本周永安药业、舒泰神和尔康制药等表现较好 [Table_Main] 行业研究|医疗保健 证券研究报告 医疗保健行业周报 2025 年 04 月 28 日 [Table_Title] 即将进入业绩真空期，关注基本面向上板块 ——医药生物行业周报（2025.4.21-2025.4.25） [Table_Summary] 报告要点： 医药板块本周小幅跑赢沪深 300 指数 2025 年 4 月 21 日至 4 月 25 日，申万医药生物指数上涨 1.16%，跑 赢沪深 300 指数 0.78pct，在 31 个申万一级行业指数中排名第 15。 2025 年初至今，申万医药生物指数下跌 0.31%，跑赢沪深 300 指数 3.45pct，涨跌幅在 31 个申万一级行业指数中排名第 13。截至 2025 年 4 月 25 日，医药板块估值为 26.37 倍（TTM 整体法，剔除负值）， 相对于沪深 300 估值溢价率为 141.60%。 医药行业政策风险，产品降价风险，研发进度不及预期风险。 [Table_Invest] 推荐|维持 [Table_ 过去一年PicQuote 市场行情] -19% -10% -1% 8% ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a revenue of 11.397 billion RMB in 2024, representing a year-on-year increase of 2.69%, while the net profit attributable to the parent company was 62.82 million RMB, down 18.32% year-on-year due to a provision for asset and credit impairment losses of 120 million RMB [1][2] - In Q1 2025, the company reported a revenue of 2.212 billion RMB, a year-on-year increase of 0.98%, with a net profit of 48.87 million RMB, down 1.14% year-on-year [1] - The company is expected to focus on core clients and business scenarios in office procurement, which is anticipated to lead to stable growth in business scale [1] - The company plans to enhance IP collaboration in new stationery products, which is expected to contribute to growth [1] - After the impairment provisions, the company is expected to recover its profitability in 2025 [1] Revenue and Profitability - The B2B office supplies and new stationery business generated a revenue of 11.352 billion RMB in 2024, up 3.00% year-on-year, with a net profit of 22 million RMB, down 9.8% year-on-year excluding goodwill impairment [2] - The SaaS software and services segment reported a revenue of 45 million RMB in 2024, down 41.93% year-on-year, with a net loss of 110 million RMB, slightly narrowing from a loss of 112 million RMB in 2023 [2] Financial Metrics - The gross profit margin for 2024 increased by 0.21 percentage points to 8.59%, attributed to a higher proportion of high-margin businesses and improved operational efficiency [3] - The operating expense ratio decreased by 0.50 percentage points to 6.46%, with the sales expense ratio increasing by 0.10 percentage points to 4.99% due to higher marketing expenses [3] - The net profit forecast for 2025-2027 is projected at 222.91 million RMB, 280.47 million RMB, and 339.96 million RMB respectively, with corresponding EPS of 0.31 RMB, 0.39 RMB, and 0.47 RMB [4][6] Valuation - The target price for the company is set at 8.37 RMB, based on a PE ratio of 27 times for 2025, reflecting an increase from the previous target price of 7.03 RMB [4][8] - The current market capitalization is approximately 5.028 billion RMB, with a closing price of 6.97 RMB as of April 25 [8]

相关研究 [Table_OtherReport] 集采压力期已过，国内海外双丰收 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 迈普医学(301033) 投资评级 上次评级 [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 加剧风险。 [Table_Title] 集采助力产品放量，盈利能力逐步增强 [Table_ReportDate] 2025 年 04 月 28 日 [Table_S 事件：公司发布 ummary]2024 年年报和 2025 年一季报，2024 年实现营业收入 2.78 亿元（yoy+20.61%），归母净利润 0.79 亿元（yoy+92.9%），扣非归母净 利润 ...

