国邦医药（605507）：医药板块稳健增长，动保业务有望反弹

Investment Rating - The report maintains a "Buy" rating for the company [5][6] Core Views - The pharmaceutical sector shows steady growth, with the animal health business expected to rebound [1] - In 2024, the company achieved a revenue of 5.891 billion yuan, a year-on-year increase of 10.12%, and a net profit of 782 million yuan, up 27.61% year-on-year [1] - The company has over 70 raw materials and intermediates in production and sales, with 21 products generating over 50 million yuan in sales [2] - The animal health segment has seen significant sales increases for key products, with expectations for continued price improvements in 2025 [3] - The company is actively advancing product registrations and increasing R&D investments, with 38 pharmaceutical raw materials and 16 animal health raw materials approved for registration in 2024 [4] Financial Data and Forecast - Revenue projections for 2025-2027 are adjusted to 6.538 billion yuan, 7.289 billion yuan, and 8.037 billion yuan respectively [5] - The net profit forecast for the same period is revised to 938 million yuan, 1.1 billion yuan, and 1.242 billion yuan respectively [5] - The company’s EBITDA is expected to be 1.531 billion yuan in 2025, with a P/E ratio of 11.51 [5][11] - The company’s total assets are projected to reach 10.803 billion yuan by 2025 [11]