证券研究报告 2026 年 03 月 22 日 湘财证券研究所 行业研究 医疗服务行业周报 扩大入境消费，打开高端医疗天花板 --医疗服务行业周报 3.16-3.20 相关研究： 核心要点： 本周医药生物下跌 2.77%，涨跌幅排名位列申万一级行业第 8 位 根据 Wind 数据，本周申万一级行业医药生物下跌 2.77%，涨幅排名位列申 万 31 个一级行业第 8 位。沪深 300 指数下跌 2.19%，医药跑输沪深 300 指 数 0.59 个百分点。申万医药生物二级子行业医疗服务 II 报收 6472.58 点， 下跌 4.32%；中药 II 报收 6238.43 点，下跌 1.16%；化学制药Ⅱ报收 12224.87 点，下跌 2.08%；生物制品Ⅱ报收 6071.10 点，下跌 1.79%；医药商业Ⅱ报 收 5266.66 点，下跌 4.01%；医疗器械 II 报收 6540.13 点，下跌 4.00%。 根据 Wind 数据，从医疗服务板块公司的表现来看，表现居前的公司有： 药明康德（+0.0%）、皓元医药（-0.8%）、百花医药（-1.4%）、百诚医药（-1.5%）、 爱尔眼科（-1.8%）；表现 ...

Investment Rating - The report assigns a "Buy" rating for the company, Baicheng Pharmaceutical (301096), marking its first coverage [1]. Core Insights - The company is entering a harvest period for innovative drugs while the challenges faced by its generic drug CRO/CDMO business are expected to reverse. The report highlights the potential for stable cash flow from CRO services and the creation of a "second growth curve" through revenue sharing models. The innovative drug pipeline is projected to provide high earnings elasticity, particularly in the oncology, autoimmune, and pain management sectors [7][20]. Summary by Sections Company Overview - Baicheng Pharmaceutical, established in 2011, operates as a comprehensive R&D service platform covering pharmaceutical research, clinical trials, and commercial production. The company has transitioned from a focus on generic CRO to include self-initiated projects and technology transfer, forming a differentiated profit model [13][20]. Financial Performance - The company forecasts total revenue of 1,017.45 million yuan for 2023, with a year-on-year growth of 67.51%. However, revenues are expected to decline in 2024 and 2025, with projections of 801.92 million yuan and 706.74 million yuan, respectively. The net profit attributable to shareholders is expected to be 271.97 million yuan in 2023, but the company anticipates losses in 2024 and 2025 [1][20]. CRO Business - The CRO segment is the cornerstone of the company's cash flow, contributing 48.06% of total revenue in the first half of 2025. The company has established a comprehensive service chain from pharmaceutical research to commercialization, focusing on consistency evaluation and improved new drugs [39][40]. Innovative Drug Pipeline - The company has over 15 projects in its innovative drug pipeline, with key products like BIOS-0618 and BIOS-0625 in critical clinical stages. These projects target significant market opportunities, with potential revenues exceeding billions of dollars [7][20]. CDMO Business - The CDMO segment is expected to play a crucial role in the industrialization of R&D outcomes. The report anticipates that the capacity utilization of its subsidiary, Saimer Pharmaceutical, will improve, leading to enhanced profitability as new orders materialize [7][56]. Market Outlook - The CRO market in China is projected to grow significantly, with an expected increase from 848 billion yuan in 2023 to 1,126 billion yuan by 2026. The report emphasizes the shift from quantity expansion to quality competition within the industry [33][37].

Investment Rating - The report assigns a "Buy" rating for the company, Baicheng Pharmaceutical (301096), marking its first coverage [1]. Core Insights - The company is entering a harvest period for innovative drugs while the challenges faced by its generic drug CRO/CDMO business are expected to reverse. The core business model relies on contract research organization (CRO) services and self-developed technology transfer, contributing stable cash flow. The innovative drug pipeline is anticipated to provide significant performance elasticity [7][20]. Summary by Relevant Sections Financial Forecast and Valuation - The projected total revenue for 2023 is 1,017.45 million yuan, with a year-on-year growth of 67.51%. However, revenues are expected to decline in 2024 and 2025, with net profit forecasted to be negative in those years before recovering in 2026 and 2027 [1]. - The earnings per share (EPS) is expected to be 2.49 yuan in 2023, dropping to -0.48 yuan in 2024, and recovering to 1.10 yuan in 2026 [1]. Investment Logic - The company’s CRO business provides stable cash flow, while the rights-sharing model is expected to create a "second growth curve." The innovative drug pipeline, particularly in oncology, autoimmune diseases, and pain management, is projected to have a market potential exceeding 10 billion USD [7]. - The company has over 15 projects in its pipeline, with key drugs like BIOS-0618 and BIOS-0625 in critical clinical stages, indicating a strong focus on differentiated research [7]. Business Model and Structure - Baicheng Pharmaceutical operates as a comprehensive R&D service platform, covering drug research, clinical trials, and commercial production. The company has a strong foundation in generic drug CRO services, which is expected to remain its primary revenue source [13][39]. - The company’s CDMO capabilities are becoming increasingly important as the demand for drug production rises, with the CDMO market in China projected to grow significantly [56]. Market Data - The closing price of the company's stock is 51.60 yuan, with a market capitalization of approximately 5,636.18 million yuan. The price-to-earnings (P/E) ratio is currently 20.72 [5][1]. Research and Development - The company has been increasing its R&D investment, with the R&D expense ratio rising from 16.16% in 2020 to 39.69% in 2024. This investment is expected to enhance its competitive edge in the market [26][30]. - The company has a robust pipeline of over 300 self-developed projects at various stages, indicating a strong commitment to innovation and market responsiveness [45].

