华东医药(000963)业绩符合预期药品板块转型布局加速

证券研究报告化学制剂(＃证券研究报告化学制剂(＃22投资要点元(同比+12.02%)，实现归母净利润14.34亿元(同比+6.96%)，实现扣非归母净利润14.27亿元(同比+12.24%)。模式，工业微生物四大板块构筑完成空间广阔，美护板块少女针快速放容护理四大板块边际均向好，商业板块稳步增长，药品板块甩开集采包⚫风险提示：药品集中采购风险，新药研发风险，产品竞争格局加剧风险主要财务指标会计年度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相关报告各板块持续增长》2022-10-2508-12yuanxyzqcomcnS01S02S02来源：WIND，兴业证券经济与金融研究院整理请务必阅读正文之后的信息披露和重要声明公司点评报告(带市场行情)请务必阅读正文之后的信息披露和重要声明2-报告正文⚫公司发布2023年半年报，2023年上半年实现营业收入203.85亿元(同比利润14.27亿元(同比+12.24%)。实现扣非归母净利润14.27亿元(同比+12.24%)，扣除股权激励和参控股研扣非归母净利润16.56亿元(同比+20.61%)。Q2单季度，实现营业收入102.71亿元(同比+10.85%，环比+1.55%)，实现归母净利润6.79亿元端增速低于收入增速的情况，扣非利润增速快于收入端，体现了公司经营层面持续进入改善状态。年，实现营业收入60.54亿元(同比+10.04%)，实现扣非净利润12.26亿元图1、中美华东单季度收入(亿元，左轴)及同比增速(右轴)5040.00%30.9230.1430.7529.7927.2627.9127.0927.130.00%22.323.3223.823.0520.00%中美华东收入(亿元)YOY(%)与金融研究院整理请务必阅读正文之后的信息披露和重要声明3-国FDA批准上市，这是公司继注射用泮托拉唑钠、阿卡波糖片、注射用达托霉素之后又一获得集采对公司影响的边际缓和以及相关创新产品的布局，公司工业板块第二增长曲线逐渐清晰。合计实现营业收入12.24亿元(同比+36%)，其中sinclair实现收入7629万英镑(同比+26%)，实现EBITDA1260万英镑，欣可丽美学(对应核心品种少女针)实现收入5.16亿元(同比+91%)。Q2单季度，合计实现营业收入7.21亿元(同比+63%，环比+43%)，其中sinclair实现收入4249万英镑(同比+44%,环比+26%)，实现EBITDA961万英镑，欣可丽美学(对应核心品Q单季度国内和利润贡献。公司新型高端含利多卡因注射用透明质酸钠填充剂MaiLi中国临床试验全部受试者入组，并已开始随访。美护板块将成为公司快速增长的助推器。在大中华区以及东南亚的独家许可和开发权益。公司管线逐渐丰富，在内分请务必阅读正文之后的信息披露和重要声明4-款创从美国ImmunoGen引进的全球首创ADC新药索米妥昔单抗注射液 有望持续助力产品高增长。糖尿病/肥胖症DR10624(三靶点GLP-尿病/肥胖症/Nash尿病2023.4获批上市2023.6获批上市糖尿病/肥胖症EGFR突变非小细胞肺癌HDM02FRα高表达的铂耐药卵巢tuximabine癌DRCLDNARCALYST®(Rilonacept)冷吡啉相关的周期性综合征(CAPS)乌司奴单抗生物类似物HDM001银屑病2023年Q3BLA获得受理肾小球滤过率动态监测系段(肾小球滤过率动态监测统MB02(配套使用)：公司公告，兴业证券经济与金融研究院整理公司全资子公司中美华东申报的利拉鲁肽注射液肥胖或超重适应症的上市许g 研减重相关适应症未在国内获批上市。根据诺和诺德公司2022年年报，请务必阅读正文之后的信息披露和重要声明5-已正式实现商业化上市销售，并在全国各省积极开展挂网和进院的工作。目前国内仅有中美华东及原研企业的利拉鲁肽注射液拥有糖尿病适应症的上市批文，且中美华东为国内首个针对利拉鲁肽注射液肥胖或超重适应症递交上1R/GCGR/FGF21R三靶点激动剂，临床一期)、司美格鲁肽(临床三期)、P比-3.23PP),管理费用率3.81%(同比+0.90PP)，研发费用率2.85%(同比明两年多款创新产品上市放量，工业微生物和美护板块高速发展，我们调整S倍，维持对其“买入”评级。