医疗研发

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医药生物行业报告(2025.05.12-2025.05.18):特朗普计划降低美国药品价格,CXO企业有望受益
China Post Securities· 2025-05-19 10:41
证券研究报告:医药生物|行业周报 发布时间:2025-05-19 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 7401.23 | | --- | --- | --- | | 52 | 周最高 | 8490.25 | | 52 | 周最低 | 6070.89 | 行业相对指数表现 2024-05 2024-07 2024-10 2024-12 2025-03 2025-05 -21% -17% -13% -9% -5% -1% 3% 7% 11% 15% 医药生物 沪深300 资料来源:聚源,中邮证券研究所 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 分析师:陈成 SAC 登记编号:S1340524020001 Email:chencheng@cnpsec.com 近期研究报告 《医药 2024&2025Q1 总结——关注现 金流、盈利能力优先改善品种》 - 2025.05.15 医药生物行业报告 (2025.05.12-2025.05.18) 特朗普计划降低美国药品价格,CXO 企业有望受益 l 一周观点 ...
医药生物行业2024年报暨25Q1季报总结:盈利能力复苏,拐点初现
Shenwan Hongyuan Securities· 2025-05-16 11:12
证 券 研 究 报 告 盈利能力复苏,拐点初现 医药生物行业2024年报暨25Q1季报总结 证券分析师:张静含 A0230522080004 研究支持:李敏杰 A0230523070006 2025.5.16 投资案件 www.swsresearch.com 证券研究报告 2 ◼ 整体业绩表现:2024年473家沪深两市A股医药上市公司实现营业总收入24,588亿元, 同比下降0.9%,实现归母净利润1,412亿元,同比下降12.1%。25Q1板块实现营业总 收入6,104亿元,同比下降4.2%,实现归母净利润487亿元,同比下降8.7%,去除 24Q1大额BD的基数扰动,25Q1板块归母净利润同比增长0.7%,净利润率也有 0.3%的提升,这是医药板块在经历了三年盈利能力下行后首次出现利润率反转的迹象。 ◼ 子板块及个股业绩亮点:一季度业绩表现较好的子板块包括CXO、创新药、生物制品、 民营医院、医疗耗材等。CXO板块从24Q4起业绩底部反转,创新药板块收入持续保持 高增长。同时值得注意的是,一季度有多家头部公司业绩超预期,如药明康德、恒瑞 医药、百济神州、爱尔眼科、华兰生物、甘李药业、益丰药房、大参林、云 ...
5月16日早间重要公告一览
Xi Niu Cai Jing· 2025-05-16 06:49
凌云光:实控人承诺12个月内不减持公司股份 5月16日,凌云光(688400)发布公告称,公司控股股东、实际控制人、董事长、总经理姚毅,公司实 际控制人、董事、副总经理杨艺分别自愿承诺自2025年7月7日起未来12个月内(即所持股票自解除限售 日2025年7月7日至2026年7月6日)不以任何方式转让或减持其持有的公司股票。 资料显示,凌云光成立于2002年8月,主营业务是机器视觉和光通信的研发、生产和销售。 所属行业:机械设备–专用设备–其他专用设备 城地香江:全资子公司签订中国移动数据中心机房楼项目合同 5月16日,城地香江(603887)发布公告称,全资子公司香江系统工程有限公司参与的联合体,近期与 中国移动通信集团有限公司宁夏分公司签订了"中国移动(宁夏中卫)数据中心B区B01、B02号机房楼 项目EPC总承包合同",签约合同价为16.32亿元。该项目计划于2025年4月30日开始工作,工期92天。 资料显示,城地香江成立于1997年4月,致力于提供IDC全生命周期服务,其中主要包括:数据中心投 资及运营等服务;数据中心相关设备生产制造及销售;数据中心系统集成。 所属行业:计算机–IT服务Ⅱ–IT服务 ...
