Sunshine Guojian Pharmaceutical(688336) 民生证券·2025-03-28 03:51Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company achieved a steady revenue growth of 17.70% year-on-year, reaching 1.194 billion yuan in 2024, while net profit attributable to shareholders surged by 139.15% to 705 million yuan [1][4]. - The core products, including Yisaipu, Saiputing, and Jianipai, continue to show strong internal growth momentum, with Yisaipu expanding its regional procurement coverage to over 20 provinces, leading to a stable sales scale despite a decrease in average product prices [2][4]. - The company is focusing on the autoimmune field, with R&D investment increasing by 72.06% to 541 million yuan in 2024, and a total of 22 autoimmune projects underway, including several in clinical phases [3][4]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 1.287 billion yuan, 1.545 billion yuan, and 1.946 billion yuan, respectively, with corresponding growth rates of 7.8%, 20.1%, and 26.0% [5][10]. - Net profit attributable to shareholders is projected to decline to 306 million yuan in 2025, followed by a recovery to 338 million yuan in 2026 and 469 million yuan in 2027 [5][11]. - The report anticipates a PE ratio of 55, 50, and 36 for the years 2025, 2026, and 2027, respectively [4][5].