Q1业绩超预期，迎接新成长周期

Investment Rating - The report maintains a "Buy" rating for Yifan Pharmaceutical with a target price of 18.8 RMB for the next 6 months [1] Core Views - Yifan Pharmaceutical is entering a new growth cycle driven by the commercialization of new products and continuous improvement in operations [1] - The company's innovative transformation and internationalization are expected to drive future growth [1] - Q1 2024 performance exceeded expectations, with rapid growth in formulation revenue and improved profitability [10] Financial Projections - Revenue is projected to grow to 5.245 billion RMB in 2024, 6.152 billion RMB in 2025, and 7.093 billion RMB in 2026, representing year-over-year growth of 28.92%, 17.29%, and 15.31% respectively [1] - Net profit attributable to the parent company is expected to reach 576 million RMB in 2024, 860 million RMB in 2025, and 1.079 billion RMB in 2026, with year-over-year growth rates of 204.59%, 49.22%, and 25.44% respectively [1] - The company's PE ratio is forecasted to be 26X in 2024, 17X in 2025, and 14X in 2026 [1] Q1 2024 Performance - Q1 2024 revenue reached 1.326 billion RMB, a year-over-year increase of 41.28% [10] - Net profit attributable to the parent company in Q1 2024 was 146 million RMB, a year-over-year increase of 125.55% [10] - The gross profit margin in Q1 2024 was 47.37%, a slight decrease of 1.41 percentage points year-over-year, while the net profit margin increased by 4.12 percentage points to 11.02% [10] - The company's expense ratio in Q1 2024 was 36.35%, a decrease of 6.46 percentage points year-over-year [10] Product Pipeline and Market Expansion - Yilisu has been approved for marketing in China, the US, and the EU, with global sales expected to exceed 5 billion RMB [10] - F-652, a potential first-in-class drug for liver diseases, is undergoing clinical trials in both China and the US [10] - The company's self-developed products, such as Vincristine Sulfate Injection and Capecitabine Tablets, have contributed significantly to revenue growth [10] Valuation Metrics - The company's 2024 PE ratio is estimated at 25.57X, with a PB ratio of 1.67X and a PS ratio of 2.81X [22] - ROE is projected to increase from 6.52% in 2024 to 10.01% in 2026 [22] - EV/EBITDA is expected to decrease from 14.92X in 2024 to 8.82X in 2026 [22]