Investment Rating - The industry investment rating is "Increase Holding (Maintain)" [5] Core Viewpoints - The report highlights the rapid rotation of thematic opportunities due to diverse external policy changes, with a focus on innovation and overseas expansion in the pharmaceutical and biotechnology sectors [7][11] - The report indicates that the pharmaceutical sector has outperformed the Shanghai Composite Index, with a year-to-date return of 2.5%, surpassing the index's return by 3.6% [11] - The report emphasizes the potential benefits for domestic companies from the U.S. "Most Favored Nation Drug Pricing Policy," which aims to significantly reduce prescription drug prices by 30% to 80% [11][15] - The report suggests that the recent increase in the incidence of COVID-19 and influenza has led to a market rally focused on flu-related themes [11] Summary by Sections Industry Overview - The pharmaceutical industry consists of 498 listed companies with a total market value of 62,880.80 billion yuan and a circulating market value of 56,401.87 billion yuan [2] Market Dynamics - The Shanghai Composite Index rose by 1.12%, while the pharmaceutical sector increased by 1.27%, ranking 11th among 31 sub-industries [11] - Sub-sectors such as traditional Chinese medicine, medical services, chemical pharmaceuticals, biological products, medical devices, and pharmaceutical commerce all experienced gains [11] Policy Impact - The report discusses the positive changes in U.S.-China tariff policies, which have alleviated extreme pessimism regarding tariffs, suggesting a focus on undervalued and innovative growth stocks [11] - The report notes that the implementation of the "Most Favored Nation Drug Pricing Policy" may lead to a shift in the pharmaceutical landscape, benefiting domestic innovative drug companies and CRO/CDMO firms [11][15] Company Performance - Key recommended companies such as WuXi AppTec, Changchun High & New Technology, and others are rated as "Buy," indicating strong expected performance in the coming years [5] - The report highlights the performance of specific companies, with notable increases in stock prices and positive earnings forecasts [24][25] Valuation Metrics - The pharmaceutical sector is currently valued at 22.5 times PE based on 2025 earnings forecasts, with a premium of 23.8% over the overall A-share market [18] - The TTM valuation for the pharmaceutical sector is 27.0 times PE, which is below the historical average of 35.1 times PE [18]

| | □特定对象调研 □分析师会议 | | | | --- | --- | --- | --- | | 投资者关系活动类 | □媒体采访 □√业绩说明会 | | | | 别 | □新闻发布会 □路演活动 | | | | | □现场参观 | | | | | □其他 （请文字说明其他活动内容） | | | | 参与单位名称及人 | 投资者网上提问 | | | | 员姓名 | | | | | 时间 | 2025 年 5 月 13 日 (周二) 下午 15:00-17:00 | | | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采用网络 | | | | | 远程的方式召开业绩说明会 | | | | | 1、董事长 屠勇军 | | | | 姓名 | 3、副总经理兼董事会秘书 王艳 | | | | | 4、财务总监 王秀娟 | | | | 投资者关系活动主 | 感谢您的关注！公司 2025 年度 CDMO 业务收入 1.36 | | 亿元，较上年 | | 要内容介绍 | | | | | | 业务市场需求稳定；待产业化的 CDMO 项目受客户机构及项目上市、市 | | | ...

内容概要：降脂药是指用于降低血液中胆固醇和三酰甘油水平的药物，主要用于预防和治疗心血管疾 病。随着我国人口老龄化程度加深，血脂异常的患病人群不断增加，与此同时，国内血脂异常人群开始 日益年轻化。因此在存量与增量的双重驱动下，我国降血脂药产业发展前景广阔，近几年来，虽受国家 集中采购政策实施影响，行业发展增速减缓，但新型药物的研发上市，弥补了部分市场，因此目前国内 降脂药产业销售规模仍呈现稳步增长态势。数据显示，2023年我国降脂药全国等级医院和零售市场销售 总额达到252.94亿元，2024年预计已进一步增至265.95亿元。 相关上市企业：德展健康（000813）；悦康药业（688658）；京新药业（002020）；天宇股份 （300702）；恒瑞医药（600276）等 相关企业：岳阳新华达制药有限公司；福建鑫美源生物医药工程有限公司；深圳奥萨医药有限公司；乐 普制药科技有限公司；齐鲁制药（海南）有限公司；福建东瑞制药有限公司；北京嘉林药业股份有限公 司；广东百科制药有限公司；天方药业有限公司；湖南迪诺制药股份有限公司；合肥英太制药有限公司 等 降脂药行业产业链上游为原材料供应环节，主要原料药、辅料、包装材 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][16]. Core Views - The company achieved a revenue of 2.631 billion yuan in 2024, representing a year-on-year growth of 4.10%, and a net profit attributable to shareholders of 56 million yuan, reflecting a significant increase of 104.45% [1][4]. - The growth is primarily driven by breakthroughs in the formulation business and a rapid increase in non-sartan raw materials [1][2]. - The company is expected to diversify its business further, with stable cash flow from sartan products and accelerated growth from non-sartan, CDMO, and formulation segments [4]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 759 million yuan, a year-on-year increase of 10.13%, and a net profit of 86 million yuan, up 112.71% [1]. - The sales volume of sartan raw materials reached 1,744 tons in 2024, a growth of approximately 13%, while non-sartan raw materials saw a remarkable increase of 169%, reaching 124 tons [2]. - The formulation business generated sales of 255 million yuan in 2024, marking a 143% increase compared to the previous year [3]. Business Segments - The company has a rich reserve of non-sartan raw materials, including key products like sitagliptin and montelukast, with 20 new projects initiated and 12 products completing process validation in 2024 [2]. - The formulation segment has expanded its presence in national procurement, with two products winning bids and 18 products selected for provincial renewals [3]. Future Outlook - Revenue projections for 2025-2027 are set at 2.965 billion yuan, 3.413 billion yuan, and 3.704 billion yuan, respectively, with net profits expected to reach 284 million yuan, 418 million yuan, and 484 million yuan [4][10]. - The company is enhancing its international registration efforts and advancing its global expansion strategy, anticipating continued demand growth as patents for non-sartan products expire [2][4].

