Lingrui Pharma(SH:600285) KAIYUAN SECURITIES·2025-08-20 07:35Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company achieved a revenue of 2.099 billion yuan in H1 2025, representing a year-on-year increase of 10.14%. The net profit attributable to the parent company was 474 million yuan, up 14.85% year-on-year [3][4] - The acquisition of 90% of Yingu Pharmaceutical is expected to enhance the company's competitiveness and create a second growth curve, contributing 99 million yuan in revenue and 13 million yuan in net profit post-acquisition [4][5] - The company maintains its profit forecasts for 2025-2027, expecting net profits of 831 million yuan, 955 million yuan, and 1.069 billion yuan respectively, with corresponding EPS of 1.47 yuan, 1.68 yuan, and 1.89 yuan [3][7] Financial Performance Summary - In H1 2025, the gross margin was 81.33%, an increase of 5.29 percentage points, while the net margin was 22.67%, up 0.99 percentage points [3] - The company’s revenue is projected to grow from 3.311 billion yuan in 2023 to 5.079 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 10.8% [7][9] - The projected P/E ratios for 2025, 2026, and 2027 are 15.8, 13.8, and 12.3 respectively, indicating a favorable valuation trend [7][9]