证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-08-25 宏观策略 [Table_MacroStrategy] 宏观点评 20250818：高质量发展孕育"创新牛" 四重"创新"带来流动性和估值的双重改善 2025 年的"创新牛"本质 是政策引导下资本定价后产业落地的正向循环。宏观政策通过财政货币 工具锚定产业方向，资本市场通过制度创新实现价值发现，增量资金提供 流动性支撑，最终产业趋势通过技术突破兑现盈利。当前，这一闭环仍在 强化：宏观政策的落地仍在进程中、"科特估"体系在逐步完善、中长期 资金入市将逐年完成指标要求、技术国产化盈利尚未完全释放潜力。 当 前，市场的流动性和估值已有改善，随着 2025 年 8 月 13 日 A 股成交额 再次突破 2 万亿元，成交额持续抬升的过程中市场仍在向上突破，呈现 交易结构和情绪的正向循环。融资余额超过 2 万亿创历史新高，保险资 金持续举牌仍在增持金融股，在市场情绪持续向好、增量资金持续入场和 科技产业创新持续突破的背景下，"创新牛"的初期，市场风格大概率沿 着长线资金偏好的金融板块和科技产业有趋势的板块的机器人、海内外 算力、创新药等方向继续延伸。未 ...

Investment Rating - The report maintains a "Buy" rating for Qianhong Pharmaceutical (002550) [1] Core Views - The company is successfully transitioning towards innovation, with a significant improvement in the gross margin of its formulation business and signs of recovery in its raw material drug segment [8] - The company has achieved revenue of 862 million yuan in H1 2025, representing a year-on-year increase of 0.72%, and a net profit attributable to shareholders of 258 million yuan, up 41.17% year-on-year [8] - The company has four innovative drug pipelines in Phase II clinical trials or about to enter Phase III, indicating a fruitful period for its long-term investment in innovation [8] Financial Performance - Revenue forecast for 2025-2027 is 20.51 billion yuan, 27.37 billion yuan, and 32.83 billion yuan respectively, with net profits of 4.43 billion yuan, 5.12 billion yuan, and 6.09 billion yuan [1][9] - The gross margin for the formulation business increased significantly to 69.90% in H1 2025, up 8.54 percentage points year-on-year, primarily due to a substantial decrease in costs [8] - The raw material drug business saw a revenue increase of 17.52% in H1 2025, marking the first revenue growth after eight consecutive quarters of decline [8] Market Data - The closing price of the stock is 10.90 yuan, with a market capitalization of approximately 13.95 billion yuan [5] - The price-to-earnings ratio (P/E) is projected to be 31.48 for 2025, decreasing to 22.91 by 2027 [1][9]