CXO2024、2025Q1业绩综述:拐点已现,积极配置
ZHESHANG SECURITIES· 2025-05-15 13:30
证券研究报告 拐点已现,积极配置 ——CXO 2024&2025Q1业绩综述 行业评级:看好 2025年05月14日 | 分析师 | 郭双喜 | 王帅 | | --- | --- | --- | | 邮箱 | guoshuangxi@stocke.com.cn | wangshuai@stocke.com.cn | | 电话 | 19801116960 | 13548094491 | | 证书编号 | S1230521110002 | S1230523060003 | 1 1、股价复盘: 2、财务分析: 投资要点 ➢ 本土:业绩、订单&AI是主线。 2024.12.31至2025.04.30,医疗研发外包指数上涨0.82%,跑赢医药生物(申 万)指数0.64pct,其中药明生物(+31.55%) 、药明合联(+23.65%) 、泓博医药(+16.11%) 、凯莱英 (+7.77%)、药明康德(+7.50%)表现较好。 95% ➢ 海外:业绩分化,CDMO更强劲。2024.12.31至2025.04.30,Lonza及LABCORP领涨。从指引看跨国CXO公 司只有Lonza对CDMO业务(胶囊与健康原料CHI ...
【私募调研记录】汇利资产调研阳光诺和
Zheng Quan Zhi Xing· 2025-05-15 00:12
根据市场公开信息及5月14日披露的机构调研信息,知名私募汇利资产近期对1家上市公司进行了调研, 相关名单如下: 上海汇利资产管理有限公司成立于2008年3月,注册资金3000万元人民币。主营业务为企业委托资产管 理、投资管理、投资顾问、财务顾问等。公司下设投资部、研究部、交易部、市场部、财务部、综合管 理部等部门。拥有自己的专业投研队伍。公司以"快乐投资、和谐共赢"为经营理念,立足国内资本市 场,以核心团队的专业投资能力为广大客户服务。 以上内容为证券之星据公开信息整理,由AI算法生成(网信算备310104345710301240019号),不构成投资建议。 调研纪要:阳光诺和收购朗研具备高度的业务协同性,能实现产品孵化和实施,发挥研发和生产销售优 势,形成新的盈利增长点,拓展医药工业板块。收购朗研将加速向创新药物领域转型,提供稳定现金流 和利润,减轻收入波动,实现现金流良性循环。公司致力于构建"创新研发综合体",涵盖药物发现、药 学研究、临床研究、管线培育和新质产业链,形成完整生态闭环,提供一站式解决方案。与华为合作整 合iCVETideTM平台,深度融合AIDD与CADD技术,加速智能化研发体系升级。公司 ...
医药生物行业周报(5月第2周):减肥药重要性再度提升
Century Securities· 2025-05-12 01:23
Investment Rating - The report indicates a positive long-term outlook for the weight loss drug industry, particularly focusing on GLP-1 medications, suggesting to maintain a long-term focus on the weight loss drug industry chain [3]. Core Insights - The importance of weight loss drugs has been reaffirmed, with the WHO developing new guidelines for obesity prevention and treatment, expected to be finalized by August or September 2025. This is anticipated to standardize the use of GLP-1 drugs, enhancing their application in weight management [3][13]. - The FDA has expanded its inspections of overseas manufacturing facilities, which is expected to benefit leading CDMO companies in China that have established quality systems meeting global standards [3][16]. - The pharmaceutical and biotechnology sector saw a weekly increase of 1.5%, underperforming compared to the overall A-share market and the CSI 300 index, with offline pharmacies and medical devices showing the highest gains [3][8]. Summary by Sections Market Weekly Review - The pharmaceutical and biotechnology sector rose by 1.5% from April 28 to May 9, lagging behind the overall A-share market (2.32%) and the CSI 300 index (1.56%). Offline pharmacies (5.64%), medical devices (4.49%), and medical R&D outsourcing (2.78%) led the gains, while vaccines (-0.45%), blood products (-0.43%), and in vitro diagnostics (-0.17%) saw declines [3][8]. Industry News and Key Company Announcements - Significant events include the WHO's ongoing development of obesity guidelines, which will clarify the clinical applications of GLP-1 drugs [3][13]. - The FDA's announcement on May 6 regarding expanded inspections of foreign manufacturers aims to ensure equal regulatory oversight for foreign companies [3][16]. - Notable company announcements include the approval of new indications for various drugs and the financial performance of companies like BeiGene, which reported a 50.2% year-on-year revenue increase in Q1 [3][12][17].
