沪指4月24日上涨0.03%，申万所属行业中，今日上涨的有10个，涨幅居前的行业为美容护理、银行， 涨幅分别为1.61%、1.16%。医药生物行业今日上涨0.25%。跌幅居前的行业为计算机、通信，跌幅分别 为2.36%、2.08%。 主力资金净流出的行业有25个，电子行业主力资金净流出规模居首，全天净流出资金66.21亿元，其次 是计算机行业，净流出资金为64.60亿元，净流出资金较多的还有机械设备、通信、汽车等行业。 医药生物行业今日上涨0.25%，全天主力资金净流入2.65亿元，该行业所属的个股共476只，今日上涨的 有243只，涨停的有10只；下跌的有218只，跌停的有3只。以资金流向数据进行统计，该行业资金净流 入的个股有204只，其中，净流入资金超5000万元的有10只，净流入资金居首的是双成药业，今日净流 入资金1.81亿元，紧随其后的是凯莱英、金凯生科，净流入资金分别为1.63亿元、1.37亿元。医药生物 行业资金净流出个股中，资金净流出超3000万元的有9只，净流出资金居前的有花园生物、迈瑞医疗、 智飞生物，净流出资金分别为8240.77万元、6250.66万元、6132.45万元。（数据宝） ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expected stock performance that will exceed the market by more than 20% within the next six months [14]. Core Insights - The company achieved a revenue of 1.541 billion yuan in Q1 2025, reflecting a year-on-year growth of 10.10%. The net profit attributable to shareholders was 327 million yuan, up 15.83% year-on-year, with a non-recurring net profit of 305 million yuan, increasing by 20.14% [5][6]. - The overall gross margin for Q1 2025 was 42.54%, showing a slight decrease of 0.98 percentage points. However, the net profit margin improved to 21.19%, an increase of 1.05 percentage points, indicating better profit growth compared to revenue growth [6]. - The emerging business segment saw a revenue increase of over 80% year-on-year, contributing significantly to the overall revenue growth, particularly from peptide, small nucleic acid, and ADC businesses [7]. Summary by Sections Financial Performance - Q1 2025 revenue was 1.541 billion yuan, with a gross margin of 42.54% and a net profit margin of 21.19% [5][6]. - The company forecasts net profits of 1.126 billion yuan, 1.378 billion yuan, and 1.740 billion yuan for 2025, 2026, and 2027 respectively [7]. Business Segments - Small molecule revenue remained stable compared to the previous year, with a gross margin of 45.17%. The emerging business segment's revenue exceeded 317 million yuan, continuing its strong performance from Q4 2024 [7]. - The report highlights the potential for growth in small molecule business revenue and margins throughout the year due to ongoing projects and production cycles [7]. Future Projections - The company is expected to see a recovery in global innovative drug development, which will positively impact its business performance [7]. - The report maintains profit forecasts for 2025-2027, projecting a gradual increase in revenue and net profit margins over the years [8][12].

证券研究报告 | 公司点评报告 2025 年 04 月 24 日 凯莱英（002821.SZ） 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 7825 | 5805 | 6617 | 7627 | 8859 | | 同比增长 | -24% | -26% | 14% | 15% | 16% | | 营业利润(百万元) | 2571 | 1079 | 1237 | 1455 | 1810 | | 同比增长 | -31% | -58% | 15% | 18% | 24% | | 归母净利润(百万元) | 2269 | 949 | 1078 | 1265 | 1569 | | 同比增长 | -31% | -58% | 14% | 17% | 24% | | 每股收益(元) | 6.29 | 2.63 | 2.99 | 3.51 | 4.35 | | PE | 10.7 | 25.5 | 22.4 | 19.1 | 15.4 | | PB | 1.4 ...

