Qianhong Bio-pharma(SZ:002550) EBSCN·2024-07-07 02:31Investment Rating - The report maintains a "Buy" rating for the company [3][24]. Core Views - The company's competitive advantage in the heparin sector is expected to strengthen, and the innovative drug development is anticipated to provide new growth opportunities [3]. - The heparin API gross margin recovery is driving significant profit growth, with a projected net profit of 308 million, 368 million, and 421 million yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth of 69.09%, 19.62%, and 14.34% [3][16]. Summary by Relevant Sections Company Overview - The company is progressing well with the Qianmu project, which is expected to be operational by the end of 2024 and contribute to performance in 2025. This project aims to create a comprehensive supply chain advantage in heparin production [6]. Financial Performance - The company forecasts a net profit of 1.83 billion yuan for the first half of 2024, reflecting a year-on-year increase of 53.57% [22]. - The gross margin for heparin raw materials is projected to be 38% in Q1 2024, showing significant improvement [16]. Profitability and Valuation - The report provides a summary of profitability metrics, including a projected gross margin of 52.8% for 2024 and a P/E ratio of 23 for the same year [7][30]. - The company's revenue is expected to grow from 1.957 billion yuan in 2024 to 2.729 billion yuan in 2026, with corresponding growth rates of 7.89%, 15.22%, and 20.99% [7].