2025 年 6 月 9 日 证券研究报告 行业周报 | 行业评级： | | | --- | --- | | 报告期：2025.5.26-2025.6.6 | | | 投资评级 | 看好 | | 评级变动 | 维持评级 | huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085205 研究助理 魏钰琪 weiyuqi@gwgsc.com 执业证书编号：S0200123060002 联系电话：010-68099389 公司地址：北京市丰台区凤凰嘴街 层 医药生物行业双周报 2025 年第 12 期总第 135 期 聚焦创新主线，把握三大方向投资机遇 行业回顾 本报告期医药生物行业指数涨幅为 3.36%，在申万 31 个一级行业中 位居第 6，跑赢沪深 300 指数（-0.21%）。从子行业来看，化学制剂、 其他生物制品涨幅居前，涨幅分别为 5.77%、4.68%；线下药店跌幅 居前，跌幅为 1.15%。 行业走势： 估值方面，截至 2025 年 6 月 6 日，医药生物行业 PE（TTM 整体法， 剔除负值）为 28.24x（上期末为 27.60x），估值 ...

研究助理 魏钰琪 2025 年 6 月 9 日 证券研究报告 行业周报 | 行业评级： | | | --- | --- | | 报告期：2025.5.26-2025.6.6 | | | 投资评级 | 看好 | | 评级变动 | 维持评级 | huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085205 weiyuqi@gwgsc.com 执业证书编号：S0200123060002 联系电话：010-68099389 公司地址：北京市丰台区凤凰嘴街 层 医药生物行业双周报 2025 年第 12 期总第 135 期 聚焦创新主线，把握三大方向投资机遇 行业回顾 本报告期医药生物行业指数涨幅为 3.36%，在申万 31 个一级行业中 位居第 6，跑赢沪深 300 指数（-0.21%）。从子行业来看，化学制剂、 其他生物制品涨幅居前，涨幅分别为 5.77%、4.68%；线下药店跌幅 居前，跌幅为 1.15%。 行业走势： 估值方面，截至 2025 年 6 月 6 日，医药生物行业 PE（TTM 整体法， 剔除负值）为 28.24x（上期末为 27.60x），估值 ...

2025 年 6 月 4 日 证券研究报告 行业周报 | 行业评级： | | | --- | --- | | 报告期：2025.5.12-2025.5.23 | | | 投资评级 | 看好 | | 评级变动 | 维持评级 | huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085205 研究助理 魏钰琪 weiyuqi@gwgsc.com 执业证书编号：S0200123060002 联系电话：010-68099389 层 医药生物行业双周报 2025 年第 11 期总第 134 期 创新药国际化加速，短期关注 ASCO 结果催化 行业回顾 本报告期医药生物行业指数涨幅为 3.08%，在申万 31 个一级行业中 位居第 3，跑赢沪深 300 指数（0.94%）。从子行业来看，原料药、 化学制剂涨幅居前，涨幅分别为 7.41%、5.83%；医院、医疗设备跌 幅居前，跌幅分别为 3.68%、1.28%。 行业走势： 估值方面，截至 2025 年 5 月 23 日，医药生物行业 PE（TTM 整体法， 剔除负值）为 27.60x（上期末为 26.77x），估值上 ...

2025 年 6 月 4 日 证券研究报告 行业周报 | 行业评级： | | | --- | --- | | 报告期：2025.5.12-2025.5.23 | | | 投资评级 | 看好 | | 评级变动 | 维持评级 | huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085205 医药生物行业双周报 2025 年第 11 期总第 134 期 创新药国际化加速，短期关注 ASCO 结果催化 行业回顾 本报告期医药生物行业指数涨幅为 3.08%，在申万 31 个一级行业中 位居第 3，跑赢沪深 300 指数（0.94%）。从子行业来看，原料药、 化学制剂涨幅居前，涨幅分别为 7.41%、5.83%；医院、医疗设备跌 幅居前，跌幅分别为 3.68%、1.28%。 行业走势： 估值方面，截至 2025 年 5 月 23 日，医药生物行业 PE（TTM 整体法， 剔除负值）为 27.60x（上期末为 26.77x），估值上行，低于均值。医 药生物申万三级行业 PE（TTM 整体法，剔除负值）前三的行业分别 为疫苗（52.08x）、医院（37.38x）、医疗设 ...

