方盛制药（603998）：公司信息更新报告：聚焦头痛用药需求，养血祛风止痛颗粒带来新增量

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has received approval for its self-developed innovative traditional Chinese medicine, "Yangxue Qufeng Zhitong Granules," which is expected to enhance the performance of its cardiovascular segment [4] - The market potential for the new product is promising, particularly in addressing the high prevalence of tension-type headaches, which account for a significant portion of primary headache cases [5][6] - The company maintains its profit forecasts for 2025-2027, projecting net profits of 308 million, 378 million, and 457 million yuan respectively, with corresponding EPS of 0.70, 0.86, and 1.04 yuan [4] Financial Summary - Revenue is projected to grow from 1,629 million yuan in 2023 to 2,617 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 13.9% [8] - The gross margin is expected to remain stable, with estimates of 71.6% in 2025 and gradually increasing to 72.6% by 2027 [8] - The company's P/E ratio is projected to decrease from 25.7 in 2023 to 10.5 in 2027, indicating an improving valuation over time [8]