万联晨会-20250512
Wanlian Securities· 2025-05-12 01:12
市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 05 月 12 日 星期一 [Table_Summary] 概览 核心观点 【市场回顾】 周五 A 股三大指数集体收跌,截止收盘,沪指收跌 0.3%,深成指收 跌 0.69%,创业板指收跌 0.87%。沪深两市成交额 11918.86 亿元;申 万行业方面,美容护理、银行、纺织服饰领涨,电子、计算机、国防 军工领跌;概念板块方面,ST 板块、芬太尼、代糖概念涨幅居前,科 创次新股、储存芯片、DRG/DIP 概念跌幅居前;港股方面,恒生指数 收涨 0.4%,恒生科技指数收跌 0.93%;海外方面,美国三大指数涨跌 不一,道指收跌 0.29%,标普 500 收跌 0.07%,纳指收涨 0%。 【重要新闻】 【中美经贸高层会谈 5 月 10 日至 11 日在瑞士日内瓦举行】中美经 贸中方牵头人、国务院副总理何立峰在出席中方代表团举行的新闻发 布会时表示,此次中美经贸高层会谈坦诚、深入、具有建设性,达成 重要共识,并取得实质性进展。双方一致同意建立中美经贸磋商机制。 中美双方将尽快敲定相关细节,并将于 5 ...
医药生物行业周报(5月第2周):减肥药重要性再度提升-20250512
Century Securities· 2025-05-12 00:41
[Table_Author] 分析师:王俐媛 1) 周度回顾。上周(4 月 28 日-5 月 9 日)医药生物板块 收涨 1.5%,跑输 wind 全 A(2.32%)和沪深 300(1.56%)。 从板块来看,线下药店(5.64%)、医疗设备(4.49%) 和医疗研发外包(2.78%)涨幅居前,疫苗(-0.45%)、 血液制品(-0.43%)和体外诊断(-0.17%)跌幅居前。 从个股来看,常山药业(26.28%)、海创药业(25.85%) 减肥药概念涨幅居前。 2) 减肥药重要性再度提升。5月7日,世界卫生组织(WHO) 回应称,自 2022 年以来,世卫组织一直在针对不同年 龄组(儿童、青少年和成年人)制定一套关于肥胖预 防、护理和治疗的新指南。关于使用 GLP-1 药物和 GLP- 1 RA/GIP 双受体激动剂治疗成年肥胖患者的指南预计 在 2025 年 8 月或 9 月会出台最终方案。该指南的目的 在于明确 GLP1 药物的临床适应症、应用以及规划方面 的考量,包括这类药物如何以及在何时能够作为包括 临床干预和生活方式干预的慢性病管理模式的一部分 加以应用。减重已成为全社会关注的问题,以 GLP- ...
