Lingrui Pharma(600285) KAIYUAN SECURITIES·2025-05-01 14:49Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Insights - The company achieved a revenue of 3.5 billion yuan in 2024, representing a year-on-year growth of 5.72%, with a net profit of 723 million yuan, up 27.19% [3] - The company is focusing on its core business of patches and the growth potential from the acquisition of Yingu Pharmaceutical, leading to an upward revision of profit forecasts for 2025 and a downward revision for 2026 [3][5] - The company has a strong gross margin of 75.82% in 2024, which is an increase of 2.53 percentage points year-on-year [3] Financial Performance Summary - In 2024, the company reported a revenue of 3.5 billion yuan, with a net profit of 723 million yuan, and a gross margin of 75.82% [3][7] - The projected net profits for 2025, 2026, and 2027 are 831 million yuan, 955 million yuan, and 1.069 billion yuan respectively, with corresponding EPS of 1.47, 1.68, and 1.89 yuan [3][7] - The company's revenue is expected to grow to 4.114 billion yuan in 2025, reflecting a year-on-year increase of 17.5% [7] Product Performance - The revenue from patch products in 2024 was 2.115 billion yuan, up 3.35%, while tablet revenue increased by 35.60% to 355 million yuan [4] - The gross margin for patch products was 78.95%, an increase of 3.27 percentage points [4] Research and Acquisition Strategy - The company is focusing on research and development in key therapeutic areas such as orthopedics, respiratory, skin, and digestive systems, with new product registrations achieved [5] - The acquisition of Yingu Pharmaceutical has enhanced the company's product matrix by adding high-tech nasal sprays and inhalation agents [5]