Lingrui Pharma(SH:600285) ZHESHANG SECURITIES·2025-08-25 12:25Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved revenue of 2.099 billion yuan in the first half of 2025, representing 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, indicating that performance met expectations [7] - The company is focusing on enhancing its brand through professional and emotional engagement, particularly in major disease areas such as orthopedics, respiratory, and skin diseases, while also increasing brand awareness through social media collaborations [7] - Cost reduction and efficiency improvements have led to a continuous rise in profitability, with a gross margin of 81.33%, up 5.29 percentage points year-on-year [7] - The company successfully completed the acquisition of 90% of Yingu Pharmaceutical, which is expected to enhance its competitive edge and contribute to future growth [7] - The forecast for net profit attributable to shareholders for 2025-2027 is 842 million, 946 million, and 1.058 billion yuan, respectively, with corresponding growth rates of 16.53%, 12.41%, and 11.82% [7] Financial Summary - Revenue projections for 2024, 2025E, 2026E, and 2027E are 3.501 billion, 4.037 billion, 4.480 billion, and 4.934 billion yuan, respectively, with growth rates of 5.72%, 15.31%, 10.97%, and 10.13% [7][8] - The earnings per share (EPS) for the same period are projected to be 1.27, 1.48, 1.67, and 1.87 yuan, with corresponding P/E ratios of 18.59, 15.95, 14.19, and 12.69 [7][8] - The company’s net profit margin is expected to improve, with a net profit margin of 21.08% in the first half of 2025, up 0.40 percentage points year-on-year [7]