法律意见书 北京海润天睿律师事务所 关 于 杭州百诚医药科技股份有限公司 2022 年限制性股票激励计划 授予价格调整、第二个归属期归属条件成就 及作废部分限制性股票事项的 本所律师声明： 1、本所律师依据《证券法》《律师事务所从事证券法律业务管理办法》和《律 师事务所证券法律业务执业规则（试行）》等有关法律、法规和规范性文件的规 定，严格履行了法定职责，遵循了勤勉尽责和诚实信用原则，保证本法律意见书 所认定的事实真实、准确、完整，所发表的结论性意见合法、准确，不存在虚假 记载、误导性陈述或重大遗漏； 2、截至本法律意见书出具之日，本所及经办律师均未持有百诚医药的股票， 与百诚医药之间亦不存在其他可能影响公正行使职责的其他任何关系； 北京市朝阳区建外大街甲 14 号广播大厦 5/9/10/13/17 层 电话：010-65219696；传真：010-88381869 二○二四年九月 法律意见书 北京海润天睿律师事务所 关于杭州百诚医药科技股份有限公司 授予价格调整、第二个归属期归属条件成就 及作废部分限制性股票事项的法律意见书 致：杭州百诚医药科技股份有限公司 北京海润天睿律师事务所接受杭州百诚医药科技股份有 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company's overall performance remains stable, with steady growth in new orders [2] - Revenue from self-developed technology transformation and clinical services grew significantly by 52.43% and 32.22% respectively in H1 2024 [2] - The company's gross margin improved to 68.75% in H1 2024, up 2.19 percentage points year-on-year [2] - The company has a rich pipeline of nearly 300 R&D projects awaiting transformation as of H1 2024 [2] Financial Performance - H1 2024 revenue reached 525 million yuan (+23.88% YoY), with net profit of 134 million yuan (+12.35% YoY) [2] - Q2 2024 revenue was 309 million yuan (+17.65% YoY), with net profit of 84 million yuan (flat YoY) [2] - New orders in H1 2024 totaled 711 million yuan, up 13.38% YoY [2] Financial Projections - Revenue is projected to grow from 1.203 billion yuan in 2024E to 1.872 billion yuan in 2026E [3][4] - Net profit is expected to increase from 315 million yuan in 2024E to 519 million yuan in 2026E [3][4] - EPS is forecasted to rise from 2.89 yuan in 2024E to 4.77 yuan in 2026E [4] - PE ratio is expected to decline from 24.91x in 2024E to 15.10x in 2026E [3][4] Business Segments - Clinical pre-pharmacy services/CDMO/equity sharing revenue declined by 9.09%/70.36%/72.60% respectively in H1 2024 [2] - Self-developed technology transformation revenue reached 290 million yuan in H1 2024, with a gross margin of 87.28% [2] - Clinical service revenue was 93 million yuan in H1 2024, with a gross margin of 37.38% [2]

证券研究报告 | 2024年08月23日 百诚医药（301096.SZ）——2024 年中报点评 优于大市 新签订单增长稳健，自研技术转化占比提升 2024 上半年业绩增长稳健，二季度增速放缓。2024 上半年公司实现营收 5.25 亿元（+23.88%），归母净利润 1.34 亿元（+12.35%），扣非归母 净利润 1.23 亿元（+3.13%）。其中 24Q2 单季营收 3.09 亿元（+17.65%）， 归母净利润 0.84 亿元（持平），扣非归母净利润 0.74 亿元（-12.28%）。 公司 2024 上半年业绩保持稳健增长，二季度增速放缓，主要系公司加 大布局创新药和仿制药自研项目而研发投入增大以及传统仿制药 CRO 竞 争加剧所致。 自研技术成果转化业务占比持续提升。分业务看，2024 上半年临床前药学 研究实现收入 1.1 亿元（-9%），临床服务 0.9 亿元（+32%），研发技 术成果转化 2.9 亿元（+52%），权益分成 455 万元（-73%），CDMO 512 万元（-70%），商业化生产 250 万元。公司从传统仿制药受托研发向自 主立项研发转型，研发技术成果转化业务增长强劲， ...

