Lingrui Pharma(SH:600285) East Money Securities·2024-04-30 09:30Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [12][13]. Core Insights - The company achieved steady growth in performance, with a revenue of 3.31 billion yuan in 2023, representing a year-on-year increase of 10.31%. The net profit attributable to shareholders was 568.12 million yuan, up 22.09% year-on-year [11][19]. - The company focuses on traditional Chinese medicine, particularly in the treatment of orthopedic and cardiovascular diseases, with a strong product lineup that includes unique offerings and high market share products [11][13]. - The company plans to distribute a cash dividend of 0.80 yuan per share, totaling approximately 451.15 million yuan, which accounts for 79.41% of the net profit [11]. Financial Summary - Revenue projections for 2024 and 2025 are set at 3.75 billion yuan and 4.23 billion yuan, respectively, with a forecasted net profit of 680.79 million yuan and 799.04 million yuan for the same years [19]. - The company’s EBITDA is expected to grow from 685.21 million yuan in 2023 to 1.06 billion yuan by 2026, reflecting a strong operational performance [19]. - Key financial ratios indicate a healthy growth trajectory, with an expected EPS of 1.20 yuan in 2024 and a P/E ratio of 20.12 [19].