20250905-华安证券-圣湘生物-688289.SH-海济并表增厚业务_诊疗一体化布局成效初显_4页_506kb

报告摘要

公司点评：海济并表增厚业务，诊疗一体化布局成效初显

主要观点：

圣湘生物（688289）2025年中报显示，上半年实现营业收入8.69亿元，同比增长21.15%，归母净利润1.63亿元，同比增长3.84%，扣非归母净利润1.36亿元，同比增长12.19%。尽管经营现金流量表现略弱，但公司通过并购与自身研发，逐步完善了“诊断+治疗”的全产业链布局。

事件点评：

⚫ 海济并表增厚业绩，IVD业务短期承压：
二季度实现营收3.93亿元，同比增长20.59%，但利润因增值税率调整及收入结构变化出现下滑。并购核心子公司中山圣湘海济（ShengXiang Healthcare）贡献显著增量，但红岸基元等其他并购实体暂时拖累利润，表现期待协同效应的逐步发挥。
⚫ 创新业务发力，测序仪国产化进程加速：
在基因测序领域，自主研发的测序仪（SansureSeq1000）获批上市，并增资国产测序仪厂商“真迈生物”，有望在进口受限的战略背景下抢占国产替代窗口期。呼吸道检测、妇幼健康、药物基因组等创新领域持续推出新产品，探索医疗消费升级趋势下的多元市场机会。

投资建议：

维持“买入”评级，预计2025-2027年营收分别为20.08亿、23.98亿、29.31亿元，增长率为37.7%、19.4%、22.2%；归母净利润为3.58亿、4.54亿、5.92亿元（同比增长29.8%、26.8%、30.5%）。对应PE估值分别为33、26、20倍，估值逐步下降，成长性与盈利能力建议关注。

风险提示：

新产品研发或市场推广不及预期；
领域内竞争对手加剧市场格局；
政策调整风险影响盈利能力。

Company Commentary: Comprehensive Business Improvement through M&A and Diagnosis-Treatment Integration

Key Points:

ShengXiang Biotech (688289) announced its 2025 mid-year report, with revenue of RMB 8.69 billion and net profit of RMB 163 million in H1 2025, recording year-on-year growth of 21.15% and 3.84%, respectively, while non-GAAP profit grew by 12.19%. Although the operating cash flow slightly decreased, the company has strengthened its business through M&A and R&D efforts.

Event Commentary:

⚫ M&A drives performance improvement, but IVD business constrained
In Q2 2025, the company achieved revenue of RMB 3.93 billion (year-over-year growth +20.59%) and net profit contributions from the newly listed subsidiary ShengXiang Healthcare. However, gross profit was affected by tax rate adjustments and revenue mix changes.
⚫ Breakthrough in high-throughput sequencing technologies
Building on its respiratory testing and other diagnostic areas, the company launched the SansureSeq1000 sequencing platform and increased investment in true-mei biotechnology, signaling a domestic substitute strategy amidst tighter import restrictions. Its multi-domain innovation strategy positions the company to benefit from healthcare modernization.

Investment Recommendation:

Maintain "Buy" recommendation. Expects revenue of RMB 20.08 billion, RMB 23.98 billion, and RMB 29.31 billion for 2025-2027 (growth at 37.7%, 19.4%, and 22.2%). Net profit is projected at RMB 3.58 billion, RMB 4.54 billion, and RMB 5.92 billion (growth rates 29.8%, 26.8%, and 30.5%). PE ratios are 33x, 26x, and 20x, indicating lower valuation in the future.