证券研究报告：医药生物 | 公司点评报告 发布时间：2025-04-25 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 6.72 | | --- | --- | | 总股本/流通股本（亿股）66.38 | / 66.34 | | 总市值/流通市值（亿元）446 | / 446 | | 52 周内最高/最低价 | 8.13 / 6.51 | | 资产负债率(%) | 5.0% | | 市盈率 | 20.36 | | 第一大股东 | 海盈康(青岛)医疗科技 | | 有限公司 | | 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 分析师:陈成 SAC 登记编号:S1340524020001 Email:chencheng@cnpsec.com 上海莱士(002252) 血制品业务稳健发展，盈利能力维持高水平 l 血制品业务稳健发展 公司自营血制品实现收入 44.3 亿元（+2.5%），其中白蛋白 14.9 亿元（+4.4%）、静丙 17.0 亿元（-5.9%）、其他血制品 12.3 亿元 （+14 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][10] Core Views - The company achieved a revenue of 5.304 billion yuan in 2024, with a year-on-year growth of 28.89%, and a net profit of 640 million yuan, reflecting a growth of 26.53% [5][10] - The company is expected to continue its growth trajectory, with projected revenues of 6.582 billion yuan and 7.924 billion yuan for 2025 and 2026, respectively, representing year-on-year growth rates of 24.10% and 20.38% [10][12] - The company is focusing on upgrading its product categories and enhancing brand strength, which is expected to drive future growth [6][9] Company Overview - The latest closing price of the company's stock is 83.13 yuan, with a total market capitalization of 22.7 billion yuan [4] - The company has a total share capital of 273 million shares, with 245 million shares in circulation [4] - The company has a debt-to-asset ratio of 50.9% and a price-to-earnings ratio of 35.22 [4] Financial Performance - In Q4 2024, the company reported revenues of 1.443 billion yuan and a net profit of 147 million yuan, both showing significant year-on-year growth [5] - The company’s gross margin for 2024 was 30.69%, slightly down from the previous year, while the net profit margin was 12.07% [7][8] - The company is expected to see improvements in profit margins due to cost control measures and a shift towards higher-margin products [9][10] Product and Channel Strategy - The company is leveraging a dual strategy of product category enhancement and channel expansion, with significant growth in direct sales and e-commerce channels [6][9] - The company plans to invest 30 million USD in establishing a production base in Thailand to cater to the Southeast Asian market [6][10] - The company’s sub-brand "Da Mo Wang" has shown strong performance, with new products achieving significant sales milestones [6][9]

Investment Rating - The report maintains a "Buy" rating for the company [2][10] Core Views - The company achieved significant revenue growth in 2024, with total revenue of 5.304 billion yuan, representing a year-on-year increase of 28.89% [5] - The company is expected to continue its growth trajectory, with projected revenues of 6.582 billion yuan and 7.924 billion yuan for 2025 and 2026, respectively, indicating growth rates of 24.10% and 20.38% [10] - The company is focusing on upgrading its product categories and enhancing brand strength, which is expected to drive future growth [9] Company Overview - The latest closing price is 83.13 yuan, with a total market capitalization of 22.7 billion yuan [4] - The company has a total share capital of 273 million shares, with 245 million shares in circulation [4] - The company’s asset-liability ratio stands at 50.9% [4] Financial Performance - In Q4 2024, the company reported revenue of 1.443 billion yuan, a year-on-year increase of 29.96% [5] - The company’s gross margin for 2024 was 30.69%, slightly down from the previous year [7] - The net profit attributable to the parent company for 2024 was 639.95 million yuan, reflecting a growth of 26.53% [12] Product and Channel Strategy - The company is leveraging a dual strategy of product categories and channel development, with significant growth in direct sales and e-commerce channels [6] - The company plans to invest 30 million USD in establishing a production base in Thailand to expand its overseas market presence [6] Earnings Forecast - The earnings per share (EPS) for 2025 and 2026 are projected to be 3.02 yuan and 3.78 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 30 and 24 [10][12] - The company anticipates a steady increase in net profit margins, supported by improved cost management and product mix optimization [9]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [10][16]. Core Insights - The company achieved significant revenue and profit growth in 2024, with total revenue of 4.465 billion yuan, a year-on-year increase of 19.15%, and a net profit of 394 million yuan, up 68.89% [5][10]. - The company's strategic focus on its own brands has led to strong performance in both domestic and international markets, with notable growth in pet food and related products [6][7]. - The company is expanding its global production capacity, with new factories in the U.S., Canada, and Cambodia, which are expected to enhance its market presence and mitigate potential tariff risks [6][8]. Financial Performance - In Q4 2024, the company reported revenue of 1.276 billion yuan, a 23.31% increase year-on-year, and a net profit of 112 million yuan, up 98.2% [5]. - For Q1 2025, the company achieved revenue of 1.101 billion yuan, a 25.41% increase year-on-year, and a net profit of 91 million yuan, up 62.13% [5]. - The gross margin for 2024 was 28.16%, with a net profit margin of 8.82%, reflecting