Investment Rating - The report assigns a "Buy" rating for the company Huayu Pharmaceutical-W (688553) [2] Core Insights - Huayu Pharmaceutical is a leading company in complex injectable oncology drugs, with risks from centralized procurement being gradually alleviated. By the end of 2024, the company had launched 38 products in the domestic market, with 22 in oncology and 16 in other therapeutic areas. The company achieved a revenue of 1.094 billion yuan in 2024, a year-on-year increase of 18.05%, and a net profit of 92 million yuan, up 39.55% year-on-year [5][27] - The company has shifted its focus towards international markets, with overseas revenue reaching 160 million yuan in 2024, accounting for approximately 15% of total revenue, and showing a growth of over 90% year-on-year. The company has obtained multiple GMP certifications and has launched products in 68 countries and regions [6][18] - Huayu Pharmaceutical is transitioning into a benchmark enterprise for innovative drugs, with a rich pipeline of research projects. By the end of 2024, the company had 14 Class I innovative drug projects and 5 Class II modified new drug projects, with 6 projects already in clinical stages [7][19] Summary by Sections 1. Oncology Injectable Leader, Centralized Procurement Risks Alleviated - Huayu Pharmaceutical has established itself as a leader in complex injectable oncology drugs, with a strategic transformation completed [20] - The company has actively participated in centralized procurement, with most core products selected and renewed, reducing reliance on single major products [23][27] 2. Generic Drugs: Breaking into International Markets - The company has significantly increased its product offerings, with 38 products launched by the end of 2024, reducing dependence on single products [42] - The international market has become a key growth area, with overseas revenue growing rapidly and a well-established registration system for overseas products [45][46] 3. Innovative Drugs: Transitioning Benchmark Enterprise - The company has a robust pipeline of innovative drugs, with several projects entering clinical stages, indicating a successful transition from generic to innovative drug development [19][7] - Key projects include HY-0007, a tri-target antibody fusion protein, which has the potential to become a cornerstone therapy in immuno-oncology [8][19] 4. Profit Forecast and Investment Rating - The company is expected to generate revenues of 1.054 billion yuan, 1.304 billion yuan, and 1.635 billion yuan from 2025 to 2027, with net profits projected to be -42 million yuan, 93 million yuan, and 148 million yuan respectively [9][11] - The report emphasizes the company's long-term growth potential, particularly in the context of its transition to innovative drugs and international market expansion [9][19]

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 西部证券指出，医药生物行业在国家政策支持下加速创新转型，企业通过仿创结合策略聚焦麻醉镇痛、 代谢、肿瘤等领域，开发首仿药及改良新药，同时加快制剂出海步伐，部分产品已提交美国注册申请。 创新药研发平台布局PROTAC、分子胶等前沿技术，临床管线具备同类最佳潜力。医疗器械领域，血透 设备替代进度超预期，政策推动下国产市占率持续提升，龙头企业通过设备与耗材协同强化竞争力，海 外业务聚焦高成长性市场表现亮眼。行业整体在"反内卷"背景下，供给侧改革与需求侧政策共振，叠加 技术突破与国际化布局，景气度边际改善。 创业板医药ETF国泰（159377）跟踪的是创医药指数（399275），当日涨跌幅可达20%。该指数聚焦于 创新生物医药领域，从市场中选取涉及生物制药、化学制药及医疗服务等业务的上市公司证券 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The value of the company's innovative drug platform is gradually becoming apparent, with multiple leading technology platforms established, focusing on oncology, immunology, and degenerative diseases, indicating potential for revaluation [5][6] - The innovative pipeline provides expectations for international expansion, granting the company new valuation flexibility [6] Summary by Relevant Sections Market Performance - Closing price as of July 16, 2025, is 49.30 CNY, with a total market capitalization of 9,921.98 million CNY [3] Earnings Forecast and Valuation - Projected revenues for 2025-2027 are 1,684 million CNY, 2,071 million CNY, and 2,650 million CNY, respectively, with year-on-year growth rates of 19.68%, 22.98%, and 27.96% [7] - Expected net profit for the same period is 107 million CNY, 207 million CNY, and 346 million CNY, with significant year-on-year growth rates [7] - Price-to-earnings ratios (P/E) for 2025-2027 are projected at 93.02, 47.97, and 28.69, respectively [9] Innovative Pipeline - The company has developed several innovative drugs targeting significant medical needs, including GB18 for cancer cachexia, GB12 for atopic dermatitis, and GB20/GB24 for inflammatory bowel disease, all showing promising clinical progress [8][21][35] - GB18, targeting GDF15, has received IND approval in both China and the US, with a favorable competitive landscape and high clinical success probability [21][30] - GB20 and GB24, targeting TL1A, are positioned to address the growing market for inflammatory bowel disease, with significant patient numbers projected [35][39] Investment Logic - The company is expected to maintain high growth rates in overseas sales, particularly with the commercialization of key products in the EU and emerging markets [11] - The innovative drug development pipeline is progressing positively, with potential for significant valuation increases through successful business development (BD) transactions [11][19]