佐力药业（300181）：2025H1利润端延续高增，营销与研发双向强化

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][18]. Core Insights - The company has demonstrated strong profit growth, with a reported revenue of 1.599 billion yuan in H1 2025, reflecting a year-on-year increase of 11.99%. The net profit attributable to shareholders reached 374 million yuan, up 26.16% year-on-year [2][3]. - The core products, including Wuling Capsules and Lingze Tablets, are listed in the national essential drug list, with Wuling Capsules being a unique product. The company is expected to achieve revenue of 29.72 billion yuan in 2025, with a year-on-year growth of 15.3% [9]. Financial Performance Summary - Revenue and Profit Growth: - 2023A: Revenue of 1,942 million yuan, net profit of 383 million yuan - 2024A: Revenue of 2,578 million yuan, net profit of 508 million yuan - 2025E: Revenue of 2,972 million yuan, net profit of 663 million yuan - 2026E: Revenue of 3,459 million yuan, net profit of 800 million yuan - 2027E: Revenue of 4,012 million yuan, net profit of 971 million yuan [1][10]. - Profitability Metrics: - The company’s return on equity (ROE) is projected to increase from 14.1% in 2023 to 25.4% in 2027, indicating improving profitability [1][10]. - The net profit margin for H1 2025 was reported at 23.35%, an increase of 2.62 percentage points year-on-year [3]. Product Performance - In H1 2025, the revenue breakdown by product was as follows: - Wuling series: 897 million yuan (+7.23% YoY) - Bailing Tablets: 113 million yuan (+38.51% YoY) - Traditional Chinese Medicine pieces: 349 million yuan (-10.10% YoY) - Chinese medicine formula granules: 74 million yuan (+56.60% YoY) [3][4]. Marketing and R&D Strategy - The company is enhancing its marketing and R&D efforts, focusing on expanding its channel layout and market coverage. It has partnered with Baidu Health and various pharmacy chains to strengthen its influence in the consumer market [4]. - R&D initiatives include deepening studies on the Wuling series and expanding clinical applications, with Wuling Capsules now included in 83 clinical guidelines and pathways [4].