Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has received over 300 million yuan in cash dividends from its wholly-owned subsidiary, further solidifying its status as a model enterprise for scientific and technological reform [4] - The company is expected to benefit from stable income contributions from its product clusters and has raised its profit forecasts for 2025-2027 [4] - The company has a strong market position in multiple therapeutic areas, and its valuation is expected to rebound due to the recent cash dividend [5] Financial Summary - The company achieved a revenue of 1.336 billion yuan in 2024, a year-on-year increase of 15.88% [5] - The net profit attributable to the parent company for 2025 is projected to be 466 million yuan, reflecting a significant year-on-year growth of 152.3% [7] - The company's earnings per share (EPS) for 2025 is estimated at 1.81 yuan, with a corresponding price-to-earnings (P/E) ratio of 9.6 [7] Company Developments - The company was selected as a "Model Enterprise for Scientific and Technological Reform" by the State-owned Assets Supervision and Administration Commission in 2022 [5] - The company has optimized its layout and adjusted its marketing model, which has led to a recovery of core product distribution rights [5] - The company focuses on a dual-driven strategy of "industrial operation + capital operation," integrating research, production, and sales [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has received over 300 million yuan in cash dividends from its wholly-owned subsidiary, further solidifying its status as a model enterprise for scientific and technological reform [4] - The company is expected to benefit from stable income contributions from its product clusters and has a favorable market position in multiple therapeutic areas [5] - The forecast for net profit attributable to shareholders for 2025-2027 has been adjusted to 466 million, 291 million, and 331 million yuan respectively, with corresponding EPS of 1.81, 1.13, and 1.28 yuan per share [4][5] Financial Summary - The company achieved a consolidated revenue of 1.336 billion yuan in 2024, representing a year-on-year increase of 15.88% [5] - The net profit attributable to shareholders for 2024 was 185 million yuan, a decrease of 49% year-on-year [7] - The projected revenue for 2025 is 1.492 billion yuan, with a year-on-year growth of 11.7% [7] - The projected net profit for 2025 is 466 million yuan, with a year-on-year increase of 152.3% [7] - The company maintains a gross margin of 58.1% and a net margin of 31.3% for 2025 [7] Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to be 9.6 for 2025, 15.4 for 2026, and 13.5 for 2027 [4][7] - The price-to-book (P/B) ratio is expected to remain at 0.9 for 2025 and 2026, and decrease to 0.8 for 2027 [7]