Lepu Medical(SZ:300003) Huaan Securities·2025-04-23 01:25Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is experiencing high growth in cardiovascular innovative devices, while its pharmaceutical business is dragging down short-term performance [2] - The company reported a significant decline in revenue and net profit for 2024, with total revenue of 6.103 billion yuan, a year-on-year decrease of 23.52%, and a net profit attributable to shareholders of 247 million yuan, down 80.37% [5][6] - The company is optimistic about the growth of its medical device segment, expecting a year-on-year increase of around 10% in 2025, particularly in the cardiovascular intervention business [7][9] Financial Performance Summary - In 2024, the company's revenue from medical devices was 3.326 billion yuan, a decrease of 9.47% year-on-year, while the pharmaceutical segment saw a revenue of 1.758 billion yuan, down 42.25% [7][8] - The company’s gross margin for 2024 was 60.88%, a decline of 3.36 percentage points, primarily due to the impact of centralized procurement policies on the pharmaceutical segment [6] - The company’s financial forecasts for 2025-2027 project revenues of 6.749 billion yuan, 7.435 billion yuan, and 8.213 billion yuan, with corresponding net profits of 904 million yuan, 1.075 billion yuan, and 1.241 billion yuan [9][11]