发展趋势 3Q25 业绩高于我们预期 公司公布3Q25 业绩：1-3Q25，公司收入25.44 亿元，同比+19.7%，归母净利润0.80 亿元，同比扭亏。 单Q3 看，3Q25 收入9.23 亿元，同比+19.4%，环比+12.7%，归母净利润0.53 亿元，同比扭亏，盈利修 复趋势延续。高于我们预期，盈利能力提升主要源于高价值商业化项目贡献增加及降本增效措施落地。 盈利预测与估值 考虑到公司收入结构优化和降本增效效果体现，我们上调2025E/2026E 净利润预测100.5%/15.9%至1.4 亿元/2.7 亿元。 维持跑赢行业评级，考虑到近期医药板块系统性调整兼顾盈利预测调幅，我们上调目标价7.1%至30.00 元(基于DCF 估值法)，较当前股价有17.1%的上行空间。 风险 新业务拓展风险，汇率波动风险，产能利用率不及预期。 主营业务小分子CDMO 稳健增长。1-3Q25，公司基石业务小分子原料药CDMO 实现收入23.50 亿元， 同比+19%。我们判断增长的核心驱动力来自于后期高价值项目放量。从区域看，公司海外市场实现收 入18.05 亿元，同比+17%，中国市场实现收入7.39 亿元，同比+ ...

10月24日晚间，博腾股份(300363)披露三季报，前三季度，公司实现营业收入25.44亿元，同比增长 19.72%；归母净利润和扣非归母净利润分别为7991.54万元和5367.88万元，较去年同期均实现扭亏为 盈；经营现金流净额为3.75亿元，同比增长54.1%。截至三季度末，公司总资产为85.81亿元，归母净资 产为53.35亿元，资产结构更加稳健，为公司可持续发展奠定坚实基础。 其中，第三季度，公司实现营业收入9.23亿元，同比增长19.44%；归母净利润和扣非归母净利润分别为 5285.58万元和4725.70万元，较去年同期均实现扭亏为盈。 目前，公司形成了小分子原料药CDMO、小分子制剂CDMO、基因细胞治疗CDMO及新分子业务协同发 展的格局。1—9月，小分子原料药CDMO业务实现营收23.50亿元，同比增长约19%，持续巩固行业优 势；小分子制剂CDMO业务实现营业收入1.01亿元，与去年同期持平；新分子业务成为最大增长引擎， 收入约4626.73万元，同比激增255%。基因细胞治疗CDMO业务稳步增长，营收达4286.14万元，同比增 长7%。此外，海外市场收入达18.05亿元，同比增长 ...

Core Insights - The company, Yabao Chemical, reported a total revenue of 662 million yuan for the first half of 2025, representing a year-on-year increase of 12.31% [1] - The net profit attributable to shareholders was -8.67 million yuan, showing an improvement of 83.33% compared to the previous year [1] - The gross margin increased by 13.31% to 19.26%, while the net margin improved significantly by 76.35% to -2.03% [1] Financial Performance - Total revenue for 2024 was 589 million yuan, which increased to 662 million yuan in 2025, marking a 12.31% growth [1] - The net profit attributable to shareholders improved from -52.01 million yuan in 2024 to -8.67 million yuan in 2025, an increase of 83.33% [1] - The company’s gross margin rose from 17.00% to 19.26%, while the net margin improved from -8.58% to -2.03% [1] - Total expenses (selling, administrative, and financial) amounted to 82.37 million yuan, accounting for 12.45% of revenue, a decrease of 32.78% year-on-year [1] Cash Flow and Debt Situation - The cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 26.79% and the average operating cash flow over the last three years to current liabilities ratio at 6.47% [4] - The interest-bearing debt ratio has reached 30.88%, and the ratio of interest-bearing debt to the average operating cash flow over the last three years is 14.82% [4] Business Operations - Yabao Chemical's pharmaceutical business focuses on CDMO services, covering pharmaceutical intermediates and active pharmaceutical ingredients [5] - The company operates multiple production bases, including Taicang, Malta, and Shangyu, with a total capacity of 60 tons/year for the active pharmaceutical ingredient Levetiracetam at the Taicang base [5] - The company has over 100 acres of chemical land reserved at the Lanzhou and Shangyu bases for future capacity expansion and plans to develop intelligent and green factories [5]

Core Viewpoint - The company emphasizes its capabilities in innovative pharmaceutical intermediates and active pharmaceutical ingredients (APIs), focusing on reducing R&D cycles and production costs for clients [1] Group 1: Company Capabilities - The company specializes in innovative pharmaceutical intermediates and raw materials, aiming to facilitate the transition from laboratory to commercial production [1] - It possesses advanced chemical synthesis and engineering capabilities, along with modular R&D production and rapid scale-up abilities [1] - The company focuses on key technology areas such as continuous flow process optimization and biocatalysis, which enhance production efficiency and optimize cost structures [1] Group 2: Facilities and Certifications - The Taicang facility is the only domestic base with API production capabilities, adhering to GMP standards and focusing on core needs of major pharmaceutical clients [1] - The Malta facility has obtained FDA certification and CEP qualification, meeting EU GMP standards for intermediates, APIs, and formulations, thus facilitating clients' international business expansion [1]

