HPGC(600664) 信达证券·2025-04-26 12:24Investment Rating - The investment rating for Harbin Pharmaceutical Group Co., Ltd. is "Buy" [2] Core Views - The report indicates that the company has reached a performance inflection point in 2024, with significant growth driven by operational improvements that are expected to be sustainable [6] - The company achieved a revenue of 16.176 billion yuan in 2024, a year-on-year increase of 4.65%, and a net profit attributable to shareholders of 629 million yuan, up 59.1% year-on-year [3][6] - The report maintains a positive outlook for 2025, projecting continued operational improvements and maintaining the "Buy" investment rating [9] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 161.76 billion yuan, with industrial revenue contributing 62.77 billion yuan, a year-on-year increase of 19.09% [6] - The net profit attributable to shareholders for 2024 was 6.29 billion yuan, reflecting a 59.1% increase year-on-year, while the non-recurring net profit was 5.86 billion yuan, up 80.08% [3][6] - For Q1 2025, the company achieved a revenue of 4.174 billion yuan, a 0.78% increase year-on-year, and a net profit of 213 million yuan, up 20.48% year-on-year [3] Business Segments - Key products such as zinc gluconate oral solution and Harbin brand calcium iron zinc oral solution have shown rapid growth [5] - The nutrition supplement business generated 37.53 billion yuan in revenue, a year-on-year increase of 30.96% [6] - The industrial segment's net profit margin improved significantly, reaching approximately 11.85% in Q1 2025, an increase of 4.2 percentage points year-on-year [7] Future Projections - The company is expected to achieve revenues of 172.59 billion yuan, 184.88 billion yuan, and 197.9 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of approximately 7% [9] - The projected net profit attributable to shareholders for the same years is 740 million yuan, 882 million yuan, and 1.045 billion yuan, with respective growth rates of about 18% [9]