Investment Rating - The report maintains a "Buy" rating for the company with a target price of 48.11 CNY, compared to the current price of 40.95 CNY [4][12]. Core Insights - The company is positioned as a leader in the domestic market for drug molecular building blocks, emphasizing a multi-dimensional approach to high-quality development, with an inflection point in performance now evident [2][10]. - The report highlights the company's continuous expansion of product varieties and quantities, with a current inventory of 130,000 types of ready-to-use products, capable of providing over 500,000 unique and functional drug molecular building blocks [10][11]. - The company has been increasing its R&D investment, with some products reaching international advanced levels while maintaining a price advantage, being priced at 1/5 to 1/10 of international leaders like Sigma-Aldrich [10][11]. - The overseas revenue for the company is projected to reach 616 million CNY in 2024, with a gross margin of 50.40%, significantly higher than domestic margins, and a compound annual growth rate (CAGR) of 43.52% from 2018 to 2024 [10][12]. Financial Summary - The company's total revenue is forecasted to grow from 1,102 million CNY in 2024 to 1,909 million CNY in 2027, with year-on-year growth rates of 0.9%, 21.4%, 20.0%, and 19.0% respectively [3][12]. - The net profit attributable to shareholders is expected to increase from 117 million CNY in 2024 to 214 million CNY in 2027, with growth rates of 7.2%, 24.1%, 22.9%, and 19.6% respectively [3][12]. - Earnings per share (EPS) are projected to rise from 1.29 CNY in 2024 to 2.36 CNY in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 32 to 17 [3][12]. Industry Context - The report notes a recovery in domestic market demand and an urgent need for domestic alternatives, driven by rising research funding and a shift towards local sourcing due to increased import costs [10][56]. - The overseas market is also showing signs of recovery, with an increase in demand from biopharmaceutical investments, creating significant growth opportunities for domestic companies [10][56].

国泰海通证券股份有限公司 关于上海毕得医药科技股份有限公司 2024 年度持续督导工作现场检查报告 上海证券交易所： 国泰海通证券股份有限公司（以下简称"国泰海通"、"保荐人"）作为上海 毕得医药科技股份有限公司（以下简称"毕得医药"或"公司"）首次公开发行 股票并在科创板上市的保荐人，根据《中华人民共和国公司法》《中华人民共和 国证券法》《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》（以下简称"《上市规则》"）和《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关法律法规的规定，对公司 2024 年度（以下简称"本 持续督导期间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报 告如下： 一、本次现场检查的基本情况 （一）保荐人 国泰海通证券股份有限公司 （二）保荐代表人 雷浩、李华东 （三）现场检查时间 2025 年 4 月 21 日至 2025 年 4 月 24 日 （四）现场检查人员 雷浩、张伯尧、汪沛 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理及内部控制、信息披露、独 立性、与关联方的资金往来、募集资金使用情况、关联交易、对外担保、 ...

国泰海通证券股份有限公司 关于上海毕得医药科技股份有限公司 2 2024 年度持续督导年度跟踪报告 | 保荐机构名称：国泰海通证券股份有限公司 | 被保荐公司简称：毕得医药 | | --- | --- | | 保荐代表人姓名：雷浩、李华东 | 被保荐公司代码：688073.SH | 重大事项提示 经中国证券监督管理委员会《关于同意上海毕得医药科技股份有限公司首次 公开发行股票注册的批复》（证监许可[2022]1885 号）批复，上海毕得医药科技 股份有限公司（以下简称"上市公司"、"公司"或"发行人"）首次公开发行股票 1,622.9100 万股，每股面值人民币 1 元，每股发行价格人民币 88.00 元，募集资 金总额为人民币 142,816.08 万元，扣除发行费用后，实际募集资金净额为人民币 130,899.89 万元。本次发行证券已于 2022 年 10 月 11 日在上海证券交易所上市。 国泰海通证券股份有限公司（以下简称"保荐机构"或"国泰海通"）担任其持续督 导保荐机构，持续督导期间为 2022 年 10 月 11 日至 2025 年 12 月 31 日。 在 2024 年 1 月 1 日至 2 ...

