华东医药（000963）：公司点评：双靶GLP-1进展顺利，看好减重市场发展

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The report highlights the successful progress of the dual-target GLP-1 and GIP receptor agonist HDM1005, developed by the company's wholly-owned subsidiary, in a Phase II clinical trial for weight management in China [3][4] - The weight loss effects of HDM1005 are significant, with weight reductions of -7.47%, -9.73%, -13.31%, and -13.28% observed in different dosage groups compared to a placebo group [4] - The safety profile of HDM1005 is favorable, with most adverse events being mild to moderate, and no serious adverse events related to treatment reported [4] Financial Projections - Revenue projections for the company are estimated at 45.187 billion yuan, 47.721 billion yuan, and 50.358 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 3.906 billion yuan, 4.498 billion yuan, and 5.022 billion yuan [4][7] - The projected P/E ratios for the years 2025, 2026, and 2027 are 17.68X, 15.35X, and 13.75X respectively [4][7] - The company is positioned as a leading domestic prescription drug enterprise with a rich product pipeline and strong brand capabilities [4]