资源描述
|2025 2017-2022 5,652 2,460 43.5%931 267 4-8 4-6 2 332 112 33.7%155 30 2025 155 189.4%72.1%-(T+2)(T+0)189.4%T+2 T+0 72.1%T+2 T+0 67.9%1.3 8.2/21 68.6 2021/22.9/43.5/66.3 YoY+76.3%/-26.9%/-8.4%1/3 2021 68.6 10%2022 94.2 YoY+37.3%23H1 61.5 YoY+45.1%23H2/-2022 31.4 94.2 YoY+37.3%23H1 61.5 YoY+45.1%2023 27 225 8.3 23H2(600529)(301188)/2023 03 29 S0860521120002 2022-12-06 EPS PE 21 22E 23E 21 22E 23E 600529 27.41 0.89 1.01 1.35 30.78 27.15 20.37 301188 18.87 0.54 0.47 0.72 35.08 40.23 26.26.2.4.4.5.8.8.10.12.15.17.18 XVAZzQmRmPmNpRpMqNsNoP9PcM7NoMnNtRpMeRrRtQjMmPrRaQnNvNMYtQsMvPmOpN 3 1.4 2.5 3.5 4.6 5.6 6.7 7.7 8.8 9.9 10.9 11.10 12%.10 13%.10 14%.10 15-.11 16-%.11 17-%.11 18.13 19.13 20.13 21.14 22.14 23.14 1.4 2.5 3.6 4.8 5.8 6%.12 7.15 4 2019 2020 5 3 1 2019 年 7 月 2020 年 5 月 2020 年 8 月 3 0 1 1 n 1 5 2022 2017-2022 537 3,487 CAGR+45.4%2022 YoY+16.7%21 1,907 CAGR+146.4%2022 YoY-5.5%54.7%YoY-12.9pct 2019-2022 22 1,278 CAGR+287.3%5%67%2022 YoY+22pct 2 3 2022 834 YoY-21.7%1,073 56.3%YoY+9.0pct 2022 67%2 2017 2018 2019 2020 2021 2022 17 87 290 606 1,065 834 4 41 148 533 954 1,073%19.0 32.0 33.8 46.8 47.3 56.3 22 251 909 1,278 21 128 416 888 1,110 629%0.0 0.0 5.0 22.0 45.0 67.0 01020304050607080050010001500200025003000350040002017 2018 2019 2020 2021 2022%()-50050100150200050010001500200025002017 2018 2019 2020 2021 2022%()%()6 4-8 2018 2020 4-8 2021 2023Q1 2023Q2-3-4-6 2023Q3 2023Q4 2024Q2 3 2018-12-06 2020-01-17 2020-08-20 2021-02-03 2021-06-23 2021-11-26 2022-07-12 2020-04 2020-11 2021-05 2021-10 2022-05 2022-11 3 3 3 4 6 4 13 7 6 4 5 8 40-60-30 11 29 27 48.4%100.0%47.5%65.9%1.7 8.0 65 233 77 239 4 5 30%Insight 2022 931 267 28.7%291 85 29.2%332 112 33.7%155 020406080100120010203040506070%()02468100100200300400500600%()7 6 7 Insight Insight 2025 30 2025 155 0102030400501001502002503002017 2018 2019 2020 2021 2022%()010203040500204060801001202017 2018 2019 2020 2021 2022%()8 1.2.35%4 2019 未来 5-10 年(2024-2029 年)/740 60 800 520 280 800%92.5 7.5 100.0 65.0 35.0 100.0-8 PDB 3 7 7 4ml 8ml 4 5 6 8 5 9 2021Q1 8 4ml:0.4g 6 2021Q1 8 4ml:0.4g 4 2021Q1 8 4ml:0.4g 8 2021Q1 8 4ml:0.4g 5 2021Q1 8 8ml:0.8g 5 2021Q1 8 8ml:0.8g 4 2021Q1 8 8ml:0.8g 5 PDB 2021 2022Q2 2021Q2 7.8 9 10 PDB PDB 30 83.3%53.3%T+2 T+0 146.8%T+2 T+0 67.4%-10001002003004005006000501001502002503003502020Q1 2020Q3 2021Q1 2021Q3 2022Q1/%()0501001502002503003502018Q4 2019Q3 2020Q2 2021Q1 2021Q4 10 11 12%PDB%T+2,T+4 2 4 PDB 189.4%72.1%T+2 189.4%T+2 67.9%T+2 72.1%T+2 13%14%PDB PDB-3 1 3 8 31 11 29 4 3 