Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is positioned for sustained growth due to a concentrated pipeline of innovative drugs that are set to be launched [1][10] - The company has established itself as a leader in specialized pharmaceuticals, particularly in neurology, oncology, and autoimmune diseases [15][23] Summary by Sections Innovative Drug Pipeline - The company has successfully launched 8 innovative drugs, with several included in the national medical insurance directory, which is expected to drive future growth [16][20] - The innovative drug revenue has significantly increased, with a CAGR of 33.8% from 2017 to 2023, rising from 21.4% of total revenue in 2017 to 72.0% in 2023 [20][21] Neurology Products - The newly approved sublingual formulation of Xianbixin is expected to improve adherence among acute ischemic stroke patients, complementing the existing injectable formulation [4][29] - Xianbixin has shown a CAGR of 749.9% from 2020 to 2023, indicating strong market potential [31] Oncology Products - Multiple oncology drugs have been approved, including Envidah and Koseira, which have been included in the national medical insurance directory, suggesting potential for significant market uptake [8][44] - Envidah is recommended in various clinical guidelines for the treatment of advanced non-small cell lung cancer (NSCLC) [41][42] Autoimmune Products - Aidesin, a key product for rheumatoid arthritis, has shown a CAGR of 39.9% from 2016 to 2023, establishing itself as a leading treatment option [36][40] Financial Projections - Revenue projections for 2024-2026 are estimated at 67.76 billion, 76.54 billion, and 87.11 billion CNY, with corresponding net profits of 9.73 billion, 12.07 billion, and 15.04 billion CNY [10][12] - The company is expected to maintain a low valuation compared to peers, with a projected PE ratio decreasing from 16 to 10 over the same period [10][12]

Investment Rating - The industry investment rating is "Positive," indicating an expected overall return exceeding the CSI 300 Index by more than 5% over the next six months [6]. Core Views - The pharmaceutical sector experienced a slight increase of 0.20% on February 12, 2025, underperforming the CSI 300 Index by 0.75 percentage points, ranking 26th among 31 sub-industries [1]. - GSK's Mepolizumab injection application for a new indication has been accepted by the National Medical Products Administration in China, marking it as the first approved anti-IL-5 monoclonal antibody globally [2]. - The report highlights the performance of various sub-sectors, with hospitals (+1.96%), vaccines (+0.61%), and offline pharmacies (+0.44%) leading, while blood products (-0.67%), in vitro diagnostics (-0.32%), and medical devices (-0.07%) lagged behind [1]. Summary by Sections Market Performance - The pharmaceutical sector's performance on February 12, 2025, was +0.20%, underperforming the CSI 300 Index by 0.75 percentage points [1]. - Top-performing stocks included Meinian Health (+9.92%), Olin Bio (+8.50%), and Nengte Technology (+6.72%), while the biggest losers were Berry Genomics (-7.79%), Huachuang Technology (-3.45%), and Kangwei Century (-3.18%) [1]. Industry News - GSK's Mepolizumab injection, an anti-IL-5 monoclonal antibody, has been accepted for market application in China, which could significantly impact the treatment of conditions related to eosinophils [2]. - Jiuan Medical announced a share transfer agreement with Xiaomi Investment, increasing its stake in iHealth Inc. from 80% to 100%, enhancing control over its subsidiary [2]. Company News - Jiudian Pharmaceutical reported a share reduction plan by a major shareholder, with 5,595,000 shares sold, representing 1.13% of the total share capital [3]. - Fuxiang Pharmaceutical's subsidiary received acceptance for a new food raw material application, indicating progress towards regulatory approval for its product [3].

2025 年 02 月 11 日 行业周报 看好/维持 医药 医药 强生塔奎妥单抗和埃万妥单抗在华获批上市 ◼ 走势比较 2 月 11 日，强生制药 2 款创新双抗在中国获批上市，分别为塔奎妥 单抗（Talquetamab）、埃万妥单抗。塔奎妥单抗是一款靶向 CD3 × GPRC5D 的 T 细胞衔接双特异性抗体，由 Genmab 和强生合作开发，适应症为单 药治疗既往接受过至少三种治疗的复发或难治性多发性骨髓瘤成人患者。 埃万妥单抗是 EGFR/cMET 双抗，适应症为一线治疗 EGFR 20 号外显子插 入突变的局部晚期或转移性非小细胞肺癌患者。 （来源：强生，太平洋证券研究院） 公司要闻： 通化东宝（600867）：公司发布公告，子公司东宝紫星的 GLP-1/GIP 双靶点受体激动剂（注射用 THDBH120）完成了一项关键 Ib 期临床试验， 研究结果显示达到主要终点目标，目前减重 II 期试验正稳步推进。 神州细胞（688520）：公司发布公告，子公司神州细胞工程于近日收 到国家药监局核准签发的菲诺利单抗注射液（商品名：安佑平）的《药品 注册证书》，用于治疗头颈部鳞状细胞癌。 奥翔药业（603229 ...