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Insights - The company reported a revenue of 525 million yuan for the first half of 2024, representing a year-on-year growth of 23.88%. The net profit attributable to the parent company was 134 million yuan, up 12.35% year-on-year, while the net profit excluding non-recurring items was 123 million yuan, reflecting a growth of 3.13% [3][4]. - Profitability was impacted by increased depreciation and amortization, higher R&D expenditures, and a decrease in income from equity sharing. The gross margin for the first half of 2024 was 68.75%, an increase of 2.2 percentage points year-on-year, while the net profit margin was 25.56%, a decrease of 2.6 percentage points year-on-year [4]. - The company achieved significant growth in the transformation of self-developed technology results, with revenue from this segment reaching 290 million yuan, a 52.4% increase. However, the revenue from entrusted R&D services showed some volatility [4]. Financial Performance Summary - The company’s R&D expenses for the first half of 2024 were 149 million yuan, a 61.94% increase. The depreciation expense for the same period was 67.69 million yuan, compared to 34.53 million yuan in the previous year. Income from equity sharing was 4.55 million yuan, significantly lower than 16.61 million yuan in the same period last year [4]. - As of the end of the first half of 2024, the company had 89 R&D projects with sales equity sharing, of which 19 projects had been approved. The company expects new approved products to contribute more to equity sharing income in the future [4]. - The company has established a comprehensive service platform for customized R&D and production, achieving a revenue of 62.02 million yuan from this segment in the first half of 2024, with an external customer order revenue of 5.12 million yuan and a gross margin of 56.43% [4]. Future Profit Forecast - The company is expected to achieve net profits attributable to the parent company of 300 million yuan, 361 million yuan, and 425 million yuan for the years 2024, 2025, and 2026, respectively. The current stock price corresponds to valuation multiples of 14, 12, and 10 times for these years [4].

2024 年 08 月 21 日 公司点评 增持/下调 百诚医药(301096) 目标价: 昨收盘:36.84 受托研发有所承压，自研转化开始提速 ◼ 走势比较 (40%) (26%) (12%) 2% 16% 30% 23/8/2123/11/224/1/1424/3/2724/6/824/8/20 百诚医药 沪深300 ◼ 股票数据 总股本/流通(亿股) 1.09/1.09 总市值/流通(亿元) 40.13/40.13 12 个月内最高/最低价 (元) 77.78/36.66 相关研究报告 <<业绩维持高速增长，自研转化成果 不断展现>>--2024-04-24 <<业务多点开花，CRO 新星高成长>>- -2023-11-09 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：张崴 电话： E-MAIL：zhangwei@tpyzq.com 事件： 8 月 14 日，公司发布 2024 年半年报，2024H1 实现营业收入 5.25 亿 元，同比增长 23.88%，归母净利润为 1.34 亿元，同比增长 12.35%，扣 ...

百诚医药（ [Table_StockNameRptType] 301096） | --- | --- | --- | |---------------------------------------------------------------------------------------|-------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

公 司 研 究 医 药 生 物 百诚医药 沪深300 [Table_Reportdate] 2024年08月20日 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn | --- | --- | |--------------------------|------------------| | | | | 数据日期 收盘价 | 2024/08/20 36.84 | | 总股本 ( 万股 ) | 10,892 | | 流通 A 股 /B 股 ( 万股 ) | 6,912/0 | | 资产负债率 (%) | 28.42% | | 市净率 ( 倍 ) | 1.43 | | 净资产收益率 ( 加权 ) | 4.88 | | 12 个月内最高 / 最低价 | 77.78/36.66 | [Table_QuotePic] -53% -40% -27% -14% -1% 12% 25% 38% 23-08 ...

