Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Insights - The company is set to officially launch the Phase IIc clinical trial for its self-developed recombinant human thymosin β4 (NL005) for the treatment of acute myocardial infarction (AMI) following successful communication with the CDE [4][5] - The company anticipates revenue growth from 0.89 billion yuan in 2025 to 6.11 billion yuan in 2027, with net profits projected to shift from a loss of 440 million yuan in 2025 to a profit of 730 million yuan in 2027 [4][7] - The company has established a significant partnership with a well-known domestic ophthalmology company to promote the localization of its balanced salt solution, enhancing its market presence in the ophthalmic medical sector [5] Financial Summary - Revenue projections for 2025-2027 are 0.89 billion yuan, 2.71 billion yuan, and 6.11 billion yuan respectively, with corresponding net profits of -440 million yuan, -20 million yuan, and 730 million yuan [4][7] - The company’s gross margin is expected to improve from 55.8% in 2025 to 71.5% in 2027, while the net margin is projected to turn positive by 2027 [7][10] - The price-to-sales (P/S) ratio is forecasted to decrease from 78.8 in 2025 to 11.5 in 2027, indicating a potential increase in valuation as revenues grow [4][7]

上 市 公 司 公 司 研 究 / 公 司 点 评 证 券 研 究 报 告 | 市场数据： | 2025 年 12 月 02 日 | | --- | --- | | 收盘价（元） | 24.45 | | 一年内最高/最低（元） | 32.49/11.05 | | 市净率 | 22.8 | | 股息率%（分红/股价） | - | 基础数据: 2025 年 09 月 30 日 每股净资产（元） 1.07 | 资产负债率% | 24.41 | | --- | --- | | 总股本/流通 A 股（百万） | 274/180 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -50% 0% 50% 100% 150% 12-02 01-02 02-02 03-02 04-02 05-02 06-02 07-02 08-02 09-02 10-02 11-02 12-02 诺思兰德 沪深300指数 (收益率) 相关研究 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 王雨晴 A0230522010003 wangyq@swsresearch ...