证券研究报告·公司点评报告 2026 年 2 月 25 日 江海证券研究发展部 执业证书编号：S1410524050001 | 投资评级： | 增持（维持） | | | --- | --- | --- | | 当前价格: | | 3.38元 | | 目标价格: | | 3.64元 | | 目标期限: | 6 | 个月 | 市场数据 | 总股本(百万股) | 2232.03 | | --- | --- | | A 股股本(百万股) | 2232.03 | | B/H 股股本(百万股) | -/- | | A 股流通比例(%) | 98.46 | | 12 个月最高/最低(元) | 4.08/2.12 | | 第一大股东 | 沈臻宇 | | 第一大股东持股比例(%) | 4.92 | | 上证综指/沪深 300 | 4117.41/4707.54 | % 1 个月 3 个月 12 个月 相对收益 -3.81 2.98 17.42 绝对收益 -3.70 8.68 35.74 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-黑龙江新质生产力公司深度 报告（首次覆盖)-誉衡药业-002437.SZ： ...

Core Viewpoint - The company expects a significant increase in net profit for 2025, projecting a range of 350 million to 420 million yuan, representing a year-on-year growth of 50.37% to 80.44% [1] Financial Performance - The basic earnings per share are estimated to be between 0.1597 yuan and 0.1917 yuan [1] - The increase in performance is attributed to strong sales growth of core products, including injectable multivitamins, potassium chloride sustained-release tablets, and other key medications [1] Cost Management - The company has improved internal management, leading to a noticeable reduction in sales and administrative expenses compared to the same period last year [1] Non-Recurring Income - In December 2025, the company received 132 million yuan from the sale of equity in Guangzhou Yuheng Biotechnology Co., Ltd., which will be included in the investment income for 2025 as a non-recurring gain [1]

Core Viewpoint - The company, Yuheng Pharmaceutical (002437.SZ), expects a significant increase in net profit for 2025, projecting a range of 350 million to 420 million yuan, representing a growth of 50.37% to 80.44% year-on-year, while the net profit excluding non-recurring gains is expected to be between 185 million and 220 million yuan, reflecting a growth of 0.92% to 20.02% year-on-year [1] Group 1 - The sales of several core products, including injectable multivitamins, potassium chloride sustained-release tablets, and other medications, have shown substantial and steady growth [1] - The company has improved internal management, achieving notable results in cost reduction and efficiency enhancement, with both sales and management expenses decreasing compared to the previous year [1] - In December 2025, the company received the final payment and interest of 132 million yuan from the sale of its stake in Guangzhou Yuheng Biotechnology Co., Ltd., which will be included in the company's investment income for 2025 as a non-recurring gain [1]