春立医疗（688236）：2025年一季度归母净利同比增长5%，集采影响逐步出清

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3] Core Views - The company's performance was impacted by the national centralized procurement, but it began to stabilize in Q1 2025. In 2024, the company achieved revenue of 806 million (down 33.3%) and a net profit of 125 million (down 55.0%). The overseas revenue reached 353 million (up 78.31%), accounting for 43.8% of total revenue, becoming a significant growth driver [1][6] - The company has established a strong brand presence in the joint prosthesis market and is expected to see new growth from sports medicine and other new product lines. The risks from centralized procurement are gradually being alleviated [3][5] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 230 million (up 3.6%) and a net profit of 58 million (up 5.20%). The revenue for 2024 was 806 million (down 33.3%), with a net profit of 125 million (down 55.0%). The fourth quarter of 2024 saw revenue of 298 million (down 28.5%) and a net profit of 64 million (down 34.3%) [1][6] - The gross profit margin for 2024 was 66.6% (down 5.9 percentage points), while the net profit margin decreased to 15.5% (down 7.5 percentage points). In Q1 2025, the gross profit margin rebounded to 66.7%, and the net profit margin increased to 25.2% [2][12] Research and Development - The company maintained high R&D investment, with 133 million in 2024 (down 15.5%). New products include hip joint prostheses and 3D-printed titanium alloy anchors, which have received regulatory approval, marking a breakthrough in domestic production [2][15] - The company is the first in China to manufacture porous tantalum metal implants using chemical vapor deposition technology, enhancing its competitive edge in the orthopedic market [2][15] Profit Forecast - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 222 million, 273 million, and 331 million respectively, reflecting a year-on-year growth of 77.5%, 23.1%, and 21.2% [3][21] - The current stock price corresponds to a price-to-earnings ratio (PE) of 30, 24, and 20 for 2025, 2026, and 2027 respectively [3][21]