Lingrui Pharma(600285) 中原证券·2024-12-09 08:42Investment Rating - The investment rating for the company is "Buy" (maintained) [3][14] Core Views - The company is expected to achieve long-term performance growth through equity incentives and acquisitions [2][3] - The company plans to use its own funds to acquire 100% equity of Yingu Pharmaceutical, with a preliminary valuation exceeding 782 million [3][6] - The equity incentive plan aims to bind core employees and promote long-term development [3][6] Financial Performance Summary - Revenue is projected to grow from 3,002 million in 2022 to 5,036 million in 2026, with a CAGR of approximately 14.89% from 2023 to 2025 [6][9] - Net profit is expected to increase from 465 million in 2022 to 990 million in 2026, with a CAGR of approximately 15.78% [6][9] - Earnings per share (EPS) are forecasted to rise from 0.82 in 2022 to 1.75 in 2026, corresponding to dynamic P/E ratios of 27.12, 22.21, 17.44, 14.76, and 12.75 for the respective years [6][9] Key Financial Ratios - Gross margin is expected to remain stable at around 75% from 2024 onwards [6][9] - The company's asset-liability ratio is projected to decrease from 41.11% in 2022 to 38.96% in 2026 [6][9] - The return on equity (ROE) is anticipated to improve, reflecting the company's confidence in its growth strategy [3][9]