华东医药（000963）：25Q1扣非净利YOY+17%，符合预期

Investment Rating - The report assigns a "Buy" investment rating to the company, with a target price of 47.8 CNY per share, indicating a potential upside from the current price of 39.03 CNY [1][5]. Core Insights - The company reported a Q1 2025 revenue of 10.74 billion CNY, representing a year-over-year increase of 3.1%. The net profit attributable to shareholders was 920 million CNY, up 6.1% year-over-year, while the non-recurring net profit grew by 17.2% year-over-year, indicating strong performance in core operations [5][7]. - The pharmaceutical segment showed steady growth, with the core subsidiary achieving a revenue of 3.62 billion CNY in Q1 2025, a 6.5% increase year-over-year. The innovative drug sales, particularly CAR-T products, are gaining traction with over 70 insurance companies including them in their reimbursement lists [7]. - The medical aesthetics segment is expected to recover, with new high-end products set to launch in 2025, although it faced challenges in Q1 2025 with a revenue decline of 12.3% year-over-year [7]. - The overall gross margin improved to 32.9%, a 0.9 percentage point increase year-over-year, driven by changes in sales structure. However, the R&D expense ratio increased by 2.1 percentage points [7]. - Future profit projections estimate net profits of 4.07 billion CNY, 4.78 billion CNY, and 5.57 billion CNY for 2025, 2026, and 2027 respectively, with year-over-year growth rates of 15.9%, 17.6%, and 16.5% [7][9]. Summary by Sections Company Overview - The company operates primarily in the pharmaceutical and medical aesthetics sectors, with a market capitalization of approximately 68.38 billion CNY and a total share count of 1,754.08 million [1]. Financial Performance - The company reported a Q1 2025 revenue of 10.74 billion CNY, with a net profit of 920 million CNY, reflecting a solid growth trajectory in its core business [5][7]. - The projected net profits for the upcoming years are 4.07 billion CNY for 2025, 4.78 billion CNY for 2026, and 5.57 billion CNY for 2027, indicating a consistent growth outlook [9]. Market Position - The company has a significant market presence, with major shareholders including China Yuanda Group holding 41.67% of the shares. The institutional investor ownership in circulating A-shares is 2.5% [1][2].