Policy Framework - The central bank implements a policy framework of "moderate overall easing + precise structural support + market expectation management" to stabilize the market[2] - A 0.5 percentage point reserve requirement ratio cut releases 1 trillion yuan in liquidity, alongside reductions in reverse repurchase rates and other loan rates[2] Structural Adjustments - The loan quota for technological innovation is expanded by 60% to 800 billion yuan, with a new risk-sharing mechanism for tech bonds introduced[6] - The deposit reserve ratio for auto finance and leasing companies is reduced to 0%, directly stimulating credit issuance in the automotive sector[6] Risk Management - The financial regulatory authority focuses on "risk prevention" and "transformation promotion" through a four-dimensional policy layout, including a financing coordination mechanism in the real estate sector[9] - A total of 6.7 trillion yuan in loans has been approved to support the delivery of over 16 million residential units[9] Capital Market Reforms - The China Securities Regulatory Commission (CSRC) promotes reforms in the capital market to stabilize expectations and enhance functionality, including a 10% reduction in stock risk factors to release insurance capital allocation space[9] - New long-term investment trials worth 60 billion yuan are introduced to support insurance funds entering the market[9] Economic Support Measures - A financing combination for small and micro enterprises includes a no-repayment extension of 4.4 trillion yuan, aimed at increasing supply, reducing costs, and improving efficiency[9] - Export credit insurance coverage is increased by 15.3%, alongside innovations in domestic trade insurance and cross-border e-commerce insurance[9] Systemic Financial Ecosystem - The policy framework creates a closed loop from monetary supply to capital formation, supporting a full-cycle service ecosystem for technological innovation[11] - The financial governance model is transitioning from "administrative intervention" to "rule-based governance," enhancing market stability mechanisms[11] Risk Alerts - Potential risks include demand-side constraints on monetary policy effectiveness, unexpected adjustments in the real estate market, and geopolitical external shocks[12]

Investment Rating - The investment rating for the company is "Accumulate" [4][9] Core Views - The company has shown stable revenue growth, with a reported revenue of 544.47 million yuan in 2024, representing an 11.18% year-on-year increase. The first quarter of 2025 saw a revenue increase to 169 million yuan, a 29.61% year-on-year growth [4][5] - The company's profitability is on a recovery trend, with a significant increase in net profit for the first quarter of 2025, reaching 12 million yuan, a 226.47% year-on-year increase [4][5] - The drug discovery segment continues to grow steadily, while the commercialization segment has experienced rapid expansion, contributing significantly to revenue growth [5][6] - The company has successfully launched its AI-enabled platform DiOrion, which is expected to enhance drug discovery efficiency and innovation capabilities [7][8] Financial Performance Summary - In 2024, the company achieved a total revenue of 544.47 million yuan, with a projected revenue of 727.57 million yuan for 2025, indicating a growth rate of 33.63% [11] - The net profit for 2024 was 17.08 million yuan, with projections of 40.42 million yuan for 2025, reflecting a substantial growth rate of 136.61% [11] - The earnings per share (EPS) are expected to increase from 0.12 yuan in 2024 to 0.29 yuan in 2025 [11] Business Segments Overview - The drug discovery segment generated 317 million yuan in revenue in 2024, accounting for 58.14% of total revenue, with a year-on-year growth of 7.97% [5] - The commercialization segment achieved a revenue of 165 million yuan, growing by 51.02% year-on-year, indicating its role as a key driver of revenue growth [5] - The CRO/CDMO active client base grew to 399, a 99.50% increase year-on-year, showcasing effective client expansion efforts [6] R&D and Technological Advancements - The company invested 47 million yuan in R&D in 2024, a 26.58% increase from the previous year, with R&D expenses accounting for 8.68% of total revenue [7] - The DiOrion platform, which integrates generative AI capabilities, is expected to significantly enhance the company's drug discovery processes [7][8]

Investment Rating - The investment rating for the company is "Accumulate" [4][9] Core Views - The company has shown stable revenue growth with a reported revenue of 544.47 million yuan in 2024, representing an 11.18% year-on-year increase. The first quarter of 2025 saw a further increase in revenue to 169 million yuan, a 29.61% year-on-year growth [4][5] - The company's profitability is on a recovery trend, with the first quarter of 2025 showing a net profit of 12 million yuan, a significant increase of 226.47% year-on-year [4][5] - The drug discovery segment continues to grow steadily, while the commercialization segment has experienced rapid expansion, contributing significantly to revenue growth [5][6] - The company has successfully launched its AI-enabled platform DiOrion, which is expected to enhance drug discovery efficiency and innovation capabilities [7][8] Financial Summary - In 2024, the company achieved a total revenue of 544.47 million yuan, with a projected revenue of 727.57 million yuan for 2025, indicating a growth rate of 33.63% [11] - The net profit for 2024 was 17.08 million yuan, with projections of 40.42 million yuan for 2025, reflecting a growth rate of 136.61% [11] - The earnings per share (EPS) are expected to increase from 0.12 yuan in 2024 to 0.29 yuan in 2025 [11] Business Segments - The drug discovery segment generated 317 million yuan in revenue in 2024, accounting for 58.14% of total revenue, with a year-on-year growth of 7.97% [5] - The commercialization segment achieved a revenue of 165 million yuan, growing by 51.02% year-on-year, indicating its role as a key driver of revenue growth [5] - The company has expanded its active client base in the CRO/CDMO sector to 399 clients, a 99.50% increase year-on-year, demonstrating effective market expansion efforts [6]

