底部拐点可期，创新行情有望延续 ——医药生物 5 月月报暨年报/一季报总结 医药生物 证券研究报告/行业专题报告 2025 年 05 月 07 日 | | | 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) | 62,472.12 | | 行业流通市值(亿元) | 56,049.40 | 仓占比分析》2025-04-28 新成长》2025-04-20 3、《中国医药进出口分析；关注创 新、内需、国产替代机会》2025-04-12 | 评级： 增持（维持） | | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：祝嘉琦 | | | （元） | 2023A | ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [4][23]. Core Views - The company has shown a strong performance in Q1 2025, with revenue reaching 759 million yuan, a year-on-year increase of 10.13% and a quarter-on-quarter increase of 8.69%. The net profit attributable to the parent company was 86.18 million yuan, up 112.70% year-on-year and 395.35% quarter-on-quarter [6]. - The report highlights that the company is approaching a performance inflection point, driven by robust growth in new business segments and significant improvements in profitability [3][6]. - The company is positioned as a leader in the raw material drug market, particularly in the low-price range of sartans, while non-sartan raw materials are identified as a core growth driver for the future [6]. Summary by Sections Financial Performance - For 2023, the company reported a revenue of 2,527.27 million yuan, with a year-on-year decline of 5.23%. However, projections for 2024 and beyond show a recovery with revenues expected to grow to 2,630.81 million yuan in 2024 and reaching 4,279.35 million yuan by 2027 [4][22]. - The net profit attributable to the parent company is forecasted to increase significantly from 27.36 million yuan in 2023 to 461 million yuan in 2027, reflecting a compound annual growth rate of 29.71% [4][22]. Business Segments - The report details that the non-sartan raw material segment achieved revenue of 189 million yuan in Q1 2025, marking a 57% year-on-year increase, indicating strong growth potential [6]. - The formulation business generated 80.77 million yuan in revenue, a 97% increase, with the number of approved formulations rising to 63, suggesting ongoing contributions to revenue growth [6]. Profitability Metrics - The gross margin for Q1 2025 was reported at 37.39%, an increase of 2.06 percentage points year-on-year, while the net margin reached 11.35%, up 5.47 percentage points year-on-year [6]. - The report anticipates that the company's gross margin will continue to improve, reaching 41.0% by 2027 [22]. Research and Development - R&D expenses for Q1 2025 were 53.45 million yuan, accounting for 7.04% of revenue, indicating a stable investment in innovation [6][22]. - The company plans to complete the process validation for 12 new raw material drug varieties by 2024, which is expected to drive future growth [6].

证券代码：300702 证券简称：天宇股份 公告编号：2025-035 浙江天宇药业股份有限公司 关于参加 2025 年浙江辖区上市公司投资者 网上集体接待日暨 2024 年度业绩说明会的公告 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。 为进一步加强与投资者的互动交流，浙江天宇药业股份有限公司（以下简称 "公司"）将参加由浙江证监局、浙江上市公司协会与深圳市全景网络有限公司 联合举办的"2025 年浙江辖区上市公司投资者网上集体接待日活动"，现将相 关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参 与本次互动交流，活动时间为 2025 年 5 月 13 日（星期二）15:00-17:00。届时 公司董事长屠勇军先生、副总经理兼董事会秘书王艳女士、财务总监王秀娟女士、 独立董事张国昀先生（如遇特殊情况，参会人员会有调整）将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况等投资者关心的 ...

Group 1: Financial Performance Overview - In 2024, the company achieved a revenue of 263,081 million yuan, a 4.1% increase from 252,772 million yuan in 2023 [3] - Net profit attributable to shareholders reached 5,594 million yuan, a significant growth of 104.6% compared to the previous year [3] - In Q1 2025, revenue was 75,932 million yuan, up 10% from 68,945 million yuan in Q1 2024, with net profit increasing by 113% to 8,618 million yuan [4][5] Group 2: Business Segment Performance - Non-sartan raw materials and intermediates saw a revenue increase of 57% in Q1 2025, reaching 1.89 billion yuan [5] - The formulation business generated 80.77 million yuan in Q1 2025, a 97% increase year-on-year, driven by product structure changes and effective cost control [5] - CDMO business revenue in 2024 was 36,580 million yuan, a decrease of 9.8% from the previous year, but overall business scale remained stable [3][5] Group 3: Market Position and Strategy - The company has established partnerships with over 14,000 hospitals and 20,000 terminal markets, enhancing its market presence [3] - In 2024, the company received production approvals for 23 formulation specifications, expanding its product pipeline to 63 specifications [6] - The company is focusing on diversifying its product offerings, with a strong emphasis on non-sartan products, which are expected to continue their rapid growth [8] Group 4: Future Outlook and Challenges - The sartan product prices are expected to decline in 2025, impacting revenue despite stable sales volume [7] - The company aims to improve the operational efficiency of its Changyi Tianyu base, which is currently operating at a loss, with plans to narrow losses in 2025 [13] - R&D expenses are projected to remain stable in 2025, with a focus on efficient resource utilization to support long-term product pipeline development [15]

