佐力药业：核心产品稳健放量，25Q1业绩表现亮眼-20250326

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's core products have shown robust growth, with a significant increase in revenue and net profit for 2024 and Q1 2025. The revenue for 2024 is projected to be 2.58 billion yuan, a year-on-year increase of 32.81%, and the net profit is expected to be 505 million yuan, up 31.79% year-on-year [4][6] - The company has successfully launched a stock incentive plan, indicating confidence in future growth and talent retention [7] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 2.58 billion yuan, a year-on-year increase of 32.81%, and a net profit of 505 million yuan, up 31.79% [4] - For Q1 2025, the expected net profit is between 178 million and 189 million yuan, representing a year-on-year growth of 24.99% to 32.71% [6] Product Performance - The Wuling series generated a revenue of 1.44 billion yuan, a year-on-year increase of 17.14%. Sales volume and revenue for Wuling capsules grew by 22.62% and 15.96%, respectively [5] - The Chinese medicine decoction pieces series saw a revenue increase of 45.82%, while the formula granules experienced a remarkable growth of 145.34% due to increased registrations [5] Future Projections - Revenue projections for 2024, 2025, and 2026 are 2.58 billion, 3.30 billion, and 4.17 billion yuan, respectively, with year-on-year growth rates of 32.8%, 27.9%, and 26.4% [9] - The expected net profits for the same years are 505 million, 688 million, and 925 million yuan, with growth rates of 31.8%, 36.3%, and 34.5% [9] Incentive Plan - The company has introduced a stock incentive plan for 112 individuals, granting up to 6.605 million shares at a price of 8.07 yuan per share, with performance targets set for net profit growth over the next three years [7]