投资建议：公司上半年的销售符合预期，我们维持公司的盈利预测，预计 2025-27 年 公 司 营 收 19.41/29.28/47.67 亿 元 ， 归 母 净 利 润 -7.21/-3.02/4.75 亿元。公司的核心产品 sac-TMT 商业化快速放量，合作伙 伴默沙东快速推进全球 3 期临床，维持"优于大市"评级。 风险提示：商业化进度不及预期，创新药研发进度不及预期。 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 1,540 | 1,933 | 1,941 | 2,928 | 4,767 | | (+/-%) | 91.6% | 25.5% | 0.4% | 50.9% | 62.8% | | 净利润(百万元) | -574 | -267 | -721 | -302 | 475 | | (+/-%) | -- | -- | -- | -- | -257.2% | | 每股收益（元） | -2.53 | -1.17 | -3.17 | -1.3 ...

Core Viewpoint - The company reported mixed financial results for 2024 and Q1 2025, with a slight increase in annual revenue but a significant decline in quarterly performance due to high base effects from the previous year [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 21.812 billion yuan, a year-on-year increase of 1.67%, and a net profit attributable to shareholders of 2.936 billion yuan, up 19.53% [1]. - For Q1 2025, the company reported operating revenue of 4.390 billion yuan, a year-on-year decrease of 29.42%, and a net profit of 584 million yuan, down 43.07% [2]. Profitability Metrics - The overall gross margin for 2024 was 51.69%, a decrease of 0.74 percentage points year-on-year, while the expense ratio was 32.27%, down 3.95 percentage points [3]. - In Q1 2025, the gross margin dropped to 48.67%, a decline of 7.17 percentage points year-on-year, with the expense ratio slightly increasing to 32.38% [3]. Business Segments - The infusion business generated sales of 8.912 billion yuan in 2024, a decrease of 11.85%, with sales volume of 4.347 billion bottles/bags, down 0.70% [4]. - Non-infusion drug sales increased by 5.41% to 4.169 billion yuan, driven by strong performance in the plastic water needle business [4]. - The antibiotic intermediates and raw materials segment achieved revenue of 5.856 billion yuan, a year-on-year increase of 20.90%, benefiting from increased market demand [4]. Innovation and Pipeline - The company launched its innovative drug, Lukanosatuzumab (佳泰莱), in November 2024, marking the beginning of a new era in innovative drug commercialization [5]. - Ongoing clinical trials for various ADC therapies are being conducted in collaboration with Merck, targeting multiple cancer types [5][6]. Future Projections - Revenue projections for 2025 to 2027 are estimated at 21.9 billion, 23.36 billion, and 23.98 billion yuan, with corresponding net profits of 3.02 billion, 3.35 billion, and 3.41 billion yuan [7]. - The company is expected to maintain a valuation of 19X for 2025 and 17X for 2026 and 2027 [7]. Investment Rating - The investment rating is maintained at "Buy" based on the company's growth potential and ongoing innovation efforts [8].