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company achieved a revenue of 2.63 billion yuan in 2024, a year-on-year increase of 4.1%, and a net profit attributable to shareholders of 60 million yuan, up 104.5% year-on-year [1]. - In Q1 2025, the company reported a revenue of 760 million yuan, a 10.1% year-on-year growth, and a net profit attributable to shareholders of 90 million yuan, reflecting a 112.7% increase year-on-year [1]. - The report highlights a recovery in performance driven by stabilized prices in the raw material drug sector and growth in the formulation business [2][3]. Summary by Sections Revenue and Profitability - In 2024, the company's revenue from raw material drugs and intermediates was 1.99 billion yuan, a slight decline of 0.5% year-on-year, with a gross margin of 29.3%, down 5.1 percentage points [2]. - The CDMO business generated 370 million yuan in revenue, down 9.8% year-on-year, with a gross margin of 49.5%, a decrease of 7.2 percentage points [2]. - The formulation business saw significant growth, achieving revenue of 250 million yuan, up 142.6% year-on-year, with a gross margin of 55.5%, down 7.3 percentage points [2]. Business Segments - The report indicates that the revenue from the antihypertensive drug category (sartan) was 1.44 billion yuan in 2024, a decline of 11.7%, while non-sartan revenue reached 560 million yuan, a growth of 47.6% [3]. - The CDMO segment is expected to recover as new customized raw material drug projects are set to launch, particularly in collaboration with major pharmaceutical companies [3]. Future Projections - The company is projected to achieve net profits of 226 million yuan, 304 million yuan, and 386 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 304.8%, 34.3%, and 27.0% [4][5]. - The report anticipates a revenue growth rate of 13.1% in 2025, 13.7% in 2026, and 13.8% in 2027 [5]. Valuation Metrics - The projected price-to-earnings (PE) ratios for the company are 33, 25, and 19 for the years 2025, 2026, and 2027 respectively [5].

证券代码：300702 证券简称：天宇股份 公告编号：2025-032 第五届监事会第十一次会议决议公告 本公司及监事会全体成员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。 一、监事会会议召开情况 浙江天宇药业股份有限公司（以下简称"公司"）第五届监事会第十一次会 议于 2025 年 4 月 24 日上午 10:00 在公司四楼会议室以现场结合通讯表决的方 式召开，本次会议通知于 2025 年 4 月 23 日以电话、电子邮件方式送达。本次会 议应出席监事 3 人，实际出席人数 3 人。本次监事会会议由公司监事会主席马成 先生主持，公司董事会秘书列席了本次会议。本次监事会会议的召开符合《中华 人民共和国公司法》（以下简称"《公司法》"）和《浙江天宇药业股份有限公 司章程》的有关规定。 二、监事会会议审议情况 浙江天宇药业股份有限公司 与会监事就各项议案进行了审议、表决，形成决议如下： 1、审议通过了《2025 年第一季度报告》； 监事会认为，董事会编制和审核浙江天宇药业股份有限公司 2025 年第一季 度报告的程序符合法律、行政法规和中国证监会 ...

Financial Performance - The company's revenue for Q1 2025 was ¥759,323,892.91, representing a 10.13% increase compared to ¥689,450,572.73 in the same period last year[5] - Net profit attributable to shareholders increased by 112.71% to ¥86,183,475.93 from ¥40,517,331.09 year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥82,338,349.98, up 56.79% from ¥52,515,096.08 in the previous year[5] - The basic earnings per share rose by 112.80% to ¥0.2477 from ¥0.1164 in the same period last year[5] - Net profit for the current period was ¥86,183,475.93, a significant increase of 113% from ¥40,517,331.09 in the previous period[20] - The company achieved a gross profit margin of approximately 37.8% for the current period, compared to 35.4% in the previous period[19] - Basic and diluted earnings per share for the current period are 0.2477, compared to 0.1164 in the previous period, representing a significant increase[21] Cash Flow and Assets - The net cash flow from operating activities decreased significantly by 84.27% to ¥15,575,999.43 from ¥99,004,492.44 year-on-year[5] - Total cash inflow from operating activities is 695,649,909.12, compared to 770,249,724.99 in the previous period, reflecting a decrease of about 9.7%[21] - Cash outflow from operating activities is 680,073,909.69, slightly up from 671,245,232.55 in the previous period, showing an increase of approximately 1.2%[21] - Net cash flow from investing activities is -43,843,381.17, an improvement from -63,235,019.48 in the previous period[22] - Cash inflow from financing activities is 967,550,000.00, compared to 590,500,000.00 in the previous period, marking an increase of approximately 64.0%[22] - Cash outflow from financing activities is 973,367,284.81, up from 633,196,928.90 in the previous period, indicating an increase of about 54.0%[22] - The ending balance of cash and cash equivalents is 376,425,097.41, compared to 230,482,962.87 in the previous period, representing an increase of approximately 63.5%[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,488,593,082.89, a decrease of 1.37% from ¥6,578,576,293.71 at the end of the previous year[5] - Total current assets amount to ¥3,040,342,911.71, a decrease from ¥3,129,164,556.40 at the beginning of the period[16] - Accounts receivable increased to ¥524,715,717.75 from ¥457,021,513.50[16] - Inventory stands at ¥1,801,106,293.15, down from ¥1,880,660,285.71[16] - Non-current assets include fixed assets valued at ¥2,413,430,652.04, a decrease from ¥2,452,384,970.64[16] - Total liabilities decreased to ¥2,902,473,858.12 from ¥3,080,802,380.77, representing a reduction of 5.8%[18] - The equity attributable to the parent company increased to ¥3,586,119,224.77 from ¥3,497,773,912.94, showing a growth of 2.5%[18] Shareholder Information - Total number of common shareholders at the end of the reporting period is 14,617[12] - The largest shareholder, Lin Jie, holds 35.07% of shares, totaling 122,028,474 shares, with 91,521,355 shares under pledge[12] - The second-largest shareholder, Tu Yongjun, holds 16.41% of shares, totaling 57,109,409 shares, with 42,832,056 shares under pledge[12] - There are no changes reported in the top 10 shareholders' participation in margin trading[13] Expenses and Investments - Sales expenses increased by 35.05% to ¥33,010,772.62, primarily due to the expansion of the formulation business[9] - Research and development expenses for the current period were ¥53,453,274.17, compared to ¥50,058,138.24 in the previous period, indicating a rise of 7.9%[19] - The company reported a decrease in financial expenses, which were ¥3,400,394.92, compared to a negative financial expense of -¥2,651,349.81 in the previous period[19] - The deferred income tax liabilities decreased to ¥4,742,046.13 from ¥8,891,564.43, a decline of 46.8%[18] Strategic Initiatives - The company is exploring market expansion strategies and new product development[15] - The company will implement new accounting standards starting from 2025[23] - The company has not undergone an audit for the first quarter report[23]

