Guobang Pharma (605507) 开源证券·2025-04-16 09:15Investment 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 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 2025-2027 with expected net profits of 995 million, 1.235 billion, and 1.391 billion yuan respectively [4] - The current price-to-earnings (PE) ratio is considered attractive at 11.2, 9.0, and 8.0 times for the years 2025, 2026, and 2027 respectively [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, 7.615 billion, 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 from 25.0% in 2024 [7]