医药生物/化学制药 丽珠集团（000513.SZ） 2025H1 利润快速增长，持续加快差异化创新布局 2025 年 08 月 22 日 投资评级：买入（维持） | 日期 | 2025/8/21 | | --- | --- | | 当前股价(元) | 41.29 | | 一年最高最低(元) | 44.87/32.94 | | 总市值(亿元) | 373.30 | | 流通市值(亿元) | 241.19 | | 总股本(亿股) | 9.04 | | 流通股本(亿股) | 5.84 | | 近 3 个月换手率(%) | 140.98 | 股价走势图 数据来源：聚源 -10% 0% 10% 20% 30% 40% 2024-08 2024-12 2025-04 2025-08 丽珠集团 沪深300 相关研究报告 《IL-17 双靶头对头数据优效，差异化 创新持续推进—公司信息更新报告》 -2025.7.23 《多元产品矩阵攻守兼备，差异化创 新节奏加快—公司信息更新报告》 -2025.3.28 《促性激素收入稳步提升，加快差异 化创新管线研发—公司信息更新报 告》-2024.8.23 余汝意（分析师） 刘艺（联系人 ...

Group 1: Yuntianhua (云天化) - Yuntianhua's 2025 semi-annual report details phosphate fertilizer exports, phosphate rock prices, and production volumes of phosphate ammonium, among other topics [1] - Phosphate fertilizer exports are strictly adhering to domestic supply and price stability policies, with high sulfur prices impacting costs [1] - The company is progressing with the trial production of Kunyang No. 2 Mine and the exploration of Zhenxiong phosphate mine, which may be injected into the listed company in the future [1] - Phosphate ammonium production and sales have decreased due to product structure adjustments and maintenance [1] - The supply-demand balance for phosphate rock remains tight, with prices expected to stay high in the short term [1] Group 2: *ST Chengchang (铖昌) - The company has seen a significant increase in orders and projects due to recovering downstream user demand [2] - Remote sensing satellite projects are expected to enter small batch production in 2024 and mass production in 2025, indicating substantial growth potential [2] - The company maintains a stable gross profit margin by improving R&D efficiency and optimizing production processes [2] - The average project cycle is shortening as demand increases, with faster acceptance rates [2] - The company has a technological advantage in the low-orbit satellite sector, which is anticipated to be a new growth point [2] Group 3: Desay SV (德赛西威) - Desay SV achieved a revenue of 14.644 billion yuan in the first half of 2025, a year-on-year increase of 25.25%, with a net profit of 1.223 billion yuan, up 45.82% [3] - The company has established overseas branches, with factories in Indonesia and Mexico already in production, and a smart factory in Spain expected to start mass production in 2026 [3] - The smart driving business generated revenue of 4.147 billion yuan, growing 55.49% year-on-year, with the company holding the largest market share in domestic auxiliary driving domain controllers [3] - The smart cockpit business reported sales of 9.459 billion yuan, an 18.76% increase, with new project orders for the fifth-generation platform [3] Group 4: LIZHU Group (丽珠集团) - LIZHU Group anticipates single-digit revenue growth for the year, with profit growth expected to outpace revenue [4] - The P-CAB tablet has submitted a listing application, while the injection is expected to be approved in the first half of 2029 [4] - The IL-17A/F is projected to be approved in the first half of 2027, with significant commercialization potential [4] - The micro-sphere product market shows great potential, with plans for long-acting micro-sphere formulations and psychiatric products [4] - The small nucleic acid drug LZHN2408 is progressing rapidly, with enrollment for Phase Ib expected to complete in September [4]

Group 1: Zhenghai Magnetic Materials (正海磁材) - In the first half of 2025, Zhenghai Magnetic Materials achieved total revenue of 3.057 billion yuan, a year-on-year increase of 20.42%, but net profit decreased by 24.39% [1] - The company experienced improved operational efficiency in Q1, but faced profit pressure in Q2 due to changes in the international economic environment and intensified domestic market competition [1] - Product shipments increased by over 20% year-on-year, with shipments in the energy-saving and new energy vehicle markets growing by over 30% [1] Group 2: Shengyi Electronics (生益电子) - Shengyi Electronics reported a 91.00% increase in revenue and a 452.11% increase in net profit for the first half of 2025, driven by optimized product structure and a higher proportion of high-value-added products [2] - The company is focusing on the 800G high-speed switch market in telecommunications and enhancing its presence in the automotive electronics sector [2] - The Thai production base project is progressing steadily, having received investment incentives, and the smart computing center's first phase has begun trial production [2] Group 3: Desay SV (德赛西威) - Desay SV achieved revenue of 14.644 billion yuan in the first half of 2025, a year-on-year increase of 25.25%, with net profit rising by 45.82% [3] - The company has established overseas branches and commenced production in factories located in Indonesia and Mexico, with a smart factory in Spain expected to start mass production in 2026 [3] - The smart driving business generated revenue of 4.147 billion yuan, reflecting a year-on-year growth of 55.49%, while the smart cockpit business saw sales of 9.459 billion yuan, up 18.76% [3] Group 4: Livzon Pharmaceutical Group (丽珠集团) - Livzon Pharmaceutical Group anticipates single-digit revenue growth for the year, with profit growth expected to outpace revenue growth [4] - The company has submitted a listing application for P-CAB tablets and expects approval for injection products in the first half of 2029 [4] - The market potential for microsphere products is significant, with ongoing development in long-acting microsphere formulations and psychiatric products [4]

