亿帆医药（002019）：多元化方式补充创新药管线，核心品种延续快速增长势头

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Insights - The company has signed a cooperation agreement with Shangde Pharmaceutical to obtain exclusive commercialization rights for ACT001 in China and Southeast Asia, targeting small cell lung cancer brain metastases. ACT001 is the first drug globally targeting both STAT3 and NF-κB, showing significant clinical value and a high probability of market approval [4] - The core innovative drug, Yilishu®, is expected to continue its rapid growth, with projected cumulative shipments exceeding 500,000 units by 2025, representing a year-on-year increase of over 80%. The updated medical insurance directory expands the patient population eligible for reimbursement, which is beneficial for future sales growth [4] - The company anticipates significant revenue growth, with projected revenues of 54.15 billion yuan, 61.33 billion yuan, and 69.50 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 5.0%, 13.3%, and 13.3%. Net profits are expected to reach 5.21 billion yuan, 7.65 billion yuan, and 10.14 billion yuan during the same period, with growth rates of 35.0%, 47.0%, and 32.5% [4][6] Summary by Relevant Sections Company Overview - The latest closing price is 12.77 yuan, with a market capitalization of 155.33 billion yuan and a current P/E ratio of 38.13 [2] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 54.15 billion yuan, 61.33 billion yuan, and 69.50 billion yuan, with corresponding net profits of 5.21 billion yuan, 7.65 billion yuan, and 10.14 billion yuan [6] - The expected EPS for 2025, 2026, and 2027 is 0.43 yuan, 0.63 yuan, and 0.83 yuan respectively [6] Market Position - The company is positioned to leverage its established sales network for the commercialization of ACT001, which has received multiple overseas qualifications and is undergoing pivotal clinical trials [4] - The innovative drug Yilishu® is set to benefit from an expanded patient base due to changes in the medical insurance reimbursement criteria, enhancing its market potential [4]