Aurisco(SH:605116) KAIYUAN SECURITIES·2025-04-28 08:23Investment 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 was 60.73%, an increase of 7.05 percentage points, and the net margin was 29.71%, up 5.22 percentage points [5] - The company is expected to benefit from the rapid expansion of its formulation business and the approval of new formulation varieties in the coming years, with the API of Semaglutide expected to contribute to performance growth [5] Financial Summary - The company’s total revenue is projected to grow from 1.263 billion yuan in 2023 to 2.802 billion yuan in 2027, with a compound annual growth rate (CAGR) of 25.2% [9] - The net profit attributable to the parent company is expected to increase from 289 million yuan in 2023 to 683 million yuan in 2027, reflecting a CAGR of 37.2% [9] - The gross margin is forecasted to improve from 55.9% in 2023 to 64.3% in 2027, while the net margin is expected to remain stable around 24% [9][12] - The company’s P/E ratio is projected to decrease from 29.9 in 2023 to 12.7 in 2027, indicating an attractive valuation as earnings grow [9]