Investment Rating - The report assigns a "Buy" rating for the company, Baicheng Pharmaceutical (301096), marking its first coverage [2]. Core Insights - The company has demonstrated robust revenue growth, with a 23.88% year-on-year increase in revenue for the first half of 2024, reaching 525 million yuan. The net profit attributable to shareholders also grew by 12.35% to 134 million yuan [3][4]. - The CRO (Contract Research Organization) business has shown significant growth, with total revenue of 517 million yuan in the first half of 2024, reflecting a 27.26% increase. The high-margin transformation business continues to drive profitability, achieving a gross margin of 69.85% [4]. - The company is investing heavily in R&D, with a 61.94% increase in R&D expenses to 149 million yuan in the first half of 2024, supporting a pipeline of 17 innovative drug projects [5]. Financial Summary - For the fiscal years 2024 to 2026, the company is projected to achieve net profits of 324 million yuan, 401 million yuan, and 515 million yuan, respectively, with corresponding EPS of 2.97 yuan, 3.68 yuan, and 4.73 yuan [6][8]. - The company's revenue is expected to grow from 1.268 billion yuan in 2024 to 2.011 billion yuan in 2026, with growth rates of 24.66%, 25.81%, and 26.05% for the respective years [6][8]. - The current P/E ratio is projected to decrease from 13.18 in 2024 to 8.28 in 2026, indicating an attractive valuation as earnings grow [6][8].

做仿创CIO行业以及百成一样都发布了深度报告现在来看尽管行业竞争态势有所变化但我们依然看好百成作为能力最全面的研发合伙人之一在行业新需求下面的竞争力今天我们也很荣幸请到了公司董事长娄总董秘刘总财务总监严总IR徐总与我们进行交流此外还有来自于长江东方国联国信海通华创开源 明升 升万 太平洋 信达 新业浙商 中泰和中油证券的各位券商老师与我们共同举办本次会议下面有请公司领导具有半年报的情况进行介绍 谢谢好的 谢谢许总各位尊敬的投资人券商机构代表合作伙伴们晚上好欢迎大家参加百成医药2024年半年度业绩交流会 在此我谨代表百成医药董事会与全体管理层对长期以来大力支持与关心百成医药的广大投资者及社会各界朋友表示诚挚的感谢在这半年里尽管外部环境充满挑战市场竞争愈发激烈但我们始终坚定信念迎难而上公司在研发上也突破了一系列的技术难关稳步推进项目的研发与上市 下面由我先向各位介绍一下公司上半年的业务完成情况上半年公司营业收入5.25亿元同比增长23.88%净利润实现1.34亿元同比增长12.35%新签订单金额7.11亿元同比增长13.38%受托研发服务 研发技术成果转化及权益分层业务收入5.17亿元从比增长27.26%报告之内 ...

医药生物/医疗服务 公 司 研 究 百诚医药（301096.SZ） 2024 年 08 月 18 日 收入及签单稳健增长，加大研发布局新的增长点 ——公司信息更新报告 投资评级：买入（维持） 余汝意（分析师） 汪晋（联系人） yuruyi@kysec.cn wangjin3@kysec.cn 证书编号：S0790523070002 证书编号：S0790123050021 | --- | --- | |-------------------------|-------------| | 日期 | 2024/8/16 | | 当前股价 ( 元 ) | 39.18 | | 一年最高最低 ( 元 ) | 77.78/38.27 | | 总市值 ( 亿元 ) | 42.67 | | 流通市值 ( 亿元 ) | 27.08 | | 总股本 ( 亿股 ) | 1.09 | | 流通股本 ( 亿股 ) | 0.69 | | 近 3 个月换手率 (%) | 170.39 | 收入及新签订单稳健增长，高基数下利润增速放缓 2024H1 公司实现营收 5.25 亿元，同比增长 23.88%；归母净利润 1.34 亿元，同 比增长 ...