天宇股份(300702)：盈利能力修复 增长新起点

Core Viewpoint - The company is experiencing a recovery in profitability due to product structure adjustments, transition between old and new growth drivers, and the gradual realization of scale effects, despite the pressure on the raw material drug cycle for sartans [1] Performance Summary - In 2024, the company achieved a revenue of 2.631 billion yuan (YOY +4.10%) and a net profit attributable to shareholders of 56 million yuan (YOY +104.45%), with a non-recurring net profit of 67 million yuan (YOY +6.94%). The company also made a total asset impairment provision of 54 million yuan, significantly impacting profit growth [1] - In Q1 2025, revenue reached 759 million yuan (YOY +10.13%) and net profit attributable to shareholders was 86 million yuan (YOY +112.71%), with a non-recurring net profit of 82 million yuan (YOY +56.79%) [1] Growth Analysis - The company’s generic drug raw materials and intermediates saw stable sales growth, with a revenue of 1.994 billion yuan in 2024, a slight decline of 0.53% YOY. Sales volume increased by 9.10% YOY, while average prices decreased. Sartans raw material sales volume grew by approximately 13% YOY. The company maintains a strong competitive advantage in sartans raw materials [2] - Non-sartan raw materials experienced a significant sales volume increase of 169% in 2024, indicating a rapid expansion. The company expects continued high growth rates as downstream formulation patents expire [2] - The CDMO raw materials and intermediates business generated 366 million yuan in revenue in 2024, a decline of 9.83% YOY, primarily due to reduced demand from expiring product patents [2] Formulation Business - The formulation business achieved a revenue of 255 million yuan in 2024, a substantial increase of 142.56% YOY. The company has received approval for 52 products and expanded its partnerships with over 14,000 hospitals and 20,000 retail outlets [3] - The gross profit of the formulation business increased by approximately 75 million yuan, while R&D investment decreased by about 20 million yuan YOY. The subsidiary Zhejiang Node reported a loss of 7.56 million yuan, significantly reduced from 2023 [3] Profitability - In 2024, the company’s net profit margin was 2.13%, an increase of 1.05 percentage points YOY, while the gross profit margin was 34.66%, a decrease of 4.51 percentage points YOY. The gross profit margin for generic drug raw materials was 29.29%, down 5.12 percentage points YOY [4] - In Q1 2025, the net profit margin improved to 11.35%, an increase of 5.47 percentage points YOY, with a gross profit margin of 37.39%, up 2.06 percentage points YOY [4] Outlook for 2025 - Assuming a stable competitive landscape and no further decline in core product prices, the company expects an improvement in gross profit margins. The sales expense ratio may increase due to intensified formulation promotion efforts [5] - Overall, the net profit margin is anticipated to gradually improve, indicating a recovery in profitability [6] Earnings Forecast and Valuation - The company’s EPS is projected to be 0.74, 1.00, and 1.29 yuan per share for 2025-2027, with a PE ratio of 29 times based on the closing price on May 10, 2025. The company is expected to continue benefiting from the expansion of new businesses, new products, and new customers, with non-sartan raw materials and formulation businesses likely to maintain high growth trends [7]