司太立 20251031 摘要 公司国内制剂前三季度销售额为 4.22 亿元，与去年同期基本持平，但 新产品杰美普尔和碘佛醇销售额显著增长，达到去年同期的三倍以上， 显示出新产品对业绩的积极贡献。 API 板块前三季度发货量同比增长 15%至约 1,300 吨，其中对外发货量 增长超过 20%，表明 API 业务的增长势头强劲，尤其是在国际市场。 公司前三季度毛利率环比持续修复，超过了去年同期及全年水平，这得 益于产销规模的增长和降本增效措施的有效推进。 公司预计全年 API 发货量维持在 1,800 至 2,000 吨左右，多个车间已完 成国内外 GMP 认证，预计明年发货量将创历史新高，预示着未来业绩 增长潜力。 公司目标是明年底将现有合规的杰美普尔产能全部利用起来，预计可达 几十万瓶，而碘普罗胺因刚中标，供应量预测尚未明确。 公司战略目标是未来几年内制剂销售额占整个造影剂板块的一半左右， 通过 iMax 平台和上海工厂自营非法规市场出货实现这一目标。 公司 API 业务全球市场份额约为 10%至 20%，在主要销售的三个产品 中处于行业领先地位，且部分小型竞争对手发货量减少，为公司扩大市 场份额提供了机 ...

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].