上海毕得医药科技股份有限公司 2024 年年度股东大会会议资料 证券代码：688073 证券简称：毕得医药 上海毕得医药科技股份有限公司 2024 年年度股东大会会议资料 2025 年 5 月 | | | 上海毕得医药科技股份有限公司 2024 年年度股东大会会议资料 上海毕得医药科技股份有限公司 2024 年年度股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行，根据《中华人民共和国公司法》（以下简称"《公司法》"） 《中华人民共和国证券法》（以下简称"《证券法》"）《上市公司股东会规则》 以及《上海毕得医药科技股份有限公司章程》（以下简称"《公司章程》"）等 相关规定，上海毕得医药科技股份有限公司（以下简称"公司"或"毕得医药"） 特制定股东大会会议须知： 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议工作 人员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 二、为保证本次大会的严肃性和正常秩序，切实维护股东的合法权益，请出 席大会的股东或其代理人或其他出席者至少提前 60 分钟到达会场签到确认参会 资格。在会议主持人宣布现场 ...

Core Insights - Bid Medicine (688073.SH) reported a revenue of 1.102 billion yuan for 2024, a year-on-year increase of 0.93%, and a net profit of 117 million yuan, up 7.17% year-on-year [1] - In Q1 2025, the company continued its steady performance with a revenue of 296 million yuan, and a net profit growth of 17.71% year-on-year, with adjusted net profit excluding share-based payments increasing by 43.29% [1] - The company is positioned as a leading player in the global molecular building blocks industry, focusing on digital upgrades and process optimization to enhance management efficiency and profitability [1][2] Business Performance - The molecular building blocks segment generated 936 million yuan in revenue, maintaining stable market share, while the scientific reagents segment saw a 13.35% year-on-year growth, reaching 166 million yuan [3] - The company has nearly 130,000 types of products, including 117,000 types of molecular building blocks, significantly exceeding industry averages [3] - R&D achievements have increased, with 41 patent applications, a 156% year-on-year rise, and a 56% increase in delivered orders [3] Market Trends - The global biopharmaceutical investment landscape has improved, with the CXO industry entering an upward cycle due to supply-demand balance [2] - The ongoing U.S.-China pharmaceutical tariff disputes have shifted towards "precise technology blockades," accelerating the trend of import substitution [2] - The global market for molecular building blocks is projected to reach 54.6 billion USD by 2026, presenting significant growth opportunities for the company [3] Global Strategy - The company achieved overseas revenue of 616 million yuan in 2024, a 10.58% increase, accounting for approximately 55.9% of total revenue [4] - Bid Medicine has established regional centers in the U.S., Germany, and India to enhance local service efficiency and customer response [4] - The company aims to strengthen its global presence through localized teams and resource integration, aspiring to become a leading supplier in the molecular building blocks sector [4][5]

近期毕得医药(688073)发布2025年一季报，证券之星财报模型分析如下： 盈利能力分析 毕得医药(688073)在2025年一季度实现了较好的盈利增长。营业总收入达到2.96亿元，同比上升 12.83%；归母净利润为3069.31万元，同比上升17.71%；扣非净利润为2807.51万元，同比上升10.4%。 公司的毛利率为44.34%，同比增加了14.0%，净利率为10.36%，同比增加了4.32%。这表明公司在报告 期内的盈利能力有所提升。 每股经营性现金流为0.08元，较去年同期下降了85.27%，显示出公司在经营活动中的现金流入出现了显 著下滑。此外，应收账款为2.49亿元，占利润的比例高达211.94%，提示公司可能存在较大的应收账款 回收风险。 其他关键指标 三费(销售费用、管理费用、财务费用)占营收比例为21.63%，同比增加了17.27%，表明公司在控制成本 方面面临一定压力。每股净资产为22.37元，同比减少了0.58%，每股收益为0.34元，同比增长了 17.24%。 综上所述，虽然毕得医药在2025年一季度实现了盈利增长，但其现金流状况和负债水平的变化值得投资 者密切关注。 财务结构 ...

