2025 年 4 月 29 日 证券研究报告 行业周报 行业评级： | 报告期：2025.4.14-2025.4.25 | | | --- | --- | | 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 2 号院 1 号楼中国长城资产大厦 16 层 医药生物行业双周报 2025 年第 9 期总第 132 期 超百家中国药企亮相 AACR 会议 一季度中国医药交易金额超 360 亿美元 行业回顾 本报告期医药生物行业指数涨幅为 0.80%，在申万 31 个一级行业中 位居第 22，跑输沪深 300 指数（0.97%）。从子行业来看，医疗研发 外包、原料药涨幅居前，涨幅分别为 5.70%、2.98%；血液制品、疫 苗跌幅居前，跌幅为分别为-7.13%、-5.15%。 行业走势： 估值方面，截至 2025 年 4 月 25 日，医药生物行业 PE（TTM ...

2025 年 4 月 29 日 证券研究报告 行业周报 行业评级： | 报告期：2025.4.14-2025.4.25 | | | --- | --- | | 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 2 号院 1 号楼中国长城资产大厦 16 层 医药生物行业双周报 2025 年第 9 期总第 132 期 超百家中国药企亮相 AACR 会议 一季度中国医药交易金额超 360 亿美元 行业回顾 本报告期医药生物行业指数涨幅为 0.80%，在申万 31 个一级行业中 位居第 22，跑输沪深 300 指数（0.97%）。从子行业来看，医疗研发 外包、原料药涨幅居前，涨幅分别为 5.70%、2.98%；血液制品、疫 苗跌幅居前，跌幅为分别为-7.13%、-5.15%。 行业走势： 估值方面，截至 2025 年 4 月 25 日，医药生物行业 PE（TTM ...

2025 年 4 月 28 日 证券研究报告/公司研究 化学制剂/化学制药/医药生物 基础数据： 截至 2025 年 4 月 27 日 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 富层大厦 17 楼 伏美替尼维持高增长态势，戈来雷塞获批上市在即 艾力斯 688578.SH 事件： 公司发布2024年报及2025年第一季度报告：2024年公司实现营收35.58 亿元，同比增长76.29%，其中药品销售收入35.06亿元，同比增长77.27%； 归母净利润14.30亿元，同比增长121.97%；扣非归母净利润13.61亿元， 同比增长124.51%；经营活动现金净流量15.66亿元，同比增长132.12%； 研发投入4.82亿元，同比增长53.81%，研发投入占营收比例为13.53%。 2025年第一季度公司实现营收10.98亿元，同比增长47.86%；归母净利 润4.10亿元，同比增长34.13%；扣非归母净利润3.96亿元 ...

2025 年 4 月 28 日 证券研究报告/公司研究 化学制剂/化学制药/医药生物 艾力斯 688578.SH 基础数据： 截至 2025 年 4 月 27 日 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 富层大厦 17 楼 伏美替尼维持高增长态势，戈来雷塞获批上市在即 事件： 公司发布2024年报及2025年第一季度报告：2024年公司实现营收35.58 亿元，同比增长76.29%，其中药品销售收入35.06亿元，同比增长77.27%； 归母净利润14.30亿元，同比增长121.97%；扣非归母净利润13.61亿元， 同比增长124.51%；经营活动现金净流量15.66亿元，同比增长132.12%； 研发投入4.82亿元，同比增长53.81%，研发投入占营收比例为13.53%。 2025年第一季度公司实现营收10.98亿元，同比增长47.86%；归母净利 润4.10亿元，同比增长34.13%；扣非归母净利润3.96亿元 ...

Investment Rating - The investment rating for the company is "Buy" and the rating has been maintained [4][9] Core Views - The company achieved a revenue of 2.892 billion yuan in 2024, representing a year-on-year growth of 17.74%. The net profit attributable to the parent company was 403 million yuan, up 15.67% year-on-year, while the non-recurring net profit reached 410 million yuan, marking a significant increase of 55.92% [4][11] - The company is expanding the clinical value and evidence of its products, Kai Mei Na and Sai Mei Na, and has successfully included them in the national medical insurance catalog, enhancing patient accessibility [5][6] - The successful overseas launch of Bei Mei Na, which received FDA approval for first-line treatment indications, is expected to further open up market opportunities for the company [5][6] - The company is continuously enriching its pipeline with ongoing research and development, including the acceptance of NDA for its self-developed CDK4/6 inhibitor BPI-16350 [6][7] - The company is actively expanding its innovative ecosystem and has made significant progress in strategic collaborations, including projects related to plant-derived recombinant human serum albumin and stem cell therapy for diabetes [7] Financial Data and Forecast - The company forecasts net profits attributable to the parent company for 2025, 2026, and 2027 to be 534 million, 604 million, and 739 million yuan respectively, with corresponding EPS of 1.28, 1.44, and 1.77 yuan [8][11] - The current stock price corresponds to a PE ratio of 39, 35, and 28 times for the years 2025, 2026, and 2027 respectively [8][11]