证券代码：300702 证券简称：天宇股份 公告编号：2025-036 一、会议召开和出席情况 1、会议届次：2024 年度股东大会 2、会议召集人：公司董事会 3、会议召开的日期、时间： （1）现场会议召开时间：2025 年 5 月 12 日（星期一）下午 15:30 浙江天宇药业股份有限公司 特别提示： 2024 年度股东大会决议公告 1.本次股东大会无新增、变更、否决提案的情况。 本公司董事会及全体董事保证本公告内容不存在虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 2.本次股东大会不涉及变更以往股东大会决议的情形。 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的时间为 2025 年 5 月 12 日 9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票系统进行投 票的具体时间为 2025 年 5 月 12 日 9:15-15:00。 4、会议的召开方式：本次股东大会采取现场投票与网络投票相结合的方式。 5、会议地点：台州市黄岩江口化工开发区鑫源路 8 号公司总部大楼一楼会 议室。 6、本次会议由公司第五届董事会召集，董 ...

法律意见书 浙江天册律师事务所 关于 浙江天宇药业股份有限公司 2024 年度股东大会的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所 关于浙江天宇药业股份有限公司 2024 年度股东大会的 法律意见书 编号：TCYJS2025H0625 号 在本法律意见书中，本所律师仅对本次股东大会表决程序及表决结果的合法 有效性发表意见，不对会议所审议的议案内容和该等议案中所表述的事实或数据 的真实性和准确性发表意见。 本法律意见书仅供天宇股份 2024 年度股东大会之目的使用。本所律师同意将 本法律意见书随天宇股份本次股东大会其他信息披露资料一并公告，并依法对本 所在其中发表的法律意见承担法律责任。 本所律师根据相关法律、法规的要求，按照律师行业公认的业务标准、道德 规范和勤勉尽责的精神，对天宇股份本次股东大会所涉及的有关事项和相关文件 进行了必要的核查和验证，同时听取了公司就有关事实的陈述和说明。现出具法 律意见如下： 一、本次股东大会召集、召开的程序 （一）经本所律师核查，公司本 ...

Core Viewpoint - The company is experiencing a recovery in profitability due to product structure adjustments, transition between old and new growth drivers, and the gradual realization of scale effects, despite the pressure on the raw material drug cycle for sartans [1] Performance Summary - In 2024, the company achieved a revenue of 2.631 billion yuan (YOY +4.10%) and a net profit attributable to shareholders of 56 million yuan (YOY +104.45%), with a non-recurring net profit of 67 million yuan (YOY +6.94%). The company also made a total asset impairment provision of 54 million yuan, significantly impacting profit growth [1] - In Q1 2025, revenue reached 759 million yuan (YOY +10.13%) and net profit attributable to shareholders was 86 million yuan (YOY +112.71%), with a non-recurring net profit of 82 million yuan (YOY +56.79%) [1] Growth Analysis - The company’s generic drug raw materials and intermediates saw stable sales growth, with a revenue of 1.994 billion yuan in 2024, a slight decline of 0.53% YOY. Sales volume increased by 9.10% YOY, while average prices decreased. Sartans raw material sales volume grew by approximately 13% YOY. The company maintains a strong competitive advantage in sartans raw materials [2] - Non-sartan raw materials experienced a significant sales volume increase of 169% in 2024, indicating a rapid expansion. The company expects continued high growth rates as downstream formulation patents expire [2] - The CDMO raw materials and intermediates business generated 366 million yuan in revenue in 2024, a decline of 9.83% YOY, primarily due to reduced demand from expiring product patents [2] Formulation Business - The formulation business achieved a revenue of 255 million yuan in 2024, a substantial increase of 142.56% YOY. The company has received approval for 52 products and expanded its partnerships with over 14,000 hospitals and 20,000 retail outlets [3] - The gross profit of the formulation business increased by approximately 75 million yuan, while R&D investment decreased by about 20 million yuan YOY. The subsidiary Zhejiang Node reported a loss of 7.56 million yuan, significantly reduced from 2023 [3] Profitability - In 2024, the company’s net profit margin was 2.13%, an increase of 1.05 percentage points YOY, while the gross profit margin was 34.66%, a decrease of 4.51 percentage points YOY. The gross profit margin for generic drug raw materials was 29.29%, down 5.12 percentage points YOY [4] - In Q1 2025, the net profit margin improved to 11.35%, an increase of 5.47 percentage points YOY, with a gross profit margin of 37.39%, up 2.06 percentage points YOY [4] Outlook for 2025 - Assuming a stable competitive landscape and no further decline in core product prices, the company expects an improvement in gross profit margins. The sales expense ratio may increase due to intensified formulation promotion efforts [5] - Overall, the net profit margin is anticipated to gradually improve, indicating a recovery in profitability [6] Earnings Forecast and Valuation - The company’s EPS is projected to be 0.74, 1.00, and 1.29 yuan per share for 2025-2027, with a PE ratio of 29 times based on the closing price on May 10, 2025. The company is expected to continue benefiting from the expansion of new businesses, new products, and new customers, with non-sartan raw materials and formulation businesses likely to maintain high growth trends [7]

