事件：公司发布2025 年半年报，25H1 实现营业收入19.49 亿元，同比增长1.11%；归母净利润3.43 亿 元，同比增长10.04%；扣非归母净利润3.22 亿元，同比增长4.24%。25Q2 实现营业收入9.8 亿元，同比 增长0.74%；归母净利润1.39 亿元，同比增长22.23%；扣非归母净利润1.27 亿元，同比增长9.65%。 二季度业绩增长亮眼，经营现金流优异。分板块来看，25H1，医药工业实现营收12.18亿元（同比 +4.98%），医药商业实现营收5.97 亿元（同比-13.67%），医疗服务实现营收2.08 亿元（同比 +15.63%）。期间费用率略有提升，25H1 期间费用率27.69%（yoy+0.73pct），其中销售费用率23.38% （yoy-0.02 pct），管理费用率3.41%（ yoy+0.10 pct ） ， 财务费用率-1.01% （ yoy+0.51pct ） ， 研发 费用率1.91%（yoy+0.14pct）。经营现金流显著增长，25H1 公司经营现金流量净额为3.11 亿元（同比 +37.94%）。 治痔产品保持稳健增长，品牌与渠道建设持续优化。25 ...

证券研究报告 医药生物 | 中药Ⅱ 非金融|公司点评报告 hyzqdatemark 2025 年 09 月 03 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 孙洁玲 SAC：S1350524120004 sunjieling@huayuanstock.com 投资要点： | 盈利预测与估值（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入（百万元） | 3,137 | 3,728 | 4,035 | 4,632 | 5,324 | | 同比增长率（%） | -11.20% | 18.85% | 8.24% | 14.79% | 14.96% | | 归母净利润（百万元） | 443 | 528 | 635 | 735 | 852 | | 同比增长率（%） | -7.38% | 19.14% | 20.15% | 15.79% | 15.92% | | 每股收益（元/股） | 1.03 ...

Core Insights - The report highlights a diversified investment strategy with a focus on specific stocks, including SF Holding, Anji Technology, and others, indicating a positive outlook for these companies in the near term [1] - The macroeconomic analysis points to a mixed performance in domestic and foreign demand, with improvements in the external trade environment positively impacting manufacturing sentiment [2][5] - The tourism sector shows a strong recovery during the Dragon Boat Festival, with significant increases in domestic travel and spending, driven by short-distance leisure travel and cultural events [8][10] Macroeconomic Analysis - In May, the manufacturing PMI rose to 49.5%, indicating a slight recovery but still within a contraction zone, with new orders and production indices showing improvements [5][6] - The high-tech manufacturing sector continues to expand, with a PMI of 50.9%, reflecting robust demand and export orders [7] - The report notes a positive shift in manufacturing expectations, with a production activity expectation index of 52.5% [6] Tourism Sector Insights - The Dragon Boat Festival saw 119 million domestic trips, a 5.7% increase year-on-year, with total spending reaching 42.73 billion yuan, up 5.9% [8][10] - The integration of cultural and sports events has significantly boosted tourism, with family-oriented travel becoming a prominent trend [9] - Cross-border travel remains strong, with a notable increase in inbound tourism, particularly from countries with visa-free policies [10] Pharmaceutical Sector Analysis - The report on Ma Yinglong indicates a solid revenue growth of 18.85% year-on-year for 2024, with a total revenue of 3.728 billion yuan [12] - The company’s focus on the healthcare sector, particularly in the treatment of hemorrhoids, is expected to drive future growth, supported by a strong brand presence [13][15] - The pharmaceutical industry overall is experiencing steady growth, with a significant increase in sales of hemorrhoid treatment products [13]

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 29.00 and a sector rating of "Outperform" [1][3]. Core Views - The company has demonstrated steady growth in its performance, with a 2024 revenue of RMB 3.728 billion, representing an 18.85% year-on-year increase, and a net profit of RMB 528 million, up 19.14% year-on-year. The first quarter of 2025 shows a revenue of RMB 969 million, a 1.48% increase, and a net profit of RMB 204 million, up 2.99% year-on-year. The company has a strong brand presence in the anorectal field and is expected to gain new growth from its health business [3][5]. - The company is expected to see continued growth in its health business, particularly with the launch of new products targeting the anorectal health management market, which is anticipated to enhance brand recognition and sales [8]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of RMB 3.728 billion, with a growth rate of 18.9%. The projected revenues for 2025, 2026, and 2027 are RMB 4.204 billion, RMB 4.720 billion, and RMB 5.250 billion, respectively, with growth rates of 12.8%, 12.3%, and 11.2% [7]. - The net profit for 2024 was RMB 528 million, with a growth rate of 19.1%. The projected net profits for the following years are RMB 616 million, RMB 714 million, and RMB 798 million, with growth rates of 16.6%, 16.0%, and 11.7% [7]. Valuation - The report slightly adjusts the profit forecast, estimating the net profit for 2025-2027 to be RMB 616 million, RMB 714 million, and RMB 798 million, respectively. The corresponding earnings per share (EPS) are projected to be RMB 1.43, RMB 1.66, and RMB 1.85. The price-to-earnings (P/E) ratios for these years are expected to be 20.3, 17.5, and 15.7 times [5][7]. Market Position - The company has a strong foothold in the anorectal market, with significant brand advantages. The health sector is anticipated to provide new growth opportunities, particularly through the introduction of innovative products and enhanced market coverage [3][8].