证 券 研 究 报 告 春立医疗（688236）2025 年一季报点评 推荐（维持） [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 806 | 1,051 | 1,318 | 1,604 | | 同比增速(%) | -33.3% | 30.5% | 25.4% | 21.7% | | 归母净利润(百万) | 125 | 219 | 279 | 348 | | 同比增速(%) | -55.0% | 74.5% | 27.9% | 24.9% | | 每股盈利(元) | 0.33 | 0.57 | 0.73 | 0.91 | | 市盈率(倍) | 47 | 27 | 21 | 17 | | 市净率(倍) | 2.1 | 2.0 | 1.9 | 1.8 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 5 月 16 日收盘价 公司研究 医疗器械 2025 年 05 月 18 日 当前价：15.15 元 集采影响逐渐出清，持续拓 ...

Core Viewpoint - On its 30th anniversary, Shuanglu Pharmaceutical is facing a historic turning point, reporting a net loss of approximately 74.07 million yuan for 2024, marking its first annual loss since its listing in 2004 [1][4]. Financial Performance - In 2024, Shuanglu Pharmaceutical achieved an operating revenue of approximately 660 million yuan, a year-on-year decline of 35.15%, with a corresponding net profit of -74.07 million yuan, transitioning from profit to loss [4]. - The company had previously seen net profits exceeding 100 million yuan since 2007, peaking at 695 million yuan in 2014, and fluctuating between 200 million and 500 million yuan from 2020 to 2023 [4]. - In the first quarter of 2024, the company reported an operating revenue of approximately 169 million yuan, down 31.1%, and a net profit of approximately 45.97 million yuan, down 34.46% [4]. Product Sales Decline - Multiple key products experienced significant sales declines in 2024, with the oncology and immune regulation products generating sales of 276 million yuan, accounting for 42.69% of total sales, down 27.69% year-on-year [6]. - The sales of the previously promising product, Lenalidomide, accounted for only 4.89% of the oncology product category, with a staggering year-on-year decline of 77.22% [6][7]. - Other product categories, including anti-infection, trauma repair, and cardiovascular products, also saw sales declines of 48.42%, 30.95%, and 33.92% respectively [7]. Financial Asset Impact - The decline in financial assets, particularly the fair value changes in securities investments, significantly impacted the company's performance, with a total loss of approximately 178 million yuan from its holdings in Fosun Pharma, Shouyao Holdings, and Xinghao Pharma [9]. - The fair value changes for these stocks were -22.94 thousand yuan, -161 million yuan, and -16.14 million yuan respectively, contributing to the overall financial downturn [9]. Future Outlook - The company plans to increase R&D investment and has developed a strong product pipeline in oncology, liver disease, antiviral, metabolic regulation, and cardiovascular fields, while also exploring new areas such as diabetes and ophthalmology [5]. - The chairman expressed optimism that the company will recover its performance, viewing 2025 as a year of both challenges and opportunities [5][10].

Core Viewpoint - The Chinese traditional medicine industry is experiencing collective anxiety due to insufficient effective demand, accelerated industry transformation, policy changes, and intense market competition [1] Industry Performance Overview - The performance of traditional Chinese medicine companies in 2024 and the first quarter of 2025 shows a diverging trend, with some companies achieving stable growth through brand advantages and product innovation, while others face revenue declines and profit pressures [1][3] - In 2024, Baiyunshan led the industry with a revenue of 749.93 billion yuan, but experienced a slight decline of 0.69% year-on-year, indicating growth challenges for traditional giants [3][6] - Yunnan Baiyao and China Resources Sanjiu followed with revenues of 400.33 billion yuan and 276.17 billion yuan, reflecting year-on-year growth rates of 2.36% and 11.63%, respectively [3][6] - In the first quarter of 2025, leading companies continued to show growth, while trailing companies remained under pressure [1][6] Profitability Insights - Yunnan Baiyao reported a net profit of 47.67 billion yuan in 2024, maintaining a growth rate of 15.63%, while Pizhou's net profit reached 29.96 billion yuan, aligning with its revenue growth [6] - Daren Tang emerged as a "profit dark horse" with a net profit increase of 128.68% year-on-year, while Dong'e Ejiao's net profit grew by 25.57% due to product price increases and channel optimization [6][1] R&D and Sales Expenses - In 2024, the highest R&D investment was from Tianshili, amounting to 1.039 billion yuan, representing 12.23% of its revenue [6][7] - Sales expenses were highest for China Resources Sanjiu at 72.20 billion yuan, followed by Baiyunshan at 56.20 billion yuan [7] - The overall R&D investment among the top 20 companies indicates a need for improvement, especially in innovative drug development and modern Chinese medicine technology applications [7] Market Challenges and Strategic Responses - The unique product strategy, once a cash cow for many companies, is now facing challenges due to adjustments in medical insurance directories and expanded centralized procurement [9][10] - Companies like Step Long Pharmaceutical have reported significant losses due to high sales expenses and declining core product revenues [1][6] - The industry is witnessing a trend where companies are either "slimming down" by divesting non-core assets or "bulking up" through mergers and acquisitions to strengthen their market position [14][15] Future Outlook - The ongoing centralized procurement and market dynamics necessitate that companies balance pricing and market share while building brand moats [12][14] - Companies with unique proprietary formulas, such as Pizhou and Yunnan Baiyao, are better positioned to withstand market fluctuations compared to those reliant on single products without strong patent protection [11][12]

