Salubris(SZ:002294) EBSCN·2025-08-21 10:28Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company achieved a revenue of 2.131 billion yuan in H1 2025, a year-on-year increase of 4.32%, with a net profit attributable to shareholders of 347 million yuan, up 3.93% year-on-year [1][2] - The sales of patented and new products have significantly increased, contributing to revenue growth, particularly in the sales of new diabetes drug Xinlitin and other therapeutic products [2] - The company has increased its R&D investment to 542 million yuan in H1 2025, a 17.89% increase year-on-year, accounting for 25.43% of revenue [2] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue growth of 12.30% year-on-year and a net profit growth of 14.55% year-on-year [1] - The company’s revenue forecast for 2025 is 4.495 billion yuan, with a projected net profit of 708 million yuan, reflecting a growth rate of 17.67% [4][10] R&D Progress - Key projects in clinical trials include: - S086 for chronic heart failure, currently in follow-up phase after patient enrollment completion - SAL003, a monoclonal antibody, has completed Phase III clinical research and is expected to submit for market approval within the year [2][3] - The company is advancing multiple pipelines, indicating a strong focus on innovation and product development [3] Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 81, 70, and 58 respectively, indicating a favorable valuation outlook as the company transitions into a product harvest phase [3][4]