中采购风险，新药研发风险，产品竞争格局加剧风险公司点评报告(带市场行情)请务必阅读正文之后的信息披露和重要声明6-22-1Q2Q3Q4Q23-1Q2021-122022-12YOY9576823797销售费用9081.7%4.5%发费用72850000--公允价值0000-0-投资收益--56280299销售费用率s9%.0%9%s发费用率7%3%3%6%s8%7%0%sssss经济与金融研究院整理公司点评报告(带市场行情)请务必阅读正文之后的信息披露和重要声明7-万元资产负债万元计年度23E4E5E8950940000应收票据及应收账款款项存货495程37880414141419737373734585款应付票据及应付账款1394824878787878190合计7218246054585现金流量表万元计年度23E4E5E468468-800346-80004599-882-8009和摊销公允价值变动损失投资损失活动产生现金流量投资活动产生现金流量生现金流量动初余额 现金的期末余额341767421026714215：天软，兴业证券经济与金融研究院整理万元利万元计年度23E4E5E27578012682674及附加8659销售费用发费用000000投资收益公允价值变动收益减值损失8888486800044898335270999468EPS95务比率计年度23E4E5E13.4%12.3%12.7%6%5%6%5%7%8%31.9%32.9%33.5%34.4%债能力38.5%37.7%37.0%35.8%245率5129.6%129.4%129.2%128.9%账款周转率523.3%526.2%523.8%524.8%存货周转率每股资料(元)股收益95股经营现金98股净资产值比率(倍).0.3公司点评报告(带市场行情)请务必阅读正文之后的信息披露和重要声明8-师声明券业协会授予的证券投资咨询执业资格并登记为证券分析师，以勤勉的职业态度，独立、客观地出具本告。本报告清晰准确地反映了本人的研究观点。本人不曾因，不因，也将不会因本报告中的具体推荐意见或观点而直接或投资评级说明投资建议的评级标准级说明报告中投资建议所涉及的评级分为股票评级和行业评级(另有说明的除外)。评级标准为报告发布日后的12个月内公司股价(或行业指数)相对同期相关证券市场代表性指数的涨跌准；新三板市场以三板成指为基准；场以标普500或纳斯达克综合指数为基级相对同期相关证券市场代表性指数涨幅大于15%相对同期相关证券市场代表性指数涨幅小于-5%司面临无法预见结果的重大不确，或者其他原因，致使我们无法给出明确的投资评级行业评级推荐相对表现优于同期相关证券市场代表性指数相对表现与同期相关证券市场代表性指数持平相对表现弱于同期相关证券市场代表性指数信息披露使用本研究报告的风险提示及法律声明本报告仅供兴业证券股份有限公司(以下简称“本公司”)的客户使用，本公司不会因接收人收到本报告而视其为客、意见等均仅供客户参考，不构成所述证券买卖的出价或征价邀请或要约，投资者自主作出投资决策并任何形式的分享证券投资收益或者分担证券投资损失的书面或口头承诺均为无效，任何有关本报告的摘要或节选都不代表本报告正式完整的观点，一切须以本公司向客户发布的本报告完整版本为准。该等信息、意见并未考虑到人员的具体投资目的、财务状况以及特定需求，在任何时候均不构成对任何人的个人推荐。客户应当对本报告中行独立评估，并应同时考量各自的投资目的、财务状况和特定需求，必要时就法律、商业、财务、税收等方均不承担任何法律责任。的来源被认为是可靠的，但本公司不保证其准确性或完整性，也不保证所包含的信息和建议不会发生任的其他任何损失承担任何责任。资料、意见及推测仅反映本公司于发布本报告当日的判断，本报告所指的证券或投资标的的价格、价值及资收入可升可跌，过往表现不应作为日后的表现依据；在不同时期，本公司可发出与本报告所载资料、意见及推测不一致报告；本公司不保证本报告所含信息保持在最新状态。同时，本公司对本报告所含信息可在不发出通知的情形下做出修关于业绩的数据代表过往表现。过往的业绩表现亦不应作为日后回报的预示。我们不不保证，任何所预示的回报会得以实现。分析中所做的回报预测可能是基于相应的假设。任何假设的变化可能会显著员、交易人员以及其他专业人士可能会依据不同假设和标准、采用不同的分析方法而口头或书面发表与及建议不一致的市场评论和/或交易观点。本公司没有将此意见及建议向报告所有接收者进行更新的义务。本公致的投资决策。或意图发送予或为任何就发送、发布、可得到或使用此报告而使兴业证券股份有限公司及其关联子公司当地的法律或法规或可致使兴业证券股份有限公司受制于相关法律或法规的任何地区、国家或其他管辖区域的公民或本公司所有。本公司对本报告保留一切权利。除非另有书面显示，否则本报告中的所有材料的版权均属公司。未经本公司事先书面授权，本报告的任何部分均不得以任何方式制作任何形式的拷贝、复印件或复制品，或再次分司不承担任何转载责任。