Guobang Pharma (605507) 开源证券·2025-04-16 06:39Investment Rating - The investment rating for Guobang Pharmaceutical is "Buy" (maintained) [1] Core Views - The company achieved a steady revenue growth of 7.57% year-on-year in Q1 2025, with total revenue reaching 1.44 billion yuan and a net profit attributable to shareholders of 215 million yuan, reflecting an 8.17% increase [4] - The report anticipates an upward turning point for the animal health raw materials segment, maintaining profit forecasts for the company with expected net profits of 995 million yuan, 1.235 billion yuan, and 1.391 billion yuan for 2025, 2026, and 2027 respectively [4] - The current stock price corresponds to a price-to-earnings (PE) ratio of 11.2, 9.0, and 8.0 for the years 2025, 2026, and 2027, indicating high valuation attractiveness [4] Financial Performance Summary - In 2024, the company reported a revenue of 2.477 billion yuan from pharmaceutical raw materials, an increase of 11.74%, with a gross margin of 28.36% [5] - The animal health raw materials segment generated 1.831 billion yuan in revenue, up 11.81%, with a sales volume increase of 31.19% [5] - The company’s R&D expenses grew by 12.88% to 215 million yuan, with a research expense ratio of 3.65% [6] Financial Forecasts - The company’s projected revenues for 2025, 2026, and 2027 are 6.786 billion yuan, 7.615 billion yuan, and 8.265 billion yuan respectively, with year-on-year growth rates of 15.2%, 12.2%, and 8.5% [7] - The expected net profit for 2025 is 995 million yuan, with a year-on-year growth of 27.3% [7] - The gross margin is projected to be 24.8% for 2025, slightly decreasing to 24.6% by 2027 [10]