Bide Pharmatech (SH:688073) China Post Securities·2025-05-27 06:57Investment 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][10]. - The company is expected to continue its growth trajectory, with projected revenues of 1.312 billion yuan, 1.574 billion yuan, and 1.875 billion yuan for 2025, 2026, and 2027 respectively [7][10]. 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 growth of 12.83%, and a net profit of 31 million yuan, up by 17.71% [5]. - The gross margin for 2024 was reported at 41.33%, with an increase to 44.34% in Q1 2025 [6]. - The company has maintained good cost control, with a sales expense ratio of 10.92% in Q1 2025, down from 11.51% in 2024 [6]. Revenue Breakdown - The company's revenue from molecular building blocks in 2024 was 936 million yuan, with a gross margin of 42% [5]. - The overseas revenue for 2024 was 616 million yuan, reflecting a growth of 10.58%, while domestic revenue was 486 million yuan, down by 9.12% [6]. Earnings Forecast - The forecasted earnings per share (EPS) for 2025, 2026, and 2027 are 1.58 yuan, 1.96 yuan, and 2.54 yuan respectively [10]. - The projected price-to-earnings (P/E) ratios for the same years are 26.95, 21.67, and 16.74 [10].