（原标题：国元国际：给予石药集团(01093)"买入"评级 创新药研发快速推进） 智通财经APP获悉，国元国际发布研报称，给予石药集团(01093)"买入"评级，目标价10.11港元，公司 积极布局创新药，研发投入加大，出海成果突出，公司持续高强度投入研发，已构建国际化管线与领先 平台，出海成果显著。尽管短期内成药业务受集采影响承压，但单季度业绩已呈现企稳回升态势，且多 款核心创新药临近关键节点，授权收入成为新增长点，为中长期增长奠定坚实基础。 国元国际主要观点如下： 新药研发投入加大，研发平台优势明显 公司已建成一支逾2000人的国际化研发团队，聚焦于抗肿瘤、精神神经、心血管等治疗领域，拥有8大 研发平台。研发费用41.85亿元，同比增长7.9%，占成药收入27.1%，显示公司持续高强度投入创新，有 近90个产品在临床试验的不同阶段，14款产品已递交上市申请，30余款处于注册临床阶段，为未来收入 结构转型奠定基础，公司计划在未来5年内申报近50款新产品/新适应症上市。 风险提示 新产品研发进度可能低于预期;产品商业化进展不达预期;国际形势复杂度超预期，创新药国际化进度低 于预期 fund 新药研发快速推进， ...

Core Viewpoint - Tianfeng Securities maintains a "Buy" rating for Shiyao Group, forecasting revenue and net profit growth from 2025 to 2027 despite a decline in 2025H1 performance due to comprehensive procurement execution and pressure on traditional medicine sales [1] Group 1: Financial Performance - In 2025H1, the company reported revenue of 13.273 billion yuan, a year-on-year decrease of 18.5%, and a net profit of 2.548 billion yuan, down 15.6% [1] - The traditional medicine business revenue was 10.248 billion yuan, including 1.075 billion yuan from licensing income, representing a year-on-year decline of 24.4% [2] - Excluding licensing income, product sales revenue fell by 32.3%, with significant declines in various therapeutic areas [1][2] Group 2: Licensing Income and Business Development - Licensing income has become a strong source of revenue and profit for the company, with a 120 million USD upfront payment for SYH2086 expected to contribute to future income [2] - The company has successfully executed six business development projects in 2024, highlighting the value of its eight R&D platforms [2] Group 3: Clinical Developments and Drug Approvals - SYS6010 has initiated overseas Phase III clinical trials, with positive early data recognized by regulatory authorities in both China and the U.S. [2] - The first domestic HER2 bispecific antibody, KN026, has had its new drug application accepted by the Chinese National Medical Products Administration, showing promising clinical trial results [3] - Multiple clinical data readouts are expected in 2025, with several ongoing trials across various cancer types [4]

Group 1 - The company has entered into a global exclusive licensing agreement with Madrigal Pharmaceuticals, Inc. for SYH2086, covering development, production, and commercialization, with potential total payments of up to $2.075 billion, including an upfront payment of $120 million and milestone payments based on annual net sales [1] - SYH2086 is in the preclinical stage and has complete intellectual property rights, with expectations for significant growth in the weight loss and MASH fields following the licensing agreement [1] - The management anticipates potential upfront and milestone payments from ongoing negotiations for three other projects, including SYS6010 (EGFR-ADC), could total around $5 billion [1] Group 2 - The company continues to increase its R&D investment, with 2024 R&D expenses projected to reach ¥5.191 billion (up 7.5% year-over-year), accounting for 21.9% of its revenue from prescription drugs, which is industry-leading [2] - As of the end of Q1 2025, the company has 24 projects in critical II/III clinical phases and 9 projects under review for market approval, indicating a robust pipeline [2] - The company is expected to achieve multiple new drug approvals and data readouts throughout the year, maintaining a strong position in business development [2] Group 3 - The company is recognized as a leading domestic pharmaceutical firm with ample cash reserves, transitioning from traditional pharmaceuticals to innovation [2] - The net profit forecasts for 2025 and 2026 have been revised down to ¥4.92 billion and ¥5.25 billion, respectively, reflecting a decrease of 24.9% and 23.9% from previous estimates [2] - The current valuation is considered attractive due to the expected orderly market entry of significant products, maintaining a "buy" rating [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [7]. Core Insights - The company has entered a global exclusive licensing agreement with Madrigal Pharmaceuticals for SYH2086, which includes potential payments totaling up to $2.075 billion, comprising an upfront payment of $120 million and milestone payments based on annual net sales [2]. - The company is focusing on innovation and transformation, with a strong pipeline of new drugs expected to be approved within the year, alongside multiple data readouts and business development (BD) opportunities [5]. - The company is actively negotiating three potential transactions, including SYS6010 (EGFR-ADC), with a total potential value of approximately $5 billion [3]. Summary by Sections Business Development and Innovation - The oral GLP-1 drug SYH2086 is in the preclinical stage and has complete intellectual property rights, with Madrigal being a leading company in the MASH field, suggesting significant global growth potential [3]. - The company has a robust R&D investment, with R&D expenses projected to reach 5.191 billion yuan in 2024, representing a year-over-year increase of 7.5% and accounting for 21.9% of the revenue from proprietary drugs [4]. Financial Forecasts - The company is projected to have a net profit of 4.916 billion yuan in 2025, with a decrease in profit estimates for 2025 and 2026 by 24.9% and 23.9%, respectively, due to new product development costs [5]. - The estimated earnings per share (EPS) for 2025 is 0.43 yuan, with a price-to-earnings (P/E) ratio of 22x for 2025, indicating an attractive valuation given the expected orderly launch of key products [5]. Market Position and Performance - The company is recognized as a leading domestic pharmaceutical firm with ample cash reserves, positioning it well for future growth and innovation [5]. - The total market capitalization is approximately 120.404 billion HKD, with a recent trading price of 10.45 HKD per share [7].