Core Insights - The company reported a revenue of 3.501 billion yuan for 2024, representing a year-on-year increase of 5.7%, and a net profit attributable to shareholders of 723 million yuan, up 27.2% year-on-year [1] - In Q1 2025, the company achieved a revenue of 1.021 billion yuan, a 12.3% increase year-on-year, with a net profit of 217 million yuan, reflecting a 13.9% year-on-year growth [1] Business Performance - The orthopedic segment showed steady growth, with revenue of approximately 2.32 billion yuan in 2024, a 9.5% increase year-on-year, and a gross margin improvement of 3.9 percentage points [2] - The sales of the Tongluo Pain Relief Plaster exceeded 1 billion yuan, and the "Two Tigers" series products sold over 1 billion patches, indicating strong brand strength [2] - The cardiovascular segment generated about 450 million yuan in revenue, a 3.3% year-on-year increase, with the Peiyuan Tongnao capsule gradually gaining market traction [2] Product Expansion and Acquisitions - The tablet segment saw significant growth, with revenue of approximately 360 million yuan, a 35.6% increase year-on-year, driven by strong sales of Danlu Tongdu tablets [3] - The company acquired 90% of Yingu Pharmaceutical for 704 million yuan, enhancing growth potential and filling gaps in its nasal spray product line [3] - The acquisition is expected to strengthen the company's hospital sales capabilities and enhance the sales channels for Yingu's products [3] Dividend Policy - The company announced a cash dividend of 0.90 yuan per share for 2024, totaling approximately 510 million yuan, which represents 70.64% of the net profit attributable to shareholders [3] Financial Forecast - The orthopedic business is expected to benefit from an aging population, with projected revenues of 4.2 billion yuan, 4.68 billion yuan, and 5.23 billion yuan for 2025-2027, reflecting year-on-year growth rates of 19.9%, 11.6%, and 11.7% respectively [4] - The net profit attributable to shareholders is forecasted to be 840 million yuan, 950 million yuan, and 1.07 billion yuan for the same period, with growth rates of 15.9%, 13.1%, and 13.0% respectively [4] - The estimated earnings per share (EPS) for 2025-2027 are projected to be 1.48 yuan, 1.67 yuan, and 1.89 yuan, with corresponding price-to-earnings (PE) ratios of 15, 13, and 12 times [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][11]. Core Insights - The company reported a revenue of 3.501 billion RMB in 2024, a year-on-year increase of 5.7%, and a net profit attributable to shareholders of 723 million RMB, up 27.2% year-on-year [2]. - The acquisition of Yingu Pharmaceutical for 704 million RMB is expected to enhance the company's growth potential by filling product gaps and improving sales capabilities [3]. - The orthopedic product segment continues to show robust growth, with revenue reaching approximately 2.32 billion RMB in 2024, a 9.5% increase year-on-year [3]. Summary by Sections Performance Review - In Q1 2025, the company achieved a revenue of 1.021 billion RMB, reflecting a 12.3% year-on-year growth, and a net profit of 217 million RMB, up 13.9% year-on-year [2]. Operational Analysis - The orthopedic segment's revenue growth is attributed to an aging population and improved product margins, with a gross margin increase of 3.9 percentage points [3]. - The company plans to distribute a cash dividend of 0.90 RMB per share, totaling approximately 510 million RMB, which represents 70.64% of the net profit for 2024 [3]. Profit Forecast and Valuation - Revenue projections for 2025-2027 are estimated at 4.196 billion RMB, 4.683 billion RMB, and 5.231 billion RMB, with respective year-on-year growth rates of 19.9%, 11.6%, and 11.7% [4]. - The expected net profit for the same period is projected to be 840 million RMB, 950 million RMB, and 1.07 billion RMB, with growth rates of 15.9%, 13.1%, and 13.0% respectively [4].

国金证券股份有限公司袁维近期对羚锐制药（600285）进行研究并发布了研究报告《业绩稳健增长，期待 并购整合进展》，给予羚锐制药买入评级。 羚锐制药 业绩简评 2025年4月25日，公司发布2024年年度报告。2024年公司实现收入35.01亿元(同比+5.7%)，实现归母净利润 7.23亿元(同比+27.2%)，实现扣非归母净利润6.42亿元(同比+20.2%)。 公司同时发布2025年一季报。2025年Q1公司实现收入10.21亿元(同比+12.3%)，实现归母净利润2.17亿元 (同比+13.9%)，实现扣非归母净利润2.04亿元(同比+12.4%)。 经营分析 盈利预测、估值与评级 公司骨科业务有望受益于老龄化，持续稳健增长，收购银谷有望实现内生外延双轮驱动。考虑银谷并表， 预计公司25-27年营收分别42.0/46.8/52.3亿元，分别同比增长19.9%/11.6%/11.7%，预计公司25-27年归母净 利润分别8.4/9.5/10.7亿元，分别同比增长15.9%/13.1%/13.0%，25-27年EPS分别为1.48/1.67/1.89元，现价对 应PE分别为15/13/12倍，维持"买入" ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][11]. Core Insights - The company reported a revenue of 3.501 billion RMB in 2024, a year-on-year increase of 5.7%, and a net profit attributable to shareholders of 723 million RMB, up 27.2% year-on-year [2]. - The acquisition of Yingu Pharmaceutical for 704 million RMB is expected to enhance the company's growth potential by filling product gaps and improving sales capabilities [3]. - The orthopedic product segment continues to show robust growth, with revenues reaching approximately 2.32 billion RMB in 2024, a 9.5% increase year-on-year [3]. Summary by Sections Performance Review - In Q1 2025, the company achieved a revenue of 1.021 billion RMB, reflecting a 12.3% year-on-year growth, and a net profit of 217 million RMB, up 13.9% year-on-year [2]. Operational Analysis - The orthopedic segment's revenue growth is attributed to an aging population and improved product margins, with a gross margin increase of 3.9 percentage points [3]. - The company plans to distribute a cash dividend of 0.90 RMB per share, totaling approximately 510 million RMB, which represents 70.64% of the net profit for 2024 [3]. Profit Forecast and Valuation - Revenue projections for 2025-2027 are estimated at 4.196 billion RMB, 4.683 billion RMB, and 5.231 billion RMB, with respective year-on-year growth rates of 19.9%, 11.6%, and 11.7% [4]. - The expected net profit for the same period is forecasted to be 840 million RMB, 950 million RMB, and 1.07 billion RMB, with growth rates of 15.9%, 13.1%, and 13.0% respectively [4].