EASTONBIOPHARMACEUTICALS(SH:688513) Western Securities·2025-08-21 03:17Investment Rating - The report maintains an "Accumulate" rating for the company [4][10] Core Views - The company's performance is under short-term pressure due to the implementation of centralized procurement, with a revenue of 654 million yuan in the first half of 2025, down 2.3%, and a net profit of 137 million yuan, down 6.8% [1][4] - The company is advancing its innovation transformation through self-research and strategic investments, with multiple new drugs making clinical progress [2][3] Financial Performance Summary - In the first half of 2025, the company reported a revenue of 654 million yuan, a decrease of 2.3%, and a net profit of 137 million yuan, a decrease of 6.8%. The gross margin was 75.81%, down 1.9 percentage points, and the net margin was 20.87%, down 1.0 percentage points [1][4] - For Q2 2025, revenue was 349 million yuan, down 1.7%, while net profit increased by 7.0% to 76 million yuan [1] - The company’s expense ratios included a sales expense ratio of 31.64% (down 3.7 percentage points), a management expense ratio of 6.91% (up 0.4 percentage points), and a research and development expense ratio of 19.79% (up 3.5 percentage points) [1] Innovation and Strategic Investment Summary - The company has made progress in its self-research pipeline, with several new drugs receiving clinical approvals, including small molecule drugs EP-0108, EP-0146, and EP-0186, as well as the monoclonal antibody EP-9001A completing phase 1b clinical trials [2] - Strategic investments are accelerating the company's innovation transformation, including an increase in equity investment in Shanghai Chaoyang Pharmaceutical to 30.68%, focusing on oncology and autoimmune areas [2] Profit Forecast - The company is expected to achieve revenues of 1.501 billion yuan, 1.795 billion yuan, and 2.202 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 11.2%, 19.6%, and 22.7% [3] - The forecasted net profit for the same years is 282 million yuan, 345 million yuan, and 431 million yuan, with growth rates of 18.2%, 22.5%, and 24.8% respectively [3]