最新一期业绩显示，2024年三季报，公司实现营业收入25.33亿元，同比87.97%；净利润10.63亿元，同 比158.99%，销售毛利率95.80%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)89艾力斯28.4928.498.34405.68亿行业平均 47.6146.435.52121.83亿行业中值28.5729.482.2351.14亿1赛托生物-4481.3182.361.9337.56亿2泽璟制 药-224.99-206.6523.23284.83亿3亚太药业-146.92-205.304.9124.38亿4共同药业-130.0778.822.1518.13亿 5*ST景峰-91.55-18.93-37.5044.69亿6江苏吴中-83.61-43.951.7631.62亿7翰宇药业-69.42-69.4217.72125.24 亿8微芯生物-59.65-59.654.5068.35亿9一品红-50.9694.938.03175.26亿10拓新药业-47.3014.162.1934.42亿 11易瑞生物-43.98-19.474.5936.00亿 本文源自：金融界 作者：行情君 4 ...

Group 1 - The core viewpoint of the articles highlights the performance and market position of Ailis, a company focused on innovative cancer treatment drugs, particularly in the non-small cell lung cancer sector [1][2] - As of April 15, Ailis closed at 86.63 yuan, down 1.33%, with a rolling price-to-earnings (PE) ratio of 27.37 times, and a total market capitalization of 38.983 billion yuan [1] - The average PE ratio for the chemical pharmaceutical industry is 45.73 times, with a median of 25.62 times, placing Ailis at the 95th position in the industry ranking [1][2] Group 2 - As of the third quarter of 2024, 367 institutions hold shares in Ailis, with a total of 40.9648 million shares valued at 2.454 billion yuan [1] - Ailis has developed a rich pipeline in the field of small molecule targeted drugs for non-small cell lung cancer, with its main products including Aifuratinib (a third-generation EGFR-TKI) and Alisartan [1] - The latest financial results show that for the third quarter of 2024, Ailis achieved a revenue of 2.533 billion yuan, a year-on-year increase of 87.97%, and a net profit of 1.063 billion yuan, a year-on-year increase of 158.99%, with a gross profit margin of 95.80% [1]

Company Overview - Shanghai Ailis Pharmaceutical Technology Co., Ltd. focuses on innovative drugs for cancer treatment, with key products including Aifuritini (third-generation EGFR-TKI) and Alisartan [1] - The company has developed a rich R&D pipeline in the field of small molecule targeted drugs for non-small cell lung cancer [1] - Ailis has successfully developed and transferred its independently researched product, Alisartan tablets, which is part of a major national project for new drug creation [1] Financial Performance - As of the latest Q3 2024 report, the company achieved a revenue of 2.533 billion yuan, representing a year-on-year increase of 87.97% [1] - The net profit for the same period was 1.063 billion yuan, showing a significant year-on-year growth of 158.99% [1] - The sales gross margin stood at 95.80% [1] Market Position - Ailis's current closing price is 85.63 yuan, with a PE ratio of 27.06, which is lower than the industry average of 47.09 [2] - The total market capitalization of the company is 38.533 billion yuan [2] - Among 147 institutions holding Ailis shares, the total number of shares held is 24.0823 million, with a market value of 1.443 billion yuan [1]

