东诚药业（002675）：核药业务持平，静待原料药改善

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company reported a revenue of 2.869 billion yuan in 2024, a year-on-year decrease of 12.42%, and a net profit attributable to shareholders of 184 million yuan, also down 12.35% year-on-year. The adjusted net profit decreased significantly by 62.69% to 79 million yuan. However, in the fourth quarter, the company achieved a revenue of 707 million yuan, a year-on-year increase of 2.35%, and a net profit of 17 million yuan, marking a turnaround from losses [5][14] Summary by Sections Business Performance - The company's raw material drug business saw a revenue of 1.255 billion yuan in 2024, down 25.17% year-on-year, primarily due to a decline in the sales price of heparin sodium. The demand for heparin raw materials is improving, although the export price has been affected by raw material costs. The nuclear medicine business remained stable, with revenues from 18F-FDG at 421 million yuan (up 0.25% year-on-year) and from cloud injection solutions at 231 million yuan (down 5.48% year-on-year) [15] Nuclear Medicine Development - The company has a leading position in nuclear medicine facilities and product layout. It has received approval for the launch of technetium-99m labeled drugs and has several products in the III phase of clinical trials. The company operates multiple nuclear medicine centers, covering 93.5% of the domestic population's nuclear medicine needs [16] Future Projections - The company is expected to see revenues of 3.098 billion yuan, 3.361 billion yuan, and 3.661 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 7.99%, 8.50%, and 8.93%. The net profit attributable to shareholders is projected to be 237 million yuan, 264 million yuan, and 297 million yuan for the same years, with growth rates of 28.97%, 11.54%, and 12.23% respectively. The earnings per share (EPS) are expected to be 0.29 yuan, 0.32 yuan, and 0.36 yuan [17]