东诚药业（002675）：核药研发进展顺利，主营业务经营稳健

Investment 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, down 12.35% year-on-year [1][2] - The core business remains stable, with significant progress in nuclear medicine research and development [1][3] - The decline in revenue is primarily attributed to the decrease in the export price of heparin raw materials, while nuclear medicine revenue remained relatively stable [2][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 [2] - The company experienced an asset impairment loss of 83.87 million yuan, mainly due to goodwill and fixed asset impairment [2] - The company expects revenues for 2025-2027 to be 3.178 billion, 3.536 billion, and 3.950 billion yuan respectively, with net profits projected at 251 million, 332 million, and 374 million yuan [3][9] Financial Data and Valuation - The company's revenue for 2023 was 3.276 billion yuan, with a projected growth rate of 10.79% in 2025 [9][10] - The EBITDA for 2024 is estimated at 814.33 million yuan, with a net profit margin of 6.41% [9][10] - The company has a current price-to-earnings ratio (P/E) of 59.44 and a price-to-book ratio (P/B) of 2.44 for 2024 [9][10]