亿帆医药(002019)：Q1业绩基本符合市场预期 创新药产品收入实现高速增长

Core Viewpoint - The company reported a slight increase in revenue and profit for Q1 2025, with a focus on the growth of its core products, particularly innovative drugs, despite some fluctuations in other segments [1][2][3]. Financial Performance - In Q1 2025, the company achieved revenue of 1.327 billion yuan, a year-on-year increase of 0.05% [1][2]. - The net profit attributable to shareholders was 153 million yuan, reflecting a year-on-year growth of 4.83% [1][2]. - The net profit after deducting non-recurring items was 95 million yuan, showing a decline of 13.55% year-on-year [1][2]. - The overall gross profit was 616 million yuan, with a gross margin of 46.39%, down by 0.98 percentage points from the previous year [2]. - The net profit margin for Q1 was 10.42%, an increase of 1.55 percentage points compared to the same period last year [2]. Product Performance - The company experienced significant growth in its core products, particularly innovative drugs, which saw a revenue increase of 327.73% year-on-year [2]. - The company’s sales expenses ratio was 23.64%, a decrease of 0.10 percentage points year-on-year, while the management expenses ratio was 6.56%, down by 0.19 percentage points [2]. R&D and Future Prospects - The commercialization of Yilishu is expected to accelerate, with approvals obtained in 34 countries including China, the US, the EU, and Brazil [3]. - The company has reached consensus with Chinese regulatory authorities on the clinical trial design for F-652, aimed at treating acute-on-chronic liver failure (ACLF) [3]. - The company is advancing the development of innovative drugs N-3C01 and EY-SF-001, as well as a traditional Chinese medicine product [3]. Revenue and Profit Forecast - The company forecasts revenues of 6.417 billion yuan, 7.423 billion yuan, and 8.520 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 24.40%, 15.70%, and 14.80% [3]. - The projected net profit attributable to shareholders for the same years is 721 million yuan, 912 million yuan, and 1.133 billion yuan, with growth rates of 86.80%, 26.50%, and 24.30% [3]. - The corresponding price-to-earnings ratios are expected to be 20, 16, and 13 for the years 2025, 2026, and 2027 [3].