佐力药业（300181）：核心产品持续拓展，乌灵胶囊定位升级

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company achieved a total revenue of 2.58 billion yuan in 2024, representing a year-on-year growth of 32.81%, and a net profit attributable to shareholders of 505 million yuan, up 31.79% year-on-year [1]. - For Q1 2025, the company forecasts a net profit attributable to shareholders between 178 million and 189 million yuan, indicating a growth of 24.99% to 32.71% year-on-year [1]. - The core product, the Wuling series, saw a revenue increase of 17.14% in 2024, with Wuling capsules' sales volume and revenue growing by 22.62% and 15.96% respectively [2]. - The company is focusing on expanding its market share for Bailing tablets, which have been affected by price reductions due to centralized procurement [2]. - The company has successfully increased its market presence in traditional Chinese medicine, with revenues from traditional Chinese medicine pieces growing by 45.82% and from formula granules by 145.34% in 2024 [2]. - The company is expected to achieve revenues of 3.12 billion yuan and 3.77 billion yuan in 2025 and 2026 respectively, with net profits of 659 million yuan and 846 million yuan [3]. Financial Projections - The company’s projected revenues for 2024, 2025, and 2026 are 2.58 billion yuan, 3.12 billion yuan, and 3.77 billion yuan respectively, with growth rates of 32.81%, 20.82%, and 21.02% [13]. - The projected net profits for the same years are 505 million yuan, 659 million yuan, and 846 million yuan, with growth rates of 31.79%, 30.64%, and 28.31% [13]. - The earnings per share (EPS) are expected to be 0.72 yuan, 0.94 yuan, and 1.21 yuan for 2024, 2025, and 2026 respectively [13].