Investment Rating - The report maintains a "Buy" rating for INT Medical, expecting a return exceeding 15% over the next 12 months [2][18]. Core Insights - INT Medical's revenue for 2024 is projected to grow by 13.2% year-on-year to RMB 852 million, slightly below the forecasted 13% due to pressures from value-based pricing (VBP) and intense competition in the CDMO sector [1][2]. - The company achieved a significant gross margin improvement of 5 percentage points, reaching 63.1% in 2024, driven by increased capacity utilization and automation [1]. - Overseas sales are optimistic, with total overseas revenue expected to grow by 24.2% year-on-year to RMB 253 million, accounting for 29.6% of total sales [2]. Financial Summary - Revenue is projected to increase from RMB 753 million in 2023 to RMB 1,025 million in 2025, reflecting a year-on-year growth rate of 20.4% [3]. - The attributable net profit is expected to rise from RMB 192 million in 2024 to RMB 206 million in 2025, with a year-on-year growth rate of 7.5% [3]. - The earnings per share (EPS) is forecasted to grow from RMB 1.10 in 2024 to RMB 1.17 in 2025, indicating a growth rate of 6.6% [3]. Valuation - The target price for INT Medical is set at HKD 33.68 based on a 9-year DCF model with a terminal growth rate of 2.0% and a weighted average cost of capital (WACC) of 10.73% [2][10].
瑛泰医疗：稳健增长及利润率提升。-20250320