Workflow
海思科(002653):公司信息更新报告:持续加大研发投入,创新转型成效显著

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][16] Core Views - The company achieved a significant increase in non-recurring net profit, with a growth of 90.84% year-on-year, indicating strong operational performance despite a decline in net profit [6] - The company is expected to maintain a robust growth trajectory in its innovative pipeline, with projected net profits of 5.33 billion, 7.35 billion, and 10.31 billion for 2025, 2026, and 2027 respectively [6][9] - The current price-to-earnings (P/E) ratios are projected to decrease from 123.6 in 2025 to 63.9 in 2027, suggesting potential for valuation improvement [6][9] Financial Performance Summary - In H1 2025, the company reported operating revenue of 2.001 billion (up 18.63% year-on-year) and a gross margin of 72.96% (up 1.01 percentage points) [6][9] - The company’s R&D investment reached 497 million in H1 2025, reflecting a year-on-year increase of 43.02% [7] - The projected operating revenues for the years 2025 to 2027 are 4.364 billion, 5.312 billion, and 6.863 billion respectively, with corresponding year-on-year growth rates of 17.3%, 21.7%, and 29.2% [9][12] Innovative Pipeline and Market Position - The company has successfully maintained a leading market share of 22.3% in the intravenous anesthesia market with its product环泊酚, which is currently used in over 2,500 hospitals [7] - The company has several innovative products in various stages of development, including a first-class new drug for diabetic peripheral neuropathic pain and a high-selectivity peripheral κ-opioid receptor agonist [7] - The company’s innovative transformation is expected to drive future growth and enhance its market valuation [7]