证券研究报告|公司点评报告 [Table_Date] 2025 年 11 月 27 日 [Table_Title] 慢病（CKM） 领域持续深耕、未来销售放量可 期 [Table_Title2] 信立泰(002294) [Table_Summary] 事件： 据公司公告：公司第三季度，公司实现营业收入 11.10 亿元， 同比增长 15.85%，扣非净利润 2.20 亿元，同比增长 34.75%。 点评： 据公司公告：从销售结构看，新产品营收增速提升，已成为驱 动公司发展的核心动力。聚焦以心脑血管为核心的 CKM（心肾 代谢综合征）慢病领域，公司创新产品管线不断丰富，报告期 内，新上市的信超妥、复立安®通过国家医保谈判的形式审查， 公司正积极筹备谈判的其他相关工作。销售推广方面，公司通 过自营、招商互补的多渠道模式强化市场覆盖，同时开辟独立 运营的电商渠道，加强零售渠道布局，承接外流处方。公司正 组建信超妥的专职团队，提升市场渗透率。 恩那罗®借助"EPO 更生理、铁代谢更佳" 的精准定位，强化 品牌区分，拓展非透析患者和透析患者市场。在 CKM 慢病管理 方面，公司正探索数字化慢病管理模式，期望借助平台实现 ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company achieved a revenue of 2.131 billion yuan in H1 2025, a year-on-year increase of 4.32%, with a net profit attributable to shareholders of 347 million yuan, up 3.93% year-on-year [1][2] - The sales of patented and new products have significantly increased, contributing to revenue growth, particularly in the sales of new diabetes drug Xinlitin and other therapeutic products [2] - The company has increased its R&D investment to 542 million yuan in H1 2025, a 17.89% increase year-on-year, accounting for 25.43% of revenue [2] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue growth of 12.30% year-on-year and a net profit growth of 14.55% year-on-year [1] - The company’s revenue forecast for 2025 is 4.495 billion yuan, with a projected net profit of 708 million yuan, reflecting a growth rate of 17.67% [4][10] R&D Progress - Key projects in clinical trials include: - S086 for chronic heart failure, currently in follow-up phase after patient enrollment completion - SAL003, a monoclonal antibody, has completed Phase III clinical research and is expected to submit for market approval within the year [2][3] - The company is advancing multiple pipelines, indicating a strong focus on innovation and product development [3] Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 81, 70, and 58 respectively, indicating a favorable valuation outlook as the company transitions into a product harvest phase [3][4]