胰岛素板块有哪些核心标的及其出海进展？ 胰岛素板块的核心标的是甘李药业、联邦制药和通化东宝。国内市场经历了两 轮全国集采，整体节奏相对稳定，各公司通过基层医疗机构扩容、新产品推广 非药行业 2026 年度投资策略 20251231 摘要 胰岛素板块中，甘李药业、联邦制药和通化东宝是核心标的。甘李药业 的甘精胰岛素有望于 2026 年获得欧洲行政批件，并积极拓展欧美及亚 非拉市场。通化东宝通过江阳股份推进美国市场，预计 2026 年取得进 展。关注集采后各公司在基层医疗机构扩容和新产品推广的策略。 生物制品领域，血制品公司如劲宝、仁百预计 2026 年下半年迎来业绩 拐点，关注浆站规划和国企改革机会。疫苗方面，欧林生物专注于超级 细菌疫苗，康华生物重点开发 RSV 疫苗并已对外授权，康希诺亦值得关 注。 中药板块投资线索包括转型创新（关注九芝堂、以岭药业、华纳药厂 等），基药目录（关注冀川、贵州三力等潜在标的），以及 OTC 领域。 红利策略、政策落地后的估值炒作以及政策对业绩的带动情况是关键观 察点。 医疗器械板块，出海是关键增长点，蓝威、迈瑞新产业和开立等企业海 外收入占比已达 45%-60%，面临估值切换 ...

Investment Rating - The report maintains a "Recommendation" rating for Tonghua Dongbao, with a target price of 11.0 CNY per share [2][8]. Core Insights - The company reported a significant recovery in operating profit and steady progress in internationalization. In Q3 2025, the company achieved revenue of 806 million CNY, a year-on-year increase of 13.90%, and a net profit attributable to shareholders of 984 million CNY, a remarkable growth of 499.86%, primarily due to investment income from the transfer of equity in Te Bao Biotech [2][8]. - For the first three quarters of 2025, the company recorded total revenue of 2.18 billion CNY, up 50.55% year-on-year, with a net profit of 1.20 billion CNY and a non-recurring net profit of 321 million CNY [2][8]. Financial Performance Summary - The total revenue forecast for 2025 is 2.75 billion CNY, with a year-on-year growth rate of 37.0%. The net profit attributable to shareholders is projected to be 1.40 billion CNY, reflecting a staggering growth rate of 3,366.2% compared to the previous year [4][9]. - The earnings per share (EPS) for 2025 is estimated at 0.71 CNY, with a price-to-earnings (P/E) ratio of 12 times [4][9]. - The company’s total assets are expected to reach 8.54 billion CNY by 2025, with a debt-to-equity ratio of 13.2% [9]. Business Development Highlights - The company’s insulin analogs are experiencing rapid growth, with a projected 50% increase in sales year-on-year for Q3 2025, surpassing human insulin revenue [8][9]. - The company is advancing its international business, with the BLA for Aspart Insulin accepted by the FDA, and plans to continue with the BLA submissions for Glargine and Lispro [8][9]. - An employee stock ownership plan has been introduced, aiming to enhance the motivation of core employees, with a maximum of 11.08 million shares to be allocated [8][9].