8 65 233 77 239 1.3 8.2 0246810T+2 T+4-100-50050100150200T-2 T-1 T+0 T+1 T+2 T+3 T+4-100-50050100150200250T-2 T-1 T+0 T+1 T+2 T+3 T+4-80-60-40-20020T-2 T-1 T+0 T+1 T+2 T+3 T+4 11 15-200/2.6 8.5/T+2 167%174%T+2 72.8%16-%17-%PDB PDB 0123456789050100150200250300()-20002004006008001000-50000500010000150002000025000T-2 T-1 T+0 T+1 T+2 T+3 T+4()()-50050100150200250300T-2 T-1 T+0 T+1 T+2 T+3 T+4-12 6%T+1 T+2 T+3 T+4 T+1 T+2 T+3 T+4 3,124.1 13,316.0 16,973.9 20,056.3-7.5-29.5-30.5-36.6 139.3 259.6 244.4 258.3-68.0-71.6-71.7-72.1 323.0 534.1 716.7 848.1-64.0-70.7-78.3-76.6 85.1 167.0 137.7 264.0-55.8-74.3-74.2-74.0 3.3 146.8 126.3 150.1-3.2-72.1-73.1-74.3 1.4 5.5 0.1-29.3 2.9-4.2 1.4-11.6-4.4-6.3-6.6-20.6 379.1 1,086.6 1,740.3 2,508.6-65.8-70.6-71.1-71.5-53.6-72.1-69.7-69.6-3.3-8.8-20.7-18.7-37.9-78.6-77.1-67.3-6.4-21.6-22.3-29.8-2.7-67.4-70.9-80.9-0.5-10.0-12.2-22.0 3.2-16.3 0.0-20.0 PDB 2021 68.6 2021 22Q1 7.8 2021 22.9 1/3 2021 68.6 10%20 4.9 13 18 19 PDB PDB 20 2021 0.9 1.2 2.0 0510152025302012Q1 2014Q1 2016Q1 2018Q1 2020Q1 2022Q1-40-20020406080100020040060080010001200140016002020H1 2020H2 2021H1 2021H2 2022H1%()2018Q1 2018Q3 2019Q1 2019Q3 2020Q1 2020Q3 2021Q1 2021Q3 2022Q1 14 21 22 PDB PDB 2022 94.2 YoY+37.3%2022H2 2023H1 2 4 2022Q4 150%2022H2 3 2023H1 6-2022 31.4 1/3 2022 94.2 YoY+37.3%2023H1 61.5 YoY+45.1%23 PDB 01000020000300004000050000600002018Q1 2018Q4 2019Q3 2020Q2 2021Q1 2021Q4-40-30-20-10010203040501001201401601802002202402018Q1 2018Q4 2019Q3 2020Q2 2021Q1 2021Q4/%()-40-200204060801000500100015002000250020H1 20H2 21H1 21H2 22H1 22H2E 23H1E%()15 41 27 41 27 41 309 27 225 8.3 8.2 7 8+1 20ml:10mg 7+1 5ml:37.5mg 14+0 2ml:100mg 5+0 10mg 6+1 50ml:10g 10+0 3ml:300mg 5+1 5mg 9+0 2ml:20mg 4+1 0.5g 7+1 1ml:0.5mg 4+1 50mg 4+1 15mg 4+1 0.6ml 9+1 0.6ml 6+1 10mg 8+1 3mg 5+0 1ml:30mg 9+0 2ml:10mg 5+1 250mg 6+0 5ml:5mg 5+0 2.5mg 6+0 10ml:50mg 6+1 5ml:1g 4+1 1.5mg 6+1 375mg 6+1 1.2g 6+0 500mg 14+0 3ml:500mg 5+0 0.3g 5+1 500mg 4+1 200mg 8+0 400mg 14+1 100ml 16 8+0 150mg 7+0 360mg 7+1 4+0.5g 5+0 50mg 7+1 1g 13+0 500mg 10+0 2g 6+0 1g 2022 94.2 2023H1 61.5 1.2.3.17 2025 189.4%72.1%/21 68.6 2022 94.2 YoY+37.3%23H1 61.5 YoY+45.1%23H2(600529)(301188)18 1%19 Tabl e_Disclai mer 12/15%5%15%-5%+5%-5%5%-5%+5%-5%HeadertTabl e_Discl ai mer HeadertTabl e_Address 318 26 021-63325888 021-63326786 Tabl e_Disclai mer 前沿报告库是中国新经济产业咨询报告共享平台。行业范围涵盖新一代信息技术、5G、物联网、新能源、新材料、新消费、大健康、大数据、智能制造等新兴领域。为企事业单位、科研院所、投融资机构等提供研究和决策参考。扫一扫免费获取海量报告
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