Gan & Lee(603087) Huaan Securities·2025-06-09 09:42Investment Rating - Investment Rating: Buy (Maintain) [3] Core Views - The company reported a revenue of 3.045 billion yuan in 2024, representing a year-on-year growth of 16.77%, and a net profit attributable to shareholders of 615 million yuan, up 80.75% year-on-year, primarily due to significant gains from fair value changes of financial assets and disposal of financial assets [6][12] - In Q1 2025, the company achieved a revenue of 985 million yuan, a year-on-year increase of 75.76%, with a net profit of 312 million yuan, up 224.90% year-on-year [7][12] - The domestic insulin market is experiencing both volume and price increases, with domestic revenue in Q1 2025 reaching 889 million yuan, a growth of 80.07% year-on-year [8] - The company is expanding its overseas business, with overseas revenue in 2024 reaching 528 million yuan, a year-on-year increase of 23.89% [9] Financial Performance Summary - Revenue for 2025 is projected to be 4.393 billion yuan, with a year-on-year growth of 44.2%, and net profit is expected to reach 1.113 billion yuan, growing by 81.0% [12][14] - The company’s gross margin is expected to improve to 77.7% in 2025, with a return on equity (ROE) projected at 9.5% [14] - Earnings per share (EPS) for 2025 is estimated at 1.85 yuan, with a price-to-earnings (P/E) ratio of 30 times [12][14]