Investment Rating - The report maintains a positive outlook on the company, indicating a recovery in revenue growth and potential for improved profitability [2][3]. Core Viewpoints - The company operates a dual business model focusing on "drug molecular building blocks + scientific reagents," which has shown resilience despite domestic business pressures [3]. - The first quarter of 2025 saw a return to double-digit revenue growth, suggesting a recovery in the revenue stream [2][3]. - The company has a rich inventory of products and a well-established logistics system, enhancing its competitiveness on a global scale [4][5]. Revenue and Profit Analysis - In 2024, the company achieved total revenue of 1.102 billion yuan, a year-on-year increase of 0.93%, with a net profit attributable to the parent company of 117 million yuan, up 7.17% [3][6]. - The revenue from drug molecular building blocks was 936 million yuan, a decrease of 0.99%, while scientific reagents generated 166 million yuan, an increase of 13.35% [4]. - The overall gross margin for 2024 was 41.33%, with domestic operations at 29.84% and international operations at 50.40% [4]. Future Financial Projections - The company is projected to achieve revenues of 1.329 billion yuan in 2025, 1.595 billion yuan in 2026, and 1.902 billion yuan in 2027, with corresponding net profits of 146 million yuan, 179 million yuan, and 218 million yuan respectively [7]. - The expected EPS (diluted) for 2025 is 1.61 yuan, with a PE ratio of 25.90 times [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown accelerated growth in both revenue and profit, with continuous improvement in profitability. In Q1 2025, the company achieved a revenue of 296 million yuan, representing a year-on-year increase of 12.83% and a quarter-on-quarter increase of 1.98%. The net profit attributable to the parent company was 31 million yuan, up 17.71% year-on-year but down 8.58% quarter-on-quarter [4][5] - The company is expected to maintain stable revenue growth in 2024, with a projected revenue of 1.324 billion yuan in 2025, reflecting a year-on-year growth of 20.2%. The net profit attributable to the parent company is forecasted to be 142 million yuan in 2025, a year-on-year increase of 21.1% [4][8] Financial Performance Summary - In 2024, the company achieved an operating revenue of 1.102 billion yuan, a slight increase of 0.93% year-on-year. The net profit attributable to the parent company was 117 million yuan, up 7.17% year-on-year. The non-recurring net profit was 104 million yuan, down 15.09% year-on-year [4][8] - The company's gross profit margin has been improving, with Q4 2024 and Q1 2025 gross profit margins at 41.78% and 44.34%, respectively [5] - The overseas business has contributed significantly to revenue, with 616 million yuan in revenue from international markets in 2024, a year-on-year increase of 10.58%, accounting for 55.89% of total revenue [5] Cost Management and Cash Flow - The company has demonstrated effective cost control, with selling, general, and administrative expenses as a percentage of revenue decreasing in Q1 2025 compared to the previous year. The net cash flow from operating activities reached 158 million yuan, a significant increase of over 200 million yuan year-on-year, primarily due to improved management of accounts receivable and procurement [6][8] Earnings Forecast - The company’s earnings per share (EPS) are projected to be 1.56 yuan in 2025, 2.22 yuan in 2026, and 2.81 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 25.9, 18.3, and 14.4 times [4][8]

相关研究报告 《拟收购 Combi-Blocks，公司迈入发 展 新 阶 段 — 公 司 信 息 更 新 报 告 》 -2025.2.4 医药生物/医疗服务 毕得医药（688073.SH） 公司收入利润均加速增长，盈利能力持续改善 2025 年 04 月 24 日 投资评级：买入（维持） | 日期 | 2025/4/23 | | --- | --- | | 当前股价(元) | 40.57 | | 一年最高最低(元) | 61.66/28.50 | | 总市值(亿元) | 36.87 | | 流通市值(亿元) | 17.54 | | 总股本(亿股) | 0.91 | | 流通股本(亿股) | 0.43 | | 近 3 个月换手率(%) | 193.45 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 120% 2024-04 2024-08 2024-12 毕得医药 沪深300 《营收平稳增长，盈利能力同环比持 续提升 — 公 司 信 息 更 新 报 告 》 -2024.10.24 《海外贡献核心业绩增长，短期利润 承压—公司信息更新报告》-2024.9.1 余汝意（分析师） 聂媛媛（联 ...