研报掘金丨太平洋：首予司太立“买入”评级，盈利能力或逐渐改善

Core Viewpoint - Pacific Securities report indicates that Sitaili is a leading enterprise in the iodine contrast agent "API + formulation" integration, with a steadily advancing internationalization strategy. The competitive landscape of the contrast agent industry is relatively concentrated, and the market size is expected to double in the future. [1] Group 1: Company Overview - Sitaili is positioned as a leader in the iodine contrast agent sector, focusing on both active pharmaceutical ingredients (API) and formulations [1] - The company is nearing the completion of large-scale production capacity investments, which will support the anticipated increase in demand for raw materials [1] Group 2: Market Potential - The contrast agent industry is expected to see a doubling in market size due to its concentrated competitive landscape [1] - Domestic formulation products are expected to gradually increase in volume through centralized procurement [1] Group 3: Growth and Profitability - The overseas formulation business is entering a phase of rapid growth as production processes are streamlined [1] - Profitability is anticipated to improve gradually, with the potential for accelerated profit growth [1] - The company's valuation is expected to command a premium, leading to a "buy" rating for the stock [1]