Salubris(002294) 东方证券·2025-04-03 00:23Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 34.80 CNY based on a 58 times price-to-earnings ratio for 2025 [5][8]. Core Views - The company has shown a return to growth with significant improvements in gross margin and cash flow, achieving a revenue of 4.012 billion CNY in 2024, a year-on-year increase of 19.22%, and a net profit of 602 million CNY, up 3.71% [11]. - The growth in the formulation and medical device segments is accelerating, driven by channel expansion and new product launches, with the formulation revenue reaching 3.192 billion CNY, a 20.43% increase [11]. - The company is advancing its R&D pipeline, with several projects nearing completion, including four in the NDA stage and three in Phase III clinical trials, indicating a strong innovation trajectory [11]. Financial Summary - Revenue for 2023 was 3.365 billion CNY, with a projected increase to 4.012 billion CNY in 2024, reflecting a 19.2% growth [7]. - The gross margin improved to 72.64% in 2024, up 4.06 percentage points from the previous year [11]. - The net profit margin for 2024 is projected to be 15.0%, with net profit expected to reach 666 million CNY by 2025, a 10.7% increase from 2024 [7][11].