Seoul Economic Daily EnglishCodex · 实盘不做把握 6/10
北京时间·🕒 发布 14:49:24时区推断·⟳ 抓取 15:28:12·⚡ 决策 07-27 15:30:20 +2m08s·92.3 天前
ST Pharm二季度营收和利润增长，但属预期内财报兑现
ST Pharm（237690.KS）二季度收入1085亿韩元、营业利润183亿韩元，核心寡核苷酸业务收入同比增长83.1%，商业化项目占寡核苷酸收入约62%。
📄 原文Seoul Economic Daily English↗ 原文
ST Pharm Q2 Operating Profit Jumps 42% to 18.3 Billion Won on Oligo Commercialization
ST Pharm posted sharp earnings growth in the second quarter, driven by expanded commercialization revenue from its olig…
不做 ST Pharm（237690.KS）
财报本身利好但与6月已传播的全年利润增长和商业化寡核苷酸逻辑基本一致，未见明确超预期或指引上修；韩国收盘后只能隔夜交易，次日追高兑现风险高，不做。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
消息传播链
- 券商已在6月提示ST Pharm全年营业利润预计同比增长42%，并称商业化寡核苷酸占比提升是利润增长主线。
- 公司官网IR Library列出2026年二季度业绩说明材料，确认本次属于正式财报披露窗口。
- 媒体报道ST Pharm二季度营业利润同比增长41.7%至183亿韩元，并披露寡核苷酸商业化收入和订单余额结构。市场反应:韩国市场已收盘，连续交易不可成交。
关键理由
- ST Pharm（237690.KS）二季度收入1085亿韩元、营业利润183亿韩元，核心寡核苷酸业务收入同比增长83.1%，商业化项目占寡核苷酸收入约62%。
- 但6月券商已明确预期公司2026年营业利润同比增长约42%、商业化寡核苷酸收入占比提升，当前披露更像财报兑现而非新订单或指引上修。
- 公司最新披露的寡核苷酸订单余额约3亿美元、商业化项目占约80%，支持中期基本面，但短线缺少相对预期的新增量级 surprise。
主要风险
- 二季度成本率上升虽被公司解释为长周期产品固定成本一次性确认，但毛利率改善仍需下半年兑现。
- 股价距52周高点约30%，近期走势波动大；财报类消息在韩国收盘后披露，次日若高开容易出现兑现压力。
反向证据
- 做多前查反向 · 来源 kb_search · 影响 weakens
内部KB未命中ST Pharm本次财报或明确超预期研报，仅命中无关财报纪要，未提供足以支持追多的新增预期差。
检索:ST Pharm oligonucleotide backlog commercialization revenue consensus Q2 operating profit 2026 - 做多前查反向 · 来源 web · 日期 2026-06-10 · 影响 weakens
公开报道显示全年利润增长和商业化收入提升此前已有券商预期，当前同比增长数字不是低扩散的新主线。
检索:ST Pharm Q2 2026 operating profit consensus 18.3 billion won 原文 ↗
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原文全文
展开原文 · 2,138 字
ST Pharm posted sharp earnings growth in the second quarter, driven by expanded commercialization revenue from its oligonucleotides and small-molecule chemical businesses, key raw materials for ribonucleic acid (RNA) therapeutics.
ST Pharm said on the 27th that its second-quarter consolidated revenue rose 58.9% year-on-year to 108.5 billion won. Operating profit increased 41.7% to 18.3 billion won, while net profit surged 145.0% to 13.2 billion won.
The earnings growth was led by revenue from the company's core oligonucleotide business. Second-quarter oligo revenue reached 79.6 billion won, up 83.1% from a year earlier. Of this, revenue from commercialization projects totaled 49.7 billion won, accounting for about 62% of the entire oligo business revenue. The growth is attributed to the full-scale recognition of revenue from commercial products, which are larger in scale and more sustainable than clinical-stage volumes.
Since the second oligo building began operation, a total of 13 new projects have generated revenue. ST Pharm secured eight new projects in the first half of this year and aims to win at least seven additional projects in the second half. As of the end of June, the oligo business order backlog stood at about $300 million, of which commercialization projects account for approximately 80%.
Small-molecule chemical business revenue also rose 162.1% year-on-year to 17.5 billion won. Two commercialization projects drove the growth, while 2 billion won in linker revenue for antibody-drug conjugates (ADC) was also reflected. As of the end of March, the small-molecule chemical business order backlog stood at about $50 million.
However, the cost-of-sales ratio rose in the second quarter. On this, a company official explained, "It was a temporary effect that occurred as fixed costs for certain products with long process periods were reflected all at once. In the second half, commercialization revenue from the oligo and small-molecule chemical businesses will increase further, and as the large-scale line at the second oligo building begins full operation, the gross profit margin will also improve."
ST Pharm said on the 27th that its second-quarter consolidated revenue rose 58.9% year-on-year to 108.5 billion won. Operating profit increased 41.7% to 18.3 billion won, while net profit surged 145.0% to 13.2 billion won.
The earnings growth was led by revenue from the company's core oligonucleotide business. Second-quarter oligo revenue reached 79.6 billion won, up 83.1% from a year earlier. Of this, revenue from commercialization projects totaled 49.7 billion won, accounting for about 62% of the entire oligo business revenue. The growth is attributed to the full-scale recognition of revenue from commercial products, which are larger in scale and more sustainable than clinical-stage volumes.
Since the second oligo building began operation, a total of 13 new projects have generated revenue. ST Pharm secured eight new projects in the first half of this year and aims to win at least seven additional projects in the second half. As of the end of June, the oligo business order backlog stood at about $300 million, of which commercialization projects account for approximately 80%.
Small-molecule chemical business revenue also rose 162.1% year-on-year to 17.5 billion won. Two commercialization projects drove the growth, while 2 billion won in linker revenue for antibody-drug conjugates (ADC) was also reflected. As of the end of March, the small-molecule chemical business order backlog stood at about $50 million.
However, the cost-of-sales ratio rose in the second quarter. On this, a company official explained, "It was a temporary effect that occurred as fixed costs for certain products with long process periods were reflected all at once. In the second half, commercialization revenue from the oligo and small-molecule chemical businesses will increase further, and as the large-scale line at the second oligo building begins full operation, the gross profit margin will also improve."
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