盘龙药业（002864）：25H1业绩稳步增长，中药饮片业务表现亮眼

Investment Rating - The investment rating for the company is "Buy" with a target of outperforming the industry index by more than 15% over the next six months [5][17]. Core Insights - The company has shown steady revenue growth, with a projected increase in revenue from 9.81 billion CNY in 2023 to 16.71 billion CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 14.5% [1][4]. - The net profit attributable to the parent company is expected to grow from 1.10 billion CNY in 2023 to 1.69 billion CNY in 2027, with a notable increase in growth rates, particularly 18.0% in 2027 [1][4]. - The company's leading product, Panlong Qipian, has seen an increase in market share, reaching 7.73% in 2024, maintaining its position as a top competitor in the market for traditional Chinese medicine targeting musculoskeletal diseases [2]. Financial Performance - In the first half of 2025, the company achieved revenue of 574 million CNY, a year-on-year increase of 26.06%, and a net profit of 60 million CNY, up 0.81% year-on-year [1][3]. - The traditional Chinese medicine segment has shown exceptional performance, with revenue growth of 380.89% in the same period [3]. - The company has successfully reduced its expense ratios, with a sales expense ratio of 31.55%, down 8.46 percentage points year-on-year, and a management expense ratio of 5.30%, down 1.57 percentage points year-on-year [3]. Product Development and Market Strategy - The company is accelerating its innovative drug development, with several products in various stages of clinical trials, including PL-JT004 entering the CDE clinical acceptance phase [2]. - The marketing network has been strengthened, covering over 5,000 grade A medical institutions and penetrating more than 30,000 retail pharmacies, creating a dual-driven sales model [3]. - The company aims to build a comprehensive product ecosystem that includes both oral and external applications, as well as classic formulations and high-end innovative drugs [2].