improvements in profitability [7]. Revenue and Profit Forecast - The revenue forecast for 2025 is adjusted to 5.347 billion yuan, representing a year-on-year growth of 19.75%, and for 2026, it is projected at 6.332 billion yuan, a growth of 18.44% [10][12]. - The net profit forecast for 2025 is 470 million yuan, up 19.46%, and for 2026, it is projected at 595 million yuan, a growth of 26.40% [10][12]. Market Position and Strategy - The company is focusing on building its own brands, with a dual strategy targeting both domestic and international markets, while also maintaining its traditional OEM business [8][9]. - The brand portfolio includes high-end products targeting affluent consumers and value-oriented products aimed at cost-conscious buyers, with positive market feedback on new product lines [9].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [10][16]. Core Insights - The company achieved significant revenue and profit growth in 2024, with total revenue of 4.465 billion yuan, a year-on-year increase of 19.15%, and a net profit of 394 million yuan, up 68.89% [5][10]. - The company's strategic focus on self-owned brands and global supply chain expansion has led to strong performance in both domestic and international markets, with notable growth in pet food and related products [6][8]. Company Overview - The latest closing price of the company's stock is 48.58 yuan, with a total market capitalization of 14.3 billion yuan [4]. - The company has a debt-to-asset ratio of 41.2% and a price-to-earnings ratio of 36.26 [4]. Financial Performance - In Q4 2024, the company reported revenue of 1.276 billion yuan, a 23.31% increase year-on-year, and a net profit of 112 million yuan, up 98.2% [5][6]. - For Q1 2025, the company achieved revenue of 1.101 billion yuan, a 25.41% increase year-on-year, and a net profit of 91 million yuan, up 62.13% [5][10]. Revenue Breakdown - Revenue from domestic operations reached 1.414 billion yuan, a 30.26% increase, while international revenue was 3.051 billion yuan, up 14.62% [6]. - The company’s product categories showed diverse growth, with pet snacks, pet food, and other pet products generating revenues of 3.132 billion yuan, 1.107 billion yuan, and 226 million yuan respectively [6]. Profitability Metrics - The company's gross margin for 2024 was 28.16%, an increase of 1.88 percentage points year-on-year, while the net profit margin was 8.82%, up 2.6 percentage points [7]. - In Q1 2025, the gross margin improved to 31.87%, reflecting a 4.03 percentage point increase year-on-year [7]. Future Projections - Revenue forecasts for 2025 and 2026 have been adjusted to 5.347 billion yuan and 6.332 billion yuan respectively, representing year-on-year growth rates of 19.75% and 18.44% [10][12]. - The projected net profit for 2025 is 470 million yuan, with a growth rate of 19.46% [10][12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company reported a revenue of 7.799 billion yuan for 2024, representing a year-on-year increase of 23.56%. However, the net profit attributable to shareholders decreased by 12.76% to 1.629 billion yuan [4][10] - The company experienced significant growth in overseas revenue, which increased by 43.83% to 5.523 billion yuan, while domestic revenue fell by 22.23% to 1.649 billion yuan [5] - The gross margin slightly decreased to 33.68%, down by 1.06 percentage points year-on-year, with domestic gross margin increasing by 0.89 percentage points to 26.39% and overseas gross margin decreasing by 3.99 percentage points to 35.86% [5] - The company has a robust product lineup with over 200 models, including high-end products and innovative solutions, which are expected to meet diverse customer needs [6] - The company is projected to achieve revenues of 9.001 billion yuan, 10.028 billion yuan, and 11.055 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 1.849 billion yuan, 2.066 billion yuan, and 2.345 billion yuan [7][10] Financial Summary - The latest closing price of the company's stock is 41.47 yuan, with a total market capitalization of 21 billion yuan [3] - The company has a debt-to-asset ratio of 34.6% and a price-to-earnings ratio of 12.88 [3] - The earnings per share (EPS) for 2024 is 3.22 yuan, with projections of 3.65 yuan, 4.08 yuan, and 4.63 yuan for the following years [10][11]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company reported a revenue of 7.799 billion yuan in 2024, representing a year-on-year increase of 23.56%. However, the net profit attributable to shareholders decreased by 12.76% to 1.629 billion yuan [4][5] - The company experienced significant growth in overseas revenue, which reached 5.523 billion yuan, a year-on-year increase of 43.83%, while domestic revenue fell by 22.23% to 1.649 billion yuan [5] - The gross profit margin slightly decreased to 33.68%, down by 1.06 percentage points year-on-year, with domestic gross margin increasing by 0.89 percentage points to 26.39% and overseas gross margin decreasing by 3.99 percentage points to 35.86% [5] - The company has a robust product lineup with over 200 models, including high-end products and innovative solutions, which are expected to meet diverse customer needs [6] - The company is projected to achieve revenues of 9.001 billion yuan, 10.028 billion yuan, and 11.055 