Guobang Pharma (SH:605507) Tianfeng Securities·2025-05-13 10:25Investment Rating - The report maintains a "Buy" rating for the company [6][5][17] Core Views - The pharmaceutical sector is experiencing steady growth, with the animal health business expected to rebound [1][2] - In 2024, the company achieved a total revenue of 589.1 billion yuan, representing a year-on-year increase of 10.12%, and a net profit attributable to shareholders of 0.782 billion yuan, up 27.61% year-on-year [1] - The company has successfully registered 38 pharmaceutical raw materials and 16 animal health raw materials in China, with significant progress in R&D and product registration [4][5] Financial Performance - The company reported a revenue of 14.4 billion yuan in Q1 2025, a year-on-year increase of 7.57%, and a net profit of 215 million yuan, up 8.17% year-on-year [1] - The EBITDA for 2024 is projected at 155.55 billion yuan, with a net profit of 7.816 billion yuan [5][12] - The company expects revenue growth rates of 10.99% in 2025 and 11.49% in 2026 [5] Product and Market Development - The company has over 70 raw materials and intermediates in production and sales, with 21 products generating over 50 million yuan in sales [2] - Key products in the animal health sector, such as Florfenicol and Doxycycline, have seen significant increases in sales volume and market share [3] - The company has increased its R&D investment by 12.88% year-on-year, totaling 215 million yuan in 2024 [4] Valuation Metrics - The projected earnings per share (EPS) for 2025 is 1.68 yuan, with a price-to-earnings (P/E) ratio of 11.51 [5][12] - The company’s price-to-book (P/B) ratio is expected to decrease to 1.24 by 2025, indicating a favorable valuation trend [5][12]