Investment Rating - The report maintains a "Buy" rating for the medical services industry, suggesting a positive outlook for investment opportunities in this sector [10][64]. Core Insights - The medical services sector has shown resilience, with a recent increase in the sector's PE ratio to 34.43X and PB ratio to 3.49X, indicating a positive trend in valuation metrics [4][29]. - The approval of internet medical first diagnosis trials in Beijing marks a significant regulatory breakthrough, potentially accelerating the online medical service process and providing new market opportunities for private medical institutions [5][62][63]. - The report highlights the importance of digital regulation and standardization in enhancing service capabilities for private medical institutions, particularly in consumer healthcare sectors like pediatrics and dermatology [5][62]. Summary by Sections Industry Performance - The pharmaceutical and biological sector increased by 0.14%, ranking 15th among 31 primary industries, outperforming the Shanghai Composite Index by 1.47 percentage points [2][12]. - The medical services sub-sector reported a 1.31% increase, closing at 6827.17 points, with a year-to-date performance of 41.41% [24][27]. Company Performance - Top-performing companies in the medical services sector include Meidisi (+18.0%), Tongce Medical (+8.1%), and Nuosige (+5.7%), while underperformers include Haoyuan Pharmaceutical (-6.2%) and Baicheng Pharmaceutical (-4.5%) [3][27]. Valuation Metrics - The medical services sector's PE ratio has increased by 0.56X from the previous week, while the PB ratio has risen by 0.06X, indicating a strengthening in market confidence [4][29]. Investment Recommendations - The report suggests focusing on high-growth areas such as ADC CDMO and peptide CDMO in the pharmaceutical outsourcing sector, as well as companies like WuXi AppTec and Haoyuan Pharmaceutical [10][64]. - It also recommends monitoring private medical service providers with compliance experience, such as Aier Eye Hospital, as they are expected to benefit from the evolving regulatory landscape [5][64].

证券代码：301096 证券简称：百诚医药 公告编号：2026-004 关于全资子公司完成工商设立登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假 记载、误导性陈述或重大遗漏。 杭州百诚医药科技股份有限公司（以下简称"公司"）于2026年1月29日 召开第四届董事会第九次会议，审议通过了《关于投资设立全资子公司的议案》 ，根据未来业务发展及战略规划需要，为丰富研发板块布局，公司以临平政工 出〔2023〕26号文所涉宗地的土地使用权和在建工程评估作价出资5,849.94 万元（不含税），投资设立全资子公司浙江旭沛医药科技有限公司（拟定名， 以工商核准为准）（以下简称"浙江旭沛"），浙江旭沛拟定注册资本1,000 万元，公司持有其100%股权。具体内容详见公司于2026年1月29日在巨潮资讯 网披露的《关于投资设立全资子公司的公告》（公告编号：2026-002）。 近日，公司完成了全资子公司浙江旭沛医药科技有限公司的工商设立登 记，并取得由浙江省市场监督管理局核发的《营业执照》，相关登记信息如下： 1、名称：浙江旭沛医药科技有限公司 2、统一社会信用代码：91330113MAK6B ...

Group 1 - The core viewpoint of the article is that Baicheng Pharmaceutical has officially signed a strategic cooperation agreement with Delim Company, focusing on the development, production, and commercialization of innovative oral formulations for products such as Semaglutide, Tirzepatide, and Minoxidil [1] Group 2 - The collaboration aims to enhance the research and development capabilities of Baicheng Pharmaceutical in the field of innovative oral formulations [1] - The partnership is expected to accelerate the commercialization process of the mentioned products, potentially leading to increased market presence and revenue for the company [1]

