Lingrui Pharma(SH:600285) Great Wall Securities·2025-08-20 11:09Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - The company has shown steady performance in H1 2025, with revenue reaching 2.099 billion yuan, a year-on-year increase of 10.14%, and a net profit attributable to shareholders of 474 million yuan, up 14.85% year-on-year [2][3] - The company is expected to benefit from the aging population in China, leading to an expansion in the orthopedic medication market, and is focusing on optimizing product structure and cost efficiency [4][5] Financial Performance Summary - Revenue and Profit Growth: - 2025H1 revenue was 2.099 billion yuan, with a year-on-year growth of 10.14% - Net profit attributable to shareholders was 474 million yuan, reflecting a year-on-year increase of 14.85% [2][3] - Profitability Metrics: - Gross margin and net profit margin for 2025H1 were 81.33% and 22.60%, respectively, both showing year-on-year increases [2] - Expense Ratios: - Sales, management, R&D, and financial expense ratios were 47.37%, 5.08%, 3.00%, and -0.20%, respectively, with sales expense ratio increasing due to higher sales investments [2][3] Future Projections - The company is projected to achieve revenues of 39.51 billion yuan, 43.96 billion yuan, and 48.28 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 13%, 11%, and 10% [4] - Net profit attributable to shareholders is expected to reach 831 million yuan, 951 million yuan, and 1.067 billion yuan for the same years, with year-on-year growth rates of 15%, 14%, and 12% [4]