Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to less than 35% [2][6]. Core Insights - The company reported a revenue of 29.39 billion RMB for the first three quarters of 2025, reflecting a year-over-year decline of 4.9%. However, the net profit attributable to the parent company was 2.52 billion RMB, showing a year-over-year increase of 25.5% [6]. - The company has faced challenges due to centralized drug procurement affecting revenue from generic drugs, but innovative products have continued to grow, with innovative drug revenue exceeding 6.7 billion RMB, a year-over-year increase of 18.1% [6]. - The gross margin for Q3 was 48.4%, a slight increase of 0.3 percentage points year-over-year, driven by a higher proportion of high-margin innovative drug products [6]. - The report anticipates net profits for 2025-2027 to be 3.32 billion RMB, 3.96 billion RMB, and 4.77 billion RMB, respectively, with year-over-year growth rates of 19.9%, 19.4%, and 20.4% [6][7]. Financial Summary - The company’s projected net profit for 2025 is 3.32 billion RMB, with an EPS of 1.24 RMB, and a corresponding H-share P/E ratio of 17.21 [7]. - Revenue is expected to reach 44.87 billion RMB in 2025, with a slight increase in operating profit to 5.04 billion RMB [9]. - The company’s cash flow from operating activities is projected to be 4.32 billion RMB in 2025, indicating a positive cash flow trend [10].
复星医药（02196）：25Q3净利YOY+4.5%，研发费用同比增加较多