司太立 20251222 摘要 斯太利是国内领先的碘造影剂供应商，拥有最大的产品规模和最齐全的 品种，碘海醇产能和产量位居国内前列，受益于国内碘造影剂市场从集 采影响中恢复，2024 年院端市场规模重回 150 亿元人民币水平。 公司已建成 2,400 余吨原料产能，其中 1,800 吨完成国内外质量体系认 证，预计年底提升至 3,000 吨，占全球需求近三分之一，前瞻性的产能 布局有望承接更多新需求，进一步提高市占率。 毛利改善受益于碘价下降、产能利用率提升及点回收技术，点回收已达 到原研水平，有效降低生产成本，提升盈利能力。 依托爱尔兰 IMAX 控股公司的注册优势和销售网络，公司积极推进制剂 国际化销售，截至 2024 年，IMAX 公司海外制剂销售额已达 8,620 万 元，协同效应显著。 上海斯泰利智能化改造项目已于 2025 年转固并投产，新增 1,200 万支 制剂产能，预计未来 3 至 4 年内，对内发货量将从 400 吨提升至 800 吨，实现翻倍增长。 Q&A 斯太利公司的业务情况及其国际化战略是什么？ 斯太利公司是一家专注于造影剂的 API（活性药物成分）和制剂一体化的企业， 成立于 1 ...

Core Viewpoint - The company is positioned as a leading integrated enterprise in the iodine contrast agent market, with a focus on expanding its international strategy and enhancing production capacity to meet growing demand [8][10][12]. Company Overview - The company, Zhejiang Sital Pharmaceutical Co., Ltd., was established in 1997 and listed in 2016, specializing in X-CT non-ionic contrast agents and related products, making it the largest manufacturer in China in terms of product variety and scale [8]. - The company has a clear shareholding structure, with the controlling shareholders being Hu Jian and Hu Jinsheng, who collectively hold 22.33% of the shares [10]. - The company has four major production bases, focusing on releasing production capacity after a phase of significant expansion [12][13]. Revenue and Profitability - The company's revenue has shown steady growth, with total revenue increasing from 1.367 billion yuan in 2020 to an estimated 2.350 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 14.51% [15]. - The iodine contrast agent business contributes approximately 80% of total revenue, with a growth from 1.214 billion yuan in 2020 to 1.870 billion yuan in 2024 [15]. - The company faced profitability pressures due to rising raw material costs, with net profit declining from 239 million yuan in 2020 to a projected loss in 2024, although a recovery is expected in 2025 [17]. Industry Insights - The global iodine contrast agent market is characterized by high barriers to entry and significant concentration, with major players including GE Healthcare and Bayer [21][32]. - The iodine contrast agent market is projected to grow, driven by increasing demand for medical imaging and advancements in healthcare infrastructure, particularly in emerging markets [23][27]. - The company is expected to capture a significant share of the global iodine contrast agent raw material market, with a projected capacity of 3,000 tons by the end of 2025, representing nearly one-third of global demand [36][38]. Production Capacity and Quality - The company has achieved substantial production capacity in iodine contrast agents, with 2,400 tons already built and expected to reach 3,000 tons by the end of 2025 [36][37]. - The company has completed quality certifications for approximately 1,800 tons of its production capacity, ensuring compliance with international standards [37]. - The company’s main products, including Iohexol and Iopamidol, have significant market shares, with sales revenues of 68.28 million USD and 26.16 million USD respectively in 2024 [38][39].

Core Points - The company did not distribute cash dividends or issue bonus shares during the reporting period [3] - The company’s controlling shareholder and actual controller did not change during the reporting period [5] - The company’s subsidiary Tianyuan Pharmaceutical won the bid for the centralized procurement of traditional Chinese medicine in Guangdong [5] - The company received various drug registration certificates and approvals for its products in 2025 [5][6] - The company completed the redemption of its convertible bonds in August 2025 [6] - The company’s subsidiary Haichang Pharmaceutical obtained market access for several raw materials in South Korea and India [6] Financial Data and Indicators - The report indicates that all board members attended the meeting to review the report [2] - The company’s half-year report was disclosed on August 26, 2025, on designated platforms [8] - The company confirmed the accuracy and completeness of the information disclosed in the report [8]

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].