Core Viewpoint - In 2024, the company achieved revenue of 4 billion yuan, a slight year-on-year decline, while net profit attributable to shareholders was significantly impacted by a fine related to sodium dexamethasone sales, with a stable growth in non-recurring net profit [1][2][3] - The impact of centralized procurement on the formulation segment has been largely digested, and new products are continuously being introduced, with expectations for accelerated growth in 2025 [1][4] - Revenue from the raw materials segment declined due to inventory destocking by overseas clients and price decreases, but sales volume remains stable, with a positive outlook for gradual recovery [1][5] Financial Performance - In 2024, the company reported operating revenue of 4.001 billion yuan, a year-on-year decrease of 2.98%, and a net profit attributable to shareholders of 397 million yuan, down 29.46% [2][3] - The non-recurring net profit for 2024 was 549 million yuan, reflecting a year-on-year increase of 2.15% [2][3] - For Q1 2025, the company achieved operating revenue of 1.01 billion yuan, a year-on-year decline of 2.9%, with a net profit of 140 million yuan, down 4.7% [2][3] Formulation Segment - In 2024, the formulation sales revenue reached 2.276 billion yuan, an increase of 8% year-on-year [4] - Key therapeutic areas showed varied performance, with gynecology and family planning sales at 450 million yuan, stable year-on-year; anesthetic muscle relaxants at 160 million yuan, up 55%; respiratory products at 880 million yuan, up 31%; and dermatology products at 230 million yuan, up 19% [4] - The company’s new products are expected to accelerate growth, with significant sales increases in new offerings such as sodium glucosamine injection [4][6] Raw Materials Segment - In 2024, revenue from raw materials and intermediates was 1.55 billion yuan, a year-on-year decline of 13% [5] - The decline was attributed to inventory destocking in the international market and increased competition leading to price drops [5][6] - The company is expected to see a recovery in the raw materials segment as prices stabilize and market share increases [5][6] Expense Analysis - In 2024, the company's sales, management, and R&D expense ratios were 25.84%, 7.74%, and 6.63%, respectively, with slight increases year-on-year [7] - The gross margin improved to 57.49%, up 4.61 percentage points, attributed to the clearing of centralized procurement impacts and operational efficiency [7] - The net profit margin was 10%, significantly impacted by a fine provision of 195 million yuan [7] Future Outlook - The company is expected to achieve stable growth in revenue and profit in 2025, with non-centralized procurement products anticipated to grow steadily [8] - Revenue projections for 2025-2027 are 4.35 billion, 4.81 billion, and 5.48 billion yuan, with year-on-year growth rates of 8.6%, 10.7%, and 13.8% respectively [8]

仙琚制药（688076.SH）2024 年年报及 2025 年一季报点评 短期业绩承压蓄势，新品迭代构建增长新范式 2025 年 04 月 28 日 ➢ 拆分：制剂业务收入维持稳健增长，原料药价格下探致使收入下滑。根据年报，公司 24 年制剂业务收入 24.2 亿元（同比+6.0%），毛利率 76.3%（同比+3.0pct）；原料药 业务收入 15.5 亿元（同比-13.4%），毛利率 28.9%（同比+2.7pct）。进一步拆分上看， 公司制剂业务增速放缓主要系普药和妇科两大业务线的相关品种纳入省级联盟集采（收入 端：普药同比-19.0%，妇科持平）；原料药业务收入下滑主要系非规市场价格下滑+规范 市场去库存等因素叠加（收入端：自营原料药同比-1.0%，意大利子公司-13.1%）。 ➢ 制剂：呼吸、皮肤稳健放量，麻醉肌松集采创伤后回暖。根据年报，公司 24 年自营 制剂产品收入 22.8 亿元，同比上升 8.0%。主要制剂产品收入按领域分拆来看，妇科计生 /麻醉肌松/呼吸/皮肤/普药实现收入 4.5/1.6/8.8/2.3/5.5 亿元，分别同比持平 /+55%/+31%/+19%/-19%。呼吸及皮肤成为 ...