Core Insights - The main business of Guobang Pharmaceutical includes research, production, and sales of products related to pharmaceuticals and animal health products. The pharmaceutical segment accounts for the highest revenue share at 64.87%, followed by the animal health segment at 34.24% [2] Financial Performance - In 2021, Guobang Pharmaceutical achieved a net profit attributable to shareholders of 706 million yuan, which increased to 782 million yuan by 2024, reflecting a cumulative growth of 10.70% over the years. The company has not reported any losses in the past four years [2] - From a revenue perspective, Guobang Pharmaceutical's revenue grew from 4.505 billion yuan in 2021 to 5.891 billion yuan in 2024, indicating an overall upward trend despite some fluctuations during the period [2] - The net profit attributable to shareholders increased from 706 million yuan in 2021 to 782 million yuan in 2024, showing steady improvement amidst fluctuations [2] Market Valuation - Since its listing, Guobang Pharmaceutical's market value has declined. The peak market value reached 26.768 billion yuan on August 3, 2021, with a stock price of 47.9 yuan. As of the close on August 1, the stock price was 23.5 yuan, and the market value was 13.132 billion yuan, representing a decrease of 13.635 billion yuan, or 50.94% from its peak [5]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [6][18]. Core Insights - The company achieved a revenue of 1.459 billion yuan in 2024, representing a year-on-year increase of 20.7%, and a net profit attributable to the parent company of 252 million yuan, up 87.6% year-on-year [1][2]. - The display materials segment has become the largest business area for the company, driven by the increasing penetration of OLED panels in medium and large-sized screens [2][3]. - The pharmaceutical segment is focusing on stable supply and new product development amidst a competitive market, with a total of 271 drug pipelines by the end of 2024, an increase of 64 from the previous year [2][3]. - The electronic materials segment faced challenges due to technological substitutions and cautious customer procurement strategies, leading to a decline in sales, although the number of products sold increased by 72% year-on-year [3]. - The overall gross margin for 2024 was 44.20%, an increase of 9.02 percentage points from 2023, attributed to product mix optimization and effective cost control measures [3]. Financial Summary - The company forecasts net profits of 313 million yuan, 367 million yuan, and 400 million yuan for 2025, 2026, and 2027 respectively, reflecting an upward revision from previous estimates [3]. - The projected revenue growth rates for the next few years are 36.93% for 2025, 20.53% for 2026, and 6.90% for 2027 [5][12]. - The earnings per share (EPS) are expected to increase from 1.46 yuan in 2024 to 2.32 yuan in 2027 [5][12].