根据市场公开信息及6月20日披露的机构调研信息，知名私募合晟资产近期对1家上市公司进行了调研， 相关名单如下： 机构简介： 1）皓元医药 （上海合晟资产参与公司特定对象调研&现场参会&通讯方式） 调研纪要：皓元医药在分子砌块业务方面具有高壁垒、种类丰富、结构多样、定制研发能力强等竞争优 势，2024年实现营业收入4.2亿元，同比增长35.7%。公司CDMO业务覆盖药物研发及生产全流程，具备 核心技术优势、产品优势、团队优势，形成前后端一体化优势，提供全方位解决方案。公司构建了4个1 的生产体系，包括原料药工厂、制剂工厂、高端中间体工厂、DC CDMO工厂，实现中、低、高'三位一 体'的产能搭配。重庆皓元通过欧盟QP审计，质量管理体系和生产能力达到欧盟GMP标准，进一步拓展 国内外市场。公司已开展多期股权激励计划，覆盖核心骨干和中高层管理者，确保团队稳定性和创造 力。公司2024年11月28日成功发行可转债，募集资金8.22亿元，尚未满足强赎条件。 上海合晟资产管理股份有限公司成立于2011年，于2014年成为国内首批（50家）基金业协会登记的私募 基金管理人之一，是国内规模领先的信用债研究与投资机构。公司员工 ...

近期，多家科创板上市公司披露重大资产重组相关公告，引发市场关注。数据显示，"科创板八条"政策 出台后，科创板上市公司披露重大资产重组方案数量达到105家。今年以来，科创板上市公司披露重大 资产重组方案数量达到44家，市场活跃度整体较高。 业内人士表示，并购重组是上市公司实现资源整合、强化主营业务发展、培育新的增长点，从而提升核 心竞争力的重要措施之一。科创板作为新兴领域的主阵地，并购重组热度增加具有较为积极性的意义。 从政策驱动看，在"科创板八条""并购六条"等政策大力支持下，极大地提升了并购交易的灵活性与可行 性，降低了企业整合的成本与难度，促使科创企业间的资源整合呈现加速态势。 ● 本报记者 董添 上市公司积极推进 不少科创板公司在重大资产重组方案中提到，通过重大资产重组，可实现业务方面的优势互补。 奥浦迈日前公告，上市公司拟以发行股份及支付现金的方式向嘉兴汇拓、红杉恒辰等31名交易对方购买 澎立生物100%的股权，并募集配套资金。上市公司是一家专门从事细胞培养产品与服务的科技型创新 企业。标的公司澎立生物是一家专门从事生物医药研发临床前CRO（临床研究外包）服务的生物医药 企业，交易双方均致力于为全球创 ...

奥浦迈：拟14.51亿元购买澎立生物100%股权 智通财经6月5日电，奥浦迈(688293.SH)公告称，公司拟以发行股份及支付现金的方式向PLHK、嘉兴汇 拓等共31名交易对方购买澎立生物100.00%的股权，并募集配套资金，交易价格14.51亿元。本次交易完 成后，上市公司将导入标的公司临床前研究客户资源，在药物研发较早期阶段即向客户推介上市公司的 细胞培养基产品和生物药CDMO业务，从而扩大公司潜在客户群体，拓展早期研发管线数量，并在一定 程度上锁定具有良好商业化前景的创新药管线，实现从前端业务向后端业务的导流。 ...

证券研究报告·公司点评报告·生物制品 奥浦迈（688293） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 243.12 | 297.24 | 390.60 | 518.08 | 655.77 | | 同比（%） | (17.41) | 22.26 | 31.41 | 32.64 | 26.57 | | 归母净利润（百万元） | 54.04 | 21.05 | 66.50 | 108.58 | 140.94 | | 同比（%） | (48.72) | (61.04) | 215.86 | 63.29 | 29.80 | | EPS-最新摊薄（元/股） | 0.48 | 0.19 | 0.59 | 0.96 | 1.24 | | P/E（现价&最新摊薄） | 86.68 | 222.49 | 70.44 | 43.14 | 33.23 | [Table_Tag] [Table_Summary] 投资要点 2025 年 04 月 ...

