业绩符合预期，看好银谷新动能 ——羚锐制药 2025 年半年报点评 投资要点 ❑ 风险提示：政策调整风险、成本波动风险、市场竞争加剧 证券研究报告 | 公司点评 | 中药Ⅱ 羚锐制药(600285) 报告日期：2025 年 08 月 25 日 分析师：吴天昊 执业证书号：S1230523120004 wutianhao@stocke.com.cn 分析师：丁健行 执业证书号：S1230524050003 dingjianxing@stocke.com.cn 基本数据 | 收盘价 | ￥23.68 | | --- | --- | | 总市值(百万元) | 13,429.29 | | 总股本(百万股) | 567.12 | 股票走势图 -22% -11% 1% 13% 24% 36% 24/08 24/09 24/10 24/12 25/01 25/02 25/03 25/04 25/05 25/06 25/07 25/08 羚锐制药 上证指数 相关报告 投资评级: 买入(维持) 分析师：王班 执业证书号：S1230525070003 wangban@stocke.com.cn 1 《业绩符合预期，看好银谷新 动 ...

晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [Table_Reportdate] 2025年08月25日 [证券分析师： Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 邓尧天 dytian@longone.com.cn [晨会纪要 Table_NewTitle] 20250825 重点推荐 财经要闻 [table_summary] ➢ 1.美联储主席偏鸽言论或强化降息预期，资产方向的持续性更重要——资产配置周报 （2025/08/18-2025/08/22） ➢ 2.鲍威尔鸽派发言加强降息预期——海外观察：美国2025年8月杰克逊·霍尔会议 ➢ 3.众生药业（002317）：中药基石稳健，创新研发逐步兑现——公司深度报告 ➢ 4.羚锐制药（600285）：盈利能力持续提升，银谷并表带来增长新动能——公司简评报告 ➢ 5.扬杰科技（300373）：下游需求稳步释放，海 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - The company has shown steady performance in H1 2025, with revenue reaching 2.099 billion yuan, a year-on-year increase of 10.14%, and a net profit attributable to shareholders of 474 million yuan, up 14.85% year-on-year [2][3] - The company is expected to benefit from the aging population in China, leading to an expansion in the orthopedic medication market, and is focusing on optimizing product structure and cost efficiency [4][5] Financial Performance Summary - **Revenue and Profit Growth**: - 2025H1 revenue was 2.099 billion yuan, with a year-on-year growth of 10.14% - Net profit attributable to shareholders was 474 million yuan, reflecting a year-on-year increase of 14.85% [2][3] - **Profitability Metrics**: - Gross margin and net profit margin for 2025H1 were 81.33% and 22.60%, respectively, both showing year-on-year increases [2] - **Expense Ratios**: - Sales, management, R&D, and financial expense ratios were 47.37%, 5.08%, 3.00%, and -0.20%, respectively, with sales expense ratio increasing due to higher sales investments [2][3] Future Projections - The company is projected to achieve revenues of 39.51 billion yuan, 43.96 billion yuan, and 48.28 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 13%, 11%, and 10% [4] - Net profit attributable to shareholders is expected to reach 831 million yuan, 951 million yuan, and 1.067 billion yuan for the same years, with year-on-year growth rates of 15%, 14%, and 12% [4]

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company has achieved continuous revenue and profit growth for five consecutive years, demonstrating strong operational resilience and sustainable business model [2][3] - The acquisition of Yingu Pharmaceutical allows the company to enter the high-barrier nasal spray market, with significant growth potential anticipated from the core product, phenylquinhydramine nasal spray [2] - The company is expected to benefit from the aging population in China, leading to an expansion in the orthopedic medication market [8] Financial Performance Summary - Revenue is projected to grow from 3,311 million yuan in 2023 to 5,111 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 10.6% [1] - Net profit attributable to the parent company is expected to increase from 568 million yuan in 2023 to 1,099 million yuan in 2027, reflecting a CAGR of about 13.0% [1] - The company’s return on equity (ROE) is forecasted to remain strong, increasing from 20.3% in 2023 to 24.4% in 2027 [1] Growth Drivers - The company is focusing on channel expansion and differentiation to enhance loyalty and resource allocation in retail pharmacies [3] - The product matrix is diverse, with significant growth potential in core products, particularly in second-tier regions and grassroots medical institutions [3] - The company is embracing digitalization and AI to improve operational efficiency across various functions [3] Market Position - The company is recognized as a leading player in the domestic traditional Chinese medicine patch market, with a well-established brand and extensive product line [8] - The report highlights the company's ability to maintain a competitive edge through effective marketing integration and focus on core products [8]