Group 1 - The core viewpoint is that the healthcare ETF Taikang (159760) has seen a 1.75% increase, driven by a recovering macroeconomic environment, which is expected to boost the growth rate of healthcare service revenues [1] - The Taikang healthcare ETF closely tracks the National Index of Public Health and Healthcare, which reflects the market performance of publicly listed companies in the public health and healthcare sector in the A-share market [1] - The top ten weighted stocks in the National Index of Public Health and Healthcare as of February 28, 2025, include Mindray Medical, Hengrui Medicine, WuXi AppTec, and others, accounting for a total of 52.4% of the index [1] Group 2 - Guotai Junan Securities indicates that in 2024, external consumption and medical insurance environments are under pressure, leading to a decline in the unit price of specialized medical services such as ophthalmology and dentistry, resulting in slowed growth [2] - Despite the slowdown in revenue growth, the demand for medical services remains strong, and as the macro economy gradually recovers, residents' payment capabilities and consumer confidence are expected to improve, leading to a rebound in revenue growth [2] - The rapid development of AI technology is expected to bring significant changes to the healthcare industry, with the healthcare ETF Taikang (159760) likely to continue benefiting from this trend [2]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [2] Core Insights - The pharmaceutical sector continues to show strong performance, with a year-to-date return of +4.0%, outperforming the Shanghai Composite Index by 2.2% [4][11] - The report highlights the potential for recovery in consumer healthcare, driven by recent government policies aimed at boosting consumption [4][11] - Key investment themes include innovation in pharmaceuticals, turnaround opportunities, and the integration of AI technologies [4][11] Summary by Sections Market Performance - The Shanghai Composite Index rose by 1.59%, while the pharmaceutical sector increased by 1.77%, ranking 15th among 31 sub-industries [4][11] - Specific segments such as pharmaceutical commerce, traditional Chinese medicine, and medical services saw increases of 6.44%, 2.63%, and 1.46% respectively [4][11] Key Companies and Recommendations - Recommended stocks include WuXi AppTec, Aier Eye Hospital, Dong-E E-Jiao, and others, with expected earnings growth and favorable valuations [2][8] - The report emphasizes the importance of focusing on companies with improving fundamentals and low valuations, particularly in the eye care and dental sectors [5][11] Policy and Regulatory Developments - Recent government initiatives, including the introduction of child-rearing subsidies, are expected to positively impact the reproductive and maternal health sectors [6][7] - The National Healthcare Security Administration's guidelines for brain-computer interface services are anticipated to accelerate commercialization in this emerging field [6][11] Valuation Metrics - The pharmaceutical sector is currently valued at 23.4 times PE based on 2025 earnings forecasts, representing a 36.0% premium over the broader A-share market [17] - The TTM valuation stands at 27.3 times PE, which is below the historical average of 35.1 times PE, indicating potential for valuation recovery [17]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][30]. Core Insights - The company focuses on lung cancer treatment, with its core product, Furmetinib, experiencing rapid growth. It targets rare EGFR mutations and expands into overseas markets. The pipeline is rich, and the company continues to enhance its presence in the lung cancer sector [3][19]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are estimated at 3.17, 3.87, and 4.72 yuan, respectively. The target price is set at 104.74 yuan based on absolute and relative valuation methods [3][30]. Financial Summary - Revenue is expected to grow from 791 million yuan in 2022 to 5,618 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of 49.2% to 21.9% [5]. - Net profit attributable to the parent company is projected to increase from 131 million yuan in 2022 to 2,125 million yuan in 2026, with a significant growth rate of 614.2% in 2023 [5]. - The company’s price-to-earnings (P/E) ratio is expected to decrease from 268.92 in 2022 to 16.52 in 2026, indicating improving profitability [5]. Product and Market Positioning - Furmetinib is positioned as a potential best-in-class EGFR-TKI, with significant advantages in efficacy and safety, particularly for patients with brain metastases. The product has shown rapid market uptake since its launch [3][19]. - The company is expanding its focus on rare EGFR mutations, with ongoing clinical trials for Exon20ins and PACC mutations, aiming for global market penetration [3][19]. Pipeline Development - The company has a diverse pipeline, including partnerships for the development of RET inhibitors and KRAS inhibitors, which are expected to enhance its competitive positioning in the lung cancer treatment market [3][19][38]. - The collaboration with ArriVent for global expansion of Furmetinib's indications is a strategic move to capture a larger market share [3][19].

