在创新和壁垒产品放量的支持下，公司上半年经营业绩稳健，体现良好的抗风险能力 根据公司公告，1H25公司持续推动创新结构转型，创新和壁垒产品收入占比约51%(vs去年同期 36.1%)。易甘泰、Lava、恩卓润/恩明润、能气朗、合心爽/合贝爽等产品快速增长。剔除第十批集采影 响，公司人民币口径收入同比增长约13.0%，支持收入实现可持续增长。 核药板块延续翻倍增长态势，创新核素偶联药物(RDC)管线进展丰富 中金发布研报称，由于1H25远大医药(00512)业绩体现了较好的抗风险能力，上调2025年/2026年归母净 利润预测3.3%/3.4%至19.1亿/21.0亿港币。当前股价对应2025年/2026年18.0倍/16.4倍P/E。考虑到公司创 新管线不断兑现，该行维持跑赢行业评级，上调目标价21.9%至11.7港币，对应2025年/2026年21.7 倍/19.8倍P/E，较当前股价有20.6%的上行空间。 中金主要观点如下： 1H25业绩超该行预期 公司公布1H25业绩：收入61.07亿港币，同比+1.0%，剔除汇率影响同比+2.0%;归母净利润11.69亿港 币，超该行预期，主要由于收入超预期。 关注 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1][10]. Core Insights - The company is expected to experience significant growth in its nuclear medicine sector, with the STC3141 sepsis product projected to become a major global drug. The report emphasizes the potential of new products in various therapeutic areas, including respiratory, critical care, and ophthalmology [3][9]. - The company has a diversified product portfolio and a robust pipeline, with a focus on innovative therapies and strategic acquisitions to enhance its market position [9][18]. Summary by Sections 1. Company Overview - The company operates in three main segments: nuclear medicine, pharmaceutical technology, and biotechnology, with a strong emphasis on innovation and market expansion through acquisitions [9][18]. 2. Nuclear Medicine Sector - The nuclear medicine segment is rapidly growing, with a focus on the core product Yttrium-90 (Y[90]) and a pipeline of 12 innovative products targeting various cancers. The company has established partnerships with leading international firms to enhance its research and development capabilities [9][35][37]. 3. Pharmaceutical Technology - The pharmaceutical technology segment is expected to see growth from new products in the respiratory and critical care fields, as well as in ophthalmology. The company is well-positioned to capitalize on the market opportunities presented by these new therapies [3][9]. 4. Financial Projections - The company forecasts revenue growth from 116.45 billion HKD in 2024 to 146.63 billion HKD by 2027, with net profit expected to rise from 24.68 billion HKD to 27.64 billion HKD in the same period. The projected P/E ratios indicate that the company is undervalued compared to its peers [1][10][24]. 5. Market Potential - The global nuclear medicine market is projected to grow significantly, with estimates suggesting a rise from 10.7 billion USD in 2023 to 22.8 billion USD by 2030. The Chinese market for radiopharmaceuticals is also expected to expand rapidly, driven by increasing demand and regulatory support [36][38].