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [2] Core Viewpoints - The GLP-1 weight loss drugs are experiencing explosive growth globally and in China, with significant sales figures expected for the year [7] - The pharmaceutical and biotechnology industry index increased by 1.50%, ranking 16th among 31 primary industries, underperforming the CSI 300 index [5][15] - The industry PE (TTM) as of May 9, 2025, is 26.77x, showing an upward trend but still below the average [20] Industry Review - The pharmaceutical and biotechnology industry index increased by 1.50%, ranking 16th among 31 primary industries, underperforming the CSI 300 index which increased by 1.56% [5][15] - The medical equipment and pharmaceutical distribution sectors showed the highest gains, with increases of 3.92% and 2.38% respectively, while medical research outsourcing saw a decline of 0.65% [5][15] - As of May 9, 2025, the PE (TTM) for the pharmaceutical and biotechnology industry is 26.77x, up from 26.34x in the previous period, indicating a valuation increase [20] Investment Suggestions - The current trend in GLP-1 weight loss drugs indicates a golden development period for the industry, with significant sales growth expected both globally and in China [7] - The report suggests focusing on companies with solid clinical data, sufficient production capacity, and integrated supply chain capabilities [7] Important Industry News - The NMPA has released new regulations for the quality management of online sales of medical devices, effective from October 1, 2025 [25] - The approval of the first long-acting analgesic new drug in China, "Meloxicam Injection," marks a significant milestone in the industry [31] - Johnson & Johnson's "Guselkumab Injection" has been approved as the first IL-23 inhibitor for treating ulcerative colitis in China [33] - The investment of 2.04 billion RMB by Roche in a new biopharmaceutical production base in Shanghai highlights the ongoing commitment to local production and supply chain enhancement [43]

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [2] Core Views - The GLP-1 weight loss drugs are experiencing explosive growth globally and in China, with significant sales figures expected for the year [7] - The pharmaceutical and biotechnology industry index increased by 1.50%, ranking 16th among 31 primary industries, underperforming the CSI 300 index [5][15] - The industry PE (TTM) as of May 9, 2025, is 26.77x, showing an upward trend but still below the average [20] Summary by Sections Industry Review - The pharmaceutical and biotechnology industry index increased by 1.50%, ranking 16th among 31 primary industries, underperforming the CSI 300 index which increased by 1.56% [5][15] - The medical equipment and pharmaceutical distribution sectors showed the highest gains, with increases of 3.92% and 2.38% respectively [5][15] Industry Trends - As of May 9, 2025, the industry PE (TTM) is 26.77x, up from 26.34x in the previous period, indicating a valuation increase but still below the average [20] - The top three sub-industries by PE are vaccines (52.12x), hospitals (37.94x), and medical devices (32.59x), while pharmaceutical distribution has the lowest PE at 15.03x [20] Important Industry News - The NMPA has released the "Quality Management Specifications for Online Sales of Medical Devices," effective from October 1, 2025, to enhance supervision and management of online sales [25] - The CDE has issued a draft guideline for writing risk management plans during the development of innovative drugs [29] - The approval of the first long-acting analgesic new drug "Meloxicam Injection" in China marks a significant milestone in the industry [31] Investment Recommendations - The current trend in GLP-1 weight loss drugs indicates a golden development period, with global sales expected to exceed $20 billion this year [7] - Domestic companies are expected to benefit from upstream raw material and CDMO segments due to global capacity expansion [7] - Companies with solid clinical data, sufficient production capacity, and integrated supply chain capabilities are recommended for investment focus [7]

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [2][4][6] Core Views - The company reported a revenue of 804 million yuan for 2024, representing a year-on-year growth of 5.75%, while the net profit attributable to the parent company was 106 million yuan, down 21.01% year-on-year [2] - The first quarter of 2025 showed a revenue of 176 million yuan, a decline of 4.37% year-on-year, with a net profit of 7 million yuan, down 67.32% year-on-year [2] - The company is experiencing pressure on profit margins due to increased operating costs and a decline in new orders, with a gross margin of 24.38% in 2024, down 6.03 percentage points year-on-year [2][3] - Despite the challenges, there are initial signs of recovery in the industry, with a significant increase in inquiries and new orders in the first quarter of 2025 [3] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 804 million yuan and a net profit of 106 million yuan, with a gross margin of 24.38% [2][8] - The first quarter of 2025 saw a revenue of 176 million yuan and a net profit of 7 million yuan, indicating a significant decline in profitability [2][8] Order Trends - New orders in 2024 decreased by 22.59% year-on-year, totaling 1 billion yuan, while the backlog of contracts remained stable at 1.889 billion yuan, up 0.38% year-on-year [3] - The first quarter of 2025 showed a rapid growth in inquiries and new orders, indicating a potential recovery in demand [3] Cost and Margin Analysis - The company's operating cost ratio increased to 75.62% in 2024, up 6.09 percentage points year-on-year, contributing to the pressure on profit margins [2][3] - The company has maintained stable expense ratios across management, sales, R&D, and financial expenses [2] Future Projections - The company has revised its net profit forecasts for 2025-2027 downwards, projecting net profits of 120 million, 136 million, and 156 million yuan respectively [6][8] - The expected earnings per share (EPS) for the same period are adjusted to 1.51, 1.71, and 1.96 yuan [6][8]