亿帆医药（002019）：Q1业绩基本符合市场预期，创新药产品收入实现高速增长

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15, compared to the last closing price of 11.69 [1][6]. Core Insights - The company's Q1 performance is in line with market expectations, with a significant revenue increase from innovative drug products, achieving a year-on-year growth of 327.73% [4][5]. - The overall revenue for Q1 2025 reached 1.327 billion, a slight increase of 0.05% year-on-year, while the net profit attributable to shareholders was 153 million, up 4.83% year-on-year [4][5]. - The gross profit margin slightly decreased to 46.39%, down 0.98 percentage points from the previous year, but the net profit margin improved by 1.55 percentage points to 10.42% due to increased government subsidies [5]. Financial Performance Summary - The company is projected to achieve revenues of 6.417 billion, 7.423 billion, and 8.520 billion for the years 2025, 2026, and 2027, respectively, with growth rates of 24.40%, 15.70%, and 14.80% [6][7]. - The net profit attributable to shareholders is expected to be 721 million, 912 million, and 1.133 billion for the same years, reflecting growth rates of 86.80%, 26.50%, and 24.30% [6][7]. - The current price-to-earnings (PE) ratios are projected to be 20, 16, and 13 for the years 2025, 2026, and 2027, respectively [6][7].