華東醫(yī)藥(000963)業(yè)績符合預期藥品板塊轉型布局加速

證券研究報告化學制劑(＃證券研究報告化學制劑(＃22投資要點元(同比+12.02%)，實現歸母凈利潤14.34億元(同比+6.96%)，實現扣非歸母凈利潤14.27億元(同比+12.24%)。模式，工業(yè)微生物四大板塊構筑完成空間廣闊，美護板塊少女針快速放容護理四大板塊邊際均向好，商業(yè)板塊穩(wěn)步增長，藥品板塊甩開集采包?風險提示：藥品集中采購風險，新藥研發(fā)風險，產品競爭格局加劇風險主要財務指標會計年度023E024E025E2757801291%134%123%127%元)994688.6%20.5%21.7%21.8%E31.9%13.5%32.9%14.3%33.5%15.2%34.4%16.0%每股收益(元)95.0.33-08-150相關報告各板塊持續(xù)增長》2022-10-2508-12yuanxyzqcomcnS01S02S02來源：WIND，興業(yè)證券經濟與金融研究院整理請務必閱讀正文之后的信息披露和重要聲明公司點評報告(帶市場行情)請務必閱讀正文之后的信息披露和重要聲明2-報告正文?公司發(fā)布2023年半年報，2023年上半年實現營業(yè)收入203.85億元(同比利潤14.27億元(同比+12.24%)。實現扣非歸母凈利潤14.27億元(同比+12.24%)，扣除股權激勵和參控股研扣非歸母凈利潤16.56億元(同比+20.61%)。Q2單季度，實現營業(yè)收入102.71億元(同比+10.85%，環(huán)比+1.55%)，實現歸母凈利潤6.79億元端增速低于收入增速的情況，扣非利潤增速快于收入端，體現了公司經營層面持續(xù)進入改善狀態(tài)。年，實現營業(yè)收入60.54億元(同比+10.04%)，實現扣非凈利潤12.26億元圖1、中美華東單季度收入(億元，左軸)及同比增速(右軸)5040.00%30.9230.1430.7529.7927.2627.9127.0927.130.00%22.323.3223.823.0520.00%中美華東收入(億元)YOY(%)與金融研究院整理請務必閱讀正文之后的信息披露和重要聲明3-國FDA批準上市，這是公司繼注射用泮托拉唑鈉、阿卡波糖片、注射用達托霉素之后又一獲得集采對公司影響的邊際緩和以及相關創(chuàng)新產品的布局，公司工業(yè)板塊第二增長曲線逐漸清晰。合計實現營業(yè)收入12.24億元(同比+36%)，其中sinclair實現收入7629萬英鎊(同比+26%)，實現EBITDA1260萬英鎊，欣可麗美學(對應核心品種少女針)實現收入5.16億元(同比+91%)。Q2單季度，合計實現營業(yè)收入7.21億元(同比+63%，環(huán)比+43%)，其中sinclair實現收入4249萬英鎊(同比+44%,環(huán)比+26%)，實現EBITDA961萬英鎊，欣可麗美學(對應核心品Q單季度國內和利潤貢獻。公司新型高端含利多卡因注射用透明質酸鈉填充劑MaiLi中國臨床試驗全部受試者入組，并已開始隨訪。美護板塊將成為公司快速增長的助推器。在大中華區(qū)以及東南亞的獨家許可和開發(fā)權益。公司管線逐漸豐富，在內分請務必閱讀正文之后的信息披露和重要聲明4-款創(chuàng)從美國ImmunoGen引進的全球首創(chuàng)ADC新藥索米妥昔單抗注射液 有望持續(xù)助力產品高增長。糖尿病/肥胖癥DR10624(三靶點GLP-尿病/肥胖癥/Nash尿病2023.4獲批上市2023.6獲批上市糖尿病/肥胖癥EGFR突變非小細胞肺癌HDM02FRα高表達的鉑耐藥卵巢tuximabine癌DRCLDNARCALYST?(Rilonacept)冷吡啉相關的周期性綜合征(CAPS)烏司奴單抗生物類似物HDM001銀屑病2023年Q3BLA獲得受理腎小球濾過率動態(tài)監(jiān)測系段(腎小球濾過率動態(tài)監(jiān)測統(tǒng)MB02(配套使用)：公司公告，興業(yè)證券經濟與金融研究院整理公司全資子公司中美華東申報的利拉魯肽注射液肥胖或超重適應癥的上市許g 研減重相關適應癥未在國內獲批上市。根據諾和諾德公司2022年年報，請務必閱讀正文之后的信息披露和重要聲明5-已正式實現商業(yè)化上市銷售，并在全國各省積極開展掛網和進院的工作。目前國內僅有中美華東及原研企業(yè)的利拉魯肽注射液擁有糖尿病適應癥的上市批文，且中美華東為國內首個針對利拉魯肽注射液肥胖或超重適應癥遞交上1R/GCGR/FGF21R三靶點激動劑，臨床一期)、司美格魯肽(臨床三期)、P比-3.23PP),管理費用率3.81%(同比+0.90PP)，研發(fā)費用率2.85%(同比明兩年多款創(chuàng)新產品上市放量，工業(yè)微生物和美護板塊高速發(fā)展，我們調整S倍，維持對其“買入”評級。