行业一季度复苏明显，CRO概念股今日表现活跃。 截至午间收盘，金凯生科20CM涨停，河化股份、凯莱英、灵康药业（维权）涨停，双成药业涨超7%，昊帆生物涨超3%，翰宇药业涨超2%。 | 名称 | 现价 | 强调 | 年初至今 | | --- | --- | --- | --- | | 金凯生科 | 31.48 | +20.02 | +21.64% | | 河化股份 | 6.26 | +10.02 | +11.99% | | 凯莱英 | 73.77 | +10.01 | -3.05% | | 灵康药业 | 4.62 | +10.00 | -12.00% | | 双成药业 | 10.27 | +7.31 | -43.97% | | 新大地 | 13.35 | +4.38 | +39.16% | | 吴帆生物 | 47.30 | +3.84 | +18.52% | | 博腾股份 | 14.56 | +3.78 | -7.67% | | 哈一药业 | 29.10 | +3.30 | +73.52% | | 翰宇药业 | 14.64 | +2.23 | +13.58% | | 诺泰生物 | 54.20 | +1.98 | ...

[Table_Title2] 凯莱英(002821) [Table_Summary] 事件概述 [Table_Date] 2025 年 04 月 24 日 [Table_Title] 业绩符合市场预期，新兴业务收入同比增长超 80% 公司发布 2025 年一季报：25Q1 实现营业收入 15.41 亿元，同比 增长 10.10%、实现归母净利润 3.27 亿元，同比增长 15.83%、 实现扣非净利润 3.05 亿元，同比增长 20.14%。 分析判断: 证券研究报告|公司点评报告 邮箱：cuiwl@hx168.com.cn SAC NO：S1120519110002 联系电话： ► 业绩符合市场预期，新兴业务收入同比增长超 80% 公司 25Q1 实现收入 15.41 亿元，同比增长 10.10%、实现归母净 利润 3.27 亿元，同比增长 15.83%，符合之前市场预期。受益于 多肽、寡核苷酸、ADC 等业务的放量，公司 25Q1 新兴业务实现收 入超过 3.1 亿元（24Q1 披露新兴业务收入 1.76 亿元，同比增长 超过 80%，即为收入端超过 3.1 亿元），同比增长超过 80%，对应 毛利率提升 ...

Core Viewpoint - The A-share market experienced a narrow fluctuation with certain sectors such as electricity, CXO, and vitamins showing strength despite overall market weakness [2][3]. A-share Market Performance - The A-share market showed a slight decline with the Shanghai Composite Index down by 0.1%, Shenzhen Component down by 0.66%, North Star 50 Index down by 2.8%, and ChiNext Index down by 0.68% [3]. - Key performing sectors included daily chemicals, coal, paper, and agriculture, while software services, internet, mineral products, and IT equipment sectors faced declines [3]. Sector Highlights Electricity Sector - The electricity sector saw significant gains with multiple stocks hitting the daily limit up, including Huayin Power (600744) up by 10% to 3.85, Xichang Power (600505) up by 9.97% to 17.31, and Chenzhou International (600969) up by 9.95% to 8.07 [4]. - Other notable performers included Shaoneng Co. (000601) up by 9.93% and Guangxi Energy (600310) up by 8.24% [4]. CXO Sector - The CXO sector exhibited strong performance with Jin Kai Biotechnology (301509) hitting the daily limit up, and Hehua Co. (000953), Kailaiying A-shares, and Lingkang Pharmaceutical (603669) also reaching the limit up [5]. - Kailaiying's Hong Kong shares surged by over 19% during the session [5]. Vitamin Sector - The vitamin concept sector showed notable strength, contributing to the overall positive performance of the market [4]. New Stock Listings - Two new stocks were listed in the A-share market, both experiencing significant increases [9]. - Jiangshun Technology (001400) saw a peak increase of over 120% during trading, focusing on aluminum profile extrusion molds and related equipment [10]. - Tianyouwei (603202) also performed well, with a peak increase nearing 50%, specializing in automotive instrument development and production [11]. Hong Kong Market Performance - The Hong Kong market experienced a decline, with the Hang Seng Index dropping over 1% [12][13]. - Notable declines were observed in major stocks such as Meituan-W and JD.com [13]. - However, New Oriental-S saw a rise of over 6% following the release of its financial results for the third quarter of the 2025 fiscal year, reporting a slight decrease in net revenue but an increase in operating profit [14].

