KELUN PHARMA(002422) 太平洋·2025-04-24 06:23Investment Rating - The report maintains a "Buy" rating for the company with a target price of 42, compared to the last closing price of 34.82 [1][8]. Core Insights - The company has demonstrated strong profit growth, with a 19.53% year-on-year increase in net profit to 2.936 billion yuan for 2024, and a 22.66% increase in net profit after deducting non-recurring items [4][5]. - Revenue for 2024 reached 21.812 billion yuan, reflecting a 1.67% year-on-year growth, despite a decline in sales from large-volume infusions [5][6]. - The sales expense ratio has decreased significantly, contributing to improved overall profitability [6][8]. Financial Performance Summary - In 2024, the company achieved a total revenue of 21.812 billion yuan, with a net profit of 2.936 billion yuan, and a net profit margin of 13.46% [10][14]. - The gross profit margin was 51.70%, slightly down by 0.73 percentage points from the previous year [6][14]. - The company forecasts revenue growth of 9.25%, 9.74%, and 9.37% for 2025, 2026, and 2027, respectively, with net profit growth rates of 17.99%, 16.92%, and 13.97% for the same years [8][10]. Product and Innovation Pipeline - The company’s innovative drug pipeline is entering a commercialization phase, with key products like SKB264 contributing to revenue [7][8]. - The company has submitted three New Drug Applications (NDAs) expected to be approved within the year, indicating a strong future revenue stream from innovative products [7][8].