Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's core business is showing positive operational trends, with significant growth in overseas market expansion opportunities [1][6] - The company reported a revenue of 414 million yuan for H1 2025, representing a year-on-year growth of 21.74%, and a net profit of 63 million yuan, up 40.52% year-on-year [1][2] Revenue and Profit Analysis - Revenue growth is recovering, with a notable performance in profits. Excluding the impact of Fuli Instruments in January and February 2025, the revenue growth for H1 2025 is 16.20% year-on-year [2] - The core business of chromatography fillers and media generated revenue of 238 million yuan, a growth of approximately 20% year-on-year [2][3] - The overall gross margin for H1 2025 was 72.06%, a slight decrease of 0.36 percentage points year-on-year, primarily due to the consolidation of Fuli Instruments [2] Business Segment Performance - The chromatography fillers and media segment saw a revenue of 238 million yuan, with significant contributions from small molecule drugs, particularly driven by the demand for GLP-1 and other peptide drugs, which achieved a revenue of 75 million yuan, growing 108% year-on-year [3][5] - The company has established strong strategic partnerships, with sales from signed biopharmaceutical clients reaching 108 million yuan, accounting for about 45% of the chromatography fillers business revenue [5] International Market Expansion - The company is actively expanding its international market presence, with international revenue for H1 2025 reaching 44 million yuan, a year-on-year increase of approximately 136% [6] - The company is well-positioned to benefit from the increasing number of domestic innovative drug companies expanding overseas, potentially entering the supply chains of large multinational corporations [6] Financial Forecast - The company is projected to achieve revenues of 984 million yuan, 1.212 billion yuan, and 1.496 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 142 million yuan, 214 million yuan, and 284 million yuan [8] - The estimated EPS (diluted) for the years 2025, 2026, and 2027 are 0.35 yuan, 0.53 yuan, and 0.70 yuan, respectively, with corresponding P/E ratios of 82.27, 54.62, and 41.20 [8]

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]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company is expected to see a profit turning point due to high profitability and gradual release of profit elasticity. The gross profit margin for 2024 is projected at 70.22%, a year-on-year decrease of 7.85 percentage points, primarily due to the lower margin impact from the consolidation of Fuli Instruments. The core products, chromatography fillers and chromatography media, maintain a gross profit margin of 81.56%, with a slight year-on-year decline of 2.39 percentage points. The company’s unique ability to self-produce core raw materials, microspheres, is expected to further highlight its competitive edge, supporting a high level of gross margin for core products [2][4]. Financial Performance - In 2024, the company achieved revenue of 782 million yuan, a year-on-year increase of 33.33%. The net profit attributable to the parent company was 82.84 million yuan, up 20.82% year-on-year. In Q1 2025, the company reported revenue of 189 million yuan, a year-on-year growth of 22.39%, and a net profit of 29.22 million yuan, reflecting a 72.98% increase year-on-year [9][11]. Growth Potential - The company is positioned to benefit from accelerated domestic substitution and its own product strength and platform-driven growth. The core business of chromatography fillers and chromatography media is expected to continue its growth trend, with Q1 2025 revenue reaching approximately 111 million yuan, a year-on-year increase of about 10.62%. The strategic focus on high-quality clients is anticipated to further enhance operational quality [4][9]. Earnings Forecast and Valuation - The company’s revenue is projected to reach 966 million yuan in 2025, with a year-on-year growth of 23.44%. The net profit attributable to the parent company is expected to be 139 million yuan, reflecting a significant year-on-year increase of 68.00%. The earnings per share (EPS) for 2025 is estimated at 0.34 yuan, with a price-to-earnings (P/E) ratio of 66 times based on the closing price on May 8, 2025 [4][11].

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 ...