医药生物/化学制药 悦康药业（688658.SH） 加大研发投入，创新管线逐步迈入收获期 2025 年 11 月 28 日 投资评级：买入（维持） | 日期 | 2025/11/27 | | --- | --- | | 当前股价(元) | 24.69 | | 一年最高最低(元) | 36.49/11.90 | | 总市值(亿元) | 111.11 | | 流通市值(亿元) | 111.11 | | 总股本(亿股) | 4.50 | | 流通股本(亿股) | 4.50 | | 近 3 个月换手率(%) | 110.98 | 股价走势图 《小核酸和 mRNA 管线布局丰富，创 新转型扬帆起航—公司信息更新报 告》-2025.6.15 余汝意（分析师） 巢舒然（分析师） yuruyi@kysec.cn 证书编号：S0790523070002 chaoshuran@kysec.cn 证书编号：S0790525110001 研发创新投入加强，管线逐步迈入收获期，维持"买入"评级 2025 年 11 月 27 日，公司公告其 YKYY018 雾化吸入剂用于预防和治疗 RSV 感 染获 FDA 临床实验批准。业绩层面，20 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 25.35 CNY, based on a 65x PE valuation for 2026 [4][9]. Core Views - The company's performance is under pressure due to the price adjustment of its core product, Ginkgo biloba extract injection, which has significantly impacted revenue and profit margins [12]. - The company is accelerating its small nucleic acid drug pipeline, which shows potential for international expansion, with several products already in clinical trials in both China and the United States [12]. - Increased investment in R&D is evident, with R&D expenses rising to 2.1 billion CNY, accounting for 17.9% of revenue, indicating a commitment to innovation [12]. Financial Performance Summary - Revenue is projected to decline from 4,196 million CNY in 2023 to 3,107 million CNY in 2025, reflecting a year-on-year decrease of 17.8% [6]. - Operating profit is expected to drop significantly to 76 million CNY in 2025, down from 232 million CNY in 2023, with a projected recovery in subsequent years [6]. - The net profit attributable to the parent company is forecasted to decrease to 57 million CNY in 2025, a decline of 53.7% compared to 2023 [6]. - The gross margin is expected to decline to 49.3% in 2025, with a gradual recovery projected thereafter [6].