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安科生物(300009):母公司收入维持增长,创新布局加速推进
SINOLINK SECURITIES· 2025-08-22 03:00
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 [5][11]. Core Insights - The company reported a revenue of 1.292 billion RMB for the first half of 2025, a slight decrease of 0.51% year-on-year, with a net profit attributable to shareholders of 367 million RMB, down 11.92% year-on-year [2]. - The company's main business, particularly its biological products, has shown resilience with a 5.13% year-on-year increase in revenue for the parent company, despite a decline in net profit [3]. - The company is actively expanding its business through strategic partnerships and new product rights, which are expected to enhance its growth trajectory [3]. - The company is advancing its innovative research and development efforts, with several clinical trials underway for new therapies, including CAR-T cell drugs and mRNA vaccines [4]. Financial Performance - The company expects to achieve net profits of 794 million RMB, 904 million RMB, and 1.011 billion RMB for the years 2025, 2026, and 2027, respectively, reflecting growth rates of 12%, 14%, and 23% [5]. - The earnings per share (EPS) for the years 2025, 2026, and 2027 are projected to be 0.48 RMB, 0.54 RMB, and 0.60 RMB, with corresponding price-to-earnings (P/E) ratios of 24, 22, and 19 [5]. Market Position - The company has successfully reversed the declining trend in its main biological products, with a notable 298% increase in sales of its injection product, "Anshaiting" [3]. - The report highlights the company's strategic collaborations, including exclusive commercialization rights for a new product and a partnership for a growth hormone product, which are expected to strengthen its market position [3].