Core Viewpoint - Nanwei Technology (688690) is experiencing growth driven by the booming GLP-1 peptide drug market, leading to increased investment in new drug research and production capacity by domestic and international pharmaceutical companies [2][3]. Group 1: Business Performance - The company's main revenue for Q1 2025 was 189 million yuan, a year-on-year increase of 22.39%, with a net profit attributable to shareholders of 29.22 million yuan, up 72.98% year-on-year [7]. - The gross profit margin for the chromatography filler business is high, accounting for approximately 60% of the company's revenue, which has improved overall profitability [4]. Group 2: Market Strategy - The company is focusing on the antibody new drug projects as a key area for replacing imported products, enhancing competitiveness through continuous R&D investment and product innovation [3]. - To address domestic competition, the company is building a comprehensive chromatography technology platform, providing integrated solutions to avoid price wars in single product categories [6]. Group 3: Mergers and Acquisitions - The acquisition of two instrument companies enhances the company's product line from chromatography fillers to protein purification equipment, improving business and product layout and achieving synergy in customer expansion and market sales [5]. Group 4: Future Outlook - The company is accelerating its overseas market layout and enhancing its overseas sales capabilities to increase application opportunities for its filler products among international clients [3][6].

Group 1 - Gan Li Pharmaceutical expects a net profit of 600 million to 640 million yuan for the first half of 2025, representing a year-on-year increase of 100.73% to 114.12%, driven by significant revenue growth and refined expense management [1] - The company successfully expanded its market share through two rounds of insulin procurement, indicating effective strategic positioning [1] - The anticipated performance increase is likely to boost investor confidence and enhance the company's valuation amid the normalization of centralized procurement in the pharmaceutical industry [1] Group 2 - Sinovac Biotech's special shareholder meeting resulted in the election of 10 new directors proposed by SAIF Partners, aimed at supporting the company's announced dividend distribution plan [2] - The new board members' commitment to closely collaborate with management is expected to stabilize investor confidence and unlock long-term value for shareholders [2] - SAIF Partners' involvement as a significant shareholder may enhance Sinovac's attractiveness and value in the capital market [2] Group 3 - Wohua Pharmaceutical anticipates a net profit of 37 million to 53 million yuan for the first half of 2025, reflecting a year-on-year increase of 233.89% to 378.27%, attributed to adapting to market changes and various marketing strategies [3] - The implementation of cost reduction and efficiency enhancement measures has effectively compressed costs and improved operating profits [3] - The strong performance is expected to bolster investor confidence in the company's future profitability and market appeal [3] Group 4 - Shanghai Pharmaceuticals projects a net profit of approximately 4.45 billion yuan for the first half of 2025, marking a year-on-year growth of about 52%, primarily due to the completion of acquiring a 10% stake in Shanghai Hutchison Pharmaceuticals [4] - The change in accounting treatment from equity method to subsidiary accounting is expected to enhance profitability and market competitiveness [4] - Investors are likely to view the company's strategic expansion positively, anticipating growth potential from this acquisition [4] Group 5 - Nanwei Technology expects a net profit of 61 million to 73 million yuan for the first half of 2025, representing a year-on-year increase of 35% to 62%, driven by a 20% growth in sales revenue of core products [5] - The anticipated growth is expected to enhance investor confidence in Nanwei's future development and market valuation [5] - The rapid development of the biopharmaceutical industry positions Nanwei to leverage its technological advantages and market expansion for further performance potential [5]

特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 Kroma sil ®： 以技术韧性助力全球制药产业升级 在现代药物生产工艺链中，色谱纯化是药物从粗品向高纯度终产品转化的关键分离步骤——通过固定相与流动相的相互 作用，实现目标成分与杂质的高效分离，直接决定目标成分的分离效率与终产品纯度。而作为这一环节的核心载体，色 谱填料更是至关重要。 当前，全球制药市场正经历剧烈变革：2型糖尿病、肥胖症等"富贵病"发病率在世界范围内迅速攀升，推动针对性治疗 药物，特别是减重类药物的需求快速增长；同时，随着专利悬崖逼近，本土药企加速入局，从"仿制药跟随"转向"创新 药突围"。在这场技术与市场的双重变革中，谁能为制药企业提供更高效、更稳定的色谱纯化解决方案？ 近日，仪器信息网专访了诺力昂（No u r y o n）个人护理与制药副总裁Da v i d Fr e i d i n g e r，围绕企业定位、产品技术、市 场 洞 察 及 中 国 战 略 展 开 深 度 交 流 。 其 旗 下 Kr oma sil® 从 1 9 8 8 年 开 始 就 致 力 于 ...

