YIFAN PHARMACEUTICAL(002019) 国投证券·2025-05-29 23:50Investment 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 gradually becoming an international innovative pharmaceutical enterprise, with its innovative pipeline entering a harvest period, focusing on large molecules, small molecules, and traditional Chinese medicine [10][30]. - The company has made significant progress in its research and development pipeline, particularly with its product Yilishu, which has been approved for sale in 34 countries, including China, the US, and the EU [30][46]. - The company expects to achieve a net profit of 609 million CNY in 2025, with a year-on-year growth of 57.8% [7][72]. Summary by Sections 1. Company Overview - The company focuses on research and innovation in the pharmaceutical health sector, with a diverse product pipeline in areas such as hematological oncology, inflammation, metabolism, dermatology, gynecology, and pediatrics [10]. - The controlling shareholder, Cheng Xianfeng, holds 42.85% of the company's shares [13]. 2. Large Molecule Innovative Drugs - The company has made progress in its research pipeline, with Yilishu being a new generation G-CSF long-acting preparation that has been approved in multiple countries [30][33]. - The domestic market is expected to see rapid sales growth for Yilishu due to a commercial cooperation agreement with Zhengda Tianqing [50]. - The global G-CSF drug market is projected to grow steadily, with the company having established sales in 34 countries [51][54]. 3. Small Molecule Drugs - The company has differentiated its product offerings in the small molecule drug sector, focusing on unique and specialized products [57]. - Sales of small molecule drugs have shown significant growth, with revenue increasing from 453 million CNY in 2021 to 887 million CNY in 2023 [59]. 4. Traditional Chinese Medicine - The company has a wide range of traditional Chinese medicine products, with several exclusive varieties that contribute to steady growth in this segment [60][61]. - Revenue from traditional Chinese medicine increased from 643 million CNY in 2021 to 934 million CNY in 2023 [68]. 5. Raw Material Business - The company maintains a leading position in the vitamin B5 (calcium pantothenate) market, with stable demand expected to drive growth [65]. - The price of calcium pantothenate is currently at a historical low, with limited downside risk [69]. 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 [72].