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 - Pacific Securities report indicates that Sitaili is a leading enterprise in the iodine contrast agent "API + formulation" integration, with a steadily advancing internationalization strategy. The competitive landscape of the contrast agent industry is relatively concentrated, and the market size is expected to double in the future. [1] Group 1: Company Overview - Sitaili is positioned as a leader in the iodine contrast agent sector, focusing on both active pharmaceutical ingredients (API) and formulations [1] - The company is nearing the completion of large-scale production capacity investments, which will support the anticipated increase in demand for raw materials [1] Group 2: Market Potential - The contrast agent industry is expected to see a doubling in market size due to its concentrated competitive landscape [1] - Domestic formulation products are expected to gradually increase in volume through centralized procurement [1] Group 3: Growth and Profitability - The overseas formulation business is entering a phase of rapid growth as production processes are streamlined [1] - Profitability is anticipated to improve gradually, with the potential for accelerated profit growth [1] - The company's valuation is expected to command a premium, leading to a "buy" rating for the stock [1]

Summary of the Conference Call for Sitaly Company Overview - Sitaly has been established since 1997 and is a leading player in the iodine contrast agent market, holding the largest production capacity and the most comprehensive product range in China. The company has a significant global presence and influence in the industry [3][4]. Industry Insights - The iodine contrast agent market is characterized by substantial growth potential and high entry barriers, with few global participants. Demand is expected to grow from 10,000 tons to 20,000 tons over the next decade, particularly in emerging markets like China [2][4]. - The industry is projected to maintain a stable competitive landscape due to cautious expansion plans from other companies [5]. Financial Performance - Sitaly is expected to achieve a compound annual growth rate (CAGR) of nearly 18% in revenue from 2018 to 2024, indicating stable growth despite initial profit fluctuations due to capacity investments [2][3]. - Projected net profits for the next three years are estimated at 96 million yuan, 245 million yuan, and 360 million yuan respectively. The current stock price corresponds to a price-to-earnings (P/E) ratio of approximately 14 times for 2026, suggesting attractive valuation [4][10]. Competitive Advantages - Sitaly has made significant technological investments and has obtained regulatory certifications in major markets including China, the US, Europe, and Japan, enhancing its competitive edge in new product registrations [2][6]. - The raw material drug business is supported by three major production bases, with expected revenue from iodine contrast agent raw materials and intermediates reaching approximately 1.2 billion yuan in 2024, accounting for over half of total revenue. The company is well-prepared to capture the transfer of production capacity from Europe and the US [7][9]. Business Segments - The formulation business is primarily focused on the domestic market, with projected revenue of 558 million yuan in 2024, reflecting a year-on-year growth of 14%. The overseas formulation platform is expected to grow rapidly by 60%, reaching around 86 million yuan [8][9]. - The company has secured bids for three core iodine contrast agent products, laying the groundwork for future sales and addressing long-standing supply-demand issues [9]. Long-term Outlook - Sitaly's global strategy implementation is anticipated to drive economies of scale and optimize product structure, leading to sustained performance growth. The company is expected to benefit from its existing fixed assets and ongoing projects, which could support revenue levels exceeding 6 billion yuan with a net profit margin of around 10% [10].