Youcare Pharmaceutical (SH:688658) KAIYUAN SECURITIES·2025-06-15 13:12Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has a rich pipeline in small nucleic acids and mRNA, marking the beginning of an innovative transformation [4] - The company has established an international R&D team of over 500 people and built eleven major technology platforms focusing on nucleic acid drugs, cell and gene therapy drugs, peptide drugs, high-end traditional Chinese medicine, and AI drug development [4] - The company is optimistic about the long-term development potential brought by its innovative pipeline layout despite short-term performance pressure during the transformation period [4] Financial Summary and Valuation Indicators - The company's projected net profit for 2025-2027 is expected to be 0.51 billion, 2.06 billion, and 5.61 billion respectively, with corresponding EPS of 0.11, 0.46, and 1.25 [4][7] - The current stock price corresponds to a PE ratio of 151.4 for 2025, 37.7 for 2026, and 13.8 for 2027 [4][7] - Revenue for 2025 is projected at 3.545 billion, with a year-over-year decline of 6.3%, followed by a recovery in 2026 and 2027 with growth rates of 35.1% and 24.7% respectively [7][9]