Bide Pharmatech (SH:688073) KAIYUAN SECURITIES·2025-04-24 12:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown accelerated growth in both revenue and profit, with continuous improvement in profitability. In Q1 2025, the company achieved a revenue of 296 million yuan, representing a year-on-year increase of 12.83% and a quarter-on-quarter increase of 1.98%. The net profit attributable to the parent company was 31 million yuan, up 17.71% year-on-year but down 8.58% quarter-on-quarter [4][5] - The company is expected to maintain stable revenue growth in 2024, with a projected revenue of 1.324 billion yuan in 2025, reflecting a year-on-year growth of 20.2%. The net profit attributable to the parent company is forecasted to be 142 million yuan in 2025, a year-on-year increase of 21.1% [4][8] Financial Performance Summary - In 2024, the company achieved an operating revenue of 1.102 billion yuan, a slight increase of 0.93% year-on-year. The net profit attributable to the parent company was 117 million yuan, up 7.17% year-on-year. The non-recurring net profit was 104 million yuan, down 15.09% year-on-year [4][8] - The company's gross profit margin has been improving, with Q4 2024 and Q1 2025 gross profit margins at 41.78% and 44.34%, respectively [5] - The overseas business has contributed significantly to revenue, with 616 million yuan in revenue from international markets in 2024, a year-on-year increase of 10.58%, accounting for 55.89% of total revenue [5] Cost Management and Cash Flow - The company has demonstrated effective cost control, with selling, general, and administrative expenses as a percentage of revenue decreasing in Q1 2025 compared to the previous year. The net cash flow from operating activities reached 158 million yuan, a significant increase of over 200 million yuan year-on-year, primarily due to improved management of accounts receivable and procurement [6][8] Earnings Forecast - The company’s earnings per share (EPS) are projected to be 1.56 yuan in 2025, 2.22 yuan in 2026, and 2.81 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 25.9, 18.3, and 14.4 times [4][8]