Aurisco(SH:605116) KAIYUAN SECURITIES·2025-04-28 08:25Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 1.476 billion yuan in 2024, representing a year-on-year increase of 16.89%. The net profit attributable to the parent company was 355 million yuan, up 22.59% year-on-year. The gross margin was 58.56%, an increase of 2.62 percentage points, and the net margin was 24.04%, up 1.14 percentage points [5] - In Q1 2025, the company reported a revenue of 402 million yuan, a year-on-year increase of 19.78%, and a net profit attributable to the parent company of 119 million yuan, up 45.3% year-on-year. The gross margin improved to 60.73%, an increase of 7.05 percentage points, while the net margin reached 29.71%, up 5.22 percentage points [5] - The company has a high proportion of export revenue, which has led to adjustments in profit forecasts due to significant exchange rate fluctuations. The revised net profit estimates for 2025-2027 are 486 million, 591 million, and 683 million yuan, respectively [5] Financial Performance Summary - In 2024, the cardiovascular raw material drug revenue was 432 million yuan, up 43.81%, with a gross margin of 67.74%. The anti-tumor raw material drug revenue was 212 million yuan, down 13.31%, and the female health raw material drug revenue was 126 million yuan, down 33.11% [6] - The company's formulation business revenue reached 220 million yuan in 2024, a significant increase of 144.87%, with a gross margin of 84.71%. The company has successfully launched a product in 31 provinces and cities [7] Financial Projections and Valuation Metrics - The company is projected to achieve revenues of 1.985 billion yuan in 2025, 2.448 billion yuan in 2026, and 2.802 billion yuan in 2027, with year-on-year growth rates of 34.5%, 23.3%, and 14.5%, respectively [9] - The estimated net profit for 2025 is 486 million yuan, with a projected P/E ratio of 17.8, and for 2026, the net profit is expected to be 591 million yuan with a P/E ratio of 14.6 [9]