YIFAN PHARMACEUTICAL(002019) Guotou Securities·2025-05-29 07:52Investment Rating - The report assigns a "Buy-A" investment rating for the company, with a target price of 15.00 CNY for the next six months [5]. Core Insights - The company is transitioning into an international innovative pharmaceutical enterprise, with its innovative pipeline gradually entering a harvest period [10]. - The company has made significant progress in its large molecule innovative drugs, particularly with the product Yilishu, which has received approval for sale in 34 countries [30][54]. - The small molecule drug segment focuses on differentiation through a strategy of "small, sharp, and special," with a stable growth in sales [59]. - The traditional Chinese medicine segment has a wide range of products, including several exclusive varieties, contributing to steady growth [62]. Summary by Sections 1. Company Overview - The company focuses on research and innovation in the pharmaceutical health sector, with a diverse product pipeline in various therapeutic areas [10]. - The controlling shareholder holds 42.85% of the company's shares, indicating strong ownership [13]. 2. Large Molecule Innovative Drugs - The company has made advancements in its research pipeline, with Yilishu being a key product that has received approvals in multiple countries [30]. - The domestic market strategy includes a commercial partnership with Zhengda Tianqing to enhance sales [51]. - The global market for G-CSF drugs is expected to grow, with the company positioned to benefit from this trend [52]. 3. Small Molecule Drugs - The company has established a differentiated product layout in the small molecule drug sector, focusing on key products that have shown stable sales growth [59]. 4. Traditional Chinese Medicine - The company has a broad layout in traditional Chinese medicine, with several exclusive products contributing to its revenue growth [62]. 5. Raw Material Business - The company maintains a leading position in the vitamin B5 market, with stable demand expected to drive growth [67]. 6. Profit Forecast and Valuation Analysis - The company is projected to achieve revenues of 60.42 billion CNY, 70.30 billion CNY, and 81.29 billion CNY from 2025 to 2027, with corresponding net profits of 6.09 billion CNY, 7.40 billion CNY, and 8.88 billion CNY [74].