Core Viewpoint - Zhongtai Securities projects that United Pharmaceuticals (03933) will achieve revenues of 15.088 billion, 14.651 billion, and 16.036 billion yuan from 2025 to 2027, with year-on-year growth rates of 9.7%, -2.9%, and 9.5% respectively, and net profits attributable to the parent company of 2.758 billion, 2.638 billion, and 2.956 billion yuan, with corresponding growth rates of 3.7%, -4.3%, and 12.1% [1] Financial Projections - Revenue projections for United Pharmaceuticals from 2025 to 2027 are 15.088 billion, 14.651 billion, and 16.036 billion yuan, reflecting growth rates of 9.7%, -2.9%, and 9.5% respectively [1] - Net profit projections for the same period are 2.758 billion, 2.638 billion, and 2.956 billion yuan, with year-on-year growth rates of 3.7%, -4.3%, and 12.1% [1] - The corresponding price-to-earnings (PE) ratios are expected to be 11, 12, and 10 times [1] Business Transformation and Strengths - United Pharmaceuticals is recognized as a leading full-industry chain pharmaceutical group in China, currently transforming into an innovative drug company focused on metabolic diseases, driven by its innovation pipeline [1] - The company maintains a strong competitive position in traditional businesses, particularly as a leader in penicillin intermediates and raw materials, leveraging vertical integration to enhance cost competitiveness [1] - The animal health and insulin preparation businesses are showing steady growth, contributing to sustained performance [1] - The successful authorization of UBT251 (a GLP-1/GIP/GCG tri-target agonist) highlights the company's research and development capabilities [1]