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苑东生物(688513):2024年报及2025年一季报点评:获批新品陆续放量,国际化与创新驱动增长

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has received approval for new products, which are expected to gradually increase in volume, driving growth through internationalization and innovation [1] - In 2024, the company achieved a total revenue of 1.35 billion yuan, representing a year-on-year increase of 20.82%, and a net profit attributable to shareholders of 238.23 million yuan, up 5.15% year-on-year [7] - The company is focusing on the anesthesia and analgesia sector, with significant investments in research and development, which accounted for 21.31% of revenue in 2024 [7] Financial Performance Summary - Total revenue projections for the company are as follows: 1.35 billion yuan in 2024, 1.59 billion yuan in 2025, 1.90 billion yuan in 2026, and 2.26 billion yuan in 2027, with respective year-on-year growth rates of 20.82%, 18.02%, 18.98%, and 19.31% [1][8] - The net profit attributable to shareholders is projected to be 238.23 million yuan in 2024, 281.30 million yuan in 2025, 335.30 million yuan in 2026, and 400.75 million yuan in 2027, with year-on-year growth rates of 5.15%, 18.08%, 19.20%, and 19.52% respectively [1][8] - The company’s earnings per share (EPS) are expected to be 1.35 yuan in 2024, 1.59 yuan in 2025, 1.90 yuan in 2026, and 2.27 yuan in 2027 [1][8] Business Segment Performance - The chemical formulation segment generated revenue of 1.077 billion yuan in 2024, up 22.25% year-on-year, while the raw materials segment saw revenue of 121 million yuan, an increase of 28.65% [7] - The CMO/CDMO business experienced significant growth, with revenue reaching 65 million yuan, a remarkable increase of 111.59% [7] - The company has successfully launched 16 anesthesia and analgesia products and has over 20 products in development, indicating a strong competitive position in the market [7]