Guobang Pharma (SH:605507) Tai Ping Yang Zheng Quan·2025-03-28 04:45Investment Rating - The report maintains a "Buy" rating for the company with a target price of 25.00, compared to the last closing price of 20.63 [1]. Core Views - The company achieved a record high revenue of 58.91 billion in 2024, with a year-on-year growth of 10.12%. The net profit attributable to shareholders was 7.82 billion, reflecting a year-on-year increase of 27.61% [4]. - The gross margin for 2024 was reported at 25.00%, an increase of 1.59 percentage points year-on-year, while the net margin was 13.25%, up by 1.85 percentage points year-on-year [4]. - The pharmaceutical raw materials segment saw a significant gross profit increase, contributing 48% to the total gross profit, with sales revenue of 24.77 billion, a year-on-year growth of 11.74% [5]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 58.91 billion, with a gross margin of 25.00% and a net margin of 13.25%. The fourth quarter alone generated revenue of 14.73 billion, with a net profit of 2.03 billion, marking a year-on-year increase of 64.28% [4][5]. - The company forecasts revenues of 67.15 billion, 75.83 billion, and 82.96 billion for 2025, 2026, and 2027 respectively, with net profits projected at 9.54 billion, 11.44 billion, and 13.16 billion [7][10]. Business Segments - The pharmaceutical raw materials business achieved sales of 24.77 billion, with a gross margin of 28.36%, while the animal health raw materials segment reported sales of 18.31 billion, with a gross margin of 18.86% [5][6]. - The company has over 21 products with sales exceeding 50 million, and 13 products exceeding 100 million, indicating strong market presence and growth in sales volume [6]. Market Position - The company maintains a high market share in its main products and aims to achieve global leadership in 30 scaled products, with a production capacity for 120 products [7].