Core Viewpoint - The A-share market experienced a narrow fluctuation today, with certain sectors such as electricity, CXO, and vitamins showing strength despite the overall market trend [2][6]. Group 1: Market Performance - The A-share market showed a slight decline, with the Shanghai Composite Index down 0.1%, the Shenzhen Component down 0.66%, the North Star 50 Index down 2.8%, and the ChiNext Index down 0.68% [6]. - The electricity sector performed well, with stocks like Huayin Power, Xichang Power, and Chenzhou International reaching their daily limit up [7][8]. - New stocks listed today saw significant gains, with Jiangshun Technology's intraday increase exceeding 120% [3][15]. Group 2: Sector Highlights - The electricity sector saw notable gains, with multiple stocks experiencing significant increases, including Huayin Power at 10% up, Xichang Power at 9.97% up, and Chenzhou International at 9.95% up [8]. - The CXO sector also showed strong performance, with Jin Kai Sheng Ke hitting the daily limit up and other stocks like Hehua Co., Kailai Ying A-shares, and Lingkang Pharmaceutical also reaching their limits [10]. - The vitamin sector demonstrated a clear upward trend, contributing to the overall strength of the market [8]. Group 3: New Stock Listings - Two new stocks were listed today, both experiencing substantial increases, with Jiangshun Technology's stock price rising significantly [14][15]. - Tian You Wei, another new stock, saw its price increase by nearly 50% during the trading session [16]. Group 4: Hong Kong Market - The Hong Kong market experienced a decline, with the Hang Seng Index dropping over 1% [17][19]. - Despite the overall downturn, stocks like New Oriental saw significant gains, with an intraday increase exceeding 6% following the release of their financial results [20].

消息面上，相关机构近期表示，创新药仍处于产业加速向上的周期，今年也有强基本面的兑现支撑。在 既往ADC、PD1/VEGF等技术爆发之后，TCE、ProTac等新技术已经看到萌芽开花；同时，创新药从可 预期的BD潮走向盈利潮，以往大家对创新药的疑虑是研究壁垒高、企业没盈利，因此不敢投，但随着 未来企业的收入高增速带动利润的快速提升，就进入了投资者可理解的范畴内。 港股创新药板块高盈利持续消化估值。港股创新药指数2月21日市盈率为64倍，4月24日最新市盈率仅为 27倍，不足两个月前的一半，当前布局性价比突出。 4月24日，港股市场低开震荡，港股创新药板块全面爆发。港股创新药指数成分股中，凯莱英涨超 17%，荣昌生物、亚盛医药-B、康方生物涨超7%，信达生物、联邦制药涨超6%，康龙化成、三生制药 涨超4%。港股创新药ETF（159567）连续2个交易日成交额超9亿元，市场关注度较高。 西南证券表示，创新药板块的投资价值在于其背后的新质生产力和高质量发展的大背景。随着各地政府 不断出台支持创新药的政策，如北京、深圳等地发布的支持创新药政策，这些政策不仅加强了对创新药 械研发、生产、审批、使用的全链条支持，还促进了健 ...

Group 1 - The innovative pharmaceutical ETF (560900) has risen by 1.80%, with the underlying index, the China Innovative Drug Industry Index (931152), increasing by 1.60% [1] - Key stocks such as Kailaiying (002821) rose by 10.01%, Maiwei Biotech (688062) by 7.23%, and Rongchang Biotech (688331) by 6.57% [1] - Galaxy Securities indicates that innovative pharmaceutical companies are in a critical transformation period, with Changchun High-tech's R&D investment reaching 2.69 billion yuan in 2024, a year-on-year increase of 11.20%, accounting for nearly 20% of revenue [1] Group 2 - Morgan Asset Management is integrating its "Global Vision Investment Technology" product line to assist investors in capturing investment opportunities in quality tech companies globally [2] - The actively managed Morgan Emerging Power Fund aims to grasp emerging industry trends from a long-term perspective, while the Morgan Smart Connectivity Fund focuses on opportunities in the AI sector [2] - The Morgan Pacific Technology Fund selects quality tech companies in the Pacific region [2] Group 3 - The passive investment options include the Morgan Hang Seng Technology ETF (513890) for exposure to Hong Kong tech assets and the Morgan China Innovative Drug Industry ETF (560900) for Chinese innovative pharmaceutical companies [3] - The Morgan NASDAQ 100 Index Fund provides one-click access to global tech leaders [3]

港股创新药板块盘初拉升，凯莱英（002821）涨超9%，荣昌生物涨超7%，信达生物、君实生物、康龙 化成（300759）纷纷上扬。 无需港股通，A股账户就能T+0买港股>> ...