Core Viewpoint - The company reported steady revenue growth in Q1 2025, but profit performance was negatively impacted by increased expenses [2] Financial Performance - In Q1 2025, the company achieved revenue of 139 million yuan, a year-on-year increase of 13.90% [2][4] - The net profit attributable to shareholders was 1.08 million yuan, a year-on-year decrease of 69.50% [2][4] - The non-recurring net profit was 1.34 million yuan, down 61.42% year-on-year [2] - The gross margin improved to 24.24%, an increase of 2.67 percentage points year-on-year [2] - The net margin was -0.55%, a decline of 2.92 percentage points year-on-year [2] Cost and Investment Insights - The decline in net profit was primarily due to increased R&D expenses from the subsidiary Huahai, which rose by 4.39 million yuan year-on-year [2] - Financial expenses increased by 7.49 million yuan year-on-year due to the cessation of capitalizing interest on convertible bonds after the completion of fundraising projects [2] Capacity Expansion - As of March 31, 2025, the company's total fixed assets amounted to 1.13 billion yuan, an increase of 927 million yuan compared to the same period in 2024, expanding the total scale by approximately five times [2] - The company has officially put into production the fundraising project "Production Construction Project of Progesterone and Intermediate BA" and is enhancing the construction of the Huahai joint raw material drug project and steroid industry chain upgrade project [2] Share Buyback Program - The company plans to repurchase shares using its own funds and a special loan for share buybacks, with 10% from its own funds and 90% from the loan [3] - The total repurchase amount will be no less than 20 million yuan and no more than 30 million yuan, with a maximum repurchase price of 23.84 yuan per share [3] - As of March 31, 2025, the company had repurchased 120,000 shares, accounting for 0.10% of the total share capital, with a total transaction amount of 1.92 million yuan [3] Investment Outlook - The company’s capacity is expected to be gradually released, and profitability is anticipated to recover with increased capacity utilization [4] - Revenue forecasts for 2025, 2026, and 2027 are 617 million yuan, 741 million yuan, and 889 million yuan, respectively, with net profits projected at -31 million yuan, -15 million yuan, and 53 million yuan [4] - Corresponding PE ratios for 2026 and 2027 are estimated at 121X and 33X, respectively, with a continued "buy" rating [4]
共同药业(300966)：Q1 营收稳步增长 业绩超市场预期