Dongcheng Biochem(002675) 平安证券·2025-02-27 10:44Investment Rating - The investment rating for the company is "Strongly Recommended" [1][9][13] Core Views - The company is expected to increase its R&D investment significantly in 2024, with a focus on nuclear medicine, which may lead to multiple important milestones in 2025 [6][9][7] - Despite a decline in revenue and net profit in 2024, there are signs of marginal improvement, particularly in the fourth quarter [6][9] - The company has a comprehensive layout in the nuclear medicine industry, which is expected to drive a turnaround in performance in 2025 [9] Financial Performance Summary - In 2024, the company achieved revenue of 2.869 billion yuan, a decrease of 12.42% year-on-year, and a net profit of 184 million yuan, also down by 12.35% [6][9] - The fourth quarter of 2024 saw a revenue of 707 million yuan, marking a year-on-year increase of 2.35%, and a net profit of 17 million yuan, up 122.29% [6][9] - The company's gross margin for 2024 was 47.14%, with a net margin of 4.93% [6][9] R&D and Future Outlook - The R&D expenditure for 2024 is projected to be 431 million yuan, representing a 37.67% increase, with 86.62% allocated to nuclear medicine [6][9] - The company has several IND applications and approvals, with key products expected to reach critical development stages in 2025 [7][9] - Forecasted net profits for 2025, 2026, and 2027 are 271 million yuan, 339 million yuan, and 414 million yuan respectively, indicating a recovery trend [9][10]