证券研究报告·公司点评报告 2026 年 3 月 4 日 江海证券研究发展部 医药行业研究组 执业证书编号：S1410524050001 | 投资评级： | 买入（维持） | | --- | --- | | 当前价格: | 34.72元 | | 市场数据 | | | | | | --- | --- | --- | --- | --- | | 总股本(百万股) | | 117.32 | | | | A 股股本(百万股) | | 117.32 | | | | B/H 股股本(百万股) | | -/- | | | | A 股流通比例(%) | | 88.44 | | | | 12 个月最高/最低(元) | | 66.66/33.65 | | | | 第一大股东 | | 李永安 | | | | 第一大股东持股比例(%) | | 10.38 | | | | 上证综指/沪深 300 | | | | 4122.68/4655.90 | | 数据来源：聚源 注：2026 | 3 | 3 日数据 | 年 | 月 | 近十二个月股价表现 % 1 个月 3 个月 12 个月 相对收益 9.40 -4.04 45.06 绝对收益 0 ...

Core Viewpoint - The implementation of the national centralized procurement policy will significantly enhance the quality of medication for patients and optimize the clinical medication structure, with an average price reduction exceeding 60% for the selected drugs [1][2]. Group 1: Centralized Procurement Details - The centralized procurement covers 62 types of drugs, addressing treatment areas such as hypertension, diabetes, tumors, cardiovascular diseases, infections, and mental illnesses [1]. - High-value drugs and clinically scarce drugs are included, such as Doxorubicin Liposome Injection for breast cancer and Norepinephrine Bitartrate Injection for clinical shortages [1]. - Over 50 drug varieties, including Terbutaline Sulfate Injection and Linagliptin Tablets, have price reductions exceeding 90% [1]. Group 2: Impact on Patient Care - The policy will promote the replacement of unapproved drugs with those that have passed the national quality and efficacy consistency evaluation, thereby improving medication safety and efficacy [2]. - For instance, Doxorubicin Liposome Injection significantly reduces the incidence of adverse reactions compared to traditional formulations, enhancing medication safety [2]. - The inclusion of Macitentan Tablets for pulmonary arterial hypertension provides more treatment options for rare disease patients [2]. - The promotion of combination formulations like Sitagliptin Metformin Tablets can enhance therapeutic effects and simplify medication regimens, improving patient adherence [2]. Group 3: Implementation Timeline - The procurement results for the national Chinese medicine decoction pieces will be implemented in Rizhao City starting April 21, 2025, with 45 varieties available for purchase in public medical institutions [2].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company has won multiple bids in the tenth batch of national drug procurement, leading to a projected 28% year-on-year increase in net profit attributable to the parent company for 2024 [1] - The company reported a revenue of 868 million yuan for 2024, representing a 22.46% increase year-on-year, and a net profit of 176 million yuan, up 27.74% year-on-year [1] - The sales structure has changed, with a rapid increase in production volume and a decrease in the prices of some raw materials, resulting in an improvement in the overall gross profit margin [1] - The company plans to increase R&D investment, with an expected R&D expenditure of 116 million yuan in 2024, a 6.07% increase year-on-year [3] Financial Summary and Valuation Indicators - Revenue is projected to grow from 709 million yuan in 2023 to 868 million yuan in 2024, and further to 960 million yuan in 2025 [4] - Net profit is expected to increase from 138 million yuan in 2023 to 176 million yuan in 2024, and slightly to 178 million yuan in 2025 [4] - The gross profit margin is expected to remain stable around 81.5% to 81.4% from 2024 to 2026 [4] - The projected earnings per share (EPS) are 2.25 yuan for 2024, 2.27 yuan for 2025, and 2.58 yuan for 2026, with corresponding price-to-earnings (P/E) ratios of 17.3, 17.1, and 15.0 respectively [4]