Lingrui Pharma(600285) 东海证券·2025-05-13 05:03Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in terms of profit is outstanding, with a revenue of 3.501 billion yuan in 2024 (up 5.72% year-on-year) and a net profit attributable to shareholders of 722.55 million yuan (up 27.19% year-on-year) [2] - In Q1 2025, the company achieved a revenue of 1.021 billion yuan (up 12.29% year-on-year, up 37.62% quarter-on-quarter) and a net profit of 217 million yuan (up 13.89% year-on-year, up 45.83% quarter-on-quarter) [2] - The company is a leading player in the traditional Chinese medicine patch market, with a strong performance in core products and a promising growth outlook due to recent acquisitions [6][7] Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 75.82% and a net margin of 20.64%, with improvements in gross margins across various product lines [6] - The company plans to enhance its product pipeline through the acquisition of Yingu Pharmaceutical for 704 million yuan, which is expected to provide significant synergies and fill gaps in its product offerings [6][7] Revenue Breakdown - The revenue from patches reached 2.115 billion yuan in 2024 (up 3.35% year-on-year), while tablets saw a significant increase of 35.60% year-on-year, reaching 355 million yuan [6] - The core product Tongluo Qutong Gao is expected to generate over 1.2 billion yuan in revenue, with double-digit growth anticipated for the "Two Tigers" series [6] Earnings Forecast - The company is expected to achieve net profits of 826.30 million yuan, 951.24 million yuan, and 1.07982 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 1.46, 1.68, and 1.90 yuan [7]