Group 1 - The company expects a net profit loss of 66 million to 96 million yuan and a non-recurring net profit loss of 79 million to 110 million yuan for the year 2025, primarily due to intensified competition in the generic drug market and the impact of the MAH policy [1] - The company aims to return to a growth trajectory by actively innovating and optimizing its business structure in response to changes in the industry policy environment [1] - The company has established long-term partnerships with key domestic pharmaceutical companies and MAH clients, enhancing its integrated service capabilities in contract research and development (CRO) and contract development and manufacturing organization (CDMO) [1] Group 2 - The company has a strong pipeline of self-researched value-added products, with 132 R&D projects, of which 37 have been approved, and many others are in the registration process, expected to contribute to stable revenue growth [2] - The company is actively transforming its drug development focus, with 15 innovative drug projects covering various therapeutic areas, and has entered a collaboration for its self-researched oncology drug BIOS-0629, which will provide milestone payments and revenue sharing [2] - Despite short-term performance pressures, the company has significant long-term growth potential, with revised earnings per share forecasts for 2025-2026 being -0.63 and 0.37 yuan, and a target price of 53.84 yuan based on DCF valuation [3]

Core Viewpoint - The company is facing short-term performance pressure but is expected to drive innovation through self-research and transformation [1] Financial Performance - The company recently released a performance forecast for 2025, expecting a net loss attributable to shareholders of 66 million to 96 million yuan, and a non-recurring net loss of 79 million to 110 million yuan [1] - The performance pressure is primarily due to the impact of centralized procurement and the MAH system on the company's generic drug business [1] Strategic Initiatives - The company aims to optimize its business structure and return to a growth trajectory through active innovation [1] - A recent collaboration with Zhongshen Innovation on the self-researched oncology drug BIOS-0629 will provide the company with a milestone payment of 300 million yuan and a 10% share of the sales revenue [1] Long-term Outlook - Despite short-term performance challenges, the company's long-term development potential is considered significant [1] - The company’s insights into the industry and research capabilities are expected to lead to a second growth curve through innovative drug development and licensing [1] Earnings Forecast - The earnings per share (EPS) for 2025-2026 are projected to be -0.63 yuan and 0.37 yuan, respectively, down from previous estimates of 2.49 yuan and 2.80 yuan [1] - The EPS for 2027 is forecasted to be 0.61 yuan [1] Valuation - A DCF valuation method is employed, with a target price set at 53.84 yuan, maintaining a "buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 53.84 CNY [4][7]. Core Insights - The company's short-term performance is under pressure due to intensified competition and policy impacts, leading to a downward revision of revenue and profit forecasts for 2025-2026 [4][10]. - Despite the short-term challenges, the company has significant long-term growth potential driven by self-research and innovation transformation [4][10]. - The company is expected to leverage its integrated service capabilities in contract research and development (CRO) and contract development and manufacturing organization (CDMO) to enhance its business structure and return to a growth trajectory [10]. - The company has a robust pipeline of self-researched products, with 132 projects under development, including 37 approved projects, which are anticipated to contribute positively to future revenues [10]. - The company is actively transitioning to innovative drug development, with 15 ongoing projects in critical therapeutic areas, which could provide a second growth curve through partnerships and milestone payments [10]. Financial Summary - Revenue is projected to decline from 1,017 million CNY in 2023 to 696 million CNY in 2025, with a recovery expected in subsequent years [6][12]. - The net profit attributable to the parent company is forecasted to be a loss of 53 million CNY in 2024, with a gradual return to profitability by 2026 [6][12]. - The earnings per share (EPS) is expected to drop to -0.63 CNY in 2025, before recovering to 0.37 CNY in 2026 and 0.61 CNY in 2027 [6][12]. - The gross margin is projected to decrease from 65.5% in 2023 to 52.0% in 2024, with a gradual recovery thereafter [6][12].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 53.84 CNY [4][7]. Core Insights - The company's short-term performance is under pressure due to intensified competition and policy impacts, leading to a downward revision of revenue and profit forecasts for 2025-2026 [4][10]. - Despite the short-term challenges, the company has significant long-term growth potential driven by self-research and innovation transformation [4][10]. - The company is expected to leverage its integrated service capabilities in contract research and development (CRO) and contract development and manufacturing organization (CDMO) to enhance its business structure and return to a growth trajectory [10]. - The company has a robust pipeline of self-researched products, with 132 projects under development, including 37 approved products, which are anticipated to contribute to stable revenue growth as they enter commercialization [10]. - The company is actively transitioning to innovative drug development, with 15 ongoing projects in key therapeutic areas, which could provide a second growth curve through partnerships and milestone payments [10]. Financial Summary - Revenue is projected to decline from 1,017 million CNY in 2023 to 696 million CNY in 2025, with a recovery to 889 million CNY by 2027 [6]. - The net profit attributable to the parent company is expected to turn negative in 2024 and 2025, with forecasts of -53 million CNY and -69 million CNY respectively, before recovering to 67 million CNY in 2027 [6]. - The earnings per share (EPS) is forecasted to be -0.63 CNY in 2025, with a recovery to 0.61 CNY by 2027 [6]. - The gross margin is expected to decrease from 65.5% in 2023 to 52.0% in 2024, before gradually improving to 56.4% by 2027 [6].