YIFAN PHARMACEUTICAL(002019) 天风证券·2024-04-30 01:30Investment Rating - The report maintains a "Buy" rating for Yifan Pharmaceutical (002019) with a target price of 13.06 CNY [4]. Core Views - The company's 2023 performance met expectations, with a revenue of 4.068 billion CNY, a year-on-year increase of 6.03%, while the net profit attributable to shareholders was -551.07 million CNY, reflecting a significant decline of 388.19% [4]. - In Q1 2024, the company reported a revenue of 1.326 billion CNY, a year-on-year increase of 41.3%, and a net profit of 146 million CNY, up 125.6% year-on-year [4]. - The decline in profit for 2023 was primarily due to an impairment charge of 888 million CNY on intangible assets [4]. - The growth in proprietary pharmaceutical products is expected to accelerate revenue growth in 2024, driven by increased sales volume and the launch of new key products [4]. Financial Summary - Revenue is projected to grow significantly from 5.661 billion CNY in 2024 to 7.751 billion CNY in 2026, with growth rates of 39.15% and 23.25% respectively [5]. - The net profit is expected to recover from -551.07 million CNY in 2023 to 532.42 million CNY in 2024, and further to 922.64 million CNY by 2026 [5]. - The company's EBITDA is forecasted to increase from 1.522 billion CNY in 2023 to 1.314 billion CNY in 2026 [5]. Product Performance - The proprietary product revenue reached 2.43 billion CNY in 2023, a year-on-year increase of 19.7%, while other pharmaceutical products saw a decline of 19.5% [4]. - The introduction of new pharmaceutical varieties and the significant increase in sales of proprietary products are key drivers for the revenue growth in Q1 2024 [4]. - The company has successfully launched several new products, enhancing its competitive edge in the market [4].