云南白药(000538)：工业收入双位数增长

Core Viewpoint - The company reported a solid performance in 1H25, with revenue and net profit growth driven by high-margin industrial income, and plans to maintain a "buy" rating due to its strong core business and ongoing improvements in efficiency [1][5]. Financial Performance - 1H25 revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 21.26 billion, 3.63 billion, and 3.46 billion CNY, representing year-on-year increases of 4%, 14%, and 10% respectively [1]. - In 2Q25, revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 10.42 billion, 1.70 billion, and 1.57 billion CNY, with year-on-year growth rates of 8%, 14%, and 9% respectively [1]. Industrial Revenue Growth - Industrial revenue reached 8.50 billion CNY in 1H25, marking an 11% year-on-year increase, with a gross margin of 67.9%, up 0.6 percentage points year-on-year [2]. - The pharmaceutical business group generated 4.75 billion CNY in revenue, also up 11% year-on-year, with notable performance in aerosol products and a doubling of revenue for the Qi Xue Kang product to 200 million CNY [2]. Operational Metrics - The company's selling, administrative, and R&D expense ratios were 11.8%, 1.7%, and 0.7%, reflecting increases of 0.6, 0.1, and 0.0 percentage points year-on-year, respectively [3]. - Accounts receivable stood at 10.5 billion CNY, up 600 million CNY year-on-year, while inventory decreased by 500 million CNY to 5.8 billion CNY [3]. R&D Progress - The company is advancing several key R&D projects, including short-term developments for Yunnan Baiyao and Qi Xue Kang, and mid-term projects like the completion of Phase II for Sanqi tablets [4]. - Long-term projects include the initiation of Phase III clinical trials for INR101 and Phase I for INR102, with ongoing research in AI and cutting-edge technologies published in notable journals [4]. Rating and Forecast - The company maintains its profit forecast, expecting net profits attributable to shareholders of 5.27 billion, 5.83 billion, and 6.44 billion CNY for 2025-2027, reflecting year-on-year growth rates of 11%, 11%, and 10% respectively [5]. - A target price of 76.82 CNY is set, with a price-to-earnings ratio of 26x for 2025, reflecting a premium due to the company's diversified business model [5].