Group 1 - The company is a leading player in the traditional Chinese medicine patch industry, with a stable growth in performance, achieving a revenue of 3.501 billion yuan in 2024 (+5.72%) and a net profit of 723 million yuan (+27.19%) [1] - In Q1 2025, the company reported a revenue of 1.021 billion yuan (+12.29%) and a net profit of 217 million yuan (+13.89%) [1] - The core products showed steady growth, with revenues from patches, tablets, capsules, ointments, and other categories reaching 2.115 billion, 356 million, 752 million, 128 million, and 148 million yuan respectively, with year-on-year growth rates of +3.35%, +35.60%, +5.66%, -7.09%, and -1.20% [1] Group 2 - The company has a strong market presence in external traditional Chinese medicine patches, with annual sales of the Tongluo Pain Relief Patch exceeding 1 billion yuan and the "Two Tigers" series products selling over 1 billion patches annually [1] - The company’s R&D expense ratio for 2024 was 3.76% (+0.45 percentage points), focusing on major diseases and products in orthopedics, respiratory, skin, and digestive systems [2] - The company signed a letter of intent for acquisition with Yingu Holdings Group in December 2024, aiming to acquire a controlling stake in Yingu Pharmaceutical, which aligns with its strategic planning and enhances its product matrix with high-tech nasal sprays and inhalants [2] Group 3 - The company expects net profits for 2025-2027 to be 831 million, 932 million, and 1.056 billion yuan, representing year-on-year growth of +15.0%, +12.2%, and +13.4% respectively [2] - The company maintains a leading brand advantage in the traditional Chinese medicine patch sector, with a solid market share for multiple products, and continues to enhance its product matrix through R&D and acquisitions [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in terms of profit is outstanding, with a revenue of 3.501 billion yuan in 2024 (up 5.72% year-on-year) and a net profit attributable to shareholders of 722.55 million yuan (up 27.19% year-on-year) [2] - In Q1 2025, the company achieved a revenue of 1.021 billion yuan (up 12.29% year-on-year, up 37.62% quarter-on-quarter) and a net profit of 217 million yuan (up 13.89% year-on-year, up 45.83% quarter-on-quarter) [2] - The company is a leading player in the traditional Chinese medicine patch market, with a strong performance in core products and a promising growth outlook due to recent acquisitions [6][7] Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 75.82% and a net margin of 20.64%, with improvements in gross margins across various product lines [6] - The company plans to enhance its product pipeline through the acquisition of Yingu Pharmaceutical for 704 million yuan, which is expected to provide significant synergies and fill gaps in its product offerings [6][7] Revenue Breakdown - The revenue from patches reached 2.115 billion yuan in 2024 (up 3.35% year-on-year), while tablets saw a significant increase of 35.60% year-on-year, reaching 355 million yuan [6] - The core product Tongluo Qutong Gao is expected to generate over 1.2 billion yuan in revenue, with double-digit growth anticipated for the "Two Tigers" series [6] Earnings Forecast - The company is expected to achieve net profits of 826.30 million yuan, 951.24 million yuan, and 1.07982 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 1.46, 1.68, and 1.90 yuan [7]

Core Insights - The company reported a revenue of 3.501 billion yuan for 2024, representing a year-on-year increase of 5.7%, and a net profit attributable to shareholders of 723 million yuan, up 27.2% year-on-year [1] - In Q1 2025, the company achieved a revenue of 1.021 billion yuan, a 12.3% increase year-on-year, with a net profit of 217 million yuan, reflecting a 13.9% year-on-year growth [1] Business Performance - The orthopedic segment showed steady growth, with revenue of approximately 2.32 billion yuan in 2024, a 9.5% increase year-on-year, and a gross margin improvement of 3.9 percentage points [2] - The sales of the Tongluo Pain Relief Plaster exceeded 1 billion yuan, and the "Two Tigers" series products sold over 1 billion patches, indicating strong brand strength [2] - The cardiovascular segment generated about 450 million yuan in revenue, a 3.3% year-on-year increase, with the Peiyuan Tongnao capsule gradually gaining market traction [2] Product Expansion and Acquisitions - The tablet segment saw significant growth, with revenue of approximately 360 million yuan, a 35.6% increase year-on-year, driven by strong sales of Danlu Tongdu tablets [3] - The company acquired 90% of Yingu Pharmaceutical for 704 million yuan, enhancing growth potential and filling gaps in its nasal spray product line [3] - The acquisition is expected to strengthen the company's hospital sales capabilities and enhance the sales channels for Yingu's products [3] Dividend Policy - The company announced a cash dividend of 0.90 yuan per share for 2024, totaling approximately 510 million yuan, which represents 70.64% of the net profit attributable to shareholders [3] Financial Forecast - The orthopedic business is expected to benefit from an aging population, with projected revenues of 4.2 billion yuan, 4.68 billion yuan, and 5.23 billion yuan for 2025-2027, reflecting year-on-year growth rates of 19.9%, 11.6%, and 11.7% respectively [4] - The net profit attributable to shareholders is forecasted to be 840 million yuan, 950 million yuan, and 1.07 billion yuan for the same period, with growth rates of 15.9%, 13.1%, and 13.0% respectively [4] - The estimated earnings per share (EPS) for 2025-2027 are projected to be 1.48 yuan, 1.67 yuan, and 1.89 yuan, with corresponding price-to-earnings (PE) ratios of 15, 13, and 12 times [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][11]. Core Insights - The company reported a revenue of 3.501 billion RMB in 2024, a year-on-year increase of 5.7%, and a net profit attributable to shareholders of 723 million RMB, up 27.2% year-on-year [2]. - The acquisition of Yingu Pharmaceutical for 704 million RMB is expected to enhance the company's growth potential by filling product gaps and improving sales capabilities [3]. - The orthopedic product segment continues to show robust growth, with revenue reaching approximately 2.32 billion RMB in 2024, a 9.5% increase year-on-year [3]. Summary by Sections Performance Review - In Q1 2025, the company achieved a revenue of 1.021 billion RMB, reflecting a 12.3% year-on-year growth, and a net profit of 217 million RMB, up 13.9% year-on-year [2]. Operational Analysis - The orthopedic segment's revenue growth is attributed to an aging population and improved product margins, with a gross margin increase of 3.9 percentage points [3]. - The company plans to distribute a cash dividend of 0.90 RMB per share, totaling approximately 510 million RMB, which represents 70.64% of the net profit for 2024 [3]. Profit Forecast and Valuation - Revenue projections for 2025-2027 are estimated at 4.196 billion RMB, 4.683 billion RMB, and 5.231 billion RMB, with respective year-on-year growth rates of 19.9%, 11.6%, and 11.7% [4]. - The expected net profit for the same period is projected to be 840 million RMB, 950 million RMB, and 1.07 billion RMB, with growth rates of 15.9%, 13.1%, and 13.0% respectively [4].

