GLORIA PHARMA.(SZ:002437) Jianghai Securities·2025-12-11 02:30Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [1] Core Views - The company has undergone a strategic transformation from a single focus on orthopedics to multiple therapeutic areas including cardiovascular, nutritional supplements, and electrolyte regulation. The core strategy is centered around "product supremacy" through a "self-research + collaboration" model to enrich the product pipeline [6][14] - In the first half of 2025, the company achieved revenue of 1.0995 billion yuan, with nutritional drugs contributing 43.88% and cardiovascular drugs 27.99% to total revenue. The company has a stable shareholding structure with Shen Zhenyu as the actual controller [6][14] - The company has shown a gradual recovery in performance, with a net profit of 244 million yuan in Q3 2025, representing a year-on-year growth of 32.85%, establishing a healthy operating pattern characterized by low debt and high profitability resilience [6][14] Financial Performance - The company’s projected revenues for 2025-2027 are 2,252.80 million, 2,392.24 million, and 2,637.93 million yuan, with growth rates of -7.70%, 6.19%, and 10.27% respectively. The projected net profits for the same period are 254.40 million, 288.74 million, and 348.65 million yuan, with growth rates of 9.30%, 13.50%, and 20.75% respectively [7] - The current market capitalization corresponds to a PE ratio of 28.25 for 2025, 24.89 for 2026, and 20.61 for 2027, indicating a favorable valuation outlook as the company navigates the pressures of centralized procurement [6][7] Industry Analysis - The global pharmaceutical market is expected to reach 1.9 trillion USD by 2027, with China's market share anticipated to continue increasing. Innovative drug technologies such as ADC, bispecific antibodies, and CGT are projected to be core growth engines [6][14] - The industry is currently in a dual-track development phase characterized by the normalization of centralized procurement and supportive policies for innovative drugs. The company’s core products have a high market share and align well with industry trends, indicating strong adaptability [6][14]