Fangsheng Pharmaceutical(SH:603998) Soochow Securities·2025-10-27 07:43Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's profitability continues to rise, with core business development remaining robust [8] - In Q3 2025, the company achieved revenue of 420 million yuan, a decrease of 4.3% year-on-year, while net profit attributable to shareholders was 99.04 million yuan, an increase of 8.5% [8] - The company has shown strong operational resilience, with a net profit margin reaching 23.6%, the highest level in history [8] - The company has signed agreements to acquire patents for innovative drug projects, which is expected to strengthen its product pipeline [8] Financial Performance Summary - Total revenue forecast for 2023A is 1,629 million yuan, with a projected growth of 9.15% in 2024A and 13.36% in 2025E [1] - Net profit attributable to shareholders is expected to grow from 186.82 million yuan in 2023A to 255.22 million yuan in 2024A, and further to 309.13 million yuan in 2025E, reflecting a growth rate of 36.61% in 2024A [1] - The latest diluted EPS is projected to increase from 0.43 yuan in 2023A to 0.58 yuan in 2024A, reaching 0.70 yuan in 2025E [1] - The P/E ratio is expected to decrease from 28.51 in 2023A to 20.87 in 2024A, and further to 17.23 in 2025E [1]