Bide Pharmatech (SH:688073) China Post Securities·2025-05-27 06:23Investment Rating - The report initiates coverage with a "Buy" rating for the company [1][8]. Core Insights - The company has shown a steady increase in revenue growth and profitability, with Q1 2025 performance exceeding expectations [4][5]. - The revenue for 2024 was reported at 1.102 billion yuan, reflecting a growth of 0.93%, while the net profit attributable to shareholders was 117 million yuan, up by 7.17% [4]. - The company is well-positioned in the overseas market, with a significant portion of its revenue coming from international operations, which totaled 616 million yuan in 2024, marking a 10.58% increase [6]. Company Overview - The latest closing price of the company's stock is 42.54 yuan, with a total market capitalization of 3.9 billion yuan [3]. - The company has a total share capital of 91 million shares, with 43 million shares in circulation [3]. - The company’s debt-to-asset ratio stands at 16.2%, indicating a strong financial position [3]. Financial Performance - In Q1 2025, the company achieved a revenue of 296 million yuan, representing a 12.83% increase, and a net profit of 31 million yuan, up by 17.71% [5]. - The gross margin for 2024 was reported at 41.33%, an increase of 1.33 percentage points year-on-year, with expectations for continued improvement in 2025 [6]. - The company’s projected revenues for 2025-2027 are 1.312 billion, 1.574 billion, and 1.875 billion yuan, respectively, with net profits expected to reach 143 million, 178 million, and 231 million yuan [7][10]. Earnings Forecast - The report forecasts a compound annual growth rate (CAGR) for revenue of approximately 19% from 2024 to 2027 [10]. - The projected price-to-earnings (P/E) ratios for the years 2025, 2026, and 2027 are 26.95, 21.67, and 16.74, respectively [10].