YILING PHARMACEUTICAL(SZ:002603) Xin Lang Cai Jing·2026-01-23 06:31Core Viewpoint - The company forecasts a turnaround in net profit for 2025, projecting a net profit of 1.2 billion to 1.3 billion yuan, compared to a loss of 725 million yuan in the same period last year [1]. Group 1: Performance Preview - The company anticipates a recovery in revenue for 2025, aligning with its strategic focus on long-term development and market expansion [2]. - The company has implemented comprehensive budget management and a full-chain cost control system, leading to a significant improvement in profit margins, with a gross margin of 60.5% in Q1-Q3 2025, up 7.1 percentage points year-on-year [2]. Group 2: New Product Approvals - The approval of Anilofin injection is expected to provide a new treatment option for postoperative pain management, particularly for abdominal and thoracoscopic surgeries [2]. - The company has received approval for the chemical raw material drug "Dapagliflozin" and the registration certificate for "Valaciclovir Hydrochloride Tablets," while the clinical trial application for the traditional Chinese medicine "Qilong Dingchuan Tablets" has been accepted [2]. Group 3: Profit Forecast and Valuation - The company maintains its net profit forecasts of 1.21 billion yuan for 2025 and 1.39 billion yuan for 2026, with an introduction of a 2027 net profit forecast of 1.6 billion yuan, reflecting a year-on-year growth of 15.0% for both 2026 and 2027 [3]. - The current stock price corresponds to a price-to-earnings ratio of 22.0 times for 2026 and 19.1 times for 2027, with a target price of 21.40 yuan, indicating a potential upside of 16.7% from the current price [3].