公司公告1H26实现营收56.2亿元（yoy-3.44%），归母净利润9.46亿元（yoy-3.43%），扣非净利9.02亿元（yoy-3.27%），2Q收入利润表现延续1Q趋势。上半年收入利润略有下滑主因：1）输液板块受到需求偏淡及基础输液市场价格调整影响；2）慢病板块受第1~8批集采接续价格调整期备货减少影响，其他板块部分品种受到集采影响。展望26年，考虑大输液终端需求逐步恢复，专科各治疗领域受益公司渠道优势多点开花，原料药板块经营效率持续提升，叠加近期控股利尔化学加大合成生物学布局，我们看好后续季度经营回暖，公司26年利润有望稳健增长，维持“买入”。
　　非输液板块：肿瘤/精神神经领衔专科增长，慢病板块挖掘集采机遇
　　公司1H26非输液板块收入为42.7亿元（-1.7%yoy）,其中慢病/专科/原料药业务收入分别为16.5/17.4/6.5亿元（-4.9/+2.2/+3.6%yoy）。展望26年，我们看好公司非输液板块收入正增长，考虑：1）慢病板块略受集采接续备货及个别品种价格调整影响（1H26收入略降，但其中硝苯地平缓/控释片续约顺利，与厄贝沙坦分散片收入增速均超20%，新品速比一销量增速超190%），估测2H26陆续恢复；2）专科板块细分方面，肿瘤/精神神经/女性健康等板块领衔增长（分别收入增速56%/11%/8%，肿瘤放量主因替尼泊苷贡献及雷尼基奥仑赛上量），儿科板块后续有望通过巯嘌呤片商业化、及盐酸右哌甲酯缓释胶囊新入医保实现恢复性增长，肾病板块差异化产品氨基酸腹透有望贡献新增量；3）原料药板块持续加大合成生物学布局及成本/结构优化，辅酶Q10、利福霉素S-Na盐、依诺肝素钠原料药销量上半年均实现双位数增长，看好2H26延续该增长态势。
　　输液板块：结构优化向高端品种/包材倾斜，年内利润规模有望企稳
　　输液板块1H26收入12.8亿元（-10.3%yoy），主因基础输液ASP同比有所下降影响，叠加行业流感偏弱需求走低。展望26年，我们看好该板块后续季度收入降幅收窄，而利润规模有望企稳，基于公司：1）加快产品结构调整，增加软包系列和BFS产品占比，丰富营养和治疗性产品线；2）提升直纯销占比，同时积极参与输液省级联盟采，提高产品触达率和医院覆盖率；3）背靠公司输液四大基地提升自动化水平，提质增效降低生产成本。
　　研发管线：多平台及治疗领域进展可观，合成生物学加速成势
　　公司积极构建小分子、小核酸药物领衔的技术赛道的创新药管线。我们看到：1）自研方面，公司创新管线储备15个创新药项目，其中1个肿瘤领域1类新药和1个儿童罕见病用药进入I期临床研究，1个自身免疫领域1类新药于8月获批中国IND并筹备美国FDA申报，司美格鲁肽注射液提交上市申请；2）技术平台方面，公司重点打造微球、多腔袋、精麻、缓控释等差异化技术平台，其中缓控释平台渗透泵技术产品管线持续扩充，儿童用药平台已有国内首个微片产品获批上市；3）合成生物层面（上半年收入已近4亿），公司在研项目20余项，6个项目进入中试阶段，战略进驻利尔化学有望充分发挥业务协同性，从而助力双鹤构建第二增长曲线。
　　盈利预测与估值
　　考虑专科板块增长及原料药经营改善，我们略上调公司26-28年归母净利润为18.09/19.61/21.14亿元（前值：17.71/19.07/20.50亿元），对应EPS为1.74/1.89/2.04元（前值：1.71/1.84/1.97元）。我们给予公司26年15倍PE（可比公司26年均值21倍，折价主要考虑公司创新转型进展），目标价26.10元（前值：25.65元，对应26年15xPE）。
　　风险提示：大输液需求转弱，集采风险，研发失败风险，BD合作不及预期。

CR Double-Crane(CRDC)has posted 1Q26 revenue/attributable net profit(NP)/recurring NP of RMB2.81bn/485mn/469mn(-8.84/-4.30/-3.51%YoY).We believe the decline in 1Q revenue and profit was mainly due to:1)lower infusion segment revenue affected by aweaker flu season and pricing adjustments in 1Q;2)reduced inventory stocking in the chronic disease segment during the pricing adjustment transition period for rounds 1-8 of volume-based procurement(VBP)renewals,while some products in other segments were also affected by VBP;3)tighter cost and expense control,which led to asmaller decline in profit relative to revenue.In 2026,considering the gradual recovery in IV infusion demand,the broad-based growth across specialty therapeutic areas leveraging the company's channel advantages,the continued operational efficiency improvement in the API business,and the advancement of innovative drug pipelines,we are optimistic on sequential operational recovery and expect stable profit growth in 2026.Maintain BUY.
