同仁堂科技(01666.HK)年度純利跌38.38%至4.18億元 末期股息0.16元
格隆匯3月30日丨同仁堂科技(01666.HK)發佈2019年度業績，截至2019年12月31日止年度，公司實現收入44.76億元人民幣(下同)，同比減少11.53%；毛利20.54億元，同比減少15.38%；公司股東應占盈利4.18億元，同比減少38.38%；基本每股收益0.33元；擬派末期股息每股0.16元。
2019年是公司新舊產能交替的重要過渡期。自一季度開始，公司即面臨多系列產品生產供應不足的狀況，原有的亦莊分廠、劉家窯分廠的丸劑、液體制劑等多條生產線需要進行GMP(藥品生產質量管理規範)再認證，而兩家新建生產基地——位於河北省唐山市玉田縣的同仁堂科技唐山及位於北京市中關村科技園區大興生物醫藥基地的大興分廠雖然分別於2019年4月及7月順利通過GMP認證，但由於新舊生產基地之間產品轉移、生產銜接及新生產線的調試運行需要時間等影響，兩家新建生產基地於2019年下半年才開始陸續投入生產，產能尚未得到有效釋放。因此，報告期內公司整體產品生產受限，導致2019年度中成藥生產總量較上年同期下降約20%以上，特別是丸劑、液體制劑等劑型產品的生產進度受到較大影響，直接導致六味地黃丸系列、金匱腎氣丸系列等主導品種產量下降，整體收入、利潤亦隨之下降。儘管承受多重壓力與困難，公司依然積極面對，結合自身優勢特點，積極推進工業佈局調整，着眼於未來長久、健康發展。
2019年下半年，公司已依據未來發展定位及生產規劃，將六味地黃丸、西黃丸、生脈飲口服液等部分產品轉移到同仁堂科技唐山及大興分廠，兩家生產基地的丸劑、液體制劑等生產線已陸續啟動生產。至此，集團的中藥產品生產已初步形成聯接北京——河北的新格局，未來日趨穩定的產品供應將為公司整體發展提供充足的物質基礎。同時，原材料採購成本、能耗成本持續增長，加之大興分廠及同仁堂科技唐山的投運，工業運營成本不斷加大，單位制造費用上升，固定資產折舊費用亦相應增加，均導致集團利潤較上年同期下降。
生產供應的問題與市場競爭也影響了產品的表現，集團銷售額超過五00萬元的產品由上年的五十三個降至2019年的五十一個，其中銷售額超億元產品為九個，與上年持平。主導產品中，六味地黃丸系列、牛黃解毒片系列、西黃丸系列的銷售額分別較上年同期下降40.50%、6.01%及17.42%，感冒清熱顆粒系列、阿膠系列、加味逍遙丸系列銷售額分別較上年同期增長5.02%、1.56%及18.26%。其中阿膠系列產品於零售終端仍然銷售動力不足，為此公司積極調整營銷策略，優化渠道結構，不斷加大促銷力度，以期降低渠道庫存，拉動終端純銷。
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