YIFAN PHARMACEUTICAL(002019) 太平洋证券·2025-04-28 10:17Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15, compared to the last closing price of 11.43 [1][8]. Core Insights - The company achieved significant growth in both revenue and profit, with a 2024 revenue of 5.16 billion, representing a year-on-year increase of 26.84%, and a net profit of 386 million, up 170.04% year-on-year [4][5]. - The commercialization of the product Yilishu is progressing well, with approvals for sale in 34 countries, including China, the US, and the EU [7]. - The company is actively advancing its pipeline of innovative drugs, with ongoing clinical trials for F-652 and other projects [7]. Financial Performance Summary - In 2024, the company reported a revenue of 5.16 billion, with a 26.84% increase year-on-year, driven by the approval and sales of self-developed and imported pharmaceutical products [5]. - The gross profit for 2024 was 2.447 billion, with a gross margin of 47.42%, slightly down by 0.42 percentage points from the previous year [6]. - The company’s net profit for 2024 was 386 million, with a significant increase of 170.04% year-on-year, and a non-recurring net profit of 248 million, up 146.58% [5][10]. Future Earnings Forecast - The company is projected to achieve revenues of 6.42 billion, 7.42 billion, and 8.52 billion in 2025, 2026, and 2027, respectively, with growth rates of 24.40%, 15.70%, and 14.80% [8][10]. - The forecasted net profits for the same years are 721 million, 912 million, and 1.13 billion, with growth rates of 86.80%, 26.50%, and 24.30% [8][10]. - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 19, 15, and 12, respectively [8].