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复星医药(600196):创新持续发力,国际化渐入佳境
ZHESHANG SECURITIES·2025-05-14 13:20

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is expected to continue its growth driven by sustained high investment in R&D and ongoing internationalization and innovation efforts [1][5] - The company reported a rapid profit growth and improved cash flow, with a 2024 revenue of 41.067 billion yuan, a slight decrease of 0.80% year-over-year [1] - The core innovative products, including the PD-1 monoclonal antibody and CAR-T cell therapy, have shown steady revenue growth [1][2] Summary by Sections Financial Performance - In 2024, the company achieved a net profit of 2.770 billion yuan, an increase of 16.08% year-over-year, with a non-GAAP net profit of 2.314 billion yuan, up 15.10% [2] - The gross margin improved, and the selling expense ratio increased by 2.45 percentage points year-over-year, while management expenses decreased by 355 million yuan [2] Business Segmentation - The pharmaceutical segment generated 28.924 billion yuan in revenue, with a segment profit of 3.250 billion yuan, reflecting a year-over-year growth of 65.73% [3] - The medical devices and diagnostics segment reported a revenue of 4.323 billion yuan, a decrease of 1.53% due to declining COVID-related product sales [3] - The healthcare services segment achieved a revenue of 7.647 billion yuan, an increase of 14.61%, although it still reported a loss of 315 million yuan [4] Future Outlook - The company plans to maintain high R&D investment, with a total of 5.554 billion yuan allocated in 2024, representing 16.98% of the pharmaceutical business revenue [5] - The company is advancing its internationalization strategy, with several products receiving approvals in the US and Europe [6][11] - The earnings per share (EPS) forecast for 2025-2027 is projected at 1.22, 1.37, and 1.57 yuan, respectively, with a price-to-earnings (P/E) ratio of 20 times based on the closing price on May 13, 2025 [12]