Core Viewpoint - Nanwei Technology is positioned as a leading company in high-performance nano microsphere materials, with significant improvements in performance margins and growth opportunities in the chromatography filler sector due to import substitution and commercialization expansion [2][3][6]. Company Overview - Established in 2007, Nanwei Technology specializes in the R&D, mass production, sales, and application services of high-performance nano microsphere materials for various sectors including biomedicine and diagnostics [2]. - The company faced growth pressures in 2023 due to external macroeconomic changes, but has shown significant performance recovery since Q4 2024, with a quarterly revenue of 233 million yuan, a year-on-year increase of 71.47%, and a net profit of 41 million yuan, up 38.05% [2]. Market Opportunities - The global chromatography media market is projected to grow from 6.9 billion USD in 2023 to 9 billion USD by 2026, with a compound annual growth rate (CAGR) of 9.26%. The Chinese market is expected to grow from 11.2 billion yuan to 20.3 billion yuan in the same period, with a CAGR of 21.92% [3]. - Nanwei Technology is well-positioned to benefit from two major opportunities: import substitution and commercialization expansion. The company has developed a comprehensive range of chromatography fillers and media, making it a key player in the domestic market [3][4]. Import Substitution Opportunity - The chromatography filler and media industry has been historically dominated by foreign companies, with low domestic production rates. The rapid development of the domestic biomedicine industry and geopolitical tensions are driving the need for local alternatives [3]. - Successful project changes by downstream client Heng Rui Pharmaceutical provide a template for future import substitution projects, positioning Nanwei Technology as a leader in this transition [3]. Commercialization Expansion Opportunity - The usage of chromatography fillers and media increases with project phases, from early clinical trials to commercialization. Nanwei Technology has accumulated a growing number of clients and is nurturing numerous mid-to-late clinical projects, which are expected to yield significant returns [4]. Industry Chain Layout - Beyond its core business, Nanwei Technology is expanding its industry chain through a combination of self-built and acquired entities, including subsidiaries focused on chromatography instruments and diagnostic materials [5]. - Key subsidiaries include: - Fuli Instruments, a leader in domestic chromatography instruments, has made strides in gas and liquid chromatography [5]. - NAP Analysis, which focuses on high-quality laboratory chromatography consumables, achieving full domestic production [5]. - Saip Instrument, which develops precision purification equipment for large biomolecules, establishing itself as a leader in the domestic market [5]. Financial Forecast - Revenue projections for Nanwei Technology are 1 billion yuan in 2025, 1.24 billion yuan in 2026, and 1.55 billion yuan in 2027, with corresponding net profits of 141 million yuan, 221 million yuan, and 285 million yuan [6]. - The company is expected to maintain a strong growth trajectory, supported by its leadership in the chromatography filler and media sector and its strategic industry chain expansions [6].

色谱填料主业把握两大机遇，全产业链布局打开成长天花板 [Table_CoverStock] —纳微科技(688690)公司深度报告 [Table_ReportDate] 2025 年 06 月 06 日 [Table_CoverAuthor] 唐爱金 医药行业首席分析师 贺鑫 医药行业分析师 S1500523080002 S1500524120003 tangaijin@cindasc.com hexin1@cindasc.com [Table_StockAndRank] 纳微科技(688690) [Table_CoverReportList] 证券研究报告 公司研究 [Table_ReportType] 公司深度报告 投资评级 买入 [Table_Chart] 资料来源：聚源，信达证券研发中心 [Table_BaseData] 公司主要数据 收盘价（元） 21.80 52 周内股价波动区间 (元) 24.12-13.38 最近一月涨跌幅(％) -2.50% 总股本(亿股) 4.04 流通 A 股比例(％) 100% 总市值(亿元) 88.03 -40% -20% 0% 20% 40% 24/06 24/10 ...

色谱填料主业把握两大机遇，全产业链布局打开成长天花板 [Table_CoverStock] —纳微科技(688690)公司深度报告 [Table_ReportDate] 2025 年 06 月 06 日 [Table_CoverAuthor] 唐爱金 医药行业首席分析师 贺鑫 医药行业分析师 S1500523080002 S1500524120003 tangaijin@cindasc.com hexin1@cindasc.com [Table_CoverReportList] 证券研究报告 公司研究 [Table_ReportType] 公司深度报告 [Table_StockAndRank] 纳微科技(688690) 投资评级 买入 [Table_Chart] 资料来源：聚源，信达证券研发中心 [Table_BaseData] 公司主要数据 收盘价（元） 21.80 52 周内股价波动区间 (元) 24.12-13.38 最近一月涨跌幅(％) -2.50% 总股本(亿股) 4.04 流通 A 股比例(％) 100% 总市值(亿元) 88.03 -40% -20% 0% 20% 40% 24/06 24/10 ...

