Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has experienced significant growth in revenue and net profit, driven by rising prices and sales volumes of vitamins [6][9] - The vitamin market is expected to continue its upward trend, with potential price increases due to supply-demand dynamics [7] - The company is actively investing in research and development, expanding its pharmaceutical business, which is anticipated to enhance future profitability [8] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 9.4 billion yuan, a year-on-year increase of 20%, and a net profit of 1.16 billion yuan, up 170% year-on-year [4][5] - For Q1 2025, the company reported revenue of 2.26 billion yuan, a slight increase of 0.3% year-on-year, and a net profit of 410 million yuan, up 273% year-on-year [5] Vitamin Market Analysis - The average market prices for domestic VA, VE, and 2% biotin in 2024 were 140 yuan/kg, 102 yuan/kg, and 36 yuan/kg, reflecting year-on-year changes of +65%, +44%, and -14% respectively [6] - In Q1 2025, the average prices for these vitamins were 121 yuan/kg, 136 yuan/kg, and 34.7 yuan/kg, with year-on-year changes of +47%, +107%, and -6% respectively [6] Research and Development - The company invested 749 million yuan in R&D in 2024, focusing on innovative drug development [8] - New products and projects are progressing, including the approval of injectable drugs and the establishment of new production bases [8] Profitability Forecast - The company’s net profit forecasts for 2025, 2026, and 2027 are 1.42 billion yuan, 1.62 billion yuan, and 1.85 billion yuan respectively, with significant upward adjustments of 41% and 53% for 2025 and 2026 [9]