医药行业2025Q1公募基金持仓分析
Haitong Securities International· 2025-04-29 05:33
Investment Rating - The report rates the pharmaceutical industry as "Overweight" [1] Core Insights - The total market capitalization of pharmaceutical stocks in public offering funds increased from RMB 233.40 billion to RMB 238.30 billion, reflecting a growth of 2% [30][31] - The proportion of pharmaceutical stocks in all fund holdings slightly increased to 7.87%, up by 0.36 percentage points from the previous quarter [31] - The report expresses optimism about the growth potential of the pharmaceutical industry, driven by continuous technological innovation and demand [30] Summary by Sections 1. Fund Holdings Ratio - The proportion of pharmaceutical stocks in public funds saw a slight recovery, with a total market cap increase from RMB 233.40 billion to RMB 238.30 billion [6][30] - As of Q1 2025, pharmaceutical stocks accounted for 7.87% of all public offering fund long positions, an increase of 0.36 percentage points from Q4 2024 [31] 2. Sector Analysis - The leading sectors in public fund holdings of pharmaceutical stocks in Q1 2025 were: 1) Chemical preparations: RMB 85.20 billion, 36% 2) Medical devices: RMB 44.70 billion, 19% 3) Medical R&D outsourcing: RMB 44.50 billion, 19% [32][10] 3. Top Holdings - The top five public offering fund long positions by market capitalization in Q1 2025 were: 1) Jiangsu Heng Rui Medicine: RMB 32.30 billion 2) WuXi AppTec: RMB 27.60 billion 3) Mindray Medical: RMB 25.60 billion 4) United Imaging: RMB 9.80 billion 5) BeiGene: RMB 9.00 billion [33][20] - The top five growth in public offering fund long positions by market capitalization were: 1) WuXi AppTec: +RMB 6.20 billion 2) BeiGene: +RMB 4.40 billion 3) Sichuan Kelun Pharmaceutical: +RMB 2.60 billion 4) Jiangsu Heng Rui Medicine: +RMB 2.40 billion 5) Pharmaron: +RMB 0.90 billion [25][33]
康龙化成20250428
2025-04-28 15:33
Summary of the Conference Call for 康龙化成 (Crown Bioscience) Q1 2025 Company Overview - 康龙化成 reported a revenue of 30.96 billion CNY in Q1 2025, representing a year-on-year growth of 15.4% [2][3] - The company maintains its revenue growth guidance for 2025 at 10% to 15% and expects to continue generating positive free cash flow [2][9] Key Financial Performance - The adjusted net profit for Q1 2025 was 3.49 billion CNY, a year-on-year increase of 3.1%, while the net profit attributable to shareholders was 3.06 billion CNY, up 32.5% [3][4] - The laboratory services segment generated 18.57 billion CNY, with a gross margin of 45.5%, up 1.4 percentage points [2][5] - The small molecule CDMO services segment reported revenue of 6.93 billion CNY, with a gross margin of 30.4%, an increase of 2.5 percentage points [2][5] - Clinical services revenue was 4.47 billion CNY, with a gross margin of 11.8%, up 2.5 percentage points [2][5] - The revenue from large molecule and cell & gene therapy services was 99 million CNY, showing a year-on-year growth of 7.9% [2][5] Revenue Breakdown by Region and Client Type - Revenue from Chinese laboratories and factories grew by 15.7%, accounting for 88% of total revenue; overseas revenue increased by 18.3%, making up 12% [2][6] - North American client revenue rose by 16.8%, representing 65% of total revenue; European client revenue increased by 26%, accounting for 18% [2][6] Order Growth and Market Trends - New orders maintained a double-digit growth of over 10% in Q1 2025, continuing the trend from the previous year [2][7] - The CMC business is focused on early clinical stages, with expectations for several large projects to advance into later stages, which will enhance CMC revenue and overall performance [4][23] Strategic Initiatives and Future Outlook - The company is investing in advanced technologies in the biosciences field, including 3D cell culture and organ-on-a-chip models, to stay at the forefront of industry developments [4][12] - The company anticipates that the adjusted net profit growth will accelerate from Q2 2025 onwards as operational efficiencies improve [3][4] - The overall market for laboratory services and biosciences is expected to continue its recovery, with double-digit growth anticipated in both sectors [9][20] Challenges and Considerations - The company faces challenges related to increased operational costs and depreciation due to new capacity coming online in 2024 [4][3] - The impact of geopolitical factors, such as tariffs and the IRA Act, on client R&D and production needs is being monitored, but the company remains optimistic about its growth trajectory [14][19] Conclusion - 康龙化成's Q1 2025 performance reflects strong growth across its segments, with a positive outlook for the remainder of the year, driven by strategic investments and a robust order pipeline [29]