每经评论员贾运可 4月27日晚间，通化东宝（600867）(SH600867，前收盘价7.52元，市值147.3亿元)发布2024年年度业绩 修正公告，将原预计的盈利约1164.21万元大幅修正为亏损4272.32万元，扣非净利润也由正转负。值得 注意的是，这已经是通化东宝年内第二次修正2024年度业绩，且调整幅度之大令人瞠目。公司解释称， 主要是由于对子公司研发项目转让的递延所得税资产进行了修正，同时支付给SAADOCIA公司的预付 商业化权利款确认为损失并调整为经常性损益。 短期内两次修正，且每次修正都伴随着重要事项披露，这不仅让投资者防不胜防，也暴露出通化东宝内 部财务核算和风险控制机制的严重不足。企业财务工作的基本要求是审慎和准确，而不是反复拉锯。尤 其是在当前监管日益趋严、投资者保护不断加强的背景下，这种频繁变脸的操作无疑损害了投资者信 任，也为公司未来融资、经营带来不确定性风险。 更令人关注的是，通化东宝目前面临的困境并非仅源于会计处理层面，更深层次的是战略执行与行业变 化之间的脱节。面对医保集采带来的降价压力，公司采取了以价换量的策略，虽然在集采中获得了不错 的中标份额和二次分配量，但最终在20 ...

[Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 迈普医学(301033) 投资评级 上次评级 相关研究 [Table_OtherReport] 集采压力期已过，国内海外双丰收 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 集采助力产品放量，盈利能力逐步增强 [Table_ReportDate] 2025 年 04 月 28 日 [Table_S 事件：公司发布 ummary]2024 年年报和 2025 年一季报，2024 年实现营业收入 2.78 亿元（yoy+20.61%），归母净利润 0.79 亿元（yoy+92.9%），扣非归母净 利润 0.68 亿 ...

文章来源：骨未来 转载要求：可以直接转载，请在文首注明来源 大会由骨未来、智汇骨、思宇MedTech 主办 ， 中关村联新生物医药产业联盟、北京中关村科学城创新 发展有限公司、启迪之星、中关村创业大街科技服务有限公司、中关村科学城CGT产业孵化中心协办 ， 吸引了来自全国各地的600余位临床专家、科研学者、企业代表和投资人，围绕骨科科技创新、医工交 叉、集采政策、手术机器人等热点话题展开深入交流与讨论。 # 高规格开幕，政府、医院、媒体三方联动 大会开幕式由思宇MedTech创始人、骨未来主编、中关村联新生物医药产业联盟秘书长赵清主持。 开幕式上， 北京市 海淀区副区长 林航 表示， 海淀将以更开放的机制、更精准的服务支持骨科创新，推 动更多像骨科机器人、生物材料这样的好产品从"临床需求"出发、从"海淀出发"，走向全国。 2025年4月24日， 首届全球骨科大会（Global Orthopedics Conference 2025）在北京市中关村自主 创新示范区展示中心隆重举行。 北京市医药健康科技发展中心主任 刘慧 指出， 北京正以"政策牵引+平台建设+三医协同"为抓手，持续强化临床需求导向的科技创新体 系 ...

