Lingrui Pharma(SH:600285) KAIYUAN SECURITIES·2024-04-26 15:00Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Insights - The company achieved a revenue of 3.31 billion yuan in 2023, representing a year-on-year growth of 10.31%. The net profit attributable to the parent company was 568 million yuan, up by 22.09% [10] - The company is optimistic about the development of its core patch business and its improved cost control capabilities, leading to an upward revision of profit forecasts for 2024-2026 [10] - The company is enhancing brand recognition and marketing efficiency through channel innovation and brand development initiatives [12] Financial Summary - Revenue (million yuan): - 2022A: 3,002 - 2023A: 3,311 - 2024E: 3,800 - 2025E: 4,261 - 2026E: 4,787 - Year-on-Year Growth (%): - 2022A: 11.4 - 2023A: 10.3 - 2024E: 14.8 - 2025E: 12.1 - 2026E: 12.3 [4] - Net Profit (million yuan): - 2022A: 465 - 2023A: 568 - 2024E: 687 - 2025E: 801 - 2026E: 936 - Year-on-Year Growth (%): - 2022A: 28.7 - 2023A: 22.1 - 2024E: 21.0 - 2025E: 16.6 - 2026E: 16.8 [4] - Gross Margin (%): - 2022A: 72.3 - 2023A: 73.3 - 2024E: 73.1 - 2025E: 73.0 - 2026E: 72.8 [4] - Net Margin (%): - 2022A: 15.5 - 2023A: 17.2 - 2024E: 18.1 - 2025E: 18.8 - 2026E: 19.5 [4] - Earnings Per Share (EPS, yuan): - 2022A: 0.82 - 2023A: 1.00 - 2024E: 1.21 - 2025E: 1.41 - 2026E: 1.65 [4] - Price-to-Earnings Ratio (P/E): - 2022A: 30.8 - 2023A: 25.3 - 2024E: 20.9 - 2025E: 17.9 - 2026E: 15.3 [4] - Price-to-Book Ratio (P/B): - 2022A: 5.6 - 2023A: 5.1 - 2024E: 4.1 - 2025E: 3.5 - 2026E: 3.0 [4]