证券研究报告 公司研究 [Table_ReportType] 公司点评报告 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] 利润加速增长，国际化进程持续推进 [Table_ReportDate] 2025 年 08 月 07 日 [Table_S 事件：公司发布 ummary] 2025 年中期报告，2025 年上半年实现营业收入 5.79 亿元 （yoy+6.69%），归母净利润 1.89 亿元（yoy+31.41%），扣非归母净利润 1.85 亿元（yoy+39.97%），经营活动产生的现金流量净额 1.71 亿元 （yoy+22.59%）。其中 2025Q2 实现营业收入 3.07 亿元（yoy-0.8%），归 母净利润 0.99 亿元（yoy+23.74%）。 [Table_StockAndRank] 艾德生物(300685) 点评： 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@c ...

Investment Rating - The report maintains an "Accumulate" rating for the company [4][2] Core Views - The company demonstrated strong performance in its 2025 mid-year report, with revenue reaching 580 million yuan, a year-on-year increase of 6.7%, and a net profit attributable to the parent company of 190 million yuan, up 31.4% year-on-year [8] - The company remains a leader in the tumor drug companion diagnostics sector, with a comprehensive product range and several exclusive approvals, contributing to stable revenue performance despite industry challenges [8] - The company has improved its net profit margin to 32.6%, reflecting enhanced operational resilience through effective cost management and sales efficiency improvements [8] Financial Summary - Revenue projections for 2025-2027 are set at 1,297 million yuan, 1,481 million yuan, and 1,699 million yuan, respectively, with a compound annual growth rate of 17.0% [2] - The company’s gross margin is projected to be 83.0% in 2025, slightly decreasing from previous years, while the net margin is expected to improve to 25.1% [2] - Earnings per share (EPS) estimates for 2025, 2026, and 2027 are 0.83 yuan, 0.99 yuan, and 1.20 yuan, respectively [2][4] - The company’s market capitalization is approximately 9.166 billion yuan, with a target price of 26.56 yuan based on a 32x P/E ratio for 2025 [4][2]