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力生制药:公司信息更新报告:全资子公司获分红超3亿,夯实科改示范企业地位-20250522

Investment 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 raised its profit forecasts for 2025-2027 [4] - The company has a strong market position in multiple therapeutic areas, and its valuation is expected to rebound due to the recent cash dividend [5] Financial Summary - The company achieved a revenue of 1.336 billion yuan in 2024, a year-on-year increase of 15.88% [5] - The net profit attributable to the parent company for 2025 is projected to be 466 million yuan, reflecting a significant year-on-year growth of 152.3% [7] - The company's earnings per share (EPS) for 2025 is estimated at 1.81 yuan, with a corresponding price-to-earnings (P/E) ratio of 9.6 [7] Company Developments - The company was selected as a "Model Enterprise for Scientific and Technological Reform" by the State-owned Assets Supervision and Administration Commission in 2022 [5] - The company has optimized its layout and adjusted its marketing model, which has led to a recovery of core product distribution rights [5] - The company focuses on a dual-driven strategy of "industrial operation + capital operation," integrating research, production, and sales [5]