天宇股份(300702)：原料出口回归常态 原料业务有望快速增长

Group 1 - The company's formulation business showed significant year-on-year improvement, with 2024 revenue reaching 2.631 billion yuan, up 4.1%, and net profit attributable to shareholders at 55.9351 million yuan, up 104.45% [1] - The formulation business revenue was 255 million yuan, a year-on-year increase of 142.56%, with a gross profit increase of approximately 75 million yuan [1] - The company achieved a stable approval rhythm for formulation products, with 15-20 approvals annually, totaling 52 approvals by the end of the reporting period [1] Group 2 - The raw material business is expected to experience rapid growth, with raw material drug exports totaling 42.98 billion USD in 2024, up 5.1% year-on-year [1] - Sales volume of sartan raw materials reached 1,744 tons, a year-on-year increase of approximately 13%, while non-sartan raw materials saw sales of 124 tons, up 169% [1] Group 3 - The company has established a long-term stable international supply chain, with products certified in major markets including the EU, North America, Japan, and South Korea [2] - The company has submitted 25 varieties and 33 new documents to six official bodies, with 14 varieties approved 18 times by seven officials [2] Group 4 - The company has improved its cost control, with sales gross margin and net margin for 2024 at 34.66% and 2.13%, respectively [3] - In Q1 2025, the sales gross margin and net margin increased to 37.39% and 11.35%, respectively [3] Group 5 - The company is transitioning from a raw material leader to a comprehensive pharmaceutical enterprise, with a focus on sartan antihypertensive drugs and a diversified product portfolio [4] - Revenue projections for 2025-2027 are 3.124 billion, 3.666 billion, and 4.283 billion yuan, with net profits of 115 million, 190 million, and 256 million yuan, respectively [4]