毕得医药：深度研究报告多维度追求高质量发展，业绩拐点已至-20250505

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 48.11 CNY, compared to the current price of 40.95 CNY [4][12]. Core Insights - The company is positioned as a leader in the domestic market for drug molecular building blocks, emphasizing a multi-dimensional approach to high-quality development, with signs of an inflection point in performance [2][16]. - The report highlights the company's continuous expansion of product varieties and quantities, significant R&D investments, and a growing international presence, which collectively contribute to its competitive edge [10][11]. Financial Summary - Projected total revenue (in million CNY) for 2024A to 2027E is as follows: 1,102 (2024A), 1,337 (2025E), 1,604 (2026E), and 1,909 (2027E), with year-on-year growth rates of 0.9%, 21.4%, 20.0%, and 19.0% respectively [3]. - Projected net profit attributable to shareholders (in million CNY) for the same period is: 117 (2024A), 146 (2025E), 179 (2026E), and 214 (2027E), with growth rates of 7.2%, 24.1%, 22.9%, and 19.6% respectively [3]. - Earnings per share (EPS) are projected to be 1.29 CNY (2024A), 1.60 CNY (2025E), 1.97 CNY (2026E), and 2.36 CNY (2027E) [3]. Company Overview - The company, established in 2007, provides professional and efficient drug molecular building blocks and scientific reagent products and services for new drug research and development [16][17]. - It has a robust product portfolio with over 128,000 types of stock items and the capability to offer more than 500,000 unique and functional drug molecular building blocks [17][21]. Industry Context - The domestic market is experiencing a recovery in demand, with a pressing need for domestic alternatives due to rising import costs and increased investment in local research and development [10][56]. - The overseas market is also showing signs of recovery, with an increase in demand from international pharmaceutical companies and contract research organizations (CROs) [10][56].