Investment Rating - The investment rating for the company is upgraded to "Accumulate" [2][4][6] Core Views - The company reported a revenue of 804 million yuan in 2024, a year-on-year increase of 5.75%, but the net profit attributable to the parent company was 106 million yuan, down 21.01% year-on-year [2][3] - The first quarter of 2025 saw a revenue of 176 million yuan, a decline of 4.37% year-on-year, with a net profit of 7 million yuan, down 67.32% year-on-year [2][3] - The company is experiencing pressure on profit margins due to increased costs and competitive pricing in the industry, with a gross margin of 24.38% in 2024, down 6.03 percentage points year-on-year [2][3] - New orders signed in 2024 decreased by 22.59% year-on-year to 1 billion yuan, attributed to structural and cyclical changes in the biopharmaceutical industry and increased competition [3][6] - The first quarter of 2025 shows signs of preliminary recovery in the industry, with a significant increase in inquiries and new orders compared to the previous year [3][6] Financial Summary - The total share capital is 61 million shares, with a circulating share capital of 47 million shares and a total market value of 1.678 billion yuan [2][4] - The projected net profit for 2025-2027 is adjusted to 120 million yuan (previously 168 million), 136 million yuan (previously 203 million), and 156 million yuan, respectively [6][10] - The earnings per share (EPS) for the same period is adjusted to 1.51 yuan (previously 2.74), 1.71 yuan (previously 3.32), and 1.96 yuan [6][10] - The company is expected to achieve a revenue of 864 million yuan in 2025, with a growth rate of 7.55% [10]
普蕊斯：利润端阶段性承压，行业呈现初步复苏迹象-20250506