天宇股份（300702）：非沙坦类原料药快速增长，制剂业务蓬勃发展

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][16]. Core Views - The company achieved a revenue of 2.631 billion yuan in 2024, representing a year-on-year growth of 4.10%, and a net profit attributable to shareholders of 56 million yuan, reflecting a significant increase of 104.45% [1][4]. - The growth is primarily driven by breakthroughs in the formulation business and a rapid increase in non-sartan raw materials [1][2]. - The company is expected to diversify its business further, with stable cash flow from sartan products and accelerated growth from non-sartan, CDMO, and formulation segments [4]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 759 million yuan, a year-on-year increase of 10.13%, and a net profit of 86 million yuan, up 112.71% [1]. - The sales volume of sartan raw materials reached 1,744 tons in 2024, a growth of approximately 13%, while non-sartan raw materials saw a remarkable increase of 169%, reaching 124 tons [2]. - The formulation business generated sales of 255 million yuan in 2024, marking a 143% increase compared to the previous year [3]. Business Segments - The company has a rich reserve of non-sartan raw materials, including key products like sitagliptin and montelukast, with 20 new projects initiated and 12 products completing process validation in 2024 [2]. - The formulation segment has expanded its presence in national procurement, with two products winning bids and 18 products selected for provincial renewals [3]. Future Outlook - Revenue projections for 2025-2027 are set at 2.965 billion yuan, 3.413 billion yuan, and 3.704 billion yuan, respectively, with net profits expected to reach 284 million yuan, 418 million yuan, and 484 million yuan [4][10]. - The company is enhancing its international registration efforts and advancing its global expansion strategy, anticipating continued demand growth as patents for non-sartan products expire [2][4].