东方证券研报指出，众生药业中药基本盘稳健，创新管线步入收获期。公司以特色中成药为基础、高端 仿制药为依托、创新药为引领，具备多层次研发体系。近年来，公司多款重磅产品步入商业化或临床后 期阶段。2025年5月，治疗成人单纯性甲型流感的PB2靶点RNA聚合酶抑制剂昂拉地韦片获批上市，III 期临床数据中展现出较奥司他韦差异化的竞争优势；公司中药核心品种复方血栓通胶囊为原研独家剂型 品种，连续多年在国内眼科内服中成药领域市场占有率排名第一位，随着集采影响的逐步消化，后续销 售有望企稳回升看好公司中药化药双轮驱动，中药业务基本盘集采影响逐渐出清，化药创新药临床管线 步入后期，具备大品种和出海潜力，采用PE估值，参考行业平均市盈率，给予公司2026年57倍PE，对 应目标价23.37元，首次覆盖给予"买入"评级。 ...

⚫ 研发进展不及预期风险，市场竞争加剧风险，医药政策变化风险，中药材价格成本 上升风险。 ⚫ 。 公司主要财务信息 众生药业 002317.SZ 公司研究 | 首次报告 | 中药基本盘稳健，创新管线步入收获期 | | --- | 众生药业首次覆盖报告 核心观点 盈利预测与投资建议 ⚫ 我们看好公司中药化药双轮驱动，中药业务基本盘集采影响逐渐出清，化药创新药 临床管线步入后期，具备大品种和出海潜力，预计公司 2025-2027 年归母净利润分 别为 2.9/3.5/4.1 亿元，对应 EPS 分别为 0.34、0.41、0.48 元。我们采用 PE 估值， 参考行业平均市盈率，给予公司 2026 年 57 倍 PE，对应目标价 23.37 元，首次覆盖 给予"买入"评级。 风险提示 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2,611 | 2,467 | 2,803 | 3,126 | 3,447 | | 同比增长 (%) | -2.5% | -5.5% | 13 ...

众生药业 002317.SZ 公司研究 | 首次报告 | 中药基本盘稳健，创新管线步入收获期 | | --- | 众生药业首次覆盖报告 核心观点 盈利预测与投资建议 ⚫ 我们看好公司中药化药双轮驱动，中药业务基本盘集采影响逐渐出清，化药创新药 临床管线步入后期，具备大品种和出海潜力，预计公司 2025-2027 年归母净利润分 别为 2.9/3.5/4.1 亿元，对应 EPS 分别为 0.34、0.41、0.48 元。我们采用 PE 估值， 参考行业平均市盈率，给予公司 2026 年 57 倍 PE，对应目标价 23.37 元，首次覆盖 给予"买入"评级。 风险提示 ⚫ 研发进展不及预期风险，市场竞争加剧风险，医药政策变化风险，中药材价格成本 上升风险。 ⚫ 。 公司主要财务信息 ⚫ 中药化药双轮驱动，加强业绩考核和创新药研发激励。公司以特色中成药为基础、 高端仿制药为依托、创新药为引领，具备多层次研发体系。近年来，营收保持稳 健，2024 年受资产减值损失计提影响，利润端亏损。2025 年前三季度，公司归母 净利润 2.5 亿元，同比增长 68.4%，已有所恢复。公司 2024 年推出员工持股计划， 给予核 ...

Core Viewpoint - The company Guangdong Zhongsheng Pharmaceutical Co., Ltd. announced that its innovative drug, Angladiwei Tablets (brand name: Anruiwei), has been included in the National Medical Insurance Directory for 2025, which is expected to enhance market promotion and sales potential for the product [1][2]. Group 1: Product Information - Angladiwei Tablets are the world's first targeted drug for the PB2 subunit of the influenza A virus RNA polymerase, approved for treating adult patients with uncomplicated influenza [2]. - The drug is characterized by rapid action, strong efficacy, and low resistance, providing a cost-effective and accessible treatment option for patients [2]. Group 2: Market Impact - The inclusion of Angladiwei Tablets in the National Medical Insurance Directory is anticipated to positively impact the company's long-term operational development and market presence [2]. - Other core products of the company, including Lai Ru Te Wei Tablets and various other formulations, continue to be listed in the National Medical Insurance Directory, supporting the company's overall product portfolio [1].

Core Viewpoint - Guangdong Zhongsheng Pharmaceutical Co., Ltd. has successfully included its innovative drug, Anladiwei Tablets (brand name: Anruiwei), in the National Medical Insurance Directory for 2025, which is expected to enhance patient access to effective treatment for influenza [1] Group 1: Product Inclusion - Anladiwei Tablets is the first global drug targeting the PB2 subunit of the RNA polymerase of the influenza A virus, approved for the treatment of uncomplicated influenza in adults [1] - The drug is characterized by rapid action, strong efficacy, and low resistance, providing a significant option for patients suffering from influenza [1] - Other core products of the company, including Lai Ru Te Wei Tablets and various formulations, continue to be included in the National Medical Insurance Directory [1] Group 2: Market Impact - The inclusion of Anladiwei Tablets in the Class B category of the National Medical Insurance Directory is expected to benefit a larger patient population, offering economical, safe, and accessible medication options [1] - The drug was approved by the National Medical Products Administration in May 2025, marking a significant milestone for the company's respiratory pipeline [1]

Core Viewpoint - Zhongsheng Pharmaceutical's innovative drug, Angladiwei Tablets (brand name: Anruiwei), has been included in the National Medical Insurance Directory for the first time through national medical insurance negotiations [1] Group 1: Company Developments - The company announced that its core product, Lai Ru Te Wei Tablets, along with several other products, continues to be included in the National Medical Insurance Directory [1]