Core Viewpoint - Guangdong Zhongsheng Pharmaceutical Co., Ltd. reported a decline in revenue and a net loss for 2024, but showed signs of recovery in Q1 2025 with significant profit growth [1][2]. Group 1: Financial Performance - In 2024, the company achieved revenue of 2.467 billion yuan, a year-on-year decrease of 5.48% [1]. - The net profit attributable to shareholders was a loss of 299 million yuan, a shift from profit to loss compared to the previous year [1]. - The loss was primarily due to an asset impairment provision of 547 million yuan, with goodwill, development expenses, and intangible asset impairments accounting for over 90% [1]. - In Q1 2025, the company reported a net profit of 82.61 million yuan, a year-on-year increase of 61.96% [1]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 78.43 million yuan, up 8.60% year-on-year [1]. Group 2: Strategic Adjustments - The company has developed a mid-term strategic plan focusing on "traditional Chinese medicine as the foundation, innovation as the lead, and concentrating on a specialized pharmaceutical health enterprise" [1]. - Zhongsheng Pharmaceutical actively responded to the policy background of drug procurement, successfully winning bids for its compound thrombus-dissolving series products in 2023 [2]. - The company is building a "volume-cost-fee" collaborative efficiency model around core products to counteract the impact of centralized procurement policies [2]. Group 3: Product Development - The commercialization of innovative drug products and the market expansion of existing chemical drugs are key growth drivers for the company [2]. - The company launched the first independently developed oral antiviral drug for COVID-19, known as Lai Ruitewei tablets (brand name: Le Rui Ling®) [2]. - Unique ophthalmic drugs such as sodium nitroprusside eye drops and pramoxine eye drops have established competitive barriers in the ophthalmology field [2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][13]. Core Insights - The company reported a revenue of 8.017 billion RMB in 2024, a decrease of 17% year-on-year, and a net profit attributable to shareholders of 2.532 billion RMB, down 10% year-on-year [2]. - In Q1 2025, the company achieved a revenue of 1.525 billion RMB, reflecting a 37% decline year-on-year, with a net profit of 440 million RMB, down 48% year-on-year [2]. - The company's core products faced pressure due to high base effects and centralized procurement policies, particularly impacting key products like Pudilan and pediatric medications [3]. - The company has made progress in product introductions, securing four new product agreements, which are expected to support long-term growth [3]. - The company has a strong cash position with over 12.5 billion RMB in cash and financial assets, and it plans to distribute a cash dividend of 2.09 RMB per share, totaling approximately 1.922 billion RMB, which is 75.93% of the net profit for 2024 [4]. Financial Forecasts - Revenue forecasts for 2025 and 2026 have been revised down to 7.421 billion RMB and 8.139 billion RMB, respectively, with net profit estimates adjusted to 2.263 billion RMB and 2.557 billion RMB [5]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 2.456 RMB, 2.774 RMB, and 3.126 RMB, respectively, with corresponding price-to-earnings (P/E) ratios of 10, 9, and 8 times [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][13]. Core Views - The company reported a revenue of 8.017 billion yuan in 2024, a decrease of 17% year-on-year, and a net profit attributable to shareholders of 2.532 billion yuan, down 10% year-on-year [2]. - The first quarter of 2025 showed a significant decline in performance, with revenue of 1.525 billion yuan, a 37% decrease year-on-year, and a net profit of 440 million yuan, down 48% year-on-year [2]. - The company is expected to see easing pressure from high revenue bases starting from Q2 2025, which may positively impact its core products [3]. Summary by Sections Performance Overview - In 2024, the company achieved a revenue of 8.017 billion yuan, a decline of 17% year-on-year, and a net profit of 2.532 billion yuan, down 10% year-on-year. The first quarter of 2025 saw revenue drop to 1.525 billion yuan, a 37% decrease year-on-year, with a net profit of 440 million yuan, down 48% year-on-year [2]. Operational Analysis - The company's core products faced pressure due to high revenue bases from the previous year and the impact of centralized procurement policies. Revenue from heat-clearing and detoxifying products was approximately 2.69 billion yuan, down 20% year-on-year, while pediatric products generated about 2.25 billion yuan, down 18% year-on-year [3]. - The company has successfully introduced four new products or partnerships in 2024, including a new drug in the respiratory field and a new pediatric drug in the ENT field [3]. Cash Flow and Dividends - As of Q1 2025, the company had over 12.5 billion yuan in cash and cash equivalents, indicating a strong cash position. The proposed cash dividend for 2024 is 2.09 yuan per share, totaling approximately 1.922 billion yuan, which represents 75.93% of the net profit attributable to shareholders for 2024 [4]. Profit Forecast and Valuation - The revenue forecasts for 2025 and 2026 have been revised down to 7.421 billion yuan and 8.139 billion yuan, respectively. The net profit forecasts for the same years have also been adjusted to 2.263 billion yuan and 2.557 billion yuan, respectively. The expected EPS for 2025-2027 is 2.46, 2.77, and 3.13 yuan, with corresponding PE ratios of 10, 9, and 8 times [5].

Group 1 - The implementation of the tenth batch of centralized procurement of drugs in Jinan has led to significant price reductions, with an average decrease of over 60% for selected medications [1] - A total of 62 types of drugs have been included in the procurement, covering conditions such as hypertension, diabetes, tumors, and cardiovascular diseases [1] - The Jinan Medical Insurance Bureau is monitoring the supply situation of pharmaceutical companies to ensure stability and diversity in the supply of procured drugs [1] Group 2 - The Jinan Medical Insurance Bureau has integrated the payment for the selected drugs into the medical insurance fund, allowing for direct settlement with pharmaceutical companies, which shortens the payment cycle [2] - The centralized procurement process has matured, with the Jinan Medical Insurance Bureau managing the entire process from procurement to payment [2] - Currently, 824 types of drugs are participating in the centralized procurement, which helps reduce the medical burden on the public while alleviating operational pressure on companies [2]