艾力斯 摘要 • 艾力斯核心产品伏美替尼 2024 年收入达 35.06 亿元，同比增长超 120%，驱动公司整体营收超 35 亿元。该药凭借优化的分子设计，在疗效 和安全性上均表现出色，尤其在脑转移患者中显示出显著优势，有望冲击 同类最优地位。 • 艾力斯积极推进国际化，开展多项国际临床试验，并引进 KRAS G12C、SHP2 和 ROS1 抑制剂等新药，与自研管线形成互补，旨在最大 化商业化优势和肺癌领域资源积累，提升市场竞争力。 • 随着伏美替尼销售放量，艾力斯销售费用率下降，研发费用保持稳定。公 司运营效率有望持续提高，带动利润率上升。KRAS G12D 等自研项目进 入临床，新引进药物逐步上市，为公司未来发展提供动力。 • 非小细胞肺癌是中国发病率最高的癌症之一，治疗依赖基因分型。第三代 EGFR-TKI 如奥西替尼已成主流，但市场竞争激烈，国产药物如伏美替尼 迅速崛起，表明该领域仍有巨大潜力。 • 奥西替尼联合化疗方案虽在 PFS 和 OS 方面有显著获益，但不良反应较高， 限制了其广泛应用。研究表明，该方案更适用于脑转移患者，艾力斯富美 替尼有望降低联合化疗的副作用。 Q&A 请介绍一下艾力斯 ...

艾力斯 20250228 摘要 • 艾力斯伏美替尼收入 2024 年达 35.6 亿元，受益于二线适应症的快速增长， 净利率约为 40%，显示出强劲的盈利能力，预计销售峰值将超过 50 亿元。 • 伏美替尼一线治疗的无进展生存期（PFS）达 20.8 个月，优于奥希替尼， 且安全性更佳，使其在同类药物中具有显著竞争优势。 • 伏美替尼已完成术后辅助治疗患者入组，预计 2028 年获批，有望成为继 奥希替尼后又一术后辅助治疗选择，现有奥希替尼中位无病生存期 （DFS）达 65.8 个月。 • 伏美替尼高剂量使用在外显子 20 突变肺癌中显示疗效，ORR 达 70%，PFS 达 10.7 个月，且安全性良好，预计 2026 年左右获得海外批 准，国内预计 2027 年获批。 • 艾力斯通过引进普拉提布等新药，并合作开发 CGLC 和 SHP2 抑制剂，增 强市场竞争力，SHP2 抑制剂联合用药的二期数据表现全球领先，有望成 为未来增长点。 • 国内 EGFR-TKI 市场中，奥希替尼占据主导地位，但伏美替尼等新竞品的 出现正逐步压缩其市场份额，市场竞争格局正在发生变化。 • 艾力斯二线小细胞肺癌药物已提交 NDA ...

证券时报网讯，艾力斯(688578)2月25日晚间发布业绩快报，2024年公司实现营业总收入35.58亿元，同 比增长76.29%；净利润14.24亿元，同比增长121.08%；基本每股收益3.16元。 报告期内，公司净利润增长主要是由于产品甲磺酸伏美替尼片（商品名"艾弗沙®"）实现销售收入35.06 亿元。 ...

Financial Performance - The total operating revenue for 2024 reached RMB 355,777.79 million, representing a year-on-year increase of 76.29%[2] - The net profit attributable to the parent company was RMB 142,412.42 million, up 121.08% compared to the previous year[5] - The net profit after deducting non-recurring gains and losses was RMB 135,151.86 million, up 122.96% year-on-year[2] - The basic earnings per share increased to RMB 3.16, reflecting a growth of 120.98% year-on-year[2] Product Performance - The core product, Fumetinib Mesylate Tablets (brand name "Aifusha®"), generated sales revenue of RMB 350,559.86 million during the reporting period[5] Asset and Equity Growth - Total assets at the end of the reporting period were RMB 591,407.90 million, a 35.13% increase from the beginning of the period[5] - The equity attributable to the parent company increased by 32.52% to RMB 527,713.87 million[5] - The increase in total assets and equity was primarily driven by the substantial growth in operating revenue and profits[8] Return on Investment - The weighted average return on net assets rose to 30.74%, an increase of 12.77 percentage points[2] Cost Management - The company implemented cost control measures that contributed to significant profit growth during the reporting period[6]