Guobang Pharma (SH:605507) KAIYUAN SECURITIES·2025-07-31 08:16Investment Rating - The investment rating for Guobang Pharmaceutical is "Buy" (maintained) [1] Core Views - In Q2 2025, the company's performance exceeded expectations, with significant growth in the animal health sector. The company achieved a revenue of 30.26 billion yuan in the first half of 2025, representing a year-on-year increase of 4.63%. The net profit attributable to the parent company was 4.56 billion yuan, up by 12.6% [4][5] - The animal health segment saw a remarkable revenue increase of 70.37% in the first half of 2025, with the sales volume of Florfenicol surpassing 2000 tons, indicating a continuous rise in market share [5] - The company maintains its profit forecast, expecting net profits of 9.95 billion yuan, 12.35 billion yuan, and 13.91 billion yuan for 2025, 2026, and 2027 respectively, with a current price-to-earnings ratio of 13.3, 10.7, and 9.5 times for the respective years, indicating high valuation attractiveness [4][5] Financial Summary - In the first half of 2025, the company reported a gross margin of 26.85% and a net margin of 15.00%, with improvements in both metrics compared to the previous year [4] - The company’s revenue for the pharmaceutical segment was 17.35 billion yuan, down by 9.87%, while the animal health segment generated 12.59 billion yuan [5] - Research and development expenses increased to 0.97 billion yuan, representing a growth of 4.80%, with a research expense ratio of 3.22% [6] Financial Forecast - The company forecasts revenues of 67.86 billion yuan, 76.15 billion yuan, and 82.65 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 15.2%, 12.2%, and 8.5% [7] - The net profit attributable to the parent company is projected to be 9.95 billion yuan, 12.35 billion yuan, and 13.91 billion yuan for the same years, with corresponding year-on-year growth rates of 27.4%, 24.1%, and 12.7% [7][10]