Jiuzhou Pharmaceutical(SH:603456) Xin Lang Cai Jing·2025-04-15 08:31Core Viewpoint - The company reported a steady growth in revenue and net profit for Q1 2025, driven by the increasing orders in its CDMO business and enhanced R&D capabilities [1] Financial Performance - In Q1 2025, the company achieved revenue of 1.49 billion yuan, a year-on-year increase of 0.98% - The net profit attributable to shareholders was 250 million yuan, up 5.68% year-on-year - The non-recurring net profit was 251 million yuan, reflecting a year-on-year growth of 7.17% [1] - The gross margin improved to 37.42%, an increase of 3.38 percentage points year-on-year and 6.84 percentage points quarter-on-quarter - The net profit margin was 16.77%, up 0.77 percentage points year-on-year and 18.93 percentage points quarter-on-quarter - The operating expense ratio was 13.52%, an increase of 1.70 percentage points year-on-year but a decrease of 2.49 percentage points quarter-on-quarter [2] CDMO Business Development - The company is a leading CDMO provider, offering comprehensive services for pharmaceutical companies, biotech firms, and research institutions - It specializes in small molecule drugs, peptide drugs, conjugated drugs, and small nucleic acid drugs - The company has received recognition for its CDMO marketing system project at the 6th National Pharmaceutical Health CIO Conference, winning the "2025 National Pharmaceutical Health Digital Excellence Case" award [3] Investment Outlook - Revenue projections for 2025-2027 are 5.803 billion, 6.151 billion, and 6.315 billion yuan, with growth rates of 12.45%, 6.01%, and 2.65% respectively - Net profit forecasts for the same period are 830 million, 929 million, and 991 million yuan, with growth rates of 36.89%, 11.99%, and 6.60% - Earnings per share (EPS) are expected to be 0.93, 1.04, and 1.11 yuan per share, with a 3-year CAGR of 17.79% - The company maintains a "buy" rating due to its comprehensive CDMO business layout and leading technological strength [4]