[Table_Reportdate] 2025年10月31日 [Table_invest] 买入（维持） 报告原因：业绩点评 [丽珠集团 Table_NewTitle]（000513）：业绩平稳增长，研 发快速推进 ——公司简评报告 [table_main] 投资要点 ➢ 风险提示：研发进展不及预期风险；新产品销售不及预期风险；市场需求波动风险。 [盈利预测与估值简表 Table_profits] | | 2022A | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） 12,630 | | 12,430 | 11,812 | 12,223 | 13,132 | 14,303 | | 增长率（%） | 4.69% | -1.58% | -4.97% | 3.48% | 7.43% | 8.92% | | 归母净利润（百万元） | 1,909 | 1,954 | 2,061 | 2,382 | 2,659 | 2,941 | | 增长率（%） | 7.53% | 2.3 ...

Financial Performance - The company achieved a total revenue of 91.16 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 0.38% [2] - The net profit attributable to the parent company, after deducting non-recurring items, was 4.98 billion yuan, reflecting a year-on-year increase of 17.12% [2] - The formulation segment saw growth in major categories such as digestive, mental health, and traditional Chinese medicine, contributing to overall revenue stability [2] R&D Progress - The company has made significant advancements in key projects, including the submission of the P-CAB tablet for market approval and the completion of Phase II clinical trials for the injection form [3][8] - The IL-17A/F project for psoriasis and ankylosing spondylitis has completed Phase III clinical trials, with data expected to be submitted for market approval by the end of the year [4] - The NS-041 tablet for epilepsy and depression has entered Phase II clinical trials, with promising results in preclinical models [3] Market Strategy - The company plans to leverage its established sales channels in the digestive field to ensure rapid market penetration for new products like JP-1366, which is projected to achieve a sales figure of approximately 12.5 billion yuan in 2024, marking an 81% year-on-year growth [8] - The company is focusing on international expansion, particularly in Vietnam, where it aims to utilize the existing EU-GMP certified product lines of Imexpharm to enhance its market presence [6] Future Outlook - The company anticipates a stable revenue trend for the year, with profit growth expected to outpace revenue growth [11] - A clear roadmap for the launch of innovative drugs has been established, with multiple products set to enter the market over the next few years, including the IL-17A/F project and various formulations in the digestive and mental health sectors [9][10] - The company has committed to a high dividend payout, having repurchased shares worth 17.2 billion yuan and distributed nearly 60 billion yuan in dividends from 2020 to 2024 [13]