国药股份(600511)：母公司业绩稳健增长

Group 1 - The company's revenue for Q1 2025 was 12.713 billion yuan, with a year-on-year growth of 4.9%, while net profit attributable to the parent company was 459 million yuan, showing a slight decline of 0.1% [1] - Investment income from joint ventures was stable, amounting to 103 million yuan, reflecting a year-on-year increase of 0.9%, while the parent company's revenue reached 5.938 billion yuan, up 16.3% year-on-year [1] - The company maintained a buy rating despite short-term fluctuations in net profit, indicating a solid long-term growth logic [1][3] Group 2 - The sales expense ratio decreased year-on-year to 1.20%, while the gross profit margin fell to 6.31%, down 0.71 percentage points, primarily due to a decline in the proportion of high-margin industrial product revenue [2] - The company forecasts net profit attributable to the parent company for 2025-2027 to be 2.1 billion, 2.21 billion, and 2.31 billion yuan, respectively, with corresponding EPS of 2.78, 2.92, and 3.07 yuan [3] - The company is valued at a 15x PE for 2025, compared to the industry average of 11x, with a target price set at 41.76 yuan [3]