中采購風險，新藥研發(fā)風險，產品競爭格局加劇風險公司點評報告(帶市場行情)請務必閱讀正文之后的信息披露和重要聲明6-22-1Q2Q3Q4Q23-1Q2021-122022-12YOY9576823797銷售費用9081.7%4.5%發(fā)費用72850000--公允價值0000-0-投資收益--56280299銷售費用率s9%.0%9%s發(fā)費用率7%3%3%6%s8%7%0%sssss經濟與金融研究院整理公司點評報告(帶市場行情)請務必閱讀正文之后的信息披露和重要聲明7-萬元資產負債萬元計年度23E4E5E8950940000應收票據及應收賬款款項存貨495程37880414141419737373734585款應付票據及應付賬款1394824878787878190合計7218246054585現金流量表萬元計年度23E4E5E468468-800346-80004599-882-8009和攤銷公允價值變動損失投資損失活動產生現金流量投資活動產生現金流量生現金流量動初余額 現金的期末余額341767421026714215：天軟，興業(yè)證券經濟與金融研究院整理萬元利萬元計年度23E4E5E27578012682674及附加8659銷售費用發(fā)費用000000投資收益公允價值變動收益減值損失8888486800044898335270999468EPS95務比率計年度23E4E5E13.4%12.3%12.7%6%5%6%5%7%8%31.9%32.9%33.5%34.4%債能力38.5%37.7%37.0%35.8%245率5129.6%129.4%129.2%128.9%賬款周轉率523.3%526.2%523.8%524.8%存貨周轉率每股資料(元)股收益95股經營現金98股凈資產值比率(倍).0.3公司點評報告(帶市場行情)請務必閱讀正文之后的信息披露和重要聲明8-師聲明券業(yè)協會授予的證券投資咨詢執(zhí)業(yè)資格并登記為證券分析師，以勤勉的職業(yè)態(tài)度，獨立、客觀地出具本告。本報告清晰準確地反映了本人的研究觀點。本人不曾因，不因，也將不會因本報告中的具體推薦意見或觀點而直接或投資評級說明投資建議的評級標準級說明報告中投資建議所涉及的評級分為股票評級和行業(yè)評級(另有說明的除外)。評級標準為報告發(fā)布日后的12個月內公司股價(或行業(yè)指數)相對同期相關證券市場代表性指數的漲跌準；新三板市場以三板成指為基準；場以標普500或納斯達克綜合指數為基級相對同期相關證券市場代表性指數漲幅大于15%相對同期相關證券市場代表性指數漲幅小于-5%司面臨無法預見結果的重大不確，或者其他原因，致使我們無法給出明確的投資評級行業(yè)評級推薦相對表現優(yōu)于同期相關證券市場代表性指數相對表現與同期相關證券市場代表性指數持平相對表現弱于同期相關證券市場代表性指數信息披露使用本研究報告的風險提示及法律聲明本報告僅供興業(yè)證券股份有限公司(以下簡稱“本公司”)的客戶使用，本公司不會因接收人收到本報告而視其為客、意見等均僅供客戶參考，不構成所述證券買賣的出價或征價邀請或要約，投資者自主作出投資決策并任何形式的分享證券投資收益或者分擔證券投資損失的書面或口頭承諾均為無效，任何有關本報告的摘要或節(jié)選都不代表本報告正式完整的觀點，一切須以本公司向客戶發(fā)布的本報告完整版本為準。該等信息、意見并未考慮到人員的具體投資目的、財務狀況以及特定需求，在任何時候均不構成對任何人的個人推薦?？蛻魬攲Ρ緢蟾嬷行歇毩⒃u估，并應同時考量各自的投資目的、財務狀況和特定需求，必要時就法律、商業(yè)、財務、稅收等方均不承擔任何法律責任。的來源被認為是可靠的，但本公司不保證其準確性或完整性，也不保證所包含的信息和建議不會發(fā)生任的其他任何損失承擔任何責任。資料、意見及推測僅反映本公司于發(fā)布本報告當日的判斷，本報告所指的證券或投資標的的價格、價值及資收入可升可跌，過往表現不應作為日后的表現依據；在不同時期，本公司可發(fā)出與本報告所載資料、意見及推測不一致報告；本公司不保證本報告所含信息保持在最新狀態(tài)。同時，本公司對本報告所含信息可在不發(fā)出通知的情形下做出修關于業(yè)績的數據代表過往表現。過往的業(yè)績表現亦不應作為日后回報的預示。我們不不保證，任何所預示的回報會得以實現。分析中所做的回報預測可能是基于相應的假設。任何假設的變化可能會顯著員、交易人員以及其他專業(yè)人士可能會依據不同假設和標準、采用不同的分析方法而口頭或書面發(fā)表與及建議不一致的市場評論和/或交易觀點。本公司沒有將此意見及建議向報告所有接收者進行更新的義務。本公致的投資決策?；蛞鈭D發(fā)送予或為任何就發(fā)送、發(fā)布、可得到或使用此報告而使興業(yè)證券股份有限公司及其關聯子公司當地的法律或法規(guī)或可致使興業(yè)證券股份有限公司受制于相關法律或法規(guī)的任何地區(qū)、國家或其他管轄區(qū)域的公民或本公司所有。本公司對本報告保留一切權利。除非另有書面顯示，否則本報告中的所有材料的版權均屬公司。未經本公司事先書面授權，本報告的任何部分均不得以任何方式制作任何形式的拷貝、復印件或復制品，或再次分司不承擔任何轉載責任。聲明在法律許可的情況下，興業(yè)證券股份有限公司可能會持有本報告中提及公司所發(fā)行的證券頭寸并進行交易，也可能為這賴依據。興業(yè)證券研究上海深圳1-08單元座52樓50searchxyzqcomcnsearchxyzqcomcnHuadongMedicine(000963)HuadongMedicine(000963)August16,2023In1H23,thecompanyachievedarevenueofCNY20.385billion(+12.02%YoY);itreporteditsnetincomeattributabletoshareholdersatCNY1.434billion(+6.96%YoY);itregistereditsnetincomedeductingnon-recurringitemsatCNY1.427billion(+12.24%YoY).Comments證券研究報告COMPANYRESEARCHBuyBuyMaintaineyDataApr.21,2023CompanyProfileHuadongCompanyProfileHuadongMedicineCo.,Ltd.specializesinthedevelopment,manufactureandmarketingofmedicalproductsandvaccines.Theproductsareintendedprimarilyforthetreatmentoftumors,immunedisorders,endocrinedisorders,orthopedicandtraumatologicaldisorders,digestivesystemdiseasesandviraldiseases.