HISUN(SH:600267) Western Securities·2025-09-08 06:02Investment Rating - The report maintains a "Buy" rating for the company based on its stable growth in traditional businesses and accelerated new business development [4][9]. Core Insights - In the first half of 2025, the company achieved a revenue of 5.25 billion yuan, a slight increase of 0.13%, while the net profit attributable to shareholders was 299 million yuan, a decrease of 31.29%. The non-recurring net profit improved significantly to 321 million yuan, reflecting a growth of 23.92% [1][4]. - The operating cash flow showed a substantial improvement, reaching 1.211 billion yuan, an increase of 54.98%. The gross margin was 43.94%, up by 4.57 percentage points, while the net margin decreased to 5.81%, down by 2.47 percentage points [1][4]. - The company has optimized its sales system, with a significant increase in its formulation business, achieving over 30% growth in sales revenue in the first half of 2025. The core product, Haibomai Tablets, also saw a sales growth exceeding 30% [1][2]. Financial Performance Summary - Revenue projections for 2025-2027 are estimated at 11.728 billion yuan, 13.039 billion yuan, and 14.383 billion yuan, representing year-on-year growth rates of 13.4%, 11.2%, and 10.3% respectively [2][8]. - The net profit attributable to shareholders is forecasted to be 707 million yuan, 842 million yuan, and 994 million yuan for the same period, with growth rates of 17.6%, 19.0%, and 18.1% respectively [2][8]. - The earnings per share (EPS) is expected to increase from 0.59 yuan in 2025 to 0.83 yuan in 2027, with a corresponding decrease in the price-to-earnings (P/E) ratio from 18.0 to 12.8 [2][8].