Lishengpharma(SZ:002393) KAIYUAN SECURITIES·2025-05-22 02:03Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has received over 300 million yuan in cash dividends from its wholly-owned subsidiary, further solidifying its status as a model enterprise for scientific and technological reform [4] - The company is expected to benefit from stable income contributions from its product clusters and has a favorable market position in multiple therapeutic areas [5] - The forecast for net profit attributable to shareholders for 2025-2027 has been adjusted to 466 million, 291 million, and 331 million yuan respectively, with corresponding EPS of 1.81, 1.13, and 1.28 yuan per share [4][5] Financial Summary - The company achieved a consolidated revenue of 1.336 billion yuan in 2024, representing a year-on-year increase of 15.88% [5] - The net profit attributable to shareholders for 2024 was 185 million yuan, a decrease of 49% year-on-year [7] - The projected revenue for 2025 is 1.492 billion yuan, with a year-on-year growth of 11.7% [7] - The projected net profit for 2025 is 466 million yuan, with a year-on-year increase of 152.3% [7] - The company maintains a gross margin of 58.1% and a net margin of 31.3% for 2025 [7] Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to be 9.6 for 2025, 15.4 for 2026, and 13.5 for 2027 [4][7] - The price-to-book (P/B) ratio is expected to remain at 0.9 for 2025 and 2026, and decrease to 0.8 for 2027 [7]