开源证券股份有限公司余汝意,聂媛媛近期对毕得医药进行研究并发布了研究报告《公司信息更新报告： 2025H1业绩超预期增长，科学试剂业务表现亮眼》，给予毕得医药买入评级。 毕得医药(688073) 公司2025H1业绩超预期，上半年收入利润持续加速增长 2025H1，公司实现营业收入6.28亿元，同比增长17.91%；归母净利润0.73亿元，同比增长41.60%；扣非归 母净利润0.59亿元，同比增长22.60%。若剔除股份支付影响，2025H1公司净利润为0.90亿元，同比增长 70.60%。单看2025Q2，公司实现营业收入3.31亿元，同比增长22.86%；归母净利润0.43亿元，同比增长 65.78%；扣非归母净利润0.31亿元，同比增长36.20%。公司2025年上半年业绩表现亮眼，收入与利润均实 现持续加速增长。我们看好公司长期发展，维持公司2025-2027年盈利预测，预计归母净利润分别为 1.42/2.02/2.56亿元，EPS为1.56/2.22/2.82元，当前股价对应P/E分别为41.3/29.0/22.9倍，维持"买入"评级。 科学试剂业务表现亮眼，海外业务贡献提升 分业务看，2025H ...

医药生物/医疗服务 毕得医药（688073.SH） 2025H1 业绩超预期增长，科学试剂业务表现亮眼 2025 年 08 月 24 日 投资评级：买入（维持） | 日期 | 2025/8/22 | | --- | --- | | 当前股价(元) | 64.52 | | 一年最高最低(元) | 72.64/28.77 | | 总市值(亿元) | 58.64 | | 流通市值(亿元) | 27.89 | | 总股本(亿股) | 0.91 | | 流通股本(亿股) | 0.43 | | 近 3 个月换手率(%) | 246.67 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 160% 2024-08 2024-12 2025-04 毕得医药 沪深300 相关研究报告 《公司收入利润均加速增长，盈利能 力持续改善—公司信息更新报告》 -2025.4.24 《拟收购 Combi-Blocks，公司迈入发 展 新 阶 段 — 公 司 信 息 更 新 报 告 》 -2025.2.4 《营收平稳增长，盈利能力同环比持 续提升 — 公 司 信 息 更 新 报 告 》 -2024.10.24 余汝意 ...

公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 毕得医药(688073) 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 证券研究报告 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 业绩呈现边际加速趋势，经营效率显著提升 [Table_ReportDate] 2025 年 08 月 24 日 [Table_S 事件：2025 ummar年y]8 月 21 日，公司发布《2025 年半年度报告》。2025H1 公司 实现营业收入 6.28 亿元，同比增长 17.91%；实现归母净利润 0.73 亿元， 同比增长 41.60%；实现扣除股份支付影响后的净利润 0.90 亿元，同比增长 70.60%。单季度来看，2025Q2 公司实现营业收入 3.31 亿元，同比增 ...

8月15日晚间，上海毕得医药科技股份有限公司(以下简称"毕得医药")发布公告称，公司于2025年8月8 日召开了职工代表大会，经全体与会职工代表表决，同意选举尚卓婷女士、许丽姣担任公司第二届董事 会职工代表董事。至此，毕得医药新一批管理层基本确定。 年轻化、专业化是本届毕得医药管理层的主要特点。公司新董事会秘书王轩是85后，拥有厦门大学经济 学硕士学位，曾在中信建投（601066）投行部担任高级副总裁、保荐代表人和内核委员等职位；产品研 发部负责人张锐豪，博士毕业于中国科学院上海药物研究所，于2023年加入毕得医药。此外，在技术梯 队中，据毕得医药2025年1月份的公告，其新选聘的核心技术人员中陈昕晗、马晨、周明康、唐也、查 庆红等均为90后硕博士。 相关公告显示，2024年以来，毕得医药经历了一次管理层"换血"。该年，毕得医药副总经理、核心技术 人员王超、核心技术人员毛永浩等相继离职；今年3月份，毕得医药原董事会秘书、财务总监李涛因个 人原因申请辞去包括董事、战略委员会委员等在内的全部职务。 这也让市场对于毕得医药管理层队伍的稳定性产生了一定的质疑。对此，毕得医药新董事会秘书王轩对 《证券日报》记者表示，公 ...