Non-infusion:specialty therapeutics support preparation growth
CRDC's non-infusion segment generated 1Q26 revenue of RMB2.14bn(-6.5%YoY),among which chronic disease/specialty/API businesses recorded revenue of RMB0.84/0.73/0.36bn(-14.1/+1.4/+16.8%YoY).In 2026,we expect slight YoY growth in non-infusion segment revenue based on:1)the chronic disease segment being temporarily affected in 1Q by inventory adjustments related to VBP renewals(revenue-14%YoY),with recovery expected in subsequent quarters;2)expanded deployment in specialty segments including pediatrics,nephrology,psychiatry/neurology,oncology,anticoagulation,anesthesia and pain management,and women's health(1Q revenue+1.4%YoY),with strong sales potential for peritoneal dialysis solutions,teniposide injection,brivudine,and ramp-up of newly reimbursed products such as dexmethylphenidate;3)the API business improving operational efficiency through synthetic biology empowerment,cost control,structural optimization,and internationalization,supported by strong growth in APIs such as rifamycin S-Na salt,enoxaparin sodium,and valsartan,with API revenue up by 16.8%YoY in 1Q26.
Earnings forecasts and valuation
We maintain our 2026/2027/2028 attributable NP forecasts at RMB1,771/1,907/2,050mn,implying EPS of RMB1.71/1.84/1.97.We maintain our target 2026E PE valuation of 15x(vs its peers'average of 19x on iFind consensus,with the discount mainly reflecting the company's innovation transformation progress),corresponding to our unchanged target price of RMB25.65.

　　公司公告1Q26实现营收28.1亿元（yoy-8.84%），归母净利润4.85亿元（yoy-4.30%），扣非净利4.69亿元（yoy-3.51%）。1Q收入利润有所下滑主因：1）输液板块收入受1Q流感行情偏淡及价格调整影响；2）慢病板块受第1~8批集采接续价格调整期备货减少影响，其他板块部分品种受到集采影响；3）因公司专注成本费用控制，1Q利润降幅低于收入降幅。展望26年，考虑大输液终端需求逐步恢复，专科各治疗领域受益公司渠道优势多点开花，原料药板块经营效率持续提升，叠加公司创新药管线持续推进，我们看好后续季度经营回暖，公司26年利润有望稳健增长，维持“买入”。
　　非输液板块：专科各领域支持制剂业务增长，原料药业务持续改善
　　公司1Q26非输液板块收入为21.4亿元（-6.5%yoy）,其中慢病/专科/原料药业务收入分别为8.4/7.3/3.6亿元（-14.1/+1.4/+16.8%yoy）。展望26年，我们看好公司非输液板块收入同比略有增长，考虑：1）慢病板块1Q略受集采接续备货影响（收入-14%yoy），估测后续季度陆续恢复；2）专科板块在儿科、肾科、精神/神经、肿瘤、抗凝、麻醉镇痛、女性健康等子板块加大布局（1Q收入+1.4%yoy），看好腹膜透析液、替尼泊苷注射液、溴夫定等销售可观，右哌甲酯等新入医保品种起量；3）原料药或持续通过合成生物技术赋能、成本控制、结构优化、国际化等举措进一步提升经营效率（背靠内利福霉S-Na盐、依诺肝素钠、缬沙坦等原料药1Q26收入增长16.8%）。
　　输液板块：后续季度收入降幅预期收敛，年内利润规模企稳
　　输液板块1Q26收入6.5亿元（-15%yoy），主因基础输液ASP同比有所下降影响，叠加今年一季度流感行情偏弱，而输液板块毛利率1Q上提0.14pct至55.8%，主因公司高端包材品种持续占比提升。展望26年，我们看好该板块后续季度收入降幅收窄，而利润规模有望企稳，基于公司：1）加快产品结构调整，增加软包系列和BFS产品占比，丰富营养和治疗性产品线；2）强化销售端协同，加大院端及基层医院布局力度；3）背靠公司输液四大基地提升自动化水平，提质增效降低生产成本。
　　研发管线：布局市场前沿品种，内生+外延催化创新转型活力
　　公司构建小分子、小核酸药物技术赛道的创新药管线，储备15个创新药项目：1）自研方面，DC6001片国内I期开启并获FDA儿童罕见病及孤儿药双认定，司美格鲁肽注射液完成降糖III期给药。2）外延方面，公司通过控股河南中帅进入精麻领域（背靠十亿级别品种右哌甲酯，乙酰唑胺缓释胶囊预计26年获批），并引入肿瘤（CD19CAR-T）、代谢（速必一、二甲双胍恩格列净）、眼科（盐酸奥洛他定滴眼液）等重点领域多个品种。此外公司和炫景生物积极聚焦小核酸药物联合开发。3）合成生物层面，公司已建成7大技术平台，成立合成生物学相关基金，20余个项目在研。
　　盈利预测与估值
　　我们维持公司26-28年归母净利润为17.71/19.07/20.50亿元，对应EPS为1.71/1.84/1.97元。我们维持给予公司26年15倍PE（可比公司26年均值19倍，折价主要考虑公司创新转型进展），维持目标价25.65元。