行业分类： 制造业/医用耗材制造 摘要 本报告聚焦于实验级硅胶基质色谱填料行业，其产业链上游以国际化工企业为主导，但国产化趋势明显；中游填料制备市场由海外企业占主导，国产化率约40%，预计2030 年增至60%；下游应用广泛，医药行业是主要需求领域，多肽原料药市场的快速发展为填料市场带来强劲增长动力。整体来看，技术创新和国产化进程是推动实验级色谱填 料市场发展的关键因素。 2025年 实验级硅胶基质色谱填料行业 词条报告 头豹分类/制造业/医药制造业/医用耗材制造 Copyright © 2025 头豹 企业竞争图谱：2025年实验级硅胶基质色谱填料 头豹词条报告系列 2025-03-14 未经平台授权，禁止转载 行业定义 色谱填料（应用于生物大分子领域时又被称为"层析介质"）是具有纳米孔道结构的功能性微球材料，可满足色谱或层析分离纯化的要求，是 色谱或层析技术的核心。色谱填料的基质主要可以分为无机介质与有机聚合物，无机填料的基质主要是硅胶。实验级硅胶基质色谱填料主要用于 有机化合物、天然产物及多肽等中小分子的实验室分析检测，可广泛用于药品质量分析、食品安全检测、环境监测、石油化工产品杂质控制、化 学和生命科 ...

证券研究报告 | 公司点评 | 化学制药 投资要点 ❑ 盈利能力： 高盈利持续，利润弹性或逐步释放 2024 年公司毛利率为 70.22%，同比下降 7.85pct，主要和毛利率较低的福立仪器 并表影响有关，核心产品色谱填料和层析介质毛利率为 81.56%，同比略降 2.39pct。我们认为公司通过前期的高研发投入已有相对充分的新品储备能够抵御 市场竞争加剧风险，且公司稀缺的核心原料微球自产能力将进一步凸显，看好核 心产品毛利率维持高水平。费用端来看，2024 年公司三费受到福立仪器并表影 响以及股份支付费用影响表观依然出现了较大增长，2025 年后随着部分影响因 素消除，以及规模效应的逐步体现，看好公司利润端弹性释放。 ❑ 经营质量分析：看好经营性现金流持续优化 2024 年公司经营活动产生的现金流量净额为 1.33 亿元，同比增长 5.99%，延续 了较好的经营质量。2025 年一季度公司经营活动产生的现金流量净额为-530.26 万元，同比变化较大，主要系支付员工年度绩效奖金和进行部分采购备货所致。 账期方面，2024 年公司应收周转天数为 117 天，同比缩短约 14 天，2025 年一季 度公司应收 ...

证券研究报告 | 公司点评 | 化学制药 新机遇下看好利润拐点 ——纳微科技 2024 年报&2025 年一季报点评报告 投资要点 ❑ 盈利能力： 高盈利持续，利润弹性或逐步释放 2024 年公司毛利率为 70.22%，同比下降 7.85pct，主要和毛利率较低的福立仪器 并表影响有关，核心产品色谱填料和层析介质毛利率为 81.56%，同比略降 2.39pct。我们认为公司通过前期的高研发投入已有相对充分的新品储备能够抵御 市场竞争加剧风险，且公司稀缺的核心原料微球自产能力将进一步凸显，看好核 心产品毛利率维持高水平。费用端来看，2024 年公司三费受到福立仪器并表影 响以及股份支付费用影响表观依然出现了较大增长，2025 年后随着部分影响因 素消除，以及规模效应的逐步体现，看好公司利润端弹性释放。 ❑ 经营质量分析：看好经营性现金流持续优化 2024 年公司经营活动产生的现金流量净额为 1.33 亿元，同比增长 5.99%，延续 了较好的经营质量。2025 年一季度公司经营活动产生的现金流量净额为-530.26 万元，同比变化较大，主要系支付员工年度绩效奖金和进行部分采购备货所致。 账期方面，2024 年公 ...

Group 1 - The company reported a revenue of 782 million yuan for 2024, representing a year-on-year growth of 33.33%, with a net profit attributable to the parent company of 83 million yuan, up 20.82% year-on-year [1] - In Q1 2025, the company achieved a revenue of 189 million yuan, a year-on-year increase of 22.39%, and a net profit attributable to the parent company of 29 million yuan, up 72.98% year-on-year [1] - The core business of chromatography fillers and media generated a revenue of 451 million yuan in 2024, with a year-on-year growth of 10.20% [2] Group 2 - The newly added chromatography analysis instruments and accessories contributed a revenue of 154 million yuan, primarily from the consolidation of the acquired company Fuli Instruments [2] - The market for chromatography fillers is expanding, with a current domestic market penetration rate of only about 10%, indicating significant potential for domestic substitution [3] - The company has established strategic cooperation agreements with five major clients, resulting in a sales volume of 224 million yuan, accounting for 50% of the revenue from chromatography fillers [3] Group 3 - The company is evolving into a leading domestic supplier of chromatography fillers, consumables, and instruments, driven by underlying technology [4] - Revenue projections for 2025-2027 are 977 million yuan, 1.17 billion yuan, and 1.37 billion yuan, with net profits of 134 million yuan, 203 million yuan, and 290 million yuan respectively [4] - The current stock price corresponds to a PE ratio of 67, 45, and 31 times for 2025-2027 [4]