Core Viewpoint - The report by Guojin Securities highlights the steady growth of Lingrui Pharmaceutical, projecting positive performance driven by its core business and recent acquisition activities [1][2]. Financial Performance - In 2024, Lingrui Pharmaceutical achieved a revenue of 3.501 billion yuan, representing a year-on-year increase of 5.7%, and a net profit attributable to shareholders of 723 million yuan, up 27.2% year-on-year [1]. - For Q1 2025, the company reported a revenue of 1.021 billion yuan, a 12.3% increase year-on-year, and a net profit of 217 million yuan, reflecting a 13.9% year-on-year growth [1]. Business Analysis - The orthopedic segment showed robust performance with revenues of approximately 2.32 billion yuan in 2024, a 9.5% increase year-on-year, and a gross margin improvement of 3.9 percentage points [2]. - The company completed the acquisition of 90% of Yingu Pharmaceutical for 704 million yuan, which is expected to enhance its product offerings and sales capabilities [2]. - Lingrui Pharmaceutical plans to distribute a cash dividend of 0.90 yuan per share, totaling around 510 million yuan, which constitutes 70.64% of its net profit for 2024 [2]. Profit Forecast and Valuation - The company is expected to benefit from an aging population, with projected revenues of 4.2 billion yuan, 4.68 billion yuan, and 5.23 billion yuan for 2025, 2026, and 2027, respectively, indicating year-on-year growth rates of 19.9%, 11.6%, and 11.7% [3]. - The forecasted net profits for the same years are 840 million yuan, 950 million yuan, and 1.07 billion yuan, with corresponding year-on-year growth rates of 15.9%, 13.1%, and 13.0% [3]. - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 1.48 yuan, 1.67 yuan, and 1.89 yuan, with price-to-earnings (PE) ratios of 15, 13, and 12 times, respectively [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][11]. Core Insights - The company reported a revenue of 3.501 billion RMB in 2024, a year-on-year increase of 5.7%, and a net profit attributable to shareholders of 723 million RMB, up 27.2% year-on-year [2]. - The acquisition of Yingu Pharmaceutical for 704 million RMB is expected to enhance the company's growth potential by filling product gaps and improving sales capabilities [3]. - The orthopedic product segment continues to show robust growth, with revenues reaching approximately 2.32 billion RMB in 2024, a 9.5% increase year-on-year [3]. Summary by Sections Performance Review - In Q1 2025, the company achieved a revenue of 1.021 billion RMB, reflecting a 12.3% year-on-year growth, and a net profit of 217 million RMB, up 13.9% year-on-year [2]. Operational Analysis - The orthopedic segment's revenue growth is attributed to an aging population and improved product margins, with a gross margin increase of 3.9 percentage points [3]. - The company plans to distribute a cash dividend of 0.90 RMB per share, totaling approximately 510 million RMB, which represents 70.64% of the net profit for 2024 [3]. Profit Forecast and Valuation - Revenue projections for 2025-2027 are estimated at 4.196 billion RMB, 4.683 billion RMB, and 5.231 billion RMB, with respective year-on-year growth rates of 19.9%, 11.6%, and 11.7% [4]. - The expected net profit for the same period is forecasted to be 840 million RMB, 950 million RMB, and 1.07 billion RMB, with growth rates of 15.9%, 13.1%, and 13.0% respectively [4].