Fangsheng Pharmaceutical(SH:603998) Soochow Securities·2025-05-05 06:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 is in line with expectations, with total revenue reaching 1.777 billion yuan, a year-on-year increase of 9.15%, and a net profit attributable to shareholders of 255.22 million yuan, up 36.61% [8] - The company has a diverse product matrix that supports stable performance, with significant growth in cardiovascular and anti-infection medications, while respiratory medications faced some pressure [8] - The dual strategy of "innovative drugs + centralized procurement drugs" is showing significant results, with key products like Xuanqi Jianguo tablets and pediatric cough granules experiencing substantial sales growth [8] Financial Summary - Total revenue forecast for 2024 is 1.777 billion yuan, with a projected growth rate of 9.15% [9] - Net profit attributable to shareholders is expected to be 255.22 million yuan in 2024, with a growth rate of 36.61% [9] - The earnings per share (EPS) is projected to be 0.58 yuan for 2024, with a price-to-earnings (P/E) ratio of 16.71 [9] - The company's gross margin is expected to improve to 71.85% in 2024, reflecting a 3.75 percentage point increase [8] - The net profit margin is projected to rise to 14.06% in 2024, an increase of 3.03 percentage points [8]