Guobang Pharma (605507) 海通国际证券·2025-04-29 07:16Investment Rating - The report assigns an "Outperform" rating to the company with a target price of 28.39 RMB, based on a 17x PE for 2025 [4][12]. Core Insights - The company is expected to achieve stable revenue growth, with 2024 revenue projected at 5.89 billion RMB (+10.12%) and net profit attributable to shareholders at 0.78 billion RMB (+27.61%) [4][12]. - The veterinary medicine segment is anticipated to contribute significantly to revenue, with a projected 2024 revenue of 2.02 billion RMB (+10.0%) [13][14]. - The company is enhancing its global operations, with products sold in 115 countries and regions, establishing a strong position in the global pharmaceutical manufacturing industry [14] Financial Summary - Revenue and net profit forecasts for 2024-2027 are as follows: - 2024 Revenue: 5.89 billion RMB (+10.1%) - 2024 Net Profit: 0.78 billion RMB (+27.6%) - 2025 Revenue: 6.60 billion RMB (+12.1%) - 2025 Net Profit: 0.93 billion RMB (+19.5%) - 2026 Revenue: 7.52 billion RMB (+14.0%) - 2026 Net Profit: 1.12 billion RMB (+20.0%) - 2027 Revenue: 8.61 billion RMB (+14.4%) - 2027 Net Profit: 1.32 billion RMB (+17.8%) [3][4][12]. Business Segments - The pharmaceutical raw materials segment is projected to generate 2.48 billion RMB in 2024, benefiting from high demand for macrolide antibiotics [13]. - The veterinary medicine business is expanding, with significant sales growth and increased capacity utilization for key products [13][14]. Global Operations - The company is focusing on globalization, with over 70 active pharmaceutical ingredients and intermediates expected to be produced and sold in 2024 [14]. - Established sales channels in various countries, including India, Netherlands, and Spain, enhancing its international market presence [14].