NKF(SH:603707) Shenwan Hongyuan Securities·2025-06-25 13:26Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is transitioning from a traditional raw material supplier to an international sterile injection enterprise, with a significant decrease in the proportion of raw heparin revenue from over 60% in 2019 to 20% in 2024, driven by the growth of high-end formulations [9] - The approval of major products in the U.S. is expected to drive the company's performance into a growth phase, with recent approvals including liraglutide injection and paclitaxel injection [9] - The company is projected to achieve net profits of 1.023 billion, 1.252 billion, and 1.660 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE valuations of 17, 14, and 11 times [9] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 5,245 million yuan, with a year-on-year growth rate of 33.7% [9] - The gross profit margin is expected to be 41.2% in 2025, with a return on equity (ROE) of 14.1% [9] - The company’s market capitalization is currently 176.27 billion yuan, with a target market value of 231 billion yuan for 2025, indicating a potential upside of 31% [9][11]