HPGC(600664) Xinda Securities·2025-04-26 12:33Investment 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 sustained growth [9] Financial Performance Summary - In 2024, the company reported total revenue of 161.76 billion yuan, with industrial revenue contributing 62.77 billion yuan, a 19.09% increase year-on-year [6] - The company's net profit for 2024 was 6.29 billion yuan, with a non-recurring net profit of 5.86 billion yuan, both exceeding previous forecasts [6][7] - For Q1 2025, the company achieved revenue of 41.74 billion yuan, a 0.78% increase year-on-year, and a net profit of 2.13 billion yuan, up 20.48% year-on-year [3][7] Product and Segment Performance - Key products such as zinc gluconate oral solution and Harbin brand calcium iron zinc oral solution have shown rapid growth [5] - The nutrition supplement segment generated 37.53 billion yuan in revenue, a 30.96% increase year-on-year, while the cardiovascular segment saw a 48.88% increase [6] - The e-commerce segment also performed well, with revenue from Harbin Pharmaceutical Hong Kong reaching 1.458 billion yuan, a 36.4% increase year-on-year [6] 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 a consistent growth rate of approximately 7% [9] - Projected net profits for the same years are 740 million yuan, 882 million yuan, and 1.045 billion yuan, reflecting year-on-year growth rates of 18%, 19%, and 19% [9]