Shanghai Pharma(601607) 东吴证券·2025-04-01 08:52Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 275.25 billion yuan in 2024, representing a year-on-year growth of 5.75%. The net profit attributable to shareholders was 4.55 billion yuan, up by 20.82% year-on-year [7] - The commercial segment showed steady development, with the CSO business achieving a strategic breakthrough, resulting in a sales revenue of 251.52 billion yuan, an increase of 7.47% [7] - The industrial segment experienced a revenue decline of 9.6%, but net profit increased by 3.95%, indicating a transformation in the marketing model [7] - The company has a robust pipeline of new drugs, with 54 clinical applications accepted and 40 innovative drugs in development [7] - The forecast for net profit attributable to shareholders for 2025 and 2026 has been adjusted to 5.01 billion yuan and 5.65 billion yuan, respectively, with a new estimate for 2027 at 6.33 billion yuan [7] Financial Summary - Total revenue for 2023 was 260.30 billion yuan, with a projected increase to 275.25 billion yuan in 2024 [1] - The net profit for 2023 was 3.77 billion yuan, expected to rise to 4.55 billion yuan in 2024 [1] - The latest diluted EPS is projected to be 1.23 yuan for 2024, increasing to 1.71 yuan by 2027 [1] - The P/E ratio is expected to decrease from 18.26 in 2023 to 10.88 in 2027, indicating a potential increase in valuation [1]