以下文章来源于豫医言药 ，作者太平洋医药组 豫医言药 . 偌大江湖，与你相遇，幸甚！ 文章转自2025年11月18日太平洋 医药 团队报告 ，分析师： 周豫/ 乔露阳 投资要点 | 碘中列产制剂销售收入达 。造间公影体同司剂、时围"API+ 原围绕料一药国制8,620.3 体、际剂化制化"战剂战一万元。 略业略体，务，化向以加龙产及大头业原海企链料外业的药销，前CMO/CDMO 售国端布际和局化末，战端依略延托稳业伸控步务，股推，201 公进是司。1国年爱公内在尔司碘江兰成造西IMAX 立影樟于剂树1997 企建积业立累年中中的，产间注于品体册2016 规生优模产势年最基和在大地销上、，售海品2012 网证种络券最年，交齐在实易全上现所的海制上厂金剂市家山国，，建际主其立化营中制销X-CT 碘剂售海工，醇非厂2024 原离，料子于年药型2020 ，产造爱能影年尔及剂实兰产、现IMAX 量喹制位诺剂居酮商公类国业司系内化海列前生外 | | --- | | 原已3000 升应司原材料成本压力将减轻；（ 商，料成的2药吨为022产国能年能内已GE扩，品经张占种预满蓄全最计负力球齐，荷成碘全随运长造的着转，影厂全，多 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3]. Core Views - The company is expected to overcome operational bottlenecks and improve profitability, moving towards becoming a comprehensive supplier of contrast agents [1][7]. - The management efficiency has improved significantly under the current chairman, with revenue per employee increasing from 550,000 RMB in 2015 to 1,340,000 RMB in 2025 [7][19]. - The company is entering a phase of increased production capacity for iodine contrast agents, with capital expenditures (CAPEX) peak passed and utilization rates expected to rise [7][19]. - The domestic and international demand for contrast agents is expanding, with the company positioned as a key supplier in the iodine contrast agent market [7][27]. Financial Data and Projections - The company is projected to achieve a net profit of 0.7 billion RMB in 2025, 2.3 billion RMB in 2026, and 3.5 billion RMB in 2027, with corresponding price-to-earnings (PE) ratios of 58, 18, and 11 [8][75]. - Revenue is expected to grow from 2.196 billion RMB in 2023 to 3.516 billion RMB in 2027, reflecting a compound annual growth rate (CAGR) of approximately 15% [8][85]. - The company’s operating profit is forecasted to recover from a loss of 0.054 billion RMB in 2024 to a profit of 0.277 billion RMB in 2026 [8][85]. Market Dynamics - The global market for contrast agents is projected to grow at a compound annual growth rate (CAGR) of 6.8%, with iodine contrast agent demand expected to double in the next decade [7][31]. - The supply of iodine is constrained, with major producers unable to significantly increase output, maintaining a tight balance between supply and demand [22][27]. - The company is positioned as a leading supplier in the iodine contrast agent market, with a comprehensive product range and established customer relationships [7][34]. Production Capacity and Expansion - The company has completed the construction of over 2,400 tons of raw material capacity, with approximately 1,800 tons certified under major quality systems [7][37]. - The company plans to utilize funds from a recent capital increase to expand production capacity for non-ionic CT contrast agents and iodine compounds [37][38]. Competitive Position - The company has a significant market share in iodine contrast agents, with a focus on expanding its product offerings and enhancing its competitive edge through strategic investments [7][34]. - The domestic procurement policies are expected to benefit the company, as it has a strong cost and scale advantage in raw materials [7][57]. International Expansion - The company is leveraging its international platform, IMAX, to enhance its global presence, with sales revenue from overseas operations increasing by 60% year-on-year [72]. - The company anticipates completing EU-GMP certification for its Shanghai facility in 2025, facilitating further international market penetration [72][75].