(Source:MarketScreener). 1754.00 1749.73.40.000.43OutstandingShares(Mn)FloatShares(Mn)BookValue(CNY/Mn)TotalAssets(CNY/Mn)Source:Wind,editedbyResearchInstituteofEconomicsandFinanceofIndustrialSecuritiesHuadongMedicineCo.,Ltd.(“HuadongMedicine”/thecompany)announceditsfinancialresultsforthefirsthalfof2023.AnaAnalystSUNYuanyuansunyuanyuan@S0190515090001HUANGHanyanghuanghanyang@ItsperformanceItsperformancewasinlinewithexpectations,withrecurringprofitgrowthfasterthanrevenuegrowth.Itspharmaceuticalindustrialsmaintainedtherisingmomentum,anditswidebusinessrolloutsshoweditssecondgrowthcurve.YANGXichengyangxicheng@S0190522090002ItspharmaceuticalcommercehascontinuouslyItspharmaceuticalcommercehascontinuouslyinnovatedthebusinessmodeswhilemaintaininggrowth.Itsindustrialmicroorganismhascompletedthefour-businessframework,leavinghugepotentialforgrowth.Itsbeautycarebusinesssawarapidincreaseinsalesvolumeduetoitsyoung-keepingneedles.Thecompany’soverseasbusinesshasachievedrecoveryanditsBDprogressesabundantly,withmultiplebusinesseslinestobecarriedout.Anditsweight-lossproductshavegotapproval,andithasdeepeneditspipelinesforsugar-reducingtobuildstrongmoats.Asahigh-qualityplayerinconventionalpharmaceuticals,thecompanyhasseenamarginalturnaroundinitsfourmajorbusinesses(drugs,commercials,industrialmicroorganism,andbeautycare).Itscommercialsgrowssteadilywhileitsdrugshasshakenofftheburdenofcentralizedprocurement,withmultipleinnovativedrugscomingintomarketandseeingrisesinsalesvolumethisyearandnextyear.Itsindustrialmicroorganismandbeautycarebusinessgrowrapidly.WerevisedourearningsforecastsforthecompanyandestimateditsEPSatCNY1.72證券研究報告COMPANYRESEARCHin2023,CNY2.09in2024,andCNY2.55in2025,implyingaP/Eratioto23.3x,19.1x,and15.7x,basedontheclosingpriceonAugust15,2023.Reiterate“Buy”.Potentialriskscentralizedprocurementofdrugs;newdrugsresearchanddevelopment;intensifiedcompetition2022A2023E2024E2025ERevenue(CNY/Mn)37715427574801254129YoY(%)NetIncomeAttributabletoShareholders(CNY/Mn)2499301336684468YoY(%)8.6%GrossMargin(%)ROE(%)EPS(CNY)1.421.722.092.55Source:Wind,editedbyResearchInstituteofEconomicsandFinanceofIndustrialSecuritiesThisEnglishtranslationoftheoriginalChineseversion<業(yè)績符合預期，藥品板塊轉型布局加速>isuedbyIndustrialSecuritiesonAugust16,2023isforinformationpurposeonIncaseofadiscrepancy,theChineseoriginalwilprevail.