YIFAN PHARMACEUTICAL(SZ:002019) GOLDEN SUN SECURITIES·2025-05-02 02:23Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a significant revenue growth of 26.84% year-on-year in 2024, reaching 5.16 billion yuan, and a net profit of 386 million yuan, marking a 170.04% increase [1][2] - The revenue structure continues to optimize, with pharmaceutical-related revenue accounting for 82.56% of total revenue in 2024, up from 76.15% in 2023 [2] - The company has shown strong performance in its innovative drug pipeline, with Q1 2025 seeing a remarkable growth of 327.73% in innovative drug products [3][4] Financial Performance - In Q4 2024, the company reported a revenue of 1.30 billion yuan, a year-on-year increase of 14.39%, and a net profit of 20 million yuan, up 102.81% [1] - For Q1 2025, the company achieved a revenue of 1.33 billion yuan, a slight increase of 0.05% year-on-year, and a net profit of 153 million yuan, reflecting a 4.83% growth [1] - The overall gross margin for 2024 was 47.42%, slightly down from 47.84% in 2023, attributed to lower margins from newly introduced products and price adjustments [3] Revenue and Profit Forecast - The company is expected to continue its growth trajectory, with projected net profits of 704 million yuan, 888 million yuan, and 1.09 billion yuan for 2025, 2026, and 2027 respectively, representing growth rates of 82.5%, 26.1%, and 22.9% [4][5] - The estimated P/E ratios for 2025, 2026, and 2027 are 20X, 16X, and 13X respectively, indicating a favorable valuation outlook [4] R&D Progress - The company is advancing its R&D efforts, including ongoing clinical trials for various products and achieving consensus with regulatory bodies on clinical trial designs [4]