Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6][8] Core Views - The company achieved a revenue of 35.01 billion yuan in 2024, representing a year-on-year growth of 5.72%, and a net profit attributable to shareholders of 7.23 billion yuan, up 27.19% year-on-year [6][7] - The company is focusing on its pharmaceutical core business, demonstrating strong operational resilience, with significant growth in prescription drug sales due to the expansion into nearly 5,000 hospitals and primary healthcare institutions [6][7] - The company completed the acquisition of Yingu Pharmaceutical, enhancing its product portfolio with high-tech formulations, while maintaining a high dividend payout ratio of 70.64% [6][7] Financial Summary - Revenue projections for 2024 to 2027 are as follows: 35.01 billion yuan (2024), 41.80 billion yuan (2025E), 47.44 billion yuan (2026E), and 52.91 billion yuan (2027E), with respective growth rates of 5.72%, 19.41%, 13.49%, and 11.53% [2][6] - Net profit attributable to shareholders is projected to grow from 7.23 billion yuan in 2024 to 11.22 billion yuan in 2027, with growth rates of 27.19%, 17.18%, 15.17%, and 15.03% respectively [2][6] - The company’s earnings per share (EPS) is expected to increase from 1.27 yuan in 2024 to 1.98 yuan in 2027, with corresponding P/E ratios decreasing from 17.20 to 11.08 [2][6] Profitability and Growth - The company’s net profit margin and return on equity (ROE) are projected to improve, with net profit margins of 20.64% in 2024 and 21.20% in 2027, and ROE increasing from 24.58% to 29.53% over the same period [7] - The gross margin for the manufacturing sector is expected to be 77.05% in 2024, reflecting a year-on-year increase of 3.59 percentage points [6][7] Strategic Outlook - The company is expected to maintain double-digit growth in its core business, driven by the strengthening of its "evidence-based traditional Chinese medicine" label and the expansion of its hospital network [6][7] - The OTC business is anticipated to recover due to improved online and offline marketing strategies [6][7]

研发投入连年增长的一个重要原因是昂利康正加速向创新药转型。公司与上海亲合力生物医药科技股份 有限公司(下称"亲合力")基于亲合力的肿瘤微环境特异激活平台技术进行合作开发，并就ALK- N001/QHL-1618的授权达成一致，获得了该产品在中国的全部权益，产品顺利完成临床前研究。截至 2025年2月，创新药注射用ALK-N001临床试验申请已获得国家药监局受理。 此外，昂利康改良型新药ALKA016-1、NHKC-1的Ⅲ期临床试验顺利推进中，BM2216完成了Ⅰ期临床 试验。随着在研产品陆续上市，公司研发投入有望转化为长期收益。 产业升级与宠物药布局并进 本报讯(记者吴文婧)4月26日，浙江昂利康（002940）制药股份有限公司(以下简称"昂利康")披露2024年 年报，全年实现营收15.38亿元，归母净利润8033.45万元，同比下降41.94%。公司利润下滑主要是由于 研发投入大幅增加，研发费用高达2.31亿元，同比增长33.74%，占营收比重达14.99%。若剔除研发投入 影响，净利润为正增长。 在产业端，昂利康围绕"原料+制剂"一体化目标推进技术升级。2024年，公司通过工艺优化降低alpha酮 酸、 ...