声明在法律许可的情况下，兴业证券股份有限公司可能会持有本报告中提及公司所发行的证券头寸并进行交易，也可能为这赖依据。兴业证券研究上海深圳1-08单元座52楼50searchxyzqcomcnsearchxyzqcomcnHuadongMedicine(000963)HuadongMedicine(000963)August16,2023In1H23,thecompanyachievedarevenueofCNY20.385billion(+12.02%YoY);itreporteditsnetincomeattributabletoshareholdersatCNY1.434billion(+6.96%YoY);itregistereditsnetincomedeductingnon-recurringitemsatCNY1.427billion(+12.24%YoY).Comments证券研究报告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证券研究报告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<业绩符合预期，药品板块转型布局加速>isuedbyIndustrialSecuritiesonAugust16,2023isforinformationpurposeonIncaseofadiscrepancy,theChineseoriginalwilprevail.证券研究报告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证券研究报告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证券研究报告COMPANYRESEARCHandaresubjecttochangeswithoutnotification.Thepriceandvalueofsecuritiesorinvestmentsreferredtohereinandtheincomefromthemmayfluctuate.Pastperformanceisnotnecessarilyaguidetofutureperformance.Indifferenttime,theCompanymayissuereportscontaininginformation,opinionsandestimatesthatareinconsistentwithwhatpresentedherein.TheCompanyisunderonobligationtoensuretheinformationcontainedhereinisuptodate.Unlessotherwisestated,thedatacitedhereinrepresentthepastperformance.Pastperformanceisnotnecessarilyindicativeoffutureresults.TheCompanymakesneithercommitmentnorwarrantiesthatanyestimatesoffutureperformancewillberealized.Estimatesoffutureperformancearebasedonassumptionswhoseanychangesmaysubstantiallyaffectreturns.Basedondifferentassumptionsandstandardsandwithdifferentanalyticalapproaches,theCompany’ssalespersons,tradersandotherprofessionalsmayprovide,oralorwritten,marketcommentaryortradingstrategieswhichareinconsistentwithopinionsandrecommendationscontainedherein.TheCompanyhasnoobligationtoupdatesuchinformationwithallrecipientsofthereport.TheCompany’sassetmanagementdepartment,proprietarybusinessdepartmentandotherinvestment-relateddepartmentsmaym