Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 868 million yuan for 2024, representing a year-on-year increase of 22.46%, and a net profit attributable to shareholders of 177 million yuan, up 28.26% year-on-year [4] - The company expects a non-recurring net profit growth of 35% year-on-year for 2024, driven by stable sales growth in diabetes and hypertension products [4][5] - The gross profit margin improved to 84.56% in 2024 from 81.87% in 2023 [4] Financial Summary - Revenue is projected to grow from 868 million yuan in 2024 to 1.191 billion yuan in 2027, with year-on-year growth rates of 22.5%, 10.5%, 10.7%, and 12.2% respectively [7][10] - The net profit attributable to shareholders is expected to increase from 177 million yuan in 2024 to 226 million yuan in 2027, with corresponding year-on-year growth rates of 28.3%, 0.8%, 13.1%, and 11.8% [7][10] - The company maintains a high gross margin, projected at 83.1% in 2025 and 82.9% in 2027 [7][10] - Earnings per share (EPS) is forecasted to rise from 2.26 yuan in 2024 to 2.88 yuan in 2027 [7][10] Product Performance - The company's key diabetes product, "复瑞彤" (Furuetong), showed stable sales growth, contributing to a revenue of 603 million yuan from diabetes products, a year-on-year increase of 20.78% [5] - Hypertension products, including "波开清" (Bokaiqing), achieved a revenue of 255 million yuan, reflecting a year-on-year growth of 24.24% [5] - The company has over 30 products in development, with 6 products obtaining drug registration certificates in 2024 [5]
德源药业（832735）：北交所信息更新：糖尿病、高血压类持续增长，2024年扣非净利润同比+35%