Summary of Bid Pharma Conference Call Company Overview - Bid Pharma is focused on the front end of new drug research and development, primarily dealing with molecular building blocks and scientific reagents [14][3] - The company was established in 2007 and is headquartered in Shanghai, with additional operational centers in Germany and India [14] Financial Projections - Expected revenue for 2025 is 2.18 billion yuan, representing a 21% year-over-year growth [2][3] - Projected profit for 2025 is 148 million yuan, with a 26% year-over-year increase [2][3] - Target market capitalization is 5.18 billion yuan, with a target stock price of 57 yuan, indicating approximately 30% upside potential from the current price of 41 yuan [2][3] Industry Insights - The molecular building block industry is experiencing continuous growth, with a projected global market size of 54.6 billion USD by 2026, accounting for about 25% of pharmaceutical R&D innovation costs [2][6] - The domestic market is seeing a shift towards local alternatives, with only 10% of the high-end scientific reagent market currently held by domestic companies [7] Business Strategy - Bid Pharma's overseas business has increased from approximately 40% in 2019 to 56% in 2024, with a goal of reaching 70% [2][9] - The gross margin for overseas business is significantly higher than domestic, which is a key reason for expanding international operations [9] - The company has a diverse customer base, including multinational pharmaceutical companies, domestic firms, CROs, research institutions, and universities, with 80% of sales made through direct sales [10][11] Competitive Advantages - Bid Pharma has a robust brand system and a diverse customer structure, which stabilizes revenue growth [10][11] - The company offers a wide range of products, with 130,000 types of stock available and the ability to provide 400,000 novel molecular building blocks [14][19] - The company is focusing on enhancing its R&D capabilities and expanding its product offerings to meet customer needs [19] Market Trends - The global pharmaceutical R&D investment is expected to reach 417.7 billion USD by 2030, with China accounting for approximately 76.6 billion USD [6] - The trend towards domestic alternatives in the scientific reagent market is becoming more pronounced due to increased domestic R&D investment and advantages in supply cycles and pricing [7] Future Outlook - The company anticipates a 20% growth in molecular reagents and a potentially faster growth rate of around 30% for scientific reagents over the next three years [12] - The overall gross margin is expected to improve as the proportion of high-margin overseas business increases [12][13] Shareholder Structure and Incentives - The controlling shareholders, Dai Lan and Dai Long, hold approximately 47% of the company’s shares [4][15] - A stock incentive plan was introduced in 2024, requiring revenue growth of no less than 10% and profit growth of no less than 20% for 2025 and 2026 [15] Investment Recommendations - Given the expected 35x P/E ratio for 2025, there is a near 30% upside potential, making it a favorable investment opportunity [21] - Investors are advised to consider low-entry opportunities, especially in the current market environment where high volatility exists [22]

Core Viewpoint - Bidder Pharmaceutical, established in 2007, provides specialized and efficient drug molecular building blocks and scientific reagent products and services for new drug research and development. The company focuses on a "more, faster, better, cheaper" core advantage and employs a model of "horizontal expansion of product variety + vertical deepening of advantageous product lines" to serve the new drug development industry chain [2][3]. Industry Overview - Domestic market demand is recovering, with a pressing need for domestic alternatives. Research funding continues to grow, and policies such as U.S. tariffs are pushing downstream sectors to seek domestic alternatives, creating market expansion opportunities for local manufacturers [2][36]. - Overseas demand is rebounding, with a need for breakthroughs in the market. Since the second half of 2023, investment amounts in U.S. biopharmaceuticals have shown improvement, indicating increased demand from overseas pharmaceutical companies and CROs [2][36]. Company Performance - Bidder Pharmaceutical has expanded its inventory to 130,000 types of stock products, offering over 500,000 novel and multifunctional drug molecular building blocks to meet downstream demands [2][82]. - The company has increased its R&D investment, with some products reaching international advanced levels while maintaining price advantages. R&D expenses grew from 13.83 million yuan in 2018 to 59.05 million yuan in 2024, with a CAGR of 27.37% [2][86]. - Bidder's overseas revenue for 2024 is projected to be 616 million yuan, with a gross margin of 50.40%, significantly higher than domestic margins. The company has achieved a CAGR of 43.52% in revenue from 2018 to 2024 [2][82]. - The company is transitioning towards high-quality development, with revenue expected to return to high growth and significant profit elasticity in the future [2][82]. Product Offering - The main products include drug molecular building blocks, which can be subdivided into heterocyclic compounds, aromatic compounds, and aliphatic compounds, as well as scientific reagents essential for new drug development [2][6][7]. - The company currently has 128,000 types of stock products, capable of providing over 500,000 novel and multifunctional drug molecular building blocks to meet the high-tech, multi-category, small dosage, and frequent demand from downstream clients [2][6]. Competitive Landscape - The global market for drug molecular building blocks is estimated to reach $21.8 billion in 2024, primarily dominated by foreign companies. Domestic companies, while competitive in niche areas, still lag significantly in overall scale and market share compared to international giants [2][77][80]. - Bidder Pharmaceutical's pricing for some common reagents is only 1/5 to 1/10 of that of international leader Sigma-Aldrich, with purity indicators meeting international advanced levels, positioning the company favorably in the context of accelerating domestic substitution [2][90].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 48.11 CNY, compared to the current price of 40.95 CNY [4][12]. Core Insights - The company is positioned as a leader in the domestic market for drug molecular building blocks, emphasizing a multi-dimensional approach to high-quality development, with signs of an inflection point in performance [2][16]. - The report highlights the company's continuous expansion of product varieties and quantities, significant R&D investments, and a growing international presence, which collectively contribute to its competitive edge [10][11]. Financial Summary - Projected total revenue (in million CNY) for 2024A to 2027E is as follows: 1,102 (2024A), 1,337 (2025E), 1,604 (2026E), and 1,909 (2027E), with year-on-year growth rates of 0.9%, 21.4%, 20.0%, and 19.0% respectively [3]. - Projected net profit attributable to shareholders (in million CNY) for the same period is: 117 (2024A), 146 (2025E), 179 (2026E), and 214 (2027E), with growth rates of 7.2%, 24.1%, 22.9%, and 19.6% respectively [3]. - Earnings per share (EPS) are projected to be 1.29 CNY (2024A), 1.60 CNY (2025E), 1.97 CNY (2026E), and 2.36 CNY (2027E) [3]. Company Overview - The company, established in 2007, provides professional and efficient drug molecular building blocks and scientific reagent products and services for new drug research and development [16][17]. - It has a robust product portfolio with over 128,000 types of stock items and the capability to offer more than 500,000 unique and functional drug molecular building blocks [17][21]. Industry Context - The domestic market is experiencing a recovery in demand, with a pressing need for domestic alternatives due to rising import costs and increased investment in local research and development [10][56]. - The overseas market is also showing signs of recovery, with an increase in demand from international pharmaceutical companies and contract research organizations (CROs) [10][56].

