德镁医药收入快速增长，分拆上市有助于价值重估。分产品来看，皮肤健康线（德镁医药）表现突出， 2025 年上半年实现收入4.98 亿元（+104.3%）。德镁医药深度布局不同作用机理及治疗方式的皮肤疾病 处方药，目前已有3 款已上市产品（益路取、喜辽妥、安束喜），4 款处于临床阶段的管线产品（芦可 替尼乳膏、MG-K10、povorcitinib、CMSD001），其中芦可替尼乳膏白癜风适应症的NDA 处于审评阶 段。德镁医药拥有完善的皮肤专科销售及学术推广团队，覆盖主流院内、院外渠道，我们认为随着芦可 替尼乳膏等重磅品种陆续获批，德镁医药的业绩有望持续保持高速增长。公司拟通过介绍上市及实物分 派的方式分拆德镁医药于联交所主板独立上市，有助于其皮肤科产品/管线价值重估。 盈利预测和估值。我们预计2025 年至2027 年公司营业收入分别为80.53亿元、94.39 亿元和116.51 亿 元，同比增速分别为7.8%、17.2%和23.4%；归属于上市公司股东的净利润分别为16.85 亿元、19.56 亿 元和24.65 亿元，同比增速分别为4.0%、16.1%和26.1%，以8 月22 日收盘价计算，对应PE ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown continuous growth in innovative products, with a notable performance in the skin health line [4] - The company reported a revenue of 4.002 billion yuan in the first half of 2025, representing a year-on-year increase of 10.8%, and a net profit attributable to shareholders of 941 million yuan, up 3.38% [5] - The sales of exclusive/brand and innovative products increased by 20.6% year-on-year, accounting for 62.1% of total revenue [5] - The company is advancing its innovative drug pipeline, with several products in various stages of clinical trials [5] - The skin health line (Demeg Pharmaceuticals) achieved a revenue of 498 million yuan, a significant increase of 104.3% [5] - The company plans to spin off Demeg Pharmaceuticals for independent listing, which is expected to help in the revaluation of its skin care product line [5] - Revenue forecasts for 2025 to 2027 are 8.053 billion yuan, 9.439 billion yuan, and 11.651 billion yuan, with corresponding net profits of 1.685 billion yuan, 1.956 billion yuan, and 2.465 billion yuan [6] Summary by Sections Company Overview - The company is focused on innovative pharmaceuticals, particularly in cardiovascular, central nervous system, digestive, and renal fields [5] Financial Performance - The company’s current P/E ratio is 18.12, with a market capitalization of 32.787 billion HKD [5] - The projected revenue growth rates for 2025, 2026, and 2027 are 7.8%, 17.2%, and 23.4% respectively [6] Product Pipeline - The company has a robust pipeline with several innovative drugs under development, including those for chronic kidney disease and asthma [5] Market Position - The company has established a strong market presence with a comprehensive product matrix and experienced commercialization capabilities [5]

Company Overview - 德镁医药 is an innovative pharmaceutical company focused on skin health, operating under 康哲药业. It specializes in prescription drugs and dermatological skincare products, with three products already on the market and several candidates in various clinical stages [1] Financial Performance - Revenue for 2023 reached RMB 472.56 million, a year-on-year increase of 23.2%, driven by a robust growth in prescription drugs and a significant surge in skincare products [2][3] - Prescription drug revenue was RMB 424.82 million in 2023, up 13.6% from RMB 374.04 million in 2022, accounting for 89.9% of total revenue [2] - Skincare product revenue skyrocketed by 404.4% to RMB 47.74 million in 2023, primarily due to successful e-commerce promotions [3] Profitability and Margins - The overall gross margin improved to 76.9% in 2023, up 6.8 percentage points from the previous year, with a significant reduction in net loss to RMB 5 million [5] - The gross margin for prescription drugs was 76.6%, while skincare products achieved a gross margin of 79.0% [5] - However, the gross margin is expected to decline to 63.5% in 2024 due to increased costs and pricing pressures from insurance adjustments [7][8] Debt Structure and Cash Levels - A debt-to-equity conversion in 2024 significantly improved the company's balance sheet, reducing liabilities from RMB 15.75 billion to RMB 1.54 billion [10] - Despite the reduction in debt, cash reserves remain tight, with only RMB 2.82 billion available at the end of 2024 [10] Competitive Advantages - 德镁医药 has the broadest coverage of skin disease indications in China, with nine conditions addressed, surpassing competitors [11] - Key products like 益路取 for psoriasis and 喜辽妥 for scar treatment have unique advantages, including insurance coverage and lack of direct competition [12][14] - The company benefits from a strong distribution network, leveraging 康哲药业's existing relationships with over 10,000 hospitals and 100,000 pharmacies [13] Industry Context - The Chinese skin treatment and care market was valued at RMB 76.4 billion in 2023, with a projected CAGR of 10.6% through 2035, driven by the high prevalence of chronic skin diseases [20] - The demand for dermatological skincare products is also increasing, with significant growth in e-commerce channels [20]

智通财经APP获悉，中金发布研报称，维持康哲药业(00867)盈利预测不变，公司股价当前交易于10.8 倍/9.7倍2025/2026年经调整市盈率，维持跑赢行业评级和11.00港元目标价不变，对应14.6倍/13.1倍 2025/2026年经调整市盈率。4月22日晚，公司公告建议分拆子公司德镁医药于港交所主板独立上市，分 拆建议仍需取决于相关部门批准、公司董事会以及德镁医药董事会批准。 德镁医药聚焦皮肤健康，产品管线丰富 德镁医药的产品主要是皮肤处方药和皮肤学护肤品，已上市产品包括替瑞奇珠单抗(IL-23，银屑病)、安 束喜(静脉曲张)、喜辽妥(浅表性静脉炎、挫伤)，在研重磅产品包括芦可替尼乳膏(JAK1/2，公司预计今 年上市)、IL4单抗(临床3期)、JAK1抑制剂(IND阶段)、TYK2抑制剂(临床1期)等。2024年德镁医药实现 收入6.18亿元(YoY+30.7%)。 新融资平台上市有望为股东带来更高潜在回报 该行认为，分拆完成后，1)德镁医药有望独立进行融资活动，有望进一步改善公司运营和财务业绩，并 更加集中发展其自身核心业务;2)提升德镁医药业务地位和市场形象，同时德镁医药已设立两份股权激 励 ...