Group 1: Company Performance and Strategy - The company emphasizes compliance with information disclosure while discussing operational performance, product layout, market development, and production management [2] - The impact of centralized procurement (集采) is significant on existing products but limited on new varieties; the company aims to explore diversified development in advantageous areas [3] - The company has established a "three-three-three" pipeline structure for R&D, focusing on new product launches to drive revenue growth [3] Group 2: R&D and Innovation - The company is advancing four innovative drug R&D pipelines targeting various cancers, with 17 patent applications filed by the end of 2024 [4] - The first global innovative drug project HSN003 was showcased at the AACR annual meeting in 2024, marking a step towards international integration [4] - The company plans to continue R&D investments while managing risks to inject vitality into its development [5] Group 3: Sales and Market Expansion - The sales strategy remains focused on public hospitals, which account for approximately 70% of the market, while also expanding into grassroots hospitals, private hospitals, retail pharmacies, and e-commerce platforms [6] - The company has made significant strides in overseas markets, with FDA approvals for production facilities and products, enhancing its international presence [7] Group 4: Traditional Chinese Medicine (TCM) Performance - Revenue from five key TCM products grew by 21.71% in 2024, with notable increases in specific products such as 甘桔冰梅片 (29.97%) and 六味安神胶囊 (23.38%) [8] - The company is focusing on the technical market promotion and access of its key TCM products, especially in non-grade public hospital channels [8] Group 5: Cost Management and Procurement Strategy - The company anticipates that the high costs of raw materials for TCM will not persist long-term and is conducting market research to monitor trends [10] - A flexible procurement strategy is being implemented to manage costs and ensure supply chain stability, including small batch purchases to mitigate inventory risks [11]

Group 1: Company Performance and Market Expansion - In Q1 2025, the company achieved revenue of 239 million CNY, a 4.62% increase year-on-year, with a slowdown attributed to reduced market demand for key products [4] - The five key traditional Chinese medicine products saw a slight revenue growth of 0.93% in Q1 2025, with notable increases in sales for specific products: Six Flavor Anshen Capsules grew by 32.10% and Tongxie Ning Granules by 80.24% [4][13] - The company has successfully registered key products in overseas markets, including the approval of three traditional Chinese medicine products in Singapore, marking a significant milestone for international sales [3] Group 2: Research and Development Initiatives - The company is advancing four innovative drug research pipelines targeting various cancers, with 17 patent applications filed as of the end of 2024 [8][9] - The first global innovative drug project, HSN003, has shown promising efficacy data and is expected to complete IND application by 2025 [8] - The company has established a "333" pipeline strategy to enhance R&D capabilities and ensure a steady flow of new products [14][15] Group 3: Response to Market Challenges - The company is adapting to the impact of centralized drug procurement, focusing on multi-channel development and maintaining a strong presence in public hospitals, which account for approximately 70% of sales [10][12] - Strategies include exploring diverse product lines, such as special medical foods, to mitigate risks associated with price reductions in existing markets [6][5] - The company emphasizes continuous innovation and market expansion to counteract the effects of centralized procurement [6][14] Group 4: Future Outlook and Growth Strategies - The company plans to enhance its digital marketing efforts through various online platforms to boost product visibility and sales [5] - Long-term growth is expected from the continuous launch of new products, with a focus on both generic and traditional Chinese medicine development [14][15] - The company aims to strengthen its market position by expanding into non-public hospital channels and leveraging e-commerce platforms [13]

