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 ...

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].