Sunshine Guojian Pharmaceutical(688336) 民生证券·2025-03-28 04:50Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company achieved steady revenue growth, with operating income reaching 1.194 billion yuan in 2024, a year-on-year increase of 17.70%. The net profit attributable to shareholders was 705 million yuan, up 139.15% year-on-year [1]. - The core products, including Yisaipu, Saiputing, and Jianipai, continue to show strong internal growth momentum. Yisaipu's market coverage expanded rapidly, with over 20 provinces participating in regional procurement, leading to a stable increase in sales despite a decrease in average product prices [2]. - The company focuses on the autoimmune field, with R&D investment reaching 541 million yuan in 2024, a 72.06% increase year-on-year. The R&D pipeline includes 22 autoimmune projects, with several in advanced clinical stages [3]. Financial Projections - Revenue projections for 2025-2027 are 1.287 billion yuan, 1.545 billion yuan, and 1.946 billion yuan, respectively, with corresponding net profits of 306 million yuan, 338 million yuan, and 469 million yuan [5]. - The expected PE ratios for the same period are 55, 50, and 36, indicating a favorable valuation outlook [5].