CR Double-Crane(SH:600062) HTSC·2025-04-30 01:55Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 27.04 RMB [7][8]. Core Views - The company reported Q1 2025 revenue of 3.079 billion RMB (down 2.10% year-on-year) and a net profit of 507 million RMB (down 1.26% year-on-year), primarily due to a high base in the large infusion segment and weakening demand [1]. - Despite a slight decline in the large infusion segment, the company is expected to see steady net profit growth in 2025, driven by packaging upgrades and an increase in the proportion of nutritional and therapeutic infusions [1][4]. - The non-infusion segment showed robust growth, with Q1 2025 revenue of 2.28 billion RMB (up 3.35% year-on-year), supported by steady performance in chronic disease products and strong growth in specialty areas like gynecology and oncology [3]. Summary by Sections Infusion Segment - Q1 2025 revenue for the infusion segment was 770 million RMB (down 16% year-on-year), affected by high base effects and seasonal demand fluctuations [2]. - The company anticipates a slight decline in revenue for the large infusion segment but expects to maintain profit levels through cost reductions via packaging upgrades and automation [2]. Non-Infusion Segment - The non-infusion segment's revenue growth is driven by chronic disease products and specialty areas, with a 15% year-on-year increase in the specialty segment due to the launch of new oncology products [3]. - The raw material drug segment experienced an 8.7% year-on-year decline, but the company expects recovery in 2025 due to new product launches and improved sales [3]. Potential Growth Points - The company has established eight core technology platforms and has over 20 core projects in development, indicating a strong pipeline for future growth [4]. - The expansion into e-commerce and OTC channels is expected to contribute to a 10% revenue growth target for 2025 [4]. Profit Forecast and Valuation - The company’s EPS is projected to be 1.69 RMB for 2025, with a PE ratio of 16 times, aligning with the industry average [5][6]. - The revenue forecast for 2025 is 11.605 billion RMB, reflecting a growth rate of 3.51% [6].