LIVZON GROUP(SZ:000513) KAIYUAN SECURITIES·2025-03-28 08:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][13] Core Views - The company achieved a revenue of 11.81 billion yuan in 2024, a year-on-year decrease of 4.97%, while the net profit attributable to shareholders was 2.06 billion yuan, an increase of 5.5% [4][5] - The gross margin for 2024 was 65.45%, up by 1.37 percentage points, and the net profit margin was 19.51%, up by 4.24 percentage points [4][5] - The company is expected to maintain steady growth in net profit, with projections of 2.28 billion yuan, 2.52 billion yuan, and 2.80 billion yuan for 2025, 2026, and 2027 respectively [4][5] Financial Performance Summary - In 2024, the company's revenue from chemical preparations was 6.12 billion yuan, a decrease of 6.87%, while the revenue from hormone products was 2.81 billion yuan, an increase of 1.64% [5] - The company reported a significant increase in revenue from biological products and diagnostic reagents, with growth rates of 102.42% and 9.02% respectively [5] - The overseas revenue for 2024 was 1.72 billion yuan, reflecting a growth of 9.69% [5] R&D and Innovation - The company is accelerating the development of its differentiated innovation pipeline, with several products in various stages of clinical trials and approvals [6] - Notable advancements include the approval of Triptorelin microspheres for endometriosis and the submission of applications for several other products in reproductive and metabolic fields [6]