国元证券晨会纪要-2025-03-28

Group 1: 康臣药业 (CKD) - The company achieved sales revenue of 1.996 billion RMB in the CKD sector, a year-on-year increase of 14.6% from 1.741 billion RMB in 2023, driven by its core products, Urine Detox and Yishen Huashi Granules [1] - Sales revenue from Yishen Huashi Granules grew by 27.2% year-on-year [1] - The company successfully covered 43,000 terminal medical institutions and 290,000 pharmacies [1] Group 2: 宜明昂科-B (IMM01) - The core product IMM01 is an innovative targeted CD47 molecule, one of only two companies globally to observe complete remission in clinical trials with good tolerability and safety [1] - IMM01 is the first SIRPα-Fc fusion protein to enter clinical stages in China, activating macrophages through a dual mechanism [1] - Currently, three indications are in Phase III clinical trials, placing the company at a global leading position in research and development [1] Group 3: 布鲁可 - The company is projected to achieve net profits of 941 million RMB, 1.381 billion RMB, and 1.991 billion RMB for 2025-2027, with corresponding P/E ratios of 30x, 20x, and 14x, indicating strong market confidence in its profit growth [2] - Despite challenges in the global toy industry, the company successfully transitioned from a dark horse to an industry leader through a three-engine strategy of "IP + Channels + Globalization" [2] - The company’s product design and assembly experience are positioned in the global leading tier, with significant potential for market penetration in lower-tier markets and ongoing expansion of IP resources [2]