方盛制药（603998）：聚焦中药创新，系列产品加速推广

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 16.60 CNY, compared to the current price of 11.45 CNY [5][12]. Core Insights - The company focuses on innovative traditional Chinese medicine, particularly in cardiovascular, musculoskeletal, and pediatric medication categories. It has been gradually divesting from non-core medical businesses, leading to rapid hospital admissions for key products post-collection [2][12]. - The company has successfully launched three Class 1 innovative traditional Chinese medicines, ranking among the top in the country for approved quantities. The commercial promotion of these innovative medicines is actively progressing, with significant coverage in public medical institutions [12]. - Despite short-term revenue pressure from collection policies, the company is expected to see a rebound in revenue growth in the coming years, particularly in its core cardiovascular medication segment [12]. Financial Summary - Total revenue is projected to be 1,629 million CNY in 2023, increasing to 2,020 million CNY by 2027, with a compound annual growth rate (CAGR) of approximately 9% [4][13]. - Net profit attributable to the parent company is expected to rise from 187 million CNY in 2023 to 427 million CNY in 2027, reflecting a significant growth trajectory [4][13]. - Earnings per share (EPS) is forecasted to grow from 0.43 CNY in 2023 to 0.97 CNY in 2027, indicating a strong performance outlook [4][13]. Revenue Breakdown - The cardiovascular medication segment is expected to generate revenues of 5.94 billion CNY in 2025, with a growth rate of 12% [15]. - The musculoskeletal medication segment is projected to maintain stable revenues, while pediatric medication is expected to face challenges with a projected decline in revenue [16]. - The report anticipates a decline in revenues from gynecological and anti-infection medications, while other business segments are expected to show modest growth [16][17].