Investment Rating - The investment rating for the company is maintained at "Outperform" [2][4] Core Insights - 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 margin improved to 84.56% in 2024 from 81.87% in 2023, indicating better cost management and pricing power [4][11] Financial Performance Summary - Revenue is projected to grow from 868 million yuan in 2024 to 1.191 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 12.2% [7][10] - The net profit attributable to shareholders is expected to increase from 177 million yuan in 2024 to 226 million yuan in 2027, reflecting a steady growth trajectory [7][10] - The company’s earnings per share (EPS) is forecasted to rise from 2.26 yuan in 2024 to 2.88 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 21.6 to 17.0 over the same period [7][10] Product Performance - The company's key diabetes product, "复瑞彤," showed stable sales growth, contributing to a revenue of 603 million yuan in the diabetes segment, a year-on-year increase of 20.78% [5] - The hypertension segment, led by "波开清," achieved a revenue of 255 million yuan, reflecting a year-on-year growth of 24.24% [5] - The company has over 30 products in the research pipeline, with six products obtaining drug registration certificates in 2024, indicating a strong commitment to R&D [5][10]
德源药业：糖尿病、高血压类持续增长，2024年扣非净利润同比+35%北交所信息更新-20250403