2025 年 02 月 11 日 公司深度研究 买入/维持 皓元医药(688131) 目标价: 51.17 昨收盘:40.72 前后端一体化布局，赋能新药研发及生产 走势比较 (30%) (4%) 22% 48% 74% 100% 24/2/19 24/4/30 24/7/10 24/9/19 24/11/29 25/2/8 股票数据 | 总股本/流通(亿股) | 2.11/2.06 | | --- | --- | | 总市值/流通(亿元) | 85.9/83.96 | | 12 个月内最高/最低价 | 48.39/17.86 | | (元) | | 相关研究报告 证券分析师：周豫 E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：张崴 E-MAIL：zhangwei@tpyzq.com 分析师登记编号：S1190524060001 报告摘要 深耕小分子领域多年，打造一体化服务平台。皓元医药成立于 2006 年，是一家专注于为全球制药和生物医药行业提供专业高效的小分子及新 分子类型药物 CRO&CDMO 服务的平台型高新技术企业，主要业务有：1）前 端 ...

宏观 证券研究报告 |点评报告 2025/2/11 1月通胀数据点评—— 春节错月影响明显 徐超 S1190521050001 证券分析师： 分析师登记编号： 万琦 S1190524070001 证券分析师： 分析师登记编号： | （%） | 2025-01 | 2024-12 | 2024-11 | 2024-10 | 2024-09 | 2024-08 | 2024-07 | 2024-06 | 2024-05 | 2024-04 | 2024-03 | 2024-02 | 2024-01 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [10][11]. Core Insights - The company reported a revenue of 4.395 billion yuan for 2024, a year-on-year decrease of 3.3%, while the net profit attributable to shareholders was 307 million yuan, reflecting a year-on-year increase of 3.02% [4]. - The fourth quarter of 2024 showed a significant upward trend in performance, with revenue increasing by 1.6% year-on-year to 1.47 billion yuan and net profit attributable to shareholders rising by 35.7% to 145 million yuan [5]. - The company is expected to achieve its equity incentive target of 306 million yuan, excluding share-based payment expenses [4]. Summary by Sections Financial Performance - The company’s total revenue for 2024 is projected at 4.395 billion yuan, with a revenue growth rate of -3.3% [7]. - The net profit for 2024 is estimated at 307 million yuan, with a net profit growth rate of 3.0% [7]. - The diluted earnings per share for 2024 is expected to be 0.88 yuan, with a price-to-earnings (PE) ratio of 11 [7]. Business Strategy - The company has successfully implemented channel adjustments, including closing inefficient direct-operated stores and converting some to franchise models, resulting in a net reduction of 104 direct-operated stores and a net increase of 66 franchise stores [6]. - The company’s IP assets, particularly the TeenieWeenie brand, have shown promising growth, with IP licensing revenue increasing by 118% year-on-year to 14.07 million yuan in the first half of 2024 [6]. - The launch of a high-end product line, T.W.R.C, aims to cater to urban commuting needs and expand the customer base [6]. Future Outlook - The report anticipates a recovery in performance driven by consumer promotion policies and improved foot traffic in physical stores [7]. - The company is expected to achieve net profits of 359 million yuan and 425 million yuan in 2025 and 2026, respectively, with corresponding PE ratios of 9 and 8 [7].