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 1.849 billion yuan, 2.066 billion yuan, and 2.345 billion yuan [7][10] Financial Summary - The latest closing price of the company's stock is 41.47 yuan, with a total market capitalization of 21 billion yuan [3] - The company has a debt-to-asset ratio of 34.6% and a price-to-earnings ratio of 12.88 [3] - The earnings per share (EPS) for 2024 is projected at 3.22 yuan, with estimates of 3.65 yuan, 4.08 yuan, and 4.63 yuan for the following years [10][11]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [2][16]. Core Views - The company is projected to achieve revenue of 3.287 billion yuan and a net profit attributable to shareholders of 666 million yuan in 2024, reflecting year-on-year growth rates of 11.26% and 4.41% respectively [4][10]. - The report highlights a slight decline in gross margin to 40.94% in 2024, primarily due to increased procurement costs from reduced almond production caused by adverse weather conditions [4]. - The company has shown a significant improvement in Q4 2024, with a gross margin of 39.83%, attributed to a more than 30% decrease in almond procurement prices [5]. Company Overview - The latest closing price of the company's stock is 9.69 yuan, with a total market capitalization of 10.4 billion yuan [3]. - The company has a debt-to-asset ratio of 25.1% and a price-to-earnings ratio of 15.44 [3]. Financial Performance - In Q4 2024, the company reported total revenue of 1.128 billion yuan, with a year-on-year increase of 22.69% [5]. - The company plans to distribute dividends amounting to 315 million yuan in 2024, with a dividend payout ratio of 47% [4]. - The company has developed 141 transportation hub stores and 203 school stores in 2024, indicating a focus on expanding its distribution network [6]. Earnings Forecast - The company is expected to achieve revenues of 3.452 billion yuan, 3.802 billion yuan, and 4.007 billion yuan in 2025, 2026, and 2027 respectively, with corresponding net profits of 714 million yuan, 781 million yuan, and 813 million yuan [10][12]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.68 yuan, 0.74 yuan, and 0.77 yuan respectively, with a price-to-earnings ratio (P/E) of 14, 13, and 13 times [10][12].

Investment Rating - The investment rating for the company is "Buy" [10][16] Core Views - The company is expected to achieve revenue of 3.287 billion yuan and a net profit attributable to shareholders of 666 million yuan in 2024, representing year-on-year growth of 11.26% and 4.41% respectively [4][12] - The company has a stable core business in almond milk, with a focus on positive changes driven by incentives [4] - The company is enhancing its market presence in southern regions and developing new products, which are expected to contribute to growth [10] Company Overview - Latest closing price: 9.69 yuan [3] - Total shares: 1.053 billion, circulating shares: 1.040 billion [3] - Total market capitalization: 10.4 billion yuan [3] - 52-week high/low: 10.14/6.80 yuan [3] - Debt-to-asset ratio: 25.1% [3] - Price-to-earnings ratio: 15.44 [3] - Major shareholder: Wanxiang San Nong Group Co., Ltd. [3] Financial Performance - In Q4 2024, the company achieved total revenue of 1.128 billion yuan, with a net profit of 247 million yuan, reflecting year-on-year growth of 22.69% for both revenue and net profit [5] - The gross margin for Q4 2024 improved to 39.83%, driven by a significant decrease in almond procurement prices [5] - For 2025, the company is projected to achieve revenue of 3.452 billion yuan and a net profit of 714 million yuan, with respective growth rates of 5.01% and 7.15% [12][15] Product and Market Development - In 2024, revenue from almond milk, nut walnut, almond milk, and others was 3.188 billion yuan, 85 million yuan, 12 million yuan, and 3 million yuan respectively, with almond milk showing a year-on-year growth of 11.38% [6] - The company expanded its distribution network by developing 141 transportation hub stores and 203 school stores in 2024 [6] - The company has increased its advertising expenses by 38.95% to 206 million yuan, reflecting its investment in e-commerce and new market development [4]

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Views - The company reported a revenue of 6.129 billion yuan in 2024, a decrease of 1.92% year-on-year, and a net profit attributable to shareholders of 848 million yuan, down 15.86% year-on-year [5][6] - The company's cash flow has significantly improved, with net cash flow from operating activities reaching 1.041 billion yuan, an increase of 288.21% year-on-year [7] - The company is focusing on becoming a leading manufacturer of complete filtration equipment, with revenue from complete equipment increasing by 91.71% year-on-year to 806 million yuan [7] Company Overview - The latest closing price is 17.20 yuan, with a total market capitalization of 9.9 billion yuan [4] - The company has a debt-to-asset ratio of 48.5% and a price-to-earnings ratio of 11.54 [4] Financial Performance - The company's gross margin for 2024 was 29.06%, a decrease of 2.69 percentage points year-on-year [6] - The company expects revenues of 6.328 billion yuan, 6.949 billion yuan, and 7.539 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 866 million yuan, 962 million yuan, and 1.061 billion yuan [8][10]