近期药石科技（300725）发布2025年中报，证券之星财报模型分析如下： 营收增长但利润下滑 本报告期药石科技公司应收账款体量较大，当期应收账款占最新年报归母净利润比达136.06%。此外， 有息负债为13.81亿元，同比减少0.29%，有息资产负债率已达24.98%。这提示投资者需关注公司的应收 账款回收情况和债务水平。 经营活动现金流大幅改善 经营活动产生的现金流量净额为4.67亿元，同比增长240.62%。公司表示，这是由于加强了销售回款、 以及材料款项支付的监控，提高了资金效率。 主营业务构成 药石科技发布的2025年中报显示，截至报告期末，公司营业总收入为9.2亿元，同比上升23.48%。然 而，归母净利润为7249.81万元，同比下降26.54%；扣非净利润为5962.11万元，同比下降11.82%。这表 明尽管公司在营业收入上有显著增长，但盈利能力有所减弱。 单季度数据 从单季度数据来看，第二季度营业总收入为4.65亿元，同比上升26.48%；第二季度归母净利润为 3670.73万元，同比下降25.4%；第二季度扣非净利润为2908.39万元，同比上升11.06%。这显示出公司 在第二季度的盈 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 1.689 billion yuan in 2024, a year-on-year decline of 2.12%, while the net profit attributable to the parent company was 220 million yuan, an increase of 11.24% year-on-year. In Q1 2025, the company reported a revenue of 455 million yuan, a year-on-year growth of 20.55%, but the net profit attributable to the parent company decreased by 27.67% year-on-year [4][5] - The company has a steady growth in its order backlog, leading to an upward revision of profit forecasts for 2025-2027, with expected net profits of 255 million, 298 million, and 364 million yuan respectively [4][5] Financial Performance - In 2024, the company's revenue from drug development and commercialization services was 1.354 billion yuan, a decrease of 1.83% year-on-year. The revenue from CDMO services was 863 million yuan, an increase of 3.38% year-on-year. Domestic revenue was 449 million yuan, down 17.47%, while international revenue was 1.24 billion yuan, up 4.94% [5][6] - The company signed new CDMO orders worth 12.43% more than the previous year, with the number of active clients increasing by 12.32% to 775 [6] Market Expansion - The company has made significant progress in expanding its overseas market, with European revenue growing by 40.12% year-on-year to 193 million yuan in 2024. North American revenue remained stable at 979 million yuan [5][6] - The company has strengthened its collaboration with multinational pharmaceutical companies, achieving a revenue of 464 million yuan from MNC clients, a year-on-year increase of 16.37% [6] Earnings Forecast - The earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 1.28, 1.49, and 1.82 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 24.7, 21.1, and 17.3 [4][8]

2025 年 04 月 29 日 药石科技(300725.SZ) 订单逐步改善，期待公司经营边际优化 事件： 公司发布了 2024 年年度报告和 2025 年第一季度报告，2024 年公司 分别实现营收和归母净利润 16.89 亿元和 2.20 亿元，分别同比下降 2.12%和同比增长 11.24%；2025Q1 公司分别实现营收和归母净利润 4.55 亿元和 0.36 亿元，分别同比增长 20.55%和同比下降 27.67%。 受产品价格竞争和短期盈利能力承压等影响，2025Q1 业绩暂时 性下滑： 2024 年公司分别实现营收和归母净利润 16.89 亿元和 2.20 亿元，分 别同比下降 2.12%和同比增长 11.24%。其中，2024 年药物研究阶段 的产品和服务、药物开发及商业化阶段的产品和服务分别贡献营收 3.31 亿元（-4.06%）、13.54 亿元（-1.83%）。 2025Q1 公司分别实现营收和归母净利润 4.55 亿元和 0.36 亿元，分 别同比增长 20.55%和同比下降 27.67%。其中，2025Q1 药物研究阶段 的产品和服务、药物开发及商业化阶段的产品和服务分别贡献营收 ...