2025 年 02 月 10 日 公司点评 买入/维持 | 总股本/流通(亿股) | 24.55/19.95 | | --- | --- | | 总市值/流通(亿元) | 116.61/94.75 | | 12 个月内最高/最低价 | 5.61/2.48 | | (元) | | 南极电商(002127) 目标价: 昨收盘:4.75 24 年业绩预告点评：品牌升级重塑效果显现，Q4 收入大幅增长 ◼ 走势比较 (20%) 0% 20% 40% 60% 80% 24/2/19 24/4/29 24/7/8 24/9/16 24/11/25 25/2/3 南极电商 沪深300 ◼ 股票数据 证券分析师：郭彬 E-MAIL：guobin@tpyzq.com 分析师登记编号：S1190519090001 研究助理：龚书慧 E-MAIL：gongsh@tpyzq.com 一般证券业务登记编号：S1190122070007 事件：公司近期公布 2024 年业绩预告，预计 2024 年公司营收在 32- 35 亿元，同比增长 19%-30%，归母净利润为亏损 1.9-2.5 亿元（23 年： 盈利 1.1 亿元），扣非归母净 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected relative price increase of over 15% compared to the CSI 300 index in the next six months [10]. Core Insights - The company is experiencing diversified growth, with the rapid expansion of JD Outlet expected to contribute to incremental revenue [1]. - The company has established a strategic partnership with JD Group to create a new retail format, JD Outlet, which is anticipated to enhance its market presence [4][5]. - The company is focusing on both domestic and overseas markets, with significant growth in online sales and the launch of new store formats [5][6]. Summary by Sections Company Overview - The company has a total share capital of 4.803 billion shares and a market capitalization of 37.894 billion yuan [3]. - The stock has seen a 12-month high of 10.04 yuan and a low of 5.15 yuan [3]. Recent Developments - The company launched its first JD Outlet offline store in Jiangsu in September 2024, with plans for accelerated expansion in 2025 [5]. - The operational model involves shared risk and profit among the company, JD, shopping centers, and brand suppliers, creating a light-asset operation [5]. Financial Performance - For the first three quarters of 2024, the company's revenue decreased by 2% year-on-year to 15.26 billion yuan, while online revenue increased by 45% to 3.2 billion yuan [5]. - The company is projected to achieve net profits of 2.22 billion yuan in 2024, with a growth forecast of 19% in 2025 [6]. Future Outlook - The company is expected to benefit from its FCC project and the JD Outlet initiative, which are anticipated to drive profit growth [6]. - The projected net profits for 2024-2026 are 2.22 billion, 2.64 billion, and 3.06 billion yuan, respectively, with corresponding P/E ratios of 17, 14, and 12 [6].

2025 年 02 月 10 日 行业周报 看好/维持 医药 医药 诺华三抗新药 PIT565 在华再获批临床，用于 SLE ◼ 走势比较 2025 年 2 月 10 日，医药板块涨跌幅+1.66%，跑赢沪深 300 指数 1.45pct，涨跌幅居申万 31 个子行业第 6 名。各医药子行业中，医院 (+3.43%)、医疗设备(+3.34%)、医疗研发外包（+2.57%）表现居前，血液 制品（+0.27%)、其他生物制品(+1.19%)、医疗耗材（+1.61%)表现居后。 个股方面，日涨幅榜前 3 位分别为华大智造(+20.00%)、迪安诊断 (+20.00%)、药易购(+20.00%)；跌幅榜前 3 位为艾力斯（-4.61%）、东方 海洋(-3.17%)、惠泰医疗（-2.46%)。 行业要闻： 近日，中国国家药监局药品审评中心（CDE）官网公示，诺华（Novartis） 申报的 1 类新药 PIT565 获得一项新的临床试验默示许可，拟开发治疗系 统性红斑狼疮（SLE）。PIT565 是一款抗 CD3/CD19/CD2 的三特异性抗体， 可以靶向恶性 B 细胞上的 CD19，同时可与 T 细胞上的 CD3（ ...

2025 年 02 月 10 日 行业周报 看好/维持 计算机 计算机 Deepseek 影响深远，中国 AI 市场有望重构 ◼ 走势比较 (20%) (4%) 12% 28% 44% 60% 24/2/19 24/4/29 24/7/8 24/9/16 24/11/25 25/2/3 计算机 沪深300 ◼ 推荐公司及评级 | 海光信息 | 买入 | | --- | --- | | 科大讯飞 | 买入 | | 用友网络 | 买入 | | 道通科技 | 买入 | | 虹软科技 | 买入 | | 智微智能 | 买入 | | 熵基科技 | 买入 | 相关研究报告 <>--2025-01-21 <<智慧教育业务高速增长 AIGC 业务 逐步落地>>--2024-12-10 << 业绩略超预期，各项业务快速增 长>>--2024-11-18 证券分析师：曹佩 电话： E-MAIL：caopeisz@tpyzq.com 分析师登记编号：S1190520080001 证券分析师：王景宜 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 守正出奇宁静致远 行 业 研 究 ...