佐力药业（300181）：业绩符合预期，百令胶囊成长可期

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 2.578 billion yuan for 2024, representing a year-on-year growth of 32.71%. The net profit attributable to shareholders was 508 million yuan, also up by 32.60%. The first quarter of 2025 saw a revenue of 824 million yuan, with a year-on-year increase of 22.52% and a net profit of 181 million yuan, growing by 27.20% [2][6]. Financial Performance Summary - In 2024, the company achieved a gross margin of 60.95%, a decrease of 7.47 percentage points year-on-year. The net profit margin was 19.70%, slightly down by 0.02 percentage points [12]. - The sales expenses for 2024 were 839 million yuan, an increase of 7.87%, with a sales expense ratio of 32.53%, down by 7.49 percentage points [12]. - The company is expected to achieve net profits of 660 million yuan, 845 million yuan, and 1.084 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.94 yuan, 1.21 yuan, and 1.55 yuan [12].