证券代码：300702 证券简称：天宇股份 公告编号：2025-029 浙江天宇药业股份有限公司 关于全资子公司药品获得批准的公告 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。 浙江天宇药业股份有限公司（以下简称"公司"）全资子公司浙江诺得药业 有限公司（以下简称"诺得药业"）于近日收到国家药品监督管理局（以下简称 "国家药监局"）核准签发的关于普伐他汀钠片的《药品注册证书》。现将相关 情况公告如下： 一、药品情况 | 药品名称 | 普伐他汀钠片 | | | | | 依折麦布辛伐他汀片 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 英文名 | Pravastatin Sodium Tablets | | | | Ezetimibe | and | Simvastatin | Tablets | | 剂型 | 片剂 | | | | 片剂 | | | | | 规格 | 10mg 20mg | | | | | 每片含依折麦布 | | 10mg、辛伐 ...

2025年4月18日，天宇股份（300702）发布了2024年年报。报告显示，公司实现营业总收入26.31亿元， 同比增长4.10%；归属净利润5593.51万元，同比增长104.45%；扣非净利润6745.94万元，同比增长 6.94%。尽管营收增速较为平稳，但净利润的大幅增长显示出公司在盈利能力和成本控制方面的显著提 升。天宇股份作为一家专注于中间体、原料药及制剂业务的医药制造企业，其核心业务在2024年取得了 突破性进展，尤其是制剂业务的快速增长成为公司业绩的主要驱动力。 总体来看，天宇股份在2024年通过优化产品结构、提升研发效率和拓展市场渠道，实现了业绩的显著增 长。然而，如何在激烈的市场竞争中保持持续增长，并进一步提升研发成果的转化效率，将是公司未来 需要重点解决的问题。 原料药业务稳中有升，非沙坦类产品成新增长点 在原料药及中间体业务方面，天宇股份在2024年保持了稳定的增长。沙坦类原料药销量达到1744吨，同 比增长13%，进一步巩固了公司在沙坦领域的市场地位。与此同时，非沙坦类原料药销量同比增长 169%，显示出公司在多元化产品布局方面的成功。随着全球原料药专利到期潮的到来，公司预计非沙 坦 ...

外资态度来看，本期较上一季未再披露的外资机构即香港中央结算有限公司。 2025年4月18日，天宇股份(300702.SZ)发布2024年年度报告。截至2025年4月17日，共有84个机构投资 者披露持有天宇股份A股股份，合计持股量达4570.52万股，占天宇股份总股本的13.13%。其中，前十 大机构投资者包括江苏兆信私募基金管理有限公司-兆信瞭望1号私募证券投资基金、浙江天宇药业股份 有限公司-2024年员工持股计划、国泰佳泰股票专项型养老金产品-招商银行股份有限公司、中国银行股 份有限公司-兴全合丰三年持有期混合型证券投资基金、香港中央结算有限公司、中国建设银行股份有 限公司-兴全多维价值混合型证券投资基金、国泰基金管理有限公司-社保基金2103组合、南方中证 1000ETF、国泰兴泽优选一年持有期混合A、华夏中证1000ETF，前十大机构投资者合计持股比例达 11.99%。相较于上一季度，前十大机构持股比例合计下跌了1.82个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计2个，包括兴全合丰三年持有混合、兴全多维价 值混合A，持股增加占比达0.32%。本期较上一季度持股减少的公募基金共计1个， ...