Core Viewpoint - Zhejiang Jiuzhou Pharmaceutical Co., Ltd. reported a revenue increase of 3.86% year-on-year for the first half of 2025, reaching approximately 2.87 billion yuan, with a net profit attributable to shareholders of approximately 525.83 million yuan, reflecting a 10.70% increase compared to the previous year [5][6][18]. Financial Performance - The company achieved total revenue of 2,870,947,333.22 yuan in the first half of 2025, compared to 2,764,279,820.31 yuan in the same period last year, marking a 3.86% increase [3]. - The total profit for the period was 650,314,797.16 yuan, up 17.20% from 554,870,663.04 yuan in the previous year [3]. - The net profit attributable to shareholders was 525,831,348.24 yuan, an increase of 10.70% from 474,988,640.43 yuan [3]. - The net cash flow from operating activities increased significantly by 164.50%, reaching 845,148,144.61 yuan [3]. Business Overview - The company operates as a leading Contract Development and Manufacturing Organization (CDMO), providing comprehensive pharmaceutical development and manufacturing services, including small molecule drugs, peptide drugs, conjugated drugs, and oligonucleotide drugs [4][5]. - The global CDMO market has shown robust growth, with a compound annual growth rate (CAGR) of 39.9% in China from 2018 to 2023, and is projected to reach 208.4 billion yuan by 2028 [4][5]. - The company has established long-term partnerships with well-known pharmaceutical companies, enhancing its reputation as a trusted partner in the global innovative drug development sector [4][5]. Technological Advancements - The company has developed multiple technology platforms, including continuous flow technology, chiral catalysis, fluorine chemistry, and biocatalysis, which are essential for enhancing its R&D capabilities [6][10]. - The company has successfully expanded its peptide and conjugated drug platforms, providing services for complex compound synthesis and meeting international regulatory standards for green production [12][13]. - The company has applied for numerous patents, reflecting its commitment to innovation and maintaining a competitive edge in the pharmaceutical industry [10][12]. Market Position and Strategy - The company has focused on expanding its customer base and deepening relationships with major clients, resulting in a steady increase in project orders and revenue from commercialized projects [5][15]. - The company has been recognized with multiple awards, including being listed among the top 20 CDMO companies in China for 2025, highlighting its industry leadership and commitment to quality [5][15]. - The company is actively participating in international conferences and exhibitions to enhance its brand visibility and expand its market reach [15].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2]. Core Views - The report highlights that the company has transformed into a leading player in the domestic CDMO sector, ranking in the top five of the "Top 20 CDMO Companies in China" for five consecutive years since 2020 [10][12]. - The company aims to expand its CDMO operational projects to 3,000 within 2-3 years, with 10-20 projects entering commercialization annually [10]. - The report emphasizes the company's comprehensive upgrades in both technical investment and manufacturing capabilities, which are expected to drive future growth [80]. Summary by Sections Section 1: Progress in CDMO Sector - The company has accumulated over 20 years of experience and has shifted from a traditional API company to a leading small molecule CDMO provider [10]. - The company has established a solid foundation for CDMO development through its extensive experience in chemical synthesis and production processes [11]. Section 2: R&D Capabilities - The company has significantly increased its R&D investment, expanding its CDMO R&D personnel from over 500 to an expected 1,000 in the next two years [32][41]. - It has established three major R&D centers globally and eight technical platforms to enhance its project acquisition and cost control capabilities [32][42]. Section 3: Manufacturing Advantages - The company maintains a strong manufacturing capability with a total chemical synthesis capacity of 11,000 m³ and a total biological fermentation capacity of 6,570 m³ [63]. - It has received multiple international certifications, including WHO, FDA, and EU EDQM, which enhances its service capabilities for global clients [63]. Section 4: Future Growth Potential - The company has signed confidentiality agreements with 572 domestic and international innovative pharmaceutical companies, indicating strong client engagement [66]. - The report notes that the company has 116 API projects, with 22 already commercialized and 15 in the validation stage, providing a robust growth pipeline [66]. Section 5: Financial Projections - The company is projected to achieve a net profit of 1.0 billion, 1.2 billion, and 1.5 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 17, 14, and 11 [80].

Core Viewpoint - The company reported a steady growth in revenue and net profit for Q1 2025, driven by the increasing orders in its CDMO business and enhanced R&D capabilities [1] Financial Performance - In Q1 2025, the company achieved revenue of 1.49 billion yuan, a year-on-year increase of 0.98% - The net profit attributable to shareholders was 250 million yuan, up 5.68% year-on-year - The non-recurring net profit was 251 million yuan, reflecting a year-on-year growth of 7.17% [1] - The gross margin improved to 37.42%, an increase of 3.38 percentage points year-on-year and 6.84 percentage points quarter-on-quarter - The net profit margin was 16.77%, up 0.77 percentage points year-on-year and 18.93 percentage points quarter-on-quarter - The operating expense ratio was 13.52%, an increase of 1.70 percentage points year-on-year but a decrease of 2.49 percentage points quarter-on-quarter [2] CDMO Business Development - The company is a leading CDMO provider, offering comprehensive services for pharmaceutical companies, biotech firms, and research institutions - It specializes in small molecule drugs, peptide drugs, conjugated drugs, and small nucleic acid drugs - The company has received recognition for its CDMO marketing system project at the 6th National Pharmaceutical Health CIO Conference, winning the "2025 National Pharmaceutical Health Digital Excellence Case" award [3] Investment Outlook - Revenue projections for 2025-2027 are 5.803 billion, 6.151 billion, and 6.315 billion yuan, with growth rates of 12.45%, 6.01%, and 2.65% respectively - Net profit forecasts for the same period are 830 million, 929 million, and 991 million yuan, with growth rates of 36.89%, 11.99%, and 6.60% - Earnings per share (EPS) are expected to be 0.93, 1.04, and 1.11 yuan per share, with a 3-year CAGR of 17.79% - The company maintains a "buy" rating due to its comprehensive CDMO business layout and leading technological strength [4]