　　风险提示：大输液需求转弱，集采风险，研发失败风险，BD合作不及预期。

CR Double-Crane(CRDC)has reported 2025 revenue of RMB11,001mn(-1.88%YoY)and attributable NP of RMB1,647mn(+1.18%YoY),with recurring NP of RMB1,568mn(+9.50%YoY),in line with Wind consensus.While revenue saw aslight YoY decline,profit maintained steady growth,mainly because:1)the IV infusion segment was impacted by normalized industry demand,while the chronic disease segment's core products faced headwinds from volume-based procurement(VBP)and channel rectification,leading to YoY declines in these segments;however,diversified growth across therapeutic areas in the specialty segment supported overall revenue resilience;2)the company focused on cost control throughout the year,driving improved operational efficiency.Looking ahead to 2026,considering stabilized end-market demand for IV infusions,diversified growth across therapeutic areas benefiting from CRDC's channel advantages,continued operational efficiency improvements in the API business,and progress in its innovative drug pipeline,we expect solid YoY profit growth in 2026.Maintain BUY.
Non-infusion:specialty segment likely to see broad-based growth
CRDC’s non-infusion segment revenue reached RMB8,348mn in 2025(+3.41%YoY),with chronic disease/specialty/API business revenue at RMB3.25/3.05/1.26bn(-5.16/+14.09/+5.36%YoY).For 2026,we expect solid revenue growth in the non-infusion segment,given that:1)for the chronic disease segment,the impact of provincial VBP/centralized procurement on mature products like Linghao and Fusuiyue is receding,while the first-in-class drug Fespixon continues to ramp up rapidly by leveraging CRDC's established channel advantages.2)In the specialty segment(where pediatric revenue declined in 2025 due to lower birth rates,while nephrology/psychiatry&neurology/oncology/women's health sub-segments grew 17/6/45/8%YoY),we expect continued volume expansion for Yuting,peritoneal dialysis solutions,teniposide injection,and brivudine.3)The API business may further improve operational efficiency driven by synthetic biology capabilities,cost control,product mix optimization,and globalization(2025 saw double-digit sales growth for APIs including rifamycin S-Na salt,enoxaparin sodium,and valsartan).
Earnings forecasts and valuation
Considering the recovery pace of the infusion industry and the sales ramp-up of the company's non-infusion products,we forecast attributable NP of RMB1,771/1,907/2,050mn for 2026-2028(previous estimates:RMB1,855/2,001/-mn),with corresponding EPS of RMB1.71/1.84/1.97.We assign a15x 2026E PE(vs peers’average of 15x on iFind consensus,with anarrower discount given the company's innovative pipeline progress),deriving atarget price of RMB25.65(previous:RMB26.40,on 16x 2025E PE).
Risks:weakening IV infusion demand;VBP impacts;R&D failure;BD cooperation falling short of our expectations.