Lingrui Pharma(SH:600285) Great Wall Securities·2025-07-09 02:57Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company has achieved continuous revenue and profit growth for five consecutive years, demonstrating strong operational resilience and sustainable business model [2][3] - The acquisition of Yingu Pharmaceutical allows the company to enter the high-barrier nasal spray market, with significant growth potential anticipated from the core product, phenylquinhydramine nasal spray [2] - The company is expected to benefit from the aging population in China, leading to an expansion in the orthopedic medication market [8] Financial Performance Summary - Revenue is projected to grow from 3,311 million yuan in 2023 to 5,111 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 10.6% [1] - Net profit attributable to the parent company is expected to increase from 568 million yuan in 2023 to 1,099 million yuan in 2027, reflecting a CAGR of about 13.0% [1] - The company’s return on equity (ROE) is forecasted to remain strong, increasing from 20.3% in 2023 to 24.4% in 2027 [1] Growth Drivers - The company is focusing on channel expansion and differentiation to enhance loyalty and resource allocation in retail pharmacies [3] - The product matrix is diverse, with significant growth potential in core products, particularly in second-tier regions and grassroots medical institutions [3] - The company is embracing digitalization and AI to improve operational efficiency across various functions [3] Market Position - The company is recognized as a leading player in the domestic traditional Chinese medicine patch market, with a well-established brand and extensive product line [8] - The report highlights the company's ability to maintain a competitive edge through effective marketing integration and focus on core products [8]