Investment Rating - The investment rating for the company is "Buy" and the rating has been maintained [4][9] Core Views - The company achieved a revenue of 2.892 billion yuan in 2024, representing a year-on-year growth of 17.74%. The net profit attributable to the parent company was 403 million yuan, up 15.67% year-on-year, while the non-recurring net profit reached 410 million yuan, marking a significant increase of 55.92% [4][11] - The company is expanding the clinical value and evidence of its products, particularly focusing on the domestic market for EGFR-TKI. Both Kai Mei Na and Sai Mei Na have been included in the national medical insurance directory, enhancing patient accessibility [5][6] - The successful overseas launch of Bei Mei Na, which received FDA approval for first-line treatment indications, is expected to further open up market opportunities for the product [5][6] - The company is continuously enriching its pipeline with ongoing research and development, including the acceptance of NDA for its self-developed CDK4/6 inhibitor BPI-16350 [6][7] - The company is actively expanding its innovation ecosystem and strategic partnerships, achieving significant progress in projects such as plant-derived recombinant human serum albumin and stem cell therapy for diabetes [7] Financial Data and Forecast - The company forecasts net profits attributable to the parent company for 2025, 2026, and 2027 to be 534 million, 604 million, and 739 million yuan respectively, with corresponding EPS of 1.28, 1.44, and 1.77 yuan [8][11] - The projected revenue growth rates for 2025, 2026, and 2027 are 20.61%, 17.06%, and 18.22% respectively, indicating a robust growth trajectory [11]

Investment Rating - The investment rating for the company is "Buy" and the rating has been maintained [1][3][8] Core Views - The company achieved a historical high in performance, with 2024 revenue reaching 41.906 billion yuan, a year-on-year increase of 3.16%, and a net profit attributable to shareholders of 3.512 billion yuan, up 23.72% year-on-year [3][8] - The pharmaceutical industry is identified as the core growth engine, with the pharmaceutical manufacturing segment showing a net profit of 2.876 billion yuan, a 29.04% increase year-on-year [3][4] - The company has accelerated the launch of innovative products, with 133 ongoing research projects, including 94 innovative products and biosimilars [3][4] Financial Performance Summary - For 2024, the company reported a comprehensive gross margin of 33.21%, an increase of 0.81 percentage points year-on-year, and a net profit margin of 8.34%, up 1.33 percentage points year-on-year [3][4] - The revenue breakdown by segment includes: pharmaceutical commerce at 27.092 billion yuan (0.41% growth), pharmaceutical manufacturing at 13.811 billion yuan (13.05% growth), medical aesthetics at 2.326 billion yuan (-4.94% decline), and industrial microbiology at 711 million yuan (43.12% growth) [3][4] - The company expects net profits for 2025-2027 to be 4.028 billion, 4.559 billion, and 5.120 billion yuan respectively, with corresponding EPS of 2.30, 2.60, and 2.92 yuan [8][10] Research and Development - The company invested 2.678 billion yuan in R&D for the pharmaceutical manufacturing segment in 2024, a 16.77% increase year-on-year, with direct R&D expenses accounting for 12.91% of the segment's revenue [3][4] - Several innovative products have been approved for market launch, including CAR-T product and biosimilars, indicating a strong pipeline and ongoing commitment to innovation [3][4][5] Market Performance - The total market capitalization of the company is 68.985 billion yuan, with a circulating market value of 68.904 billion yuan [1][3] - The company is positioned to benefit from the recovery of domestic and international consumer markets, particularly in the medical aesthetics segment, which is expected to stabilize and grow with new product approvals [5][6]