證券研究報告COMPANYRESEARCH2022A2023E2024E2025ECurrentAssets17568218952709432961CashandCashEquivalents399667421026714215TradingSecurities0000NotesandAccountsReceivable72078171917510344PrepaidExpenses500558621692Inventories4495501955866218Others1369140514461492Non-currentAssets13624129881231511624Long-termEquityInvestments1659165916591659FixedAssets3982395336693258ConstructioninProgress873437218109IntangibleAssets2280211219441776Goodwill2441244124412441DeferredExpenses6419Others2373237323732373TotalAssets31192348833941044585CurrentLiabilities10153108501159212421Short-termLoans948948948948NotesandAccountsPayable5902659073348165Others3303331233103309Non-currentLiabilities1863231329943559Long-termLoans1051150121822748Others811811811811TotalLiabilities12016131621458615980ShareCapital1754175417541754AdditionalPaid-inCapital(APIC)2378237823782378UndistributedProfits13488158361870022190MinorityInterests599639688748TotalShareholders’Equity19176217212482428605TotalLiabilitiesandShareholders’Equity31192348833941044585CashFlowStatementCashFlowStatement2022A2023E2024E2025ENetIncomeAttributabletoShareholders2499301336684468DepreciationandAmortization629687723742ProvisionforAssetImpairmentLosses73586171LossonAssetDisposal-8-8-8-8LossonFairValueChanges-28-28-28-28FinancialExpenses100000InvestmentLosses116200200200MinorityInterestIncome33404960ChangesinWorkingCapital-941-990CashFlowfromOperatingActivities(CFO)2382302136744346CashFlowfromInvestingActivities(CFI)-2436-217-217-217CashFlowfromFinancingActivities(CFF)-5968NetChangesinCashandCashEquivalents274535253948quivalents35803996674210267quivalents3417674210267142152022A2023E2024E2025ERevenue37715427574801254129CostofGoodsSold(COGS)25682286743191035526TaxesandSurcharges208236265299SellingExpenses6335709879708985AdministrativeExpenses1249145416081786R&DExpenses1016136815361840FinancialExpenses78000OtherIncome93000InvestmentIncome-200-200-200GainonFairValueChanges28282828LossonCreditImpairment-69-69-69-69LossonAssetImpairment-4-4-4-4GainonAssetDisposal8888OperatingIncome3061369244865456Non-operatingIncome8000Non-operatingExpenses38383838TotalIncome3031365444485418IncomeTax498601732891NetIncome2533305337174527MinorityInterestIncome33404960NetIncomeAttributabletoShareholders2499301336684468EPS(CNY)1.421.722.092.55KeyFinancialRatios2022A2023E2024E2025EGrowthGrowthRateofRevenue13.4%12.3%12.7%GrowthRateofOperatingIncome7.2%20.6%21.5%21.6%GrowthRateofNetIncomeAttributabletoShareholdersProfitability8.6%20.5%21.7%21.8%GrossMargin31.9%32.9%33.5%34.4%NetMarginAttributabletoShareholders6.6%7.0%7.6%8.3%ROESolvency13.5%14.3%15.2%16.0%Asset-liabilityRatio38.5%37.7%37.0%35.8%CurrentRatio1.732.022.342.65QuickRatioOperatingCapabilities1.291.561.86AssetTurnoverRatio129.6129.4%129.2%128.9%AccountsReceivableTurnoverRatio523.3526.2%523.8%524.8%InventoryTurnoverRatioStockInfo.(CNY)604.21%599.2%599.3%EPS1.421.722.092.55OCFPS1.361.722.092.48BVPSValuationRatio10.5912.0213.7615.8828.023.32.92.54證券研究報告COMPANYRESEARCH【AnalystCertification】AscertifiedsecuritiesanalystswiththeSecuritiesAssociationofChina(SAC),weguaranteethat1)thereportwaspreparedinanindependentandobjectivemannerandaccuratelyreflectedourpersonalresearchviews,and2)nopartofourcompensationwas,is,orwillbe,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedinthisreport.【InvestmentRatingSystem】ecommendationsnsinthisreportaredividedintostockdustryratingsunlessstatedotherwisetingsarebasedontheperformancewithinmonthseagainsttherepresentativeindexoverthesameperiodCSIIndexservesastheindexfortheAsharemarkettheNEEQnentIndexservesasthebenchmarkindexfortheHangSengIndexisthebenchmarkforHongsbenchmarkedagainstndexorNASDAQCompositeIndexperformancebetterthanthatoftherepresentativeindexperformanceaboutthesameasthatoftherepresentativeindexperformanceworsethanthatoftherepresentativeindexanincreaseofover15%versustherepresentativeindexanincreasebetween5%to15%versustherepresentativeindexachangebetween-5%and5%versustherepresentativeindexadecreaseofover5%versustherepresentativeindexnospecificratingsforlackofnecessaryinformation,ormajoruncertainties,orforotherreasons【GeneralDisclosures】ChinaIndustrialSecuritiesCorporationLimited(hereinafterreferredtoasthe“Company”)fulfillsitsdutyofdisclosureswithinitsknowledge.TheclientsmayvisitInsiderTradingPreventionandControlatforthearrangementsduringthequietperiodandtheshareholdingsinitsaffiliates.【GeneralDisclaimer】TheCompanyislicensedtoconductsecuritiesinvestmentconsultancybusinessbytheChinaSecuritiesRegulatoryCommission(CSRC).ThereportisfortheCompany’sclientsonly.TheCompanywillnottreatunauthorizedrecipientsofthisreportasitsclients.Theinformationandopinionscontainedhereinarefortheclients’referenceonly.Neithertheinformationnoranyopinionsexpressedconstitutesanofferoraninvitationtomakeanoffer,tobuyorsellanysecuritiesorotherfinancialinstrumentsoranyderivativesrelatedtosuchsecuritiesorinstruments(e.g.,options,futures,warrants,andcontractsfordifferences).Theinvestorsshallmaketheirowninvestmentdecisionsandbearthecorrespondinginvestmentrisks,andanycommitments,writtenororal,toshareinvestmentincomeorlossesarenullandvoid.Anyabstractsorexcerptsofthisreportdonotrepresentofficialandcompleteviewsherein.AllmattersaresubjecttothefullversionofthisreportissuedbytheCompanytoitsclients.Asithasbeenpreparedwithoutregardtothespecificobjectives,circumstancesanddemandofthosewhoreceiveit,thereportdoesnotconstituteindividuallytailoredinvestmentadvice.Theinvestorsshallindependentlyevaluatetheinformationandopinionsherein,takeintoaccounttheparticularinvestmentobjectives,circumstancesanddemand,andseekprofessionaladviceonbusiness,taxation,legalandfinancialaffairswhennecessary.NeithertheCompanynoranyofitsdirectors,employeesoragentsacceptsanyliabilityforanyloss(includinginvestmentloss)ordamagearisingoutoftheuseofalloranyoftheinformationherein.InformationcontainedhereinhasbeenobtainedfromsourcesbelievedtobereliablebuttheCompanydoesnotwarrantitsaccuracyorcompleteness,noritsanychanges.TheCompanyacceptsnoliabilitywhatsoeverforanydirectorconsequentiallossarisingfromanyuseofinformationcontainedhereinorotherwiseinconnectiontherewith.Information,opinionsandestimatescontainedhereinreflectthejudgmentofanalystsoftheCompanyonthedateofitsoriginalpublication證券研究報告COMPANYRESEARCHandaresubjecttochangeswithoutnotification.Thepriceandvalueofsecuritiesorinvestmentsreferredtohereinandtheincomefromthemmayfluctuate.Pastperformanceisnotnecessarilyaguidetofutureperformance.Indifferenttime,theCompanymayissuereportscontaininginformation,opinionsandestimatesthatareinconsistentwithwhatpresentedherein.TheCompanyisunderonobligationtoensuretheinformationcontainedhereinisuptodate.Unlessotherwisestated,thedatacitedhereinrepresentthepastperformance.Pastperformanceisnotnecessarilyindicativeoffutureresults.TheCompanymakesneithercommitmentnorwarrantiesthatanyestimatesoffutureperformancewillberealized.Estimatesoffutureperformancearebasedonassumptionswhoseanychangesmaysubstantiallyaffectreturns.Basedondifferentassumptionsandstandardsandwithdifferentanalyticalapproaches,theCompany’ssalespersons,tradersandotherprofessionalsmayprovide,oralorwritten,marketcommentaryortradingstrategieswhichareinconsistentwithopinionsandrecommendationscontainedherein.TheCompanyhasnoobligationtoupdatesuchinformationwithallrecipientsofthereport.TheCompany’sassetmanagementdepartment,proprietarybusinessdepartmentandotherinvestment-relateddepartmentsmaym