GLORIA PHARMA.(SZ:002437) Tianfeng Securities·2025-11-16 08:15Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company reported a steady growth in performance for the first three quarters of 2025, with a revenue of 1.665 billion yuan, a year-on-year decrease of 10.36%. However, the net profit attributable to shareholders increased by 32.85% to 244 million yuan [1]. - Cost reduction and efficiency improvement measures are showing positive results, with sales expenses down by 34.88% year-on-year to 411 million yuan, and the sales expense ratio decreasing from 32.48% in 2024 to 24.71% in 2025 [2]. - The company's asset-liability ratio improved from 30.17% in 2024 to 28.13% in 2025, indicating enhanced risk resistance [2]. Financial Performance Summary - For 2025, the company forecasts revenues of 2.364 billion yuan, 2.464 billion yuan, and 2.661 billion yuan for 2025, 2026, and 2027 respectively. The net profit attributable to shareholders is projected to be 258 million yuan, 282 million yuan, and 318 million yuan for the same years [3][8]. - The company’s earnings per share (EPS) is expected to grow from 0.11 yuan in 2025 to 0.14 yuan in 2027 [8][11]. - The company’s total assets are projected to increase from 3.157 billion yuan in 2025 to 3.873 billion yuan in 2027, while the total liabilities are expected to rise from 919 million yuan to 1.030 billion yuan in the same period [9][11]. Valuation Metrics - The report provides a price-to-earnings (P/E) ratio forecast of 30.17 for 2025, decreasing to 24.41 by 2027 [8][11]. - The price-to-book (P/B) ratio is expected to decline from 3.53 in 2025 to 2.80 in 2027, indicating a potential increase in shareholder value [8][11]. - The enterprise value to EBITDA (EV/EBITDA) ratio is projected to be 16.75 in 2025, decreasing to 12.67 by 2027, suggesting improved operational efficiency [8][11].