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 ...

[Table_ReportType] 公司点评报告 [Table_StockAndRank] 毕得医药(688073) 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 证券研究报告 公司研究 [Table_Title] 分子砌块+科学试剂协同发展，产品储备和仓 储物流具备全球竞争力 [Table_ReportDate] 2025 年 04 月 24 日 [Table_S 事件：2025 ummar年y]4 月 23 日，公司发布 2024 年年度报告&2025 年第一季度报 告。2024 年公司实现营业收入 11.02 亿元，同比增长 0.93%；实现归母净 利润 1.17 亿元，同比增长 7.17%；实现扣非归母净利润 1.04 亿元，同比下 降 15.09%。2025 年 Q1 公司实现营业收 ...

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 ...