> 数据图表想问下各位网友原料药：高景气细分表现好，纵向延伸制剂一体化显著贡献增量2025-9-3原料药：高景气细分表现好，纵向延伸制剂一体化显著贡献增量◼ 分化明显，高景气赛道如多肽链和VE/VA表现亮眼。【特色原料药】1）多肽下游GLP-1系列产品需求旺盛，上游供应链业绩持续高增，如诺泰生物。2）拓展制剂作为第二增长曲线的公司，凭借原料药制剂一体化优势，制剂矩阵逐步形成，对冲原料药主业内卷压力，部分个股业绩亦表现亮眼，如天宇股份。【大宗原料药】VA/VE供给格局变化、价格暴涨带动业绩高速增长，相关标的业绩表现亮眼，比如浙江医药、新和成等。◼ 建议持续跟踪各品种的供需变化带来的投资机会、纵向一体化延伸标的第二增长曲线搭建情况，以及深耕细分高景气赛道的特色标的。建议关注奥锐特、诺泰生物、天宇股份。资料来源：wind，华源证券研究；注：图表中利润均为归母净利润67新和成天宇股份002102.SZ能特科技600216.SH 浙江医药688076.SH 诺泰生物002001.SZ300702.SZ605116.SH 奥锐特605507.SH 国邦医药603229.SH 奥翔药业花园生物300401.SZ000739.SZ普洛药业海普瑞002399.SZ仙琚制药002332.SZ301301.SZ川宁生物新华制药000756.SZ002099.SZ海翔药业688166.SH 博瑞医药300765.SZ新诺威收入增速归母净利润增速202320242025H12023-9.2%-4.0%58.7%-5.1%-5.2%25.2%-6.5%6.8%-22.8%8.8%-23.9%-5.9%26.2%8.0%-19.7%15.9%-4.8%10.3%20.3%57.2%43.0%4.1%16.9%10.1%-2.6%13.6%4.8%-3.0%-3.0%19.4%4.5%-10.7%8.7%-22.0%-16.1%-1.9%26.1%12.8%23.9%12.5%4.6%-2.1%5.9%-15.3%-0.7%-12.6%-26.5%-2.0%-10.9%-18.3%8.0%-41.8%-20.4%26.2%-25.3%123.0%37.2%-33.5%7.9%-49.9%6.7%-207.7%-24.9%128.6%20.8%-577.3%-15.5%4.0%2024-327.3%170.1%148.2%117.0%104.4%22.6%27.6%-18.6%60.8%-2.3%182.6%-29.5%48.9%-5.3%21.4%-6.6%-87.6%2025H1496.4%113.5%36.5%63.5%181.0%24.6%12.6%-5.8%13.7%-9.9%-36.4%-9.3%-40.6%-15.7%-63.0%-83.9%-102.0%华源证券健康医疗
