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 Viewpoint - The announcement indicates that the company's subsidiary, Zhejiang Haichang Pharmaceutical Co., Ltd., has recently obtained GMP certification from Brazil's National Health Surveillance Agency for iodinated contrast media, which facilitates the entry of Haichang's products into the Brazilian market and supports the company's international expansion strategy [1] Group 1 - The GMP certification is specifically for iodinated contrast media [1] - This certification creates conditions for Haichang Pharmaceutical to successfully enter the Brazilian market [1] - The achievement lays a solid foundation for further expansion into the Brazilian and other international markets [1] Group 2 - The certification is viewed as a positive step for the company's overall internationalization strategy [1] - The sales of pharmaceuticals are subject to uncertainties influenced by national policies and market environments [1] - Investors are advised to make cautious decisions due to the significant uncertainties in the pharmaceutical sales landscape [1]

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].