representing a growth of 25% compared to the previous year[142]. Cash Flow and Investments - The net cash flow from operating activities increased by 28.50% to ¥2,753,538,934.89 in 2023 from ¥2,142,816,416.93 in 2022[12]. - Cash inflow from financing activities surged by 532.02% to CNY 5,141,463,853.58, compared to CNY 813,499,418.23 in 2022[71]. - The net increase in cash and cash equivalents was CNY 4,429,401,928.89, a significant rise of 414.14% from a decrease of CNY 1,409,996,718.41 in the prior year[71]. - The total investment during the reporting period was RMB 3.55 billion, a decrease of 46% compared to RMB 6.58 billion in the same period last year[84]. - The company plans to invest $20 million in technology innovation to strengthen its core competitiveness[120]. Research and Development - The report outlines the company's commitment to research and development in new drug technologies and services[6]. - The company is investing 200 million RMB in R&D for new technologies, focusing on biologics and personalized medicine[9]. - The total R&D expenditure for 2023 was 448,277,931.00 CNY, representing 3.89% of operating revenue, up from 2.75% in 2022[70]. - The company plans to increase its R&D budget by 25% to support ongoing and future projects[142]. - The company is actively developing new technologies, including applications of artificial intelligence in drug research and green chemistry technologies[69]. Market Expansion and Strategic Initiatives - The company is actively expanding its market presence and exploring strategic partnerships and acquisitions[6]. - The company is expanding its market presence in Europe, targeting a 10% market share within the next two years[9]. - The company is expanding its market presence in Europe, targeting a 15% market share by 2025[116]. - The company is exploring potential acquisitions to enhance its product portfolio, targeting a deal by mid-2024[146]. - The company aims to enhance its market presence through strategic partnerships and operational efficiency[134]. Corporate Governance and Management - The management team consists of experienced professionals, with nearly 100 leaders in various disciplines, including 2 national-level talents and 16 Beijing-level talents[57]. - The company has established performance evaluation standards and incentive mechanisms for senior management, ensuring transparency and compliance with legal requirements[122]. - The board of directors has reduced its size from 11 to 9 members, increasing the proportion of independent non-executive directors from 36% to 44%[121]. - The company has implemented a robust internal management and control system to ensure transparency and compliance in its operations[120]. - The company has a strong emphasis on corporate governance, with independent directors providing oversight and strategic guidance[135]. Profit Distribution - The profit distribution plan approved by the board is to distribute a cash dividend of 2 RMB per 10 shares to all shareholders, based on a total share capital of 1,787,394,297 shares[3]. - The proposed profit distribution plan includes a cash dividend of RMB 2 per 10 shares, amounting to a total cash dividend of RMB 357,478,859.40 (including tax)[182]. - The cash dividend represents 100% of the total profit distribution amount, adhering to the company's policy of maintaining a minimum cash dividend ratio of 20% during significant capital expenditures[183]. Client Engagement and User Data - User data showed an increase in active clients, reaching 500 clients, which is a 15% increase year-over-year[9]. - User data showed a total of 1.5 million active users, representing a 30% increase compared to the previous year[113]. - The company served over 2,800 global clients in 2023, with 74.89% of revenue coming from clients using multiple service segments[31]. - The company introduced over 800 new clients in 2023, with over 90% of revenue coming from a loyal and diverse customer base[59]. Risk Management and Compliance - The company emphasizes the importance of accurate financial reporting, with the responsible parties confirming the completeness and truthfulness of the annual report[2]. - The company has established strict risk control measures for its foreign exchange hedging activities, ensuring compliance with internal regulations[90]. - The company has achieved a high level of compliance with regulatory requirements in major markets, including the US and China, and will continue to monitor and adapt to regulatory changes[105]. - The company faces significant foreign exchange risks, particularly with revenues from overseas clients being predominantly in USD, while most operational costs are in RMB[106]. Employee Development and Training - The company emphasizes employee development and has implemented various training programs to enhance staff capabilities and cohesion[58]. - The training for new employees includes a comprehensive introduction to company culture, safety knowledge, compliance, and professional skills enhancement[179]. - The company has implemented multiple stock incentive plans to align long-term development with employee career growth[175]. - The company has a total of 20,295 employees receiving compensation during the reporting period[173].