Core Viewpoint - The blood products sector is experiencing revenue growth among listed companies, but profitability is declining due to price reductions driven by increased competition and centralized procurement policies [1][2]. Group 1: Company Performance - In 2024, all nine listed companies in the blood products sector achieved revenue growth, with seven companies reporting an increase in net profit [1]. - In Q1 2024, eight companies reported a decline in net profit year-on-year, including Shanghai Raist and Tian Tan Biological, with declines of 25.20% and 22.90% respectively [1][2]. - Tian Tan Biological attributed its profit decline to a greater reduction in product prices than the increase in sales volume, primarily due to intensified market competition and centralized procurement [2][5]. - Shanghai Raist's net profit decline was also linked to increased credit impairment losses, which surged by 481% due to a rise in accounts receivable [2]. Group 2: Market Dynamics - The price of human albumin has been decreasing, with terminal prices dropping by 10% and 20% for human albumin and intravenous immunoglobulin respectively in Q1 2024 [5]. - The blood products market is characterized by a limited number of qualified players, with fewer than 30 companies holding production qualifications [1]. - The industry is facing pressure from imported human albumin, which is expected to account for 68% of total batch issuance in 2024, creating competitive challenges for domestic producers [7][12]. Group 3: Industry Trends - Centralized procurement has been a significant factor in price reductions, but its impact is considered manageable due to the rigid clinical demand for blood products [6]. - The blood products industry is heavily reliant on plasma supply, with a noted shortage in domestic plasma availability to meet market demand [7][12]. - Companies are actively pursuing acquisitions of plasma collection stations to secure raw material supply, indicating a competitive landscape for plasma resources [14][15].

来源|凤凰网财经《IPO观察哨》 金眼，银牙，铜骨头。 而沪鸽口腔另一主营业务——用于牙齿和口腔形态复制的弹性体印模材料（便于后续修复、矫正治 疗），其业绩随着口腔医疗行业增速的放缓而放缓，2024年前三季度仅增长了14.71%。 医疗服务行业向来流传这么一句俗语，用来形容眼牙骨三个行业的赚钱程度。其中，口腔医疗因兼 具龋齿修复、种植牙体等刚性需求与正畸美白需求，过往被视为极具投资价值的优质赛道，近期拟 赴港上市的山东沪鸽口腔材料股份有限公司（以下简称为"沪鸽口腔"）就是这个赛道的一员。 自2017年起，沪鸽口腔开始尝试冲刺资本市场，先后携手招商证券、海通证券、中原证券、国金证 券推进上市进程，却一一"折戟"。其中"二战"创业板时，沪鸽口腔曾一度走到了问询环节，但在回 复了深交所的问询后又主动撤回上市申请。直到今年，沪鸽选择"弃A转H"，又聘请中金公司和 DBS（星展银行）作为联席保荐人。 然而，随着集采等特定因素的影响，叠加市场格局分散等自身属性，口腔医疗行业的投资价值被市 场重新审视，近两年通策医疗、瑞尔集团、时代天使等上市公司的股价纷纷跌至低位，甚至一级市 场的投融资行为也大幅减少。在此背景下，沪鸽口腔 ...

Core Viewpoint - The company, Haohai Biological Technology, is facing scrutiny as its controlling shareholder, Jiang Wei, has been notified of an investigation by the China Securities Regulatory Commission (CSRC) for suspected insider trading, although the company asserts that this matter is unrelated to its operations [1][3]. Company Overview - Haohai Biological Technology is engaged in the research, production, and sales of medical devices and pharmaceuticals, focusing on four main areas: medical aesthetics and wound care products, ophthalmic products, orthopedic viscoelastic supplements, and anti-adhesion and hemostatic products [3]. Financial Performance - In 2024, the company reported revenues of approximately 2.698 billion yuan, a year-on-year increase of 1.64%, and a net profit attributable to shareholders of about 420 million yuan, up 1.04% [5]. - The company's overall gross margin decreased from 70.46% to 69.89% due to significant price reductions in certain products, which offset the growth in high-margin medical aesthetic products [5]. - The medical aesthetics and wound care segment contributed over 40% of the company's revenue, with a year-on-year increase of 13.08%, although this growth rate has slowed compared to the previous year's 41.27% [5][6]. Market Reaction - Following the announcement of the investigation, Haohai Biological Technology's stock opened down 4.31% on May 8, with a closing price of 52.26 yuan per share, reflecting a decline of 1.71% and a total market capitalization of 12.19 billion yuan [4]. - The company's stock has seen a cumulative decline of 71.76% from its peak in July 2021, and the current share price has fallen below its initial public offering price of 89.23 yuan [7]. Future Outlook - The company plans to continue utilizing its own funds to explore advancements in the medical aesthetics, ophthalmology, orthopedics, and surgical fields, seeking to enhance its product portfolio through technology introduction or investment partnerships [7].