Investment Rating - The report maintains a positive outlook on the company, indicating a recovery in revenue growth and potential for improved profitability [2][3]. Core Viewpoints - The company operates a dual business model focusing on "drug molecular building blocks + scientific reagents," which has shown resilience despite domestic business pressures [3]. - The first quarter of 2025 saw a return to double-digit revenue growth, suggesting a recovery in the revenue stream [2][3]. - The company has a rich inventory of products and a well-established logistics system, enhancing its competitiveness on a global scale [4][5]. Revenue and Profit Analysis - In 2024, the company achieved total revenue of 1.102 billion yuan, a year-on-year increase of 0.93%, with a net profit attributable to the parent company of 117 million yuan, up 7.17% [3][6]. - The revenue from drug molecular building blocks was 936 million yuan, a decrease of 0.99%, while scientific reagents generated 166 million yuan, an increase of 13.35% [4]. - The overall gross margin for 2024 was 41.33%, with domestic operations at 29.84% and international operations at 50.40% [4]. Future Financial Projections - The company is projected to achieve revenues of 1.329 billion yuan in 2025, 1.595 billion yuan in 2026, and 1.902 billion yuan in 2027, with corresponding net profits of 146 million yuan, 179 million yuan, and 218 million yuan respectively [7]. - The expected EPS (diluted) for 2025 is 1.61 yuan, with a PE ratio of 25.90 times [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown accelerated growth in both revenue and profit, with continuous improvement in profitability. In Q1 2025, the company achieved a revenue of 296 million yuan, representing a year-on-year increase of 12.83% and a quarter-on-quarter increase of 1.98%. The net profit attributable to the parent company was 31 million yuan, up 17.71% year-on-year but down 8.58% quarter-on-quarter [4][5] - The company is expected to maintain stable revenue growth in 2024, with a projected revenue of 1.324 billion yuan in 2025, reflecting a year-on-year growth of 20.2%. The net profit attributable to the parent company is forecasted to be 142 million yuan in 2025, a year-on-year increase of 21.1% [4][8] Financial Performance Summary - In 2024, the company achieved an operating revenue of 1.102 billion yuan, a slight increase of 0.93% year-on-year. The net profit attributable to the parent company was 117 million yuan, up 7.17% year-on-year. The non-recurring net profit was 104 million yuan, down 15.09% year-on-year [4][8] - The company's gross profit margin has been improving, with Q4 2024 and Q1 2025 gross profit margins at 41.78% and 44.34%, respectively [5] - The overseas business has contributed significantly to revenue, with 616 million yuan in revenue from international markets in 2024, a year-on-year increase of 10.58%, accounting for 55.89% of total revenue [5] Cost Management and Cash Flow - The company has demonstrated effective cost control, with selling, general, and administrative expenses as a percentage of revenue decreasing in Q1 2025 compared to the previous year. The net cash flow from operating activities reached 158 million yuan, a significant increase of over 200 million yuan year-on-year, primarily due to improved management of accounts receivable and procurement [6][8] Earnings Forecast - The company’s earnings per share (EPS) are projected to be 1.56 yuan in 2025, 2.22 yuan in 2026, and 2.81 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 25.9, 18.3, and 14.4 times [4][8]