Investment Rating - The report maintains a "Buy" rating for 康哲药业 (0867.HK) [10] Core Views - 康哲药业 plans to spin off its subsidiary 德镁医药有限公司 for independent listing on the Hong Kong Stock Exchange, aiming to enhance the growth potential of its skin health business [6] - The spin-off will allow 康哲药业 shareholders to directly hold shares in 德镁医药, benefiting from its independent valuation and market position [6][7] - The skin health business has shown significant growth, with 康哲美丽 achieving a revenue of RMB 673 million in 2024, an 18.2% increase year-on-year [8] - The company is expected to see revenue growth from 2025 to 2027, with projected revenues of RMB 83.20 billion, RMB 94.54 billion, and RMB 110.43 billion, representing year-on-year growth rates of 11%, 14%, and 17% respectively [10] Financial Summary - For 2024, 康哲药业 reported a revenue of RMB 7,469 million, with a projected net profit of RMB 1,620 million [12] - The company anticipates a net profit of RMB 1,628 million in 2025, with further increases to RMB 1,895 million in 2026 and RMB 2,255 million in 2027 [12] - The gross margin is expected to improve from 72.60% in 2024 to 74.50% by 2027 [12] - The report highlights a stable return on equity (ROE) projected to rise from 9.93% in 2024 to 10.20% in 2027 [12]
康哲药业（00867）：德镁健康分拆上市，皮肤线高增走出自身价值体系