Workflow
仟源医药(300254):戒烟药全年增速超170%,费率优化抬升利润空间

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The company's core product, smoking cessation medication, has shown impressive growth, with sales increasing by 172.7% year-on-year in 2024, contributing to 7.6% of total revenue [7]. - The company has effectively optimized various expense ratios, leading to improved profit margins, with a notable decrease in sales expense ratio [7]. - Despite challenges in other pharmaceutical products due to price reductions and a decline in newborn numbers affecting service revenue, the company is expected to continue its profit growth trajectory [7]. Financial Data and Profit Forecast - Total revenue for 2024 was 847 million yuan, with a year-on-year growth of 5.9%, while the net profit attributable to the parent company was 42 million yuan, up 67.5% [6][7]. - The company forecasts net profits of 91 million yuan, 135 million yuan, and 175 million yuan for 2025, 2026, and 2027 respectively, with corresponding growth rates of 114.7%, 48.6%, and 30.3% [6][7]. - The gross profit margin is projected to remain stable around 68% to 70% over the next few years, indicating strong profitability [6][7].