研報掘金丨信達證券:艾德生物利潤加速增長,國際化進程持續推進
信達證券研報指出,艾德生物利潤加速增長,國際化進程持續推進。2025年上半年歸母淨利潤1.89億元(yoy+31.41%),利潤增速快於收入,盈利能力增強,銷售淨利率達32.63%,較去年同期提升6.14pp,其中銷售費用率下降3.79pp達25.74%,管理費用率下降0.57pp至7.54%,展現出國內銷售組織架構調整後的成長韌性。國際化進程持續推進,打開新的成長空間。分區域來看,2025年上半年公司國內銷售4.42億元(yoy+7.11%),在IVD行業增長承壓及增值稅調整(自2025年1月1日起,公司銷售檢測試劑的增值稅率調整至13%)的背景下,仍保持較穩健的增長態勢;公司國際業務及BD團隊70餘人,覆蓋全球60多個國家和地區,2025年上半年國際銷售及藥企商務實現收入1.37億元(yoy+5.36%),短期增速放緩主要是受海外銷售團隊調整影響。該行認爲隨着公司國際級戰略持續落地,納入日本醫保體系的產品持續放量,東南亞、拉美市場準入加速,疊加通過伴隨診斷方式參與多家藥企原研藥物的臨牀試驗的合作不斷加深,公司海外市場具有較大的發展潛力。
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