继芪防鼻通片获国家药监局批准上市后，该产品又成功斩获澳门中成药创新药注册证书，成为澳门首个 获批的同类药品。这一事件不仅彰显其在中医药现代化与科技创新领域的深厚积累，同时更折射出公司 多年高强度研发投入正加速进入"丰收季"。 业绩方面，数据显示，2025年1-3月，以岭药业交出回暖成绩单。报告期内，公司实现营收23.58亿元； 归母净利润3.26亿元，同比增长7.25%；扣非归母净利润3.25亿元，同比增长11.23%。经营数据显示， 公司已在毛利率与净利率端同步取得改善。 光大证券研报指出，作为创新中药龙头，以岭药业在呼吸和心脑血管领域优势显著。在络病理论指导 下，公司形成了具有竞争力的研发体系和产品储备，科创成果将持续落地，维持其"买入"评级。 专业人士表示，中医药的现代化征程需要坚守传统智慧与拥抱现代科技的双重勇气。以岭药业通过"理 论创新-临床验证-产业转化"的闭环体系，将千年中医药理论与现代循证医学深度融合，为行业树立了 典范，公司有望在政策支持与市场需求共振下，开启高质量发展新篇章。 全景网了解到，作为国内创新中药龙头，以岭药业始终将研发投入、科技创新视为发展核心引擎。2024 年，公司研发投入达 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company has received approval for its innovative traditional Chinese medicine, Qifang Bitong Pian, in Macau, marking it as the first approved OTC innovative traditional Chinese medicine for treating persistent allergic rhinitis [1]. - The company is increasing its R&D investment, with a projected 2024 R&D expenditure of 908 million yuan, accounting for 13.94% of revenue, which is a year-on-year increase of 4.88 percentage points, positioning it as a leader in the industry [2]. - The company is expected to see a gradual improvement in performance throughout 2025, with a projected revenue of 2.358 billion yuan in Q1 2025, reflecting a year-on-year decrease of 6.52%, but with a net profit of 326 million yuan, an increase of 7.25% year-on-year [3]. - The company has adjusted its profit forecasts for 2025 and 2026, now estimating net profits of 1.29 billion yuan and 1.46 billion yuan respectively, with a new estimate for 2027 at 1.64 billion yuan [4]. Summary by Sections Company Overview - The company is a leading player in the innovative traditional Chinese medicine sector, focusing on respiratory and cardiovascular fields, and has a competitive R&D system and product reserve [4]. Financial Performance - The company is projected to experience a decline in revenue in 2024, with an estimated revenue of 6.513 billion yuan, a decrease of 36.88% year-on-year, and a net profit forecast of -725 million yuan [5]. - The company’s earnings per share (EPS) is expected to recover to 0.77 yuan in 2025, with a projected growth rate of 12.93% in net profit for that year [5]. Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to be 19 for 2025, decreasing to 15 by 2027, indicating a favorable valuation for potential investors [5][12].