Core Viewpoint - The company has emerged from the impact of centralized procurement, achieving strong growth in its traditional orthopedic segment on a low base, and successfully expanding into new business areas, maintaining a buy rating [1] Investment Highlights - The company maintains a buy rating, with projected EPS for 2025-2026 at 1.24/1.64 yuan, and a new EPS forecast for 2027 at 1.99 yuan. The target PE for 2025 is set at 36X, with an updated target price of 44.64 yuan (previously 42.65 yuan) [2] - In 2024, the company achieved revenue of 2.136 billion yuan (up 39.3% YoY) and a net profit attributable to shareholders of 357 million yuan (up 505%). The non-recurring net profit was 285 million yuan (up 2604%) [2] - In Q1 2025, the company reported revenue of 550 million yuan (up 28.8% YoY) and a net profit of 103 million yuan (up 67%), with non-recurring net profit at 97 million yuan (up 97%) [2] - The performance in 2023 was affected by inventory adjustments due to centralized procurement in 2021 and 2022, leading to a low base for 2024, which is expected to see continued growth as the impact clears [2] Orthopedic Product Lines - The core orthopedic product lines have recovered from the impact of centralized procurement, with trauma and spinal product lines showing continuous sales growth. In 2024, trauma product sales are expected to reach 821 million yuan (up 43.4%), with a gross margin increase of 3.67 percentage points to 75.34% [3] - Spinal product revenue in 2024 is projected at 388 million yuan (up 36.9%), with a slight decline in gross margin by 1.06 percentage points to 67.66% due to high prices before centralized procurement [3] - Joint products are also expected to maintain good growth, with projected revenue of 189 million yuan (up 21.1%) in 2024 [3] Non-Orthopedic Consumables - The non-orthopedic consumables business is showing good growth potential, aiming to contribute to a second growth curve for the company. In 2024, R&D investment is expected to reach 307 million yuan, accounting for 14.4% of revenue [4] - Minimally invasive surgical products are projected to achieve revenue of 363 million yuan (up 26.5%) with a gross margin increase of 1.77 percentage points to 78.19% [4] - Revenue from neurosurgical products is expected to be 103 million yuan (up 26.3%), dental products at 67 million yuan (up 28.2%), and other products at 162 million yuan (up 141%) [4]

Core Viewpoint - The company is facing significant challenges due to the investigation of its controlling shareholder for insider trading, alongside declining performance in key business segments and increasing competition in the industry [1][5][6]. Financial Performance - The company's overall revenue growth has slowed, with 2024 revenue at 2.698 billion (up 1.64% year-on-year) and net profit at 420 million (up 1.04% year-on-year) [2]. - In Q1 2025, revenue dropped to 619 million (down 4.25% year-on-year) and net profit to 90 million (down 7.41% year-on-year) [2]. - R&D expenses decreased significantly by 25.4%, while sales and management expense ratios increased by 0.54 and 1.52 percentage points, respectively [2]. Business Segmentation - The medical aesthetics segment showed weak growth, with 2024 revenue at 1.2 billion (44.38% of total), and hyaluronic acid product revenue at 742 million (up 23.23% year-on-year), but a sharp decline from 95.45% growth in 2023 [3]. - The ophthalmology segment reported revenue of 858 million (down 7.60% year-on-year), with intraocular lens revenue at 328 million (down 14.06% year-on-year), primarily impacted by a 60% price drop from the fourth national procurement [3]. - The orthopedics segment generated revenue of 457 million (down 4.11% year-on-year), with profits affected by price declines from provincial procurement for sodium hyaluronate injections [4]. Dividend and Market Concerns - The company's high dividend payouts have raised market concerns, with the controlling shareholder couple receiving approximately 344 million in cash dividends from 2019 to 2024, and the 2024 dividend accounting for 54.92% of net profit [4]. Industry Risks - The investigation into the controlling shareholder poses risks, including potential stock freezes or selling restrictions, which could undermine market confidence and highlight governance issues due to concentrated ownership [5][6]. - The company faces intense competition in the medical aesthetics sector, with rivals like Huaxi Biological and Aimeike, and pressure from new technologies impacting traditional markets [6]. - The normalization of centralized procurement is leading to a downward price trend for ophthalmology and orthopedics products, necessitating faster innovation to maintain profit margins [7]. Cash Flow and Asset Quality - Concerns regarding cash flow and asset quality are evident, with accounts receivable at 316 million (75.18% of net profit) and a low inventory turnover rate of 0.39 times [8]. - In Q1 2025, operating cash flow was 86 million, while cash outflow from investment activities was 179 million [8].