Dongcheng Biochem(002675) 天风证券·2025-03-09 07:48Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4]. Core Views - The company reported a revenue of 2.869 billion yuan in 2024, a decrease of 12.42% year-on-year, and a net profit attributable to shareholders of 184 million yuan, also down 12.35% year-on-year [1][2]. - The core business remains stable, with significant progress in nuclear medicine research and development [3]. Financial Performance Summary - In 2024, the nuclear medicine segment generated sales of 1.012 billion yuan, a slight decrease of 0.52% year-on-year, while the raw material drug segment saw a revenue drop of 25.17% to 1.255 billion yuan, primarily due to a 36.32% decline in heparin product sales [2]. - The company experienced an asset impairment loss of 83.87 million yuan in 2024, mainly from goodwill and fixed asset impairments [2]. - The company expects revenues of 3.178 billion yuan, 3.536 billion yuan, and 3.950 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 251 million yuan, 332 million yuan, and 374 million yuan for the same years [3][9]. Research and Development Progress - The company has made significant advancements in its R&D efforts, with several nuclear medicine products in various stages of clinical trials, including fluorine-18 labeled peptides [3]. - New products from external collaborations, such as technetium-99m labeled drugs, are expected to become new profit growth points [3]. Market Position and Outlook - The company is positioned in the pharmaceutical and chemical manufacturing industry, focusing on nuclear medicine, which is expected to drive future growth despite current challenges in raw material pricing and market conditions [4][5].