2)丽珠集团（000513）(蜂巢基金参与公司业绩说明会&线上接入) 调研纪要：丽珠集团介绍了全年业绩展望、各板块经营趋势、重点创新产品进度、微球产品市场潜力等 内容。全年收入有望实现个位数增长，利润增速高于收入。P-CAB片剂已提交上市申请，注射剂预计 2029年上半年获批上市。IL-17A/F预计2027年上半年获批上市，商业化潜力巨大。NS-041片是新一代 KCNQ2/3激活剂，有望成为难治性癫痫患者的临床用药选择。微球产品市场潜力巨大，布局瑞林类长 效微球制剂和精神类产品。小核酸药物LZHN2408进展较快，预计9月完成Ib期入组。阿立哌唑微球医保 谈判推进中，艾普拉唑仿制药上市影响有限。 证券之星消息，根据市场公开信息及8月21日披露的机构调研信息，蜂巢基金近期对2家上市公司进行了 调研，相关名单如下： 1)华东医药（000963）(蜂巢基金参与公司华东医药2025半年度业绩交流会) 调研纪要：华东医药在创新药研发方面取得显著进展，涵盖ADC、自免、内分泌等多个领域。ADC领 域，8个主要在研产品中，多个已进入临床阶段，如HDM2005、HDM2012等。自免领域，公司自研和 合作开发多个产品，如 ...

丽珠医药集团股份有限公司投资者关系活动记录表 编号：2025-11 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 业绩说明会 | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | 现场参观 | | | 其他 | | | 丽珠集团——执行董事、总裁 唐阳刚 | | | 刘大平 丽珠集团——副总裁、丽珠生物总经理 | | 活动参与人员 | 丽珠集团——副总裁、财务负责人 司燕霞 | | | 刘宁 丽珠集团——董事会秘书 | | | 参会投资机构共计 122 家，详见附件。 | | 时间 | 8 月 21 日 13:30-14:30 | | 地点 | 本公司会议室 | | 形式 | 线上接入 一、上半年整体经营情况介绍 | | | （一）业绩彰显经营韧性，核心优势持续夯实 报告期内，公司实现营业收入 亿元，利润总额 62.72 | | | 18.28 亿元，同比增长 13.66%，扣非归母净利润 12.58 亿 | | | 元，同比增长 8.91%。公司业绩增长源自：其一，保证基 | | | 本面和存量产品"稳中有增"，存量产品在激烈市场竞争中 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved superior efficacy in the IL-17A/F head-to-head III phase clinical trial for psoriasis, demonstrating a PASI 100 response rate of 49.5% compared to 40.2% for the control group [3] - The company is expected to maintain a strong growth trajectory with projected net profits of 2.276 billion, 2.521 billion, and 2.801 billion yuan for 2025-2027, respectively, with corresponding EPS of 2.52, 2.79, and 3.10 yuan per share [3][4] - The current price-to-earnings (PE) ratios are projected to be 17.4, 15.7, and 14.2 for the years 2025, 2026, and 2027, indicating a favorable valuation [3] Financial Summary - The company reported a revenue of 12.430 billion yuan in 2023, with a slight decline expected in 2024 to 11.812 billion yuan, followed by a recovery to 12.247 billion yuan in 2025 [6] - The gross margin is projected to be 64.1% in 2023, slightly decreasing to 62.9% in 2025, while the net profit margin is expected to stabilize around 19.5% for 2025 [6][8] - Return on equity (ROE) is forecasted to be 14.7% in 2025, with a gradual increase to 15.0% by 2027 [6][8]

R&D Strategy - The company has initiated a comprehensive review of its R&D strategy since 2024, focusing on clear objectives in disease areas and technology platforms [2] - Key areas of focus include gastrointestinal, reproductive health, and mental health, with a complete product pipeline and treatment plans [2][3] - In the gastrointestinal field, the company is advancing P-CAB products, with the tablet in phase III clinical trials expected to launch this year [2] - In reproductive health, the company has successfully launched a water-soluble progesterone injection and is working on recombinant human follicle-stimulating hormone injection, expected to be approved by Q1 2027 [2][3] Key Product Developments - The NS-041 project for epilepsy is in phase II clinical trials, showing superior selectivity and efficacy compared to similar products [4] - The IL-17A/F monoclonal antibody for psoriasis has completed phase III clinical enrollment, with plans to submit for approval in 2025 [5] - The company has a strong market position in reproductive health, holding over 90% of the u-FSH market in China since 2005 [5][6] Financial Performance and Projections - The company expects a slight growth in traditional Chinese medicine sales, driven by policy changes and new product developments [7] - In 2024, the revenue from APIs and intermediates is projected to be CNY 3.25 billion, with a 7.9% increase in exports [8] - The company plans to balance dividends, share buybacks, and R&D investments, with 88% of net profit allocated to shareholder returns in 2024 [11] Business Development Strategy - The business development strategy focuses on gastrointestinal, mental health, and reproductive health, while expanding into chronic disease areas [10] - The company aims to leverage its technology platforms to enhance its product pipeline and market competitiveness [10] Market Outlook - The market for psoriasis and ankylosing spondylitis treatments is expected to grow significantly, with high demand for effective therapies [5] - The company is preparing to optimize sales channels and promotional teams for upcoming product launches [5]