事件：公司发布2025 年半年报，25H1 实现营业收入6.49 亿元，同比+22.18%，归母净利润1.70 亿元， 同比+42.00%，扣非归母净利润1.67 亿元，同比+50.08%。其中，25Q2 实现营业收入3.36 亿元，同比 +20.29%，归母净利润0.88 亿元，同比+33.84%，扣非归母净利润0.85 亿元，同比+41.64%。 核心产品保持高速增长，境外需求持续向好。1）分产品看，25Q2 益生元系列实现收入1.05 亿元，同比 +33%，膳食纤维系列实现收入1.80 亿元，同比+18%，健康甜味剂系列实现收入0.43 亿元，同比 +22%，其他淀粉糖（醇）实现收入0.01 亿元，同比-10%，公司核心产品膳食纤维、健康甜味剂及益生 元系列产品收入均实现双位数增长。2）分区域看，25Q1/Q2 境外地区分别实现收入2.12/2.14 亿元，分 别同比+56%/+29%，境外需求保持向好态势。 优化流程提升生产效率，毛利率显著提升。25H1 公司毛利率为40.54%，同比+7.07pct，归母净利率为 26.15%，同比+3.65pct。我们认为，公司毛利率大幅提升主要系公司持续优化生产 ...

Core Viewpoint - The company is experiencing significant growth in revenue and profit due to the increasing demand for dietary fiber and allulose sugar, with new production capacities contributing to this trend [1][3]. Financial Performance - For the first half of 2025, the company expects total revenue of 650 million yuan, a year-on-year increase of 22.29%, and a net profit attributable to shareholders of 171 million yuan, up 42.68% [1]. - In Q2 2025, the company anticipates total revenue of 336 million yuan, reflecting a 20.49% year-on-year growth, and a net profit of 89 million yuan, which is a 35.06% increase [1]. Product Demand and Market Trends - The approval of D-allulose as a new food ingredient in China is expected to drive rapid growth in domestic demand, particularly in the baking sector [2]. - D-allulose has a sweetness level of 70% compared to sucrose and can be used in various food products, enhancing flavor and color through the Maillard reaction [2]. Production Capacity and Expansion - The company has established itself as a leader in the allulose market, having developed and industrialized various forms of allulose since 2014 [3]. - The construction of a new factory in Thailand is underway, which will produce 12,000 tons of crystalline allulose and expand the company's international market presence [3]. Profit Forecast - The company is projected to achieve net profits of 361 million yuan, 474 million yuan, and 647 million yuan for the years 2025, 2026, and 2027, representing year-on-year growth rates of 47%, 31%, and 37% respectively [3].

Core Viewpoint - The company is focusing on high-value core products such as prebiotics, dietary fibers, and sugar-reducing sweeteners, which are expected to drive future growth and profitability [2][3][4]. Product Focus - The company's core products include prebiotics (oligomaltose, fructooligosaccharides, galactooligosaccharides), dietary fibers (polydextrose, resistant dextrin), and sugar-reducing sweeteners (erythritol, crystalline fructose, allulose) [2]. Gross Margin Improvement - The gross margin for the company's core products increased from 9.74% in 2023 to 15.84% in 2024, driven by optimized product structure, reduced consumption, and lower procurement costs [3][4]. - The gross margins for individual core products are as follows: prebiotics increased from 19.34% to 24.60%, dietary fibers from 12.64% to 18.12%, and sugar-reducing sweeteners from 1.26% to 9.09% [4]. Production Strategy - The company is implementing a "small, refined, and flexible" production model to cater to differentiated market demands, focusing on high-value, small-batch orders [6]. - The flexible production plan aims to enhance responsiveness to market needs and build competitive advantages through customized products [6]. New Product Development - The company is expanding its product line with high-value products such as DHA algae oil, lactulose, and HMOs, with production capacity already established for these new products [8]. - Strategic partnerships have been formed to ensure sales of new products, with ongoing projects in trial production stages [8]. Market Impact of Tariffs - Following the EU's imposition of anti-dumping duties on erythritol, the company has capitalized on being the lowest taxed entity, resulting in a 123% year-on-year increase in erythritol sales revenue in Q1 2025 [8]. Capacity Expansion - The company has been a pioneer in the domestic allulose market, with a production capacity exceeding 5,000 tons set to be expanded to 20,000 tons in the future [9]. Financial Performance - In Q1 2025, the company reported a revenue of 685 million yuan, a 24.23% increase year-on-year, and a net profit of 50.36 million yuan, up 117.35% year-on-year [10].

序号股票简称PE(TTM)PE(静)市净率总市值(元)12睿智医药-3.09-3.192.1429.28亿行业平均 46.7942.233.41144.65亿行业中值47.8135.902.5448.88亿1普瑞眼科-191.8123.972.9064.23亿2何氏眼 科-150.9446.281.5229.41亿3迪安诊断-96.3529.011.2689.18亿4光正眼科-90.07214.007.2619.81亿5南华生 物-81.46-107.1912.1430.20亿6创新医疗-41.85-41.852.2139.32亿7国际医学-33.58-32.653.29120.25亿8嘉和 美康-27.16-27.162.2840.74亿9皓宸医疗-22.56-23.234.9021.92亿10美迪西-12.45-12.451.6739.32亿11和元生 物-11.58-11.582.0137.64亿 4月14日，睿智医药今日收盘5.88元，上涨1.91%，最新市净率2.14，总市值29.28亿元。 来源：金融界 截至2024年三季报，共有31家机构持仓睿智医药，其中基金31家，合计持股数200.99万股， ...