Investment Rating - The investment rating for the company is "Add" [1] Core Views - The company has shown continuous improvement in operational efficiency and has good growth potential in its CSO (Contract Sales Organization) business [4] - Key products have maintained stable growth, with significant sales increases in certain categories due to marketing reforms and favorable policy changes [6] - The company has a strong foundation in its CSO business, with ongoing collaborations expected to contribute to revenue growth [6] - Earnings forecasts indicate a slight decline in revenue for 2025, followed by a recovery and growth in subsequent years, with net profit expected to grow steadily [5][6] Financial Summary - The latest closing price is 3.39 CNY, with a one-year high of 4.08 CNY and a low of 1.80 CNY [3] - The current P/E ratio is 31.43, and the P/B ratio is 3.72 [3] - Total shares outstanding are 2.246 billion, with a total market capitalization of 7.613 billion CNY [3] - Revenue for 2024 is projected at 24.41 billion CNY, with a slight decline in 2025 to 24.37 billion CNY, followed by growth to 27.51 billion CNY in 2026 and 30.80 billion CNY in 2027 [5] - Net profit for 2024 is estimated at 2.33 billion CNY, increasing to 2.56 billion CNY in 2025, 2.91 billion CNY in 2026, and 3.28 billion CNY in 2027 [5] - The company’s sales expense ratio has decreased by 8.30 percentage points year-on-year, and management expenses have decreased by 21.58% [6]

股票代码：300702 股票简称：天宇股份 浙江天宇药业股份有限公司 投资者关系活动记录表 编号：2025-003 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □√其他 （电话会议） | | | 华创证券研究所、招商证券、中金证券、太平洋、国泰海通、中 信证券、西部研发、中泰证券、英大保险资产管理有限公司、杭 | | | 州萧山精富私募基金管理有限公司、富安达基金管理公司、国都 | | | 证券股份有限公司、天风国际证券集团有限公司、湘财基金管理 | | | 有限公司、青骊投资管理（上海）有限公司、金科投资、上海高 | | | 毅资产管理合伙企业（有限合伙）、浙商基金管理有限公司、博 | | | 远基金管理有限公司、康龙化成、中欧基金管理有限公司、上海 | | 参与单位名称 | 喜世润投资管理有限公司、中泰证券（上海）资产管理有限公司、 | | | 中泰证券研究所、明亚基金管理有限责任公司、凯石基金管理有 | | | 限公司、西部利得基金、上海冲积资产管理中 ...

Core Viewpoint - Yuheng Pharmaceutical has demonstrated outstanding performance in a relatively sluggish pharmaceutical industry, achieving significant growth in core products and cost reduction efforts, with a notable increase in net profit and cash flow in 2024 and Q1 2025 [1][2][7] Financial Performance - In 2024, the company's net profit attributable to shareholders increased by 93.43% year-on-year, reaching 233 million yuan, while the net profit excluding non-recurring items surged by 243.42% to 183 million yuan [1] - For Q1 2025, the net profit attributable to shareholders and net profit excluding non-recurring items grew by 15.24% and 54.74% year-on-year, amounting to approximately 60.25 million yuan and 49.73 million yuan, respectively [1] - The operating cash flow increased by 49.88% year-on-year to 411 million yuan, and the weighted average return on equity rose to 12.89%, up 5.63 percentage points [2] - The basic earnings per share increased by 93.60% to 0.1059 yuan/share in 2024, with a further 16.60% growth in Q1 2025, reaching 0.0274 yuan/share [2] Asset Quality Improvement - By the end of 2024, the net assets attributable to shareholders grew by 17.39% year-on-year to approximately 1.951 billion yuan, while the debt-to-asset ratio decreased by 15.58 percentage points to 30.17%, the lowest level in a decade [2] - The company’s operational efficiency improved, with current asset turnover increasing from 1.77 times to 2.40 times, and total asset turnover rising from 0.73 times to 0.82 times [3] Sales Efficiency and Cost Management - In 2024, the company enhanced sales efficiency through organizational adjustments and process management, resulting in a 25.82% decrease in sales expenses, with the sales expense ratio falling to 32.48% [3] - Management expenses and financial costs also saw significant reductions, with management expenses down 18.29% and financial expenses down 103.41% in 2024 [3] Product Development and Innovation - The company has maintained a "Product First" strategy, expanding its product line from orthopedics to major therapeutic areas such as cardiovascular and cerebrovascular diseases, with several core products experiencing rapid sales growth [4] - In 2024, sales of the exclusive traditional Chinese medicine product An Nao Wan/Pian grew over 90%, while the injection of multiple vitamins maintained an 80% market share with a 40% sales increase [4] - The company has a robust pipeline of over 20 projects, with several products receiving drug approval numbers and others undergoing consistency evaluations [6] Strategic Partnerships - Yuheng Pharmaceutical has strengthened its collaboration with the global pharmaceutical company Daiichi Sankyo, signing promotional agreements for new products, which are expected to contribute positively to the company's performance [5][6] Market Confidence and Shareholder Engagement - The company launched an equity incentive plan covering over 100 key personnel and implemented a share repurchase plan, reflecting confidence in its future development [6] - Major shareholders have collectively increased their holdings by nearly 30 million shares, indicating strong market confidence in the company's long-term value proposition [6][7]