本报告导读： 呼吸系统产品去库基本完成恢复增长，创新中药品种快速放量，业绩表现迎来拐点。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 6,513 | 7,831 | 8,446 | 8,977 | 9,558 | | (+/-)% | -36.9% | 20.2% | 7.9% | 6.3% | 6.5% | | 净利润(归母) | -725 | 1,286 | 1,544 | 1,766 | 1,998 | | (+/-)% | -153.6% | 277.6% | 20.0% | 14.4% | 13.1% | | 每股净收益(元) | -0.43 | 0.77 | 0.92 | 1.06 | 1.20 | | 净资产收益率(%) | -7.1% | 11.7% | 13.1% | 14.0% | 14.6% | | 市盈率(现价&最新股本摊薄) | — | 22.13 | 18.43 | 16.12 | ...