Dongcheng Biochem(002675) 首创证券·2025-03-12 03:10Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's short-term performance is impacted by increased costs, but the innovative nuclear medicine research is progressing steadily [5][7] - In 2024, the company achieved a revenue of 2.869 billion yuan, a decrease of 12.42%, and a net profit attributable to shareholders of 184 million yuan, down 12.35% [7] - The company anticipates marginal improvement in 2025 as the demand for heparin raw materials gradually recovers [7] Financial Summary - The latest closing price is 13.25 yuan, with a one-year high of 16.29 yuan and a low of 11.28 yuan [3] - The current P/E ratio is 59.44, and the P/B ratio is 2.44 [3] - The total share capital is 8.25 billion shares, with a total market value of 10.926 billion yuan [3] Profit Forecast - Revenue projections for 2025 to 2027 are 3.141 billion yuan, 3.433 billion yuan, and 3.737 billion yuan, with growth rates of 9.5%, 9.3%, and 8.9% respectively [6] - Net profit attributable to shareholders is expected to be 235 million yuan, 286 million yuan, and 339 million yuan for the same years, with growth rates of 28.1%, 21.2%, and 18.8% respectively [6] - The estimated P/E ratios for 2025, 2026, and 2027 are 46.4, 38.3, and 32.2 respectively [6]