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 18.62, down from a previous target of RMB 23.76 [2][11]. Core Insights - The company is expected to face revenue of RMB 5.16 billion in 2024, a decrease of 6.6%, and a net profit of RMB 610 million, down 41.3%, primarily due to pressure on raw material prices and an asset impairment of RMB 218 million [2][11]. - For Q1 2025, revenue is projected at RMB 1.49 billion, an increase of 0.98%, with a net profit of RMB 250 million, up 5.68%, indicating improved profitability with a gross profit margin of 37.42% [2][11]. - The report forecasts EPS for 2025 and 2026 at RMB 0.98 and RMB 1.10, respectively, with a new forecast for 2027 at RMB 1.21 [2][11]. Summary by Sections Revenue and Profitability - The company’s revenue for 2024 is expected to be RMB 5.16 billion, reflecting a 6.6% decline, while net profit is anticipated to be RMB 610 million, a 41.3% decrease due to raw material price pressures and asset impairments [2][11]. - In Q1 2025, revenue is projected to rise to RMB 1.49 billion, a 0.98% increase, with net profit expected to reach RMB 250 million, marking a 5.68% growth [2][11]. Raw Material and CDMO Business - The raw material and intermediate prices are under short-term pressure, but there is optimism for upward flexibility in the future [2][11]. - The CDMO business is expanding, with 2024 revenue expected to be RMB 3.87 billion, a decrease of 5.1%, and a significant focus on emerging fields [3][11]. Financial Forecasts - The financial forecasts indicate a revenue increase to RMB 5.68 billion in 2025, followed by RMB 6.14 billion in 2026, and RMB 6.59 billion in 2027 [4][11]. - The net profit is expected to recover to RMB 880 million in 2025, RMB 985 million in 2026, and RMB 1.08 billion in 2027, reflecting a positive trend in profitability [4][11].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 97.16, compared to the current price of RMB 74.47 [1][10]. Core Insights - The company is experiencing rapid growth in emerging businesses, leading to improved profitability. The focus on polypeptide capabilities and global expansion is expected to drive long-term growth [1][10]. - In Q1 2025, the company reported revenue of RMB 1.54 billion, a 10.10% increase year-on-year, and a net profit attributable to shareholders of RMB 327 million, up 15.83% [10]. - The gross profit margin for Q1 2025 was 42.54%, showing a year-on-year decline of 0.98 percentage points but an increase of 3.28 percentage points quarter-on-quarter [10]. Financial Summary - Revenue projections for 2025-2027 are RMB 6.63 billion, RMB 7.79 billion, and RMB 9.32 billion, respectively, with expected growth rates of 14.2%, 17.5%, and 19.5% [3][5]. - Net profit attributable to shareholders is forecasted to be RMB 1.09 billion in 2025, RMB 1.28 billion in 2026, and RMB 1.53 billion in 2027, reflecting growth rates of 15.1%, 16.8%, and 19.5% [3][5]. - The earnings per share (EPS) for 2025-2027 are projected at RMB 3.03, RMB 3.54, and RMB 4.23, respectively [3][10]. Business Performance - The small molecule CDMO business remained stable, while emerging business revenues grew over 80% year-on-year, with a gross profit margin of 33.05%, up 15.75 percentage points from 2024 [10]. - The company secured a total order backlog of USD 1.052 billion, representing a growth of over 20% year-on-year, ensuring stable revenue growth [10]. - The European R&D and pilot base commenced operations in August 2024, contributing to the expansion of the company's capabilities [10].

天风证券（601162）股份有限公司杨松,曹文清近期对凯莱英（002821）进行研究并发布了研究报告 《2025Q1收入和利润率均稳健增长，新兴业务毛利率上升》，给予凯莱英增持评级。 凯莱英 近日，公司推出了A股限制性股票激励计划，首次合计授股489.60万股，授予价格为37.52元/股，本计划首 次授予的激励对象共计648人，包括公司董事、高级管理人员、管理人员及核心技术(业务)人员。解除限 售的条件分为公司业绩要求和个人KPI两个部分。在公司业绩要求上，解除限售期分为2025年至2028年四 个年份，且每个年份有对应的收入或利润增长要求。以2025年为例，如果2025年公司的营业收入同比实现 13%及以上的增长或者净利润实现同比14%及以上的增长，则考核指标对应解除限售比例为100%；如果 10%≤营业收入同比增长率<13%或10%≤净利润同比增长率<14%，则对应的比例为75%；若营业收入或净 利润同比增长小于10%，对应的比例为0%，其中净利润指的均为扣非归母净利润，且剔除汇率波动相关 损益影响。 盈利预测与投资评级 我们预计公司2025-2027年营业收入为66.17、76.17和87.82亿元，预 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 74.47 CNY [7][5]. Core Insights - The company reported a revenue of 1.541 billion CNY for Q1 2025, representing a year-on-year growth of 10.1%, and a net profit of 327 million CNY, up 15.8% year-on-year [1]. - The gross profit margin and net profit margin for Q1 2025 were 42.5% and 21.2%, respectively [1]. - The company has implemented cost reduction and efficiency improvement measures, resulting in a net profit growth rate that outpaced revenue growth by 5.7 percentage points in Q1 2025 [2]. - The small molecule CDMO business showed stable performance with a gross margin of 45.17%, while emerging businesses saw revenue growth exceeding 80% and a gross margin of 33.05% [3]. - A stock incentive plan was introduced, granting 4.896 million shares at a price of 37.52 CNY per share, aimed at enhancing employee motivation and company cohesion [4]. Financial Projections - Revenue projections for 2025-2027 are estimated at 6.617 billion CNY, 7.617 billion CNY, and 8.782 billion CNY, respectively [5]. - The expected net profit for the same period is projected to be 1.114 billion CNY, 1.310 billion CNY, and 1.532 billion CNY [5]. - The report anticipates a consistent increase in revenue and net profit margins over the forecast period [5].

证券代码：000739 证券简称：普洛药业 普洛药业股份有限公司 投资者关系活动记录表 编号：2025-03 | 投资者关系活动 | ■其他 （投资者电话交流会） | | --- | --- | | 类别 | | | | 山西证券（邓周宇、刘浩然、魏赟、张智勇）；国盛证券（胡偌碧、 | | | 徐雨涵）；太平洋医药（周豫、乔露阳）；广发证券（罗佳荣、田鑫、 | | | 方程嫣）；中信证券（陈竹、王凯旋、韩世通、王郑洋）；中信建投 | | | 证券（贺菊颖、王云鹏、赖俊勇、袁清慧、刘若飞）；招商证券（侯 | | | 彪、许菲菲）；浙商医药（郭双喜、盖文化）；东吴医药（俞昊岚）； | | | 华源证券（陶宸冉）；兴业证券（乔波耀）；天风证券（刘一伯）； | | | 西部证券（邓琳茜）；信达证券（贺鑫）；华西证券（孙曼）；华泰 | | | 证券（李奕玮）；华福证券（王宣宇）；国信证券（彭思、高熹）； | | | 国泰海通（周航、吴晗）；申万医药（余玉君）；财通证券（邹一瑜）； | | | 中泰证券（祝嘉琦）；开源证券（阮帅）；平安证券（李峰）；中金 | | | 公司（吴婉桦）；中海基金（陈玮）；浙商证券（赵媛）；易 ...