Core Viewpoint - Zhongsheng Pharmaceutical's innovative drug Angladewe Tablets (brand name: Anruiwei) has been included in the National Medical Insurance Directory for the first time through national medical insurance negotiations for 2025 [1] Group 1: Company Developments - The company announced that its core products, including Lai Ru Te Wei Tablets, Compound Thrombus Tong Capsules, Cerebral Thrombus Tong Capsules, Sucralfate Oral Suspension, Carboxymethyl Starch Oral Solution, and Nitazoxanide Eye Drops, have also been included in the National Medical Insurance Directory [1]

Core Viewpoint - On August 19, Zhongsheng Pharmaceutical experienced an intraday increase of 8.36%, reaching a stock price of 24.88 yuan per share, with a trading volume of 1.238 billion yuan and a turnover rate of 6.81%, resulting in a total market capitalization of 21.146 billion yuan [1] Company Overview - Guangdong Zhongsheng Pharmaceutical Co., Ltd. is located in Dongguan City, Guangdong Province, and is a top 100 pharmaceutical company focusing on ophthalmology, cardiovascular, respiratory, and digestive treatment areas [1] - The company operates ten subsidiaries and four production bases, with major products including Compound Thrombus Capsule, Brain Thrombus Capsule, and Zhongsheng Pill [1] - Zhongsheng Pharmaceutical has 16 chemical drug products that have passed the consistency evaluation of generic drugs, with five products selected in the national centralized procurement [1] - The company has established a multi-level R&D system based on characteristic traditional Chinese medicine, high-end generic drugs, and innovative drugs, with the innovative drug Liratevir Tablets approved for market on March 23, 2023 [1] Financial Performance - For the period from January to March 2025, Zhongsheng Pharmaceutical achieved an operating income of 634 million yuan, a year-on-year decrease of 1.07%, while the net profit attributable to shareholders was 82.6118 million yuan, reflecting a year-on-year increase of 61.06% [1] - As of March 31, the number of shareholders of Zhongsheng Pharmaceutical was 91,100, with an average of 8,359 circulating shares per person [1]

Core Viewpoint - The report highlights the rich product layout of innovative drugs by Zhongsheng Pharmaceutical, with a focus on the upcoming launch of its influenza product, Anladiwei tablets, which is expected to capture significant market share [1][2][3] Company Overview - Zhongsheng Pharmaceutical is primarily engaged in the research, production, and sales of traditional Chinese medicine and chemical drugs, with traditional Chinese medicine being its core business [1] - The company has established a solid foundation for growth through its well-known traditional Chinese medicine products, which are projected to generate 1.32 billion yuan in revenue by the end of 2024, accounting for 53% of total revenue [1] Innovative Drug Development - The company has successfully launched innovative drugs, including the first peptide-based 3CL single-agent anti-COVID drug, Lairuitewei tablets, and the recently approved influenza drug, Anladiwei tablets, which is a PB2-targeted small molecule RNA polymerase inhibitor [2] - Anladiwei tablets are expected to outperform current mainstream influenza drugs, showing faster symptom relief and lower resistance risk, thus potentially reshaping the influenza market landscape [2] Clinical Trial Results - The long-acting GLP-1 drug, RAY1225 injection, has shown promising results in Phase II clinical trials, demonstrating better weight loss and blood sugar control compared to similar drugs [2] - The drug's efficacy and safety profile are noteworthy, with ongoing Phase III clinical trials in China and potential for overseas rights authorization [2] Financial Projections - The company is expected to see revenue growth from 2.808 billion yuan in 2025 to 3.501 billion yuan in 2027, with year-on-year growth rates of 13.8%, 11.2%, and 12.1% respectively [3] - Net profit is projected to increase significantly from 305 million yuan in 2025 to 387 million yuan in 2027, with growth rates of 201.9%, 11.3%, and 14.1% respectively [3] Investment Recommendation - The report recommends a "buy" rating for Zhongsheng Pharmaceutical, emphasizing the positive outlook for its innovative drug portfolio and stable performance in traditional Chinese medicine and chemical generic drug sectors [3]

Core Viewpoint - The company expects a significant increase in net profit for the first half of 2025, driven by reduced non-recurring factors and the approval of new drugs [1][2]. Group 1: Financial Performance - The company anticipates a net profit of 170 to 210 million yuan for the first half of 2025, representing a year-on-year growth of 94.49% to 140.25%, primarily due to the diminishing impact of non-recurring gains from 2024 [2]. - The expected growth in net profit excluding non-recurring items is projected to be between 3.64% and 26.67% [2]. - Revenue forecasts for 2025 to 2027 are estimated at 2.712 billion, 2.997 billion, and 3.290 billion yuan, respectively, with corresponding EPS of 0.39, 0.49, and 0.60 yuan [4]. Group 2: Product Development - The company has received approval for its innovative drug, Angladiwe, which is the world's first RNA polymerase PB2 protein inhibitor for influenza, expected to contribute to future growth [2]. - Angladiwe is the only anti-influenza drug in China that has undergone head-to-head phase III clinical trials with Oseltamivir, showing a nearly 10% reduction in median time to fever relief compared to Oseltamivir [2]. - The company is rapidly advancing its GLP-1/GIP dual receptor agonist, RAY1225, which has shown promising results in weight loss and metabolic improvement, with ongoing phase III clinical trials in China [3]. Group 3: Market Potential - RAY1225 has potential for international licensing and is positioned to compete effectively in the market, with a higher weight loss achievement rate compared to existing treatments [3][4]. - The company plans to participate in the 2025 medical insurance negotiations for Angladiwe, and is also developing a pediatric formulation of the drug, which has shown favorable results in phase II clinical trials [2].