业绩短期承压，下半年有望改善 ——仙琚制药 2025 年中报点评 核心观点 盈利预测与投资建议 ⚫ 根据 25 年中报，我们下调原料药和制剂收入预测，上调毛利率预测，预测公司 25- 27 年每股收益分别为 0.61/0.70/0.86 元（原 25-27 年预测为 0.69/0.80/0.97 元）， 根据可比公司，给予公司 2026 年 17 倍市盈率，对应目标价为 12.81 元，维持"买 入"评级。 风险提示 | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | -8.09 | -1.77 | 12.81 | -6.2 | | 相对表现% | -8.94 | -12.51 | -4.12 | -43.73 | | 沪深 300% | 0.85 | 10.74 | 16.93 | 37.53 | | 伍云飞 | wuyunfei1@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860524020001 | | | 香港证监会牌照：BRX199 | | 傅肖依 | fuxi ...

Investment Rating - The investment rating for Xianju Pharmaceutical (002332.SZ) is "Buy" (maintained) [1][3][18] Core Views - The report indicates that negative factors are gradually being resolved, and a transition between old and new growth drivers is expected, making an inflection point worth anticipating [1][3] - The company's performance is under pressure due to intensified competition in raw materials and pricing pressures in the formulation business, but there are signs of recovery with new product approvals and a potential turnaround in performance [3][4] Financial Performance Summary - For 2025H1, the company achieved revenue of 1.869 billion yuan, a year-on-year decrease of 12.56%, and a net profit attributable to shareholders of 308 million yuan, down 9.26% year-on-year [3][5] - The revenue for 2025 is projected to be 3.986 billion yuan, with a slight decline of 0.36%, followed by growth rates of 11.70% and 15.85% in 2026 and 2027, respectively [1][3] - The net profit attributable to shareholders is expected to be 632 million yuan in 2025, reflecting a significant year-on-year increase of 59.10% [1][3] Segment Performance - The formulation segment's revenue for 2025H1 was 1.127 billion yuan, down 7.2%, with respiratory products showing stable growth [3][4] - The raw materials and intermediates segment saw a revenue decline of 20% in 2025H1, but the Italian subsidiary has resumed growth [3][4] Cost and Profitability Metrics - The gross margin for 2025H1 was 63.16%, an increase of 8.32 percentage points, attributed to a higher proportion of high-margin formulation revenue [3][5] - The report notes an increase in the selling expense ratio to 29.30% and a management expense ratio of 8.80% for 2025H1 [3][5] Research and Development - The company continues to advance its R&D efforts, with several new products approved for production and ongoing clinical trials for innovative drugs [3][4]

Group 1 - The company, Xianju Pharmaceutical (002332.SZ), has received a drug registration acceptance notice from the National Medical Products Administration for the production of Tiotropium Bromide Inhalation Spray [1] - The specifications of the Tiotropium Bromide Inhalation Spray include a delivery dose of 2.5μg per spray and a liquid concentration of 0.2262mg/ml [1] - The drug registration process has entered the review stage, and successful approval will enhance the company's product line and market competitiveness [1] Group 2 - The drug registration approval process has an uncertain timeline, which may affect investment decisions [1]