SINO BIOPHARM(01177) 国泰君安·2025-03-31 06:54Investment Rating - The report maintains a "Buy" rating for China National Pharmaceutical Group (1177) [3][8]. Core Insights - The company has demonstrated impressive performance, with innovative product revenue continuing to rise and significant cost reduction and efficiency improvements [3][8]. - The company achieved a revenue of 28.87 billion RMB in 2024, reflecting a year-on-year increase of 10.2%, and a net profit of 3.5 billion RMB, which is a 50.1% increase year-on-year [8]. - The revenue from innovative products reached 12.06 billion RMB in 2024, a 21.9% increase year-on-year, accounting for 41.8% of total revenue [8]. - The company is expected to see multiple new drug approvals in 2025, which will further drive revenue growth [8]. Financial Summary - Revenue for 2022 was 28.78 billion RMB, decreased to 26.19 billion RMB in 2023, and is projected to increase to 28.87 billion RMB in 2024, with further growth expected in subsequent years [7]. - The gross profit for 2024 is estimated at 23.53 billion RMB, with a gross margin of 81.5%, showing a slight increase from the previous year [8]. - The adjusted net profit for 2024 is projected at 34.6 billion RMB, reflecting a 33.5% increase year-on-year [8].