GLP - 1 赛道

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光大证券晨会速递-20250930
EBSCN· 2025-09-30 01:00
2025 年 9 月 30 日 晨会速递 分析师点评 市场数据 行业研究 【金工】新能源主题基金净值涨幅占优,被动资金加仓 TMT 主题 ETF——基金市场 与 ESG 产品周报 20250929 本周国内权益市场指数普遍上涨,港股回调,新基市场热度持续,新成立基金 61 只, 合计发行份额为 366.07 亿份。行业主题基金表现来看,本周新能源、TMT 主题基金 净值涨幅占优,医药主题基金净值持续回撤。半导体主题产品净值表现明显占优。国 内股票 ETF 资金大幅净流入,细分主题来看,被动资金主要加仓 TMT 主题、大盘宽 基 ETF,减仓科创板、中小盘等宽基主题 ETF。 行业研究 【建筑建材】建材行业稳增长工作方案发布,以质量效益为中心严禁新增产能——建 材、建筑及基建公募 REITs 周报(9 月 20 日-9 月 26 日) (买入) 六部门印发《建材行业稳增长工作方案(2025-2026 年)》,注重供需两端协同发力。 当前我们建议关注:新材料方向:中国巨石(玻纤龙头,切入特种电子布赛道),国 恩股份(改性塑料龙头,战略布局 PEEK 及机器人方向),濮耐股份(活性氧化镁业 务弹性),科达制造(非洲 ...
甘李药业(603087):主营业务稳中有升,创新出海积极推进
Ping An Securities· 2025-08-12 11:47
Investment Rating - The report maintains a "Recommendation" rating for Ganli Pharmaceutical (603087.SH) [1][8] Core Views - The company's main business is steadily increasing, with significant growth in both domestic and international markets. The domestic revenue reached 1.845 billion yuan, a year-on-year increase of 55.28%, while international revenue was 222 million yuan, growing by 75.08% [4][8] - The company is actively expanding its international presence and has received approvals for its products in several countries, including Malaysia, Pakistan, and Argentina [8] - The report highlights the successful implementation of insulin procurement strategies, which have led to both volume and price increases for insulin products [7][8] - The company is advancing its innovation pipeline, particularly in the GLP-1 segment, with several products in various stages of clinical trials [7][8] Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.067 billion yuan, a year-on-year increase of 57.18%, and a net profit attributable to shareholders of 604 million yuan, up 101.96% [4] - The projected operating revenues for 2025-2027 are 4.173 billion yuan, 5.226 billion yuan, and 6.201 billion yuan, respectively, with year-on-year growth rates of 37.0%, 25.2%, and 18.7% [6][9] - The net profit for the same period is expected to be 1.207 billion yuan, 1.530 billion yuan, and 1.834 billion yuan, with growth rates of 96.4%, 26.7%, and 19.9% [6][9] Market Strategy - The company has successfully expanded its market share through two rounds of insulin procurement, achieving a 32.6% increase in procurement agreement volume for the upcoming 2024 procurement [7] - The report emphasizes the importance of innovation in the company's growth strategy, particularly in the development of new drug formulations and clinical trials [7][8] International Expansion - The international revenue growth reflects the company's successful entry into new markets and the approval of its products in various countries [8] - The report notes that the company has achieved a significant milestone with the approval of its insulin production technology in Brazil, marking a key step in its international strategy [8]