内容概要：庞大的糖尿病患者群体带动我国胰岛素市场需求快速增长，甘精胰岛素是一种长效人胰岛素 类似物，具有长效、平稳的特点，能更好地模拟生理性基础胰岛素分泌，减少低血糖风险，在糖尿病治 疗中具有重要地位，其优势使得它在市场上具有较强的竞争力，据统计，2024年我国门甘精胰岛素行业 市场规模达60.83亿元，同比增长4.13%，占胰岛素行业整体规模的22.36%。 上市企业：甘李药业（603087）、通化东宝（600867）、联邦制药（03933.HK） 相关企业：宜昌东阳光长江药业股份有限公司、辽宁博鳌生物制药有限公司、赛诺菲（北京）制药有限 公司、江苏万邦生化医药集团有限责任公司、山东新时代药业有限公司、礼来苏州制药有限公司、合肥 天麦生物科技发展有限公司、复星万邦（江苏）医药集团有限公司 关键词：甘精胰岛素市场政策、甘精胰岛素产业链图谱、甘精胰岛素市场规模、甘精胰岛素竞争格局、 甘精胰岛素发展趋势 一、概述 甘精胰岛素（Insulin Glargine）是由大肠埃希菌通过重组DNA技术生产，主要作用是调节糖代谢，通过 促进骨骼肌和脂肪等外周组织摄取葡萄糖、抑制肝葡萄精产生而降低血糖，临床用于治疗糖尿病。 我 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [6]. Core Views - The company is experiencing robust growth in the domestic insulin market, with both volume and price increasing due to successful participation in centralized procurement [5][6]. - The company is actively advancing its innovative research and development pipeline, with promising data from its GLP-1 receptor agonist GZR18 and long-acting insulin GZR4 [5][6]. - The company is expanding its international presence, with increasing overseas sales and successful entry into emerging markets [5][6]. Summary by Sections 1. Market Position and Growth - The company is a leading player in the diabetes market, with a comprehensive insulin product pipeline and significant market share growth due to centralized procurement [9][12]. - In 2024, the company achieved a revenue of 22.45 billion yuan, a year-on-year increase of 17.81%, and a net profit of 5.07 billion yuan, up 90.36% [5][12]. 2. Research and Development - The company has a complete insulin research pipeline, including both marketed products and innovative drugs in development, such as GZR18 and GZR4 [34][39]. - GZR18 has shown significant weight loss results in clinical trials, indicating its potential as a best-in-class (BIC) treatment [36][37]. 3. International Expansion - The company is actively pursuing international markets, with successful product registrations and sales in regions such as Latin America and Asia-Pacific [43][44]. - The company’s overseas revenue reached 2.27 billion yuan in 2023, reflecting a year-on-year growth of 13.31% [44]. 4. Financial Projections and Valuation - The company is projected to achieve net profits of 6.52 billion yuan in 2024, 11.50 billion yuan in 2025, and 14.97 billion yuan in 2026, with corresponding P/E ratios of 40, 23, and 17 [6][12]. - The company's P/E valuation for 2025 is estimated at 23 times, which is lower than the average of comparable companies at 32 times [6].