医疗服务 特检业务占比大幅提升，经营性现金流改善显著 迪安诊断（300244.SZ） 证券研究报告/公司点评报告 2025 年 08 月 21 日 | 评级： 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：谢木青 | 营业收入（百万元） | 13,408 | 12,196 | 10,033 | 10,265 | 10,590 | | | 增长率 yoy% | -34% | -9% | -18% | 2% | 3% | | 执业证书编号：S0740518010004 | 归母净利润（百万元） | 307 | -357 | 125 | 469 | 604 | | Email：xiemq@zts.com.cn | 增长率 yoy% | -79% | -216% | - | 274% | 29% | | | 每股收益（元） | 0.49 | -0.57 | 0.20 | 0.75 | 0.97 | | 联系 ...

Investment Rating - The report maintains a positive investment outlook on innovative drugs and medical devices, highlighting them as key investment themes in the current market environment [2][4][43]. Core Insights - The report emphasizes the ongoing support from the government for innovative medical drugs and devices, particularly in the brain-computer interface (BCI) sector, which is expected to see significant advancements by 2027 and 2030 [1][51]. - The innovative drug sector remains a primary investment focus, with a recommendation to pay attention to leading pharmaceutical companies' transformation results and their opportunities for international expansion [2][43]. - The report identifies a growing interest in innovative medical devices, driven by favorable policies and a recovery in medical equipment procurement trends, suggesting a potential performance turnaround in the second half of the year [4][12]. Summary by Sections Innovative Drugs - The innovative drug sector is highlighted as a key investment line, with a focus on potential blockbuster drugs and collaborations for innovative drug development [2][43]. - The report notes that after multiple rounds of generic drug procurement, risks for leading pharmaceutical companies are gradually being alleviated, revealing competitive innovative drug pipelines [2][43]. Biological Products - Anke Biotech's subsidiary has received approval for a shingles mRNA vaccine, indicating progress in the mRNA drug development space [2][45]. - The report suggests continued monitoring of Anke Biotech's collaboration with its subsidiary and the advancements in mRNA drug development [2][50]. Medical Devices - The report discusses the government's support for the BCI industry, which is expected to accelerate commercialization and product development [1][3]. - It highlights the recovery trend in medical device procurement and the increasing market share of leading companies, indicating a strong performance outlook for the sector [4][12]. Traditional Chinese Medicine - Some traditional Chinese medicine companies are in a good cash flow position and are expected to see growth through innovative product pipelines and strategic investments [3][19]. Medical Services and Consumer Healthcare - The report notes a series of positive earnings announcements from high-growth stocks in the medical services sector, indicating a robust growth outlook [3][4].