华东医药（000963）：创新动能释放业绩增量，运营质效稳步提升

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Views - The company reported a revenue of 21.675 billion yuan for the first half of 2025, representing a year-on-year growth of 3.39%, and a net profit attributable to shareholders of 1.815 billion yuan, up 7.01% year-on-year [1] - The pharmaceutical industrial sector continues to perform well, with the industrial microbiology segment showing strong growth, while the medical aesthetics segment is under pressure [2] - The company is optimizing its expense ratios, with a sales expense ratio of 14.90%, down 0.72 percentage points year-on-year, and a research and development expense ratio of 4.61%, up 1.54 percentage points due to increased investment in innovative drug projects [3] - The sales of innovative drugs are gaining momentum, with a CAR-T product leading the market and a new ADC drug expected to launch in Q4 2025 [4] - Revenue projections for 2025-2027 are estimated at 44.888 billion yuan, 48.998 billion yuan, and 50.855 billion yuan respectively, with net profits of 3.920 billion yuan, 4.533 billion yuan, and 5.119 billion yuan [4] Financial Summary - For 2025, the company is expected to achieve a revenue of 44.888 billion yuan, with a growth rate of 7.12% [6] - The projected net profit for 2025 is 3.920 billion yuan, reflecting a growth rate of 11.61% [6] - The earnings per share (EPS) for 2025 is estimated at 2.23 yuan, with a price-to-earnings (P/E) ratio of 18.64 [6]