佐力药业（300181）：盈利能力持续提升，C端业务值得期待

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within the next six months [7][13]. Core Insights - The company's performance in the first three quarters of 2025 met expectations, with a revenue of 2.28 billion yuan, representing an 11.48% increase year-on-year, and a net profit attributable to shareholders of 510 million yuan, up 21.00% [3][4]. - The company is focusing on enhancing its C-end business and expanding its presence in the outpatient market, which is anticipated to create a new growth curve [6]. Financial Performance - For the first three quarters of 2025, the company achieved a gross margin of 62.03%, an increase of 0.42 percentage points, and a net profit margin of 22.37%, up 1.76 percentage points [4]. - The company reported a significant increase in revenue from its Bailing series (up 29.58%) and traditional Chinese medicine formula granules (up 57.41%) [5]. Future Projections - Revenue projections for 2025, 2026, and 2027 are 2.895 billion yuan, 3.484 billion yuan, and 4.114 billion yuan, respectively, with net profits expected to reach 658 million yuan, 824 million yuan, and 1.001 billion yuan [7][11]. - The current price-to-earnings ratio (P/E) is projected to decrease from 20 in 2025 to 13 in 2027, indicating potential for stock price appreciation [7][11].