XJZY(SZ:002332) ZHONGTAI SECURITIES·2025-09-03 07:25Investment Rating - The investment rating for Xianju Pharmaceutical (002332.SZ) is "Buy" (maintained) [1][3][18] Core Views - The report indicates that negative factors are gradually being resolved, and a transition between old and new growth drivers is expected, making an inflection point worth anticipating [1][3] - The company's performance is under pressure due to intensified competition in raw materials and pricing pressures in the formulation business, but there are signs of recovery with new product approvals and a potential turnaround in performance [3][4] Financial Performance Summary - For 2025H1, the company achieved revenue of 1.869 billion yuan, a year-on-year decrease of 12.56%, and a net profit attributable to shareholders of 308 million yuan, down 9.26% year-on-year [3][5] - The revenue for 2025 is projected to be 3.986 billion yuan, with a slight decline of 0.36%, followed by growth rates of 11.70% and 15.85% in 2026 and 2027, respectively [1][3] - The net profit attributable to shareholders is expected to be 632 million yuan in 2025, reflecting a significant year-on-year increase of 59.10% [1][3] Segment Performance - The formulation segment's revenue for 2025H1 was 1.127 billion yuan, down 7.2%, with respiratory products showing stable growth [3][4] - The raw materials and intermediates segment saw a revenue decline of 20% in 2025H1, but the Italian subsidiary has resumed growth [3][4] Cost and Profitability Metrics - The gross margin for 2025H1 was 63.16%, an increase of 8.32 percentage points, attributed to a higher proportion of high-margin formulation revenue [3][5] - The report notes an increase in the selling expense ratio to 29.30% and a management expense ratio of 8.80% for 2025H1 [3][5] Research and Development - The company continues to advance its R&D efforts, with several new products approved for production and ongoing clinical trials for innovative drugs [3][4]