Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15, compared to the last closing price of 11.43 [1][8]. Core Insights - The company achieved significant growth in both revenue and profit, with a 2024 revenue of 5.16 billion, representing a year-on-year increase of 26.84%, and a net profit of 386 million, up 170.04% year-on-year [4][5]. - The commercialization of the product Yilishu is progressing well, with approvals for sale in 34 countries, including China, the US, and the EU [7]. - The company is actively advancing its pipeline of innovative drugs, with ongoing clinical trials for F-652 and other projects [7]. Financial Performance Summary - In 2024, the company reported a revenue of 5.16 billion, with a 26.84% increase year-on-year, driven by the approval and sales of self-developed and imported pharmaceutical products [5]. - The gross profit for 2024 was 2.447 billion, with a gross margin of 47.42%, slightly down by 0.42 percentage points from the previous year [6]. - The company’s net profit for 2024 was 386 million, with a significant increase of 170.04% year-on-year, and a non-recurring net profit of 248 million, up 146.58% [5][10]. Future Earnings Forecast - The company is projected to achieve revenues of 6.42 billion, 7.42 billion, and 8.52 billion in 2025, 2026, and 2027, respectively, with growth rates of 24.40%, 15.70%, and 14.80% [8][10]. - The forecasted net profits for the same years are 721 million, 912 million, and 1.13 billion, with growth rates of 86.80%, 26.50%, and 24.30% [8][10]. - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 19, 15, and 12, respectively [8].

四川百利天恒药业股份有限公司 上市公告书 股票简称：百利天恒 股票代码：688506 四川百利天恒药业股份有限公司 上市公告书 特别提示 四川百利天恒药业股份有限公司（以下简称"百利天恒"、"发行人"、"公 司"或"本公司"）股票将于 2023 年 1 月 6 日在上海证券交易所科创板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新股上 市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 四川百利天恒药业股份有限公司 （成都市温江区成都海峡两岸科技产业园百利路 161 号一幢一号） 首次公开发行股票科创板上市公告书 保荐机构（主承销商） （广东省深圳市福田区福田街道福华一路 119 号安信金融大厦） 二〇二三年一月五日 1 四川百利天恒药业股份有限公司 上市公告书 第一节 重要声明与提示 一、重要声明 本公司及全体董事、监事、高级管理人员保证上市公告书所披露信息的真实、 准确、完整，承诺上市公告书不存在虚假记载、误导性陈述或重大遗漏，并依法 承担法律责任。 上海证券交易所（以下简称"上交所"）、有关政府机关对本公司股票上市 及有关事项的意见，均不表明对本公司的任何保证。 本 公 司 ...