夯实底部、改善可期，持续看好创新+AI | | | 执业证书编号：S0740519040001 Email：zhujq@zts.com.cn | 基本状况 | | | --- | --- | | 上市公司数 | 498 | | 行业总市值(亿元) | 62,240.01 | | 行业流通市值(亿元) | 55,873.42 | 医药生物 证券研究报告/行业定期报告 2025 年 05 月 11 日 1、《底部拐点可期，创新行情有望 延续》2025-05-08 2、《ASCO 会议标题发布；基金持 仓占比分析》2025-04-28 3、《药械创新享支持，持续看好创 新成长》2025-04-20 | 增持（维持） 评级： | | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：祝嘉琦 | | | （元） ...

证券研究报告 分析师 郭双喜 盖文化 邮箱 guoshuangxi@stocke.com.cn gaiwenhua@stocke.come.cn 电话 19801116960 15380994183 证书编号 S1230521110002 S1230524090006 1、复盘 Ø 成长能力：季度波动，板块韧性延续。 2025Q1申万医药生物板块整体营业收入增速为-4.8%，归母净利润增速为 -12.2%，供给侧调整下，各子板块表现分化。在此背景下，原料药板块2025Q1收入增速-3.6%，归母净利润增速 达到10.5%，韧性凸显，得益于部分产品下游需求恢复、价格企稳，第二增长曲线发力。 2、投资策略 保持韧性、优选弹性 ——原料药2024及2025Q1业绩综述 行业评级：看好 2025年5月10日 2 投资要点 95% Ø 盈利能力：整体恢复，保持韧性。2024年主要原料药公司毛利率及净利率同比分别提升0.78pct、0.39pct （样本 公司剔除极值），盈利能力整体回升。25Q1主要原料药公司平均毛利率及净利率分别同比下滑0.64pct、1.87pct 。 主要因为产品结构调整、部分原料药24年同期价格 ...

Group 1 - The company's formulation business showed significant year-on-year improvement, with 2024 revenue reaching 2.631 billion yuan, up 4.1%, and net profit attributable to shareholders at 55.9351 million yuan, up 104.45% [1] - The formulation business revenue was 255 million yuan, a year-on-year increase of 142.56%, with a gross profit increase of approximately 75 million yuan [1] - The company achieved a stable approval rhythm for formulation products, with 15-20 approvals annually, totaling 52 approvals by the end of the reporting period [1] Group 2 - The raw material business is expected to experience rapid growth, with raw material drug exports totaling 42.98 billion USD in 2024, up 5.1% year-on-year [1] - Sales volume of sartan raw materials reached 1,744 tons, a year-on-year increase of approximately 13%, while non-sartan raw materials saw sales of 124 tons, up 169% [1] Group 3 - The company has established a long-term stable international supply chain, with products certified in major markets including the EU, North America, Japan, and South Korea [2] - The company has submitted 25 varieties and 33 new documents to six official bodies, with 14 varieties approved 18 times by seven officials [2] Group 4 - The company has improved its cost control, with sales gross margin and net margin for 2024 at 34.66% and 2.13%, respectively [3] - In Q1 2025, the sales gross margin and net margin increased to 37.39% and 11.35%, respectively [3] Group 5 - The company is transitioning from a raw material leader to a comprehensive pharmaceutical enterprise, with a focus on sartan antihypertensive drugs and a diversified product portfolio [4] - Revenue projections for 2025-2027 are 3.124 billion, 3.666 billion, and 4.283 billion yuan, with net profits of 115 million, 190 million, and 256 million yuan, respectively [4]