国邦医药：稳健进取，周期向上

Investment Rating - The report assigns an "Outperform" rating to the company, indicating a positive outlook for its stock performance relative to the market [29][70]. Core Insights - The company is positioned for steady growth through its dual-platform strategy in the pharmaceutical and animal health sectors, with a focus on antibiotic raw materials and key pharmaceutical intermediates [70]. - The animal health segment is expected to recover from a cyclical low, with significant price increases anticipated for key products like Florfenicol and Oxytetracycline in late 2024 [63][64]. - Revenue and profit forecasts for 2024-2026 show expected growth, with revenues projected at 59.5 billion, 69.4 billion, and 79.0 billion respectively, and net profits expected to reach 7.98 billion, 10.32 billion, and 12.40 billion [12][64]. Summary by Sections Company Overview - The company has a diversified product portfolio, including 34 approved pharmaceutical raw materials and 16 animal health raw materials, establishing a strong competitive position in both sectors [57][58]. Pharmaceutical Segment - The pharmaceutical segment remains the largest revenue source, contributing 65% of total revenue in 2023, down from 75% in 2017, while the animal health segment has increased its contribution from 24.5% to 34.3% over the same period [70]. - The company is a leading manufacturer of antibiotics, with a stable competitive landscape and plans to expand production capacity for key products like Azithromycin [71]. Animal Health Segment - The animal health segment is expected to see a recovery in product prices and demand, with significant price increases already observed for key products [63][64]. - The company has a comprehensive product layout in the animal health sector, which is anticipated to contribute positively to overall performance as market conditions improve [63][64]. Financial Forecasts - The company forecasts a compound annual growth rate (CAGR) of 11.1% for revenue from 2024 to 2026, with net profit growth rates of 30.2%, 29.4%, and 20.2% for the same period [12][64]. - The gross margin is expected to stabilize and improve slightly, reflecting operational efficiencies and market recovery [12][64].