Workflow
健康元(600380):公司信息更新报告:利润稳健增长,创新药布局加速

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a stable profit growth with an accelerated layout in innovative drugs, maintaining a "Buy" rating. In H1 2025, the company achieved revenue of 7.898 billion yuan (down 4.08% year-on-year) and a net profit attributable to shareholders of 785 million yuan (up 1.10%) [5][6] - The company has a strong focus on respiratory diseases, with over 10 innovative drugs in the pipeline, and is making significant progress in clinical trials for various treatments [6] Financial Summary - In H1 2025, the company's gross margin was 62.21% (down 1.10 percentage points), and the net profit margin was 22.33% (up 1.73 percentage points) [5] - The company expects net profits attributable to shareholders to be 1.463 billion yuan, 1.568 billion yuan, and 1.715 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.80 yuan, 0.86 yuan, and 0.94 yuan per share [5][8] - The current stock price corresponds to a PE ratio of 16.1, 15.0, and 13.7 for the years 2025, 2026, and 2027 respectively [5] Research and Development - The company has made multiple breakthroughs in research and development, particularly in the respiratory field, with innovative drugs targeting COPD and influenza [6] - The company is advancing its clinical trials for various drugs, including a non-opioid pain relief medication, which aims to provide safer alternatives for pain management [6]