医药生物 上 市 公 司 2025 年 08 月 23 日 德源药业 (832735) ——收入利润符合预期，创新药研发顺利，年内催化剂丰富 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 22 日 | | --- | --- | | 收盘价（元） | 42.99 | | 一年内最高/最低（元） | 66.66/20.96 | | 市净率 | 4.3 | | 股息率%（分红/股价） | 1.07 | | 流通 A 股市值（百万元） | 4,461 | | 上证指数/深证成指 | 3,825.76/12,166.06 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 9.95 | | 资产负债率% | 19.02 | | 总股本/流通 A 股（百万） | 117/104 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-22 09-22 10-22 11-22 12-22 01-22 02-22 03-22 04-22 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2][4]. Core Views - The company has received approval for the innovative drug DYX116 for weight loss indications, accelerating its pipeline, with a projected net profit increase of 22% in H1 2025 [2][4]. - The company reported H1 2025 revenue of 525 million yuan, a year-on-year increase of 21.29%, and a net profit of approximately 97.8 million yuan, up 21.94% year-on-year [4]. - The sales volume of diabetes and hypertension products has steadily increased, with significant contributions from key products, and the company is set to benefit from the tenth batch of centralized procurement starting in March 2025 [5][6]. Financial Summary - Revenue projections for 2025-2027 have been revised upwards, with expected net profits of 194 million yuan, 214 million yuan, and 244 million yuan respectively, translating to EPS of 1.65, 1.82, and 2.08 yuan per share [4][8]. - The company’s gross margin is expected to remain strong, with estimates of 83.8% in 2025, and net profit margin projected at 19.1% [8][11]. - The company’s total market capitalization is approximately 4.927 billion yuan, with a current share price of 42.00 yuan [2].

Group 1: Investor Relations Activity Overview - The investor relations activity took place from June 12 to June 13, 2025, at the Westin Hotel in Beijing [4] - Attendees included major securities firms and funds such as Shenwan Hongyuan, Huano Investment, and CITIC Securities [4] - Company representatives included the Vice General Manager, Board Secretary, and Financial Officer, Mr. Wang Qibing [4] Group 2: Research and Development Budget - The estimated R&D budget for 2025 is CNY 163 million, with CNY 85 million allocated for innovative drugs and CNY 78 million for generic drugs [6] - The R&D focus will be on chronic disease treatments related to metabolic disorders, including diabetes and hypertension [6] Group 3: Drug Approval and Development - As of 2025, the company has obtained 4 drug registration certificates, including drugs like Sacubitril/Valsartan and Dapagliflozin [7] - Innovative drug DYX116 is in Phase I clinical trials, with expectations to complete by the end of 2025 [7] - DYX216, another innovative drug for resistant hypertension, has identified potential preclinical candidates [7] Group 4: Performance and Growth Factors - The company maintains steady growth due to strong marketing strategies and sales performance [8] - Sales of products like "Furuitong" and "Bokaiqing" continue to grow, contributing to overall performance [8] - Improved product gross margin due to increased production and reduced raw material costs [8] - Enhanced internal management and cost control measures have improved overall profitability [8]