Investment Rating - The investment rating for the company is "Buy" and the rating has been maintained [1][3][8] Core Views - The company achieved record high performance in 2024, with operating revenue of 41.906 billion yuan, a year-on-year increase of 3.16%, and a net profit attributable to shareholders of 3.512 billion yuan, up 23.72% year-on-year [3][8] - The pharmaceutical industry is identified as the core growth engine, with the pharmaceutical manufacturing segment achieving a net profit of 2.876 billion yuan, a year-on-year increase of 29.04% [3][4] - The company has accelerated the launch of innovative products, with significant R&D investment in the pharmaceutical sector reaching 2.678 billion yuan, a 16.77% increase year-on-year [3][4] Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 41.906 billion yuan, with a gross margin of 33.21% and a net margin of 8.34% [3][10] - The pharmaceutical commercial, industrial, aesthetic medicine, and industrial microbiology segments generated revenues of 27.092 billion, 13.811 billion, 2.326 billion, and 711 million yuan respectively, with growth rates of 0.41%, 13.05%, -4.94%, and 43.12% [3][4] R&D and Innovation - The company has 133 ongoing pharmaceutical projects, with 94 being innovative products and biosimilars [3][4] - Several innovative products were approved for market launch in 2024, including CAR-T product and biosimilar injections [4][5] Market Outlook - The company expects net profits for 2025-2027 to be 4.028 billion, 4.559 billion, and 5.120 billion yuan respectively, with corresponding EPS of 2.30, 2.60, and 2.92 yuan [8][10] - The company is focusing on expanding its international market presence and enhancing its product development capabilities [5][6]

Investment Rating - The investment rating for the industry is "Positive" and the rating has been maintained [1] Core Insights - The pharmaceutical and biotechnology industry index experienced a decline of 4.47%, ranking 14th among 31 primary industries, underperforming the CSI 300 index which fell by 4.21% [6][17] - The PE (TTM overall method, excluding negative values) for the pharmaceutical and biotechnology industry as of April 11, 2025, is 25.83x, down from 27.06x, indicating a downward trend in valuation [22] - The report highlights that 26 listed companies in the pharmaceutical and biotechnology sector had a net reduction of 295 million yuan in shareholder holdings during the reporting period [6] Industry Review - The report notes that blood products and offline pharmacies had the highest gains, with increases of 3.99% and 2.70% respectively, while medical research outsourcing and in vitro diagnostics faced the largest declines of -20.32% and -9.68% respectively [6][17] - The top three sub-industries in terms of PE (TTM overall method, excluding negative values) are diagnostic services (85.87x), hospitals (38.62x), and medical consumables (32.82x), with the lowest valuation in pharmaceutical circulation at 15.21x [22] Important Industry News - Beijing and Shenzhen have introduced supportive policies for innovative drugs, focusing on accelerating innovation in the pharmaceutical and healthcare industry, optimizing approval processes, and enhancing financial support [9] - The NMPA has issued a draft for public consultation regarding the import of commercially scaled batches of drugs approved overseas, aiming to facilitate the early use of innovative drugs in clinical settings [29][30] Investment Recommendations - The report suggests continuous attention to pharmaceutical and medical device companies with original innovation capabilities and overseas expansion potential, especially those with performance exceeding expectations during the earnings disclosure period [9]

Investment Rating - Investment Rating: Positive [1] Core Viewpoints - The pharmaceutical and biotechnology industry index experienced a decline of 4.47%, ranking 14th among 31 primary industries, underperforming the CSI 300 index, which fell by 4.21% [6][17] - The industry valuation as of April 11, 2025, is a PE (TTM overall method, excluding negative values) of 25.83x, down from 27.06x, indicating a downward trend and below the mean and negative one standard deviation [6][22] - The report highlights that 26 listed companies in the pharmaceutical and biotechnology sector had a net reduction of 295 million yuan in shareholder holdings during the reporting period [6] Industry Review - The report notes that blood products and offline pharmacies showed the highest gains, with increases of 3.99% and 2.70%, respectively, while medical research outsourcing and in vitro diagnostics faced significant declines of -20.32% and -9.68% [6][17] - The top three sub-industries in terms of PE (TTM overall method, excluding negative values) are diagnostic services (85.87x), hospitals (38.62x), and medical consumables (32.82x), with the lowest valuation in pharmaceutical circulation at 15.21x [6][22] Important Industry News - Beijing and Shenzhen have introduced supportive policies for innovative drugs, focusing on accelerating innovation in the pharmaceutical and healthcare industry, optimizing approval processes, and enhancing financial support [9] - The NMPA has solicited opinions on a draft announcement regarding the import of commercially scaled batches of drugs approved overseas before they are granted approval in China [8][29] - The report emphasizes that innovation and international expansion remain core investment themes in the pharmaceutical and biotechnology sector, particularly for companies with original innovation capabilities and those exceeding performance expectations [9] Company Dynamics - The report tracks 500 pharmaceutical and biotechnology companies, with 130 disclosing their 2024 performance. Among them, 11 companies reported a net profit growth rate of 100% or more, and 21 companies had growth rates between 30% and 100% [7] - Notable approvals include AbbVie’s "Upadacitinib" for treating giant cell arteritis, marking it as the first JAK inhibitor approved for this condition [8][39] - The report also highlights the approval of the first domestic gene therapy for hemophilia B, "Bopida Keg," by Xinnian Pharmaceutical, which is a significant milestone in the industry [8][40]