Core Viewpoint - The company is expected to return to a growth trajectory in 2025, driven by the recovery in demand from pharmaceutical clients and the domestic supply chain for insulin and GLP-1, maintaining a "Buy" rating [1][4]. Financial Performance - In 1H25, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 309 million, 44 million, and 35 million yuan respectively, representing year-on-year increases of 9%, 18%, and 42% [1]. - For 2Q25, the figures were 163 million, 25 million, and 21 million yuan, showing year-on-year changes of +4%, -4%, and 0% [1]. Product Development and Market Expansion - The pharmaceutical rubber stopper segment showed orderly recovery with a projected double-digit revenue growth for the full year, achieving 310 million yuan in 1H25, a 9% year-on-year increase, with a gross margin of 39.4% [1]. - The company has a robust pipeline with 1,674 and 1,528 authorized projects for film-coated and conventional stoppers respectively, indicating an 8% and 6% increase from the end of 2024 [1]. - The company is entering the domestic supply chain for insulin through cartridge components, with expected revenue contributions starting in 2025, including a significant order of 200 million piston components from Ganli Pharmaceutical [2]. Capacity Expansion Initiatives - The company is developing the "Qihang Workshop" to expand its product offerings, including insulin components and pre-filled components, with planned capacities of 1.5 billion piston caps and 10 million COC/COP components [3]. - The company is also relocating and expanding its Chongqing factory to accelerate the aluminum cap project and enhance production capacity in the western market [3]. Valuation and Target Price - The company has increased its capital expenditure assumptions, projecting net profits attributable to shareholders of 110 million, 130 million, and 160 million yuan for 2025-2027 [4]. - A price-to-earnings ratio of 60x is assigned for 2025, with a target price of 39.46 yuan, reflecting a premium due to ongoing order fulfillment and new market entries [4].

证券代码：301093 证券简称：华兰股份 江苏华兰药用新材料股份有限公司 3.请问公司2025年上半年的业绩大概怎么样？ 答：投资者您好！公司目前生产经营状况良好，2025年半年度业 绩情况请关注后续披露的半年度报告。谢谢！ 投资者关系活动类别 ☐特定对象调研 ☐分析师会议 ☐媒体采访 业绩说明会 ☐新闻发布会 ☐路演活动 ☐现场参观 ☐其他（请文字说明其他活动内容） 形式 ☐现场 网上 ☐电话会议 参与单位名称及人员姓名 线上参与公司2024年度网上业绩说明会的全体投资者 时间 2025年05月13日15:00-16:00 地点 价值在线（https://www.ir-online.cn/），采用网络文字互动方式 举行 上市公司接待人员姓名 董事长兼总经理 华一敏先生 独立董事 徐作骏先生 保荐代表人 邹晓东先生 副总经理、董事会秘书 刘雪女士 副总经理、财务总监 徐立中先生 投资者关系活动 主要内容介绍 一、 公司介绍 二、 互动交流环节 1.公司2024年度分红情况是怎么样的？ 答：投资者您好！经公司董事会审议通过的2024年度利润分配预 案如下：以公司现有总股本126,308,942股为基数，拟向全 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][13] Core Views - The company's performance in 2024 met expectations, indicating a potential turning point in operations [5] - Revenue for 2024 is projected at 5.86 billion yuan, a year-over-year decrease of 5.86%, while net profit attributable to the parent company is expected to be 0.50 billion yuan, down 57.96% year-over-year [5] - The company is expected to see a recovery in demand and an increase in production capacity from ongoing projects, which will drive growth in 2025 and beyond [5][7] Financial Summary - Revenue and profit forecasts for 2025 to 2027 are as follows: - 2025E Revenue: 7.15 billion yuan (21.8% YoY growth) - 2025E Net Profit: 1.28 billion yuan (157.7% YoY growth) - 2026E Revenue: 8.22 billion yuan (15.0% YoY growth) - 2026E Net Profit: 1.71 billion yuan (34.1% YoY growth) - 2027E Revenue: 9.87 billion yuan (20.1% YoY growth) - 2027E Net Profit: 2.14 billion yuan (25.0% YoY growth) [5][9][10] Market Position and Client Base - The company has strengthened its market position, with approximately 88% of its clients being from the top 100 pharmaceutical companies in China [6] - In 2024, the company issued 599 authorization letters to pharmaceutical enterprises, enhancing its market presence [6] Product Development and Capacity Expansion - The company is focusing on expanding its product structure and production capacity, particularly in the cartridge bottle segment, which is expected to become a new growth driver [7] - Ongoing projects include the automation and intelligent factory transformation, as well as the development of new products such as insulin injection pen components [7]

华兰股份（301093）公告，公司与甘李药业（603087）签订了战略合作协议，双方愿意结成长期友好的 战略合作伙伴，协议自经双方法定代表人或授权代表签字并盖公章后生效，初始期限为3年。其中，在 初始期限内，甘李药业拟向公司采购笔式注射器用溴化丁基橡胶活塞2亿支，此数量仅为预测数量，不 具有约束力承诺。具体采购价格、订单数量以实际下达订单为准。本次签订的《战略合作协议》为长期 合作协议，不涉及具体产品金额。 ...