兴齐眼药(300573)：一季度利润增长显著 费用管理卓有成效

Core Viewpoint - The company has shown significant growth in revenue and net profit in both 2024 and Q1 2025, driven by successful product launches and a strong pipeline in the ophthalmic drug sector [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 1.943 billion yuan, a year-on-year increase of 32.42%, and a net profit of 338 million yuan, up 40.84% [1]. - For Q1 2025, the company reported revenue of 536 million yuan, representing a 53.24% year-on-year growth, and a net profit of 146 million yuan, which surged by 319.86% [2]. - The overall gross margin improved to 78.33% in 2024, with a further increase to 80.16% in Q1 2025 [3]. Cost Management - The company reduced its total expense ratio to 56.47% in 2024, down by 1.51 percentage points, and further decreased it to 47.26% in Q1 2025, a drop of 17.21 percentage points [3]. - Sales expense ratio decreased to 36.30% in 2024 and further to 31.34% in Q1 2025 [3]. Product Development and Market Position - The company’s product "Meioupin" is the first low-concentration atropine eye drops approved in China for delaying myopia progression in children, included in multiple clinical guidelines [4]. - The company is advancing its pipeline with several products in various stages of clinical trials, including drugs for dry eye syndrome and other ophthalmic conditions [5]. Investment Outlook - The company is projected to achieve revenues of 3.03 billion yuan, 4.04 billion yuan, and 5.07 billion yuan for 2025 to 2027, with respective year-on-year growth rates of 55.9%, 33.2%, and 25.6% [6]. - Net profit forecasts for the same period are 600 million yuan, 820 million yuan, and 1.05 billion yuan, with growth rates of 78.7%, 36.1%, and 28.1% respectively [6].