Investment Rating - The report suggests maintaining attention on Kunming Pharmaceutical Group with a target price not specified for the next six months [1]. Core Views - The acquisition of 51% stake in China Resources Sanjiu has significantly enhanced Kunming Pharmaceutical's performance, resolving competition issues and boosting sales of its core product, Xuesaitong soft capsules, which saw an 11.27% year-on-year increase [7]. - The company aims to double its revenue by the end of 2028, targeting 10 billion yuan in industrial revenue, driven by a strategic focus on the aging population and chronic disease treatment [7]. - The report highlights strong growth in Kunming Traditional Chinese Medicine, with a revenue of 809 million yuan and a profit margin of 16% in 2024, supported by enhanced channel strategies and brand value [7]. Financial Summary - For 2024, the company reported a revenue of 8.401 billion yuan, with a year-on-year growth rate of 9.07%. The net profit attributable to the parent company was 648.08 million yuan, reflecting a growth rate of 45.74% [2][10]. - The earnings per share (EPS) for 2024 is projected at 0.86 yuan, with a return on equity (ROE) of 11.14% [2][10]. - The forecast for net profit for 2025-2027 is 731.76 million yuan, 884.02 million yuan, and 1.055 billion yuan, respectively, with corresponding price-to-earnings (PE) ratios of 18, 15, and 13 [7][10]. Revenue and Growth Projections - The projected revenue for 2025 is 8.727 billion yuan, with a growth rate of 3.87%, and for 2026, it is expected to reach 9.473 billion yuan, growing by 8.55% [2][10]. - The report anticipates a continuous increase in sales volume for Xuesaitong soft capsules, with expected growth rates of 15% for the years 2025-2027 [8]. Strategic Initiatives - The company is focusing on enhancing its product pipeline through R&D investments, with 140 million yuan allocated in 2024, leading to the approval of new drugs for chronic diseases [7]. - The integration with China Resources is expected to further strengthen the company's market position and operational efficiency [7].

[ T able_StockInfo] 2025 年 03 月 12 日 证券研究报告•2024 年年报点评 当前价：17.77 元 昆药集团（600422）医药生物 目标价：——元（6 个月） 并表圣火开启协同，昆中药提质增效显著 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 8401.45 | 8726.76 | 9472.63 | 10356.33 | | 增长率 | 9.07% | 3.87% | 8.55% | 9.33% | | 归属母公司净利润（百万元） | 648.08 | 731.76 | 884.02 | 1055.24 | | 增长率 | 45.74% | 12.91% | 20.81% | 19.37% | | 每股收益 EPS（元） | 0.86 | 0.97 | 1.17 | 1.39 | | 净资产收益率 ROE | 11.14% | 10.60% | 11.77% | 12.79% | | PE | 21 | 1 ...

Investment Rating - The report maintains a "Buy" rating for Kunming Pharmaceutical Group [2] Core Views - The company achieved a revenue of 8.401 billion yuan in 2024, a slight decrease of 0.34% year-on-year, while net profit attributable to shareholders increased by 19.86% to 648 million yuan [6] - The acquisition of Huaren Shenghuo is expected to enhance profitability and support the strategic integration of the company's Sanqi business [6] - The stable landing of centralized procurement is anticipated to lead to a recovery in product prices, providing a favorable outlook for future earnings [6] Financial Performance - In Q4 2024, the company reported a revenue of 2.601 billion yuan and a net profit of 203 million yuan [6] - The company plans to distribute a dividend of 3 yuan per ten shares, resulting in a payout ratio of 35.04% [6] - The company’s core products, including "Kun Traditional Chinese Medicine 1381," have shown significant growth, with combined revenue from key products increasing by 20% [6] Strategic Developments - The integration of Huaren Shenghuo into the company’s financials is expected to bolster profits and establish a benchmark in the Sanqi industry chain [6] - The company is focusing on brand building and channel development, which are progressing steadily [6] - The centralized procurement renewal in December 2024 has stabilized prices for key products, ensuring a stable revenue stream until December 31, 2027 [6] Earnings Forecast - The projected profits for 2025, 2026, and 2027 are estimated at 750 million yuan, 910 million yuan, and 1.135 billion yuan respectively [6] - The price-to-earnings ratio (PE) is expected to be 18, 15, and 12 times for the years 2025, 2026, and 2027 respectively [6]

医药生物/中药Ⅱ 昆药集团（600422.SH） 三七产业布局逐步优化， "创新+出海"赋能未来成长 2025 年 03 月 12 日 投资评级：买入（维持） | 日期 | 2025/3/11 | | --- | --- | | 当前股价(元) | 17.77 | | 一年最高最低(元) | 24.11/11.92 | | 总市值(亿元) | 134.51 | | 流通市值(亿元) | 134.51 | | 总股本(亿股) | 7.57 | | 流通股本(亿股) | 7.57 | | 近 3 个月换手率(%) | 99.96 | 股价走势图 -60% -40% -20% 0% 20% 40% 2024-03 2024-07 2024-11 昆药集团 沪深300 数据来源：聚源 相关研究报告 《2024 年利润超预期增长，2025 年轻 装上阵稳步向前 —公司信息更新报 告》-2025.2.11 《Q3 单季度营收利润环比向上，融合 变革深入推进—公司信息更新报告》 -2024.10.28 《2024H1 营收小幅承压，品牌建设工 作稳步推进—公司信息更新报告》 -2024.8.24 | 余汝意（分析师） | ...

[Table_Main] 证券研究报告 | 公司点评 昆药集团(600422.SH) 2025 年 03 月 12 日 买入（维持） 所属行业：医药生物/中药Ⅱ 当前价格(元)：17.77 证券分析师 周新明 资格编号：S0120524060001 邮箱：zhouxm＠tebon.com.cn 向潇 市场表现 -43% -29% -14% 0% 14% 29% 2024-03 2024-07 2024-11 昆药集团 沪深300 | 沪深300对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅(%) | -0.45 | 13.91 | 12.18 | | 相对涨幅(%) | -1.95 | 8.31 | 13.37 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《昆药集团：集采续约平稳落地，圣 火并表未来可期》，2025.1.3 2.《昆药集团 2024 年中报点评：针剂 拖累表观业绩，口服核心品种表现亮 眼。》，2024.8.26 昆药集团 2024 年报点评：核心品种快 速增长，品牌+渠道建设稳步推进 投资要点 风险提示：品牌打 ...

医药生物/中药Ⅱ 昆药集团（600422.SH） 三七产业布局逐步优化， "创新+出海"赋能未来成长 2025 年 03 月 12 日 投资评级：买入（维持） | 日期 | 2025/3/11 | | --- | --- | | 当前股价(元) | 17.77 | | 一年最高最低(元) | 24.11/11.92 | | 总市值(亿元) | 134.51 | | 流通市值(亿元) | 134.51 | | 总股本(亿股) | 7.57 | | 流通股本(亿股) | 7.57 | | 近 3 个月换手率(%) | 99.96 | 股价走势图 -60% -40% -20% 0% 20% 40% 2024-03 2024-07 2024-11 昆药集团 沪深300 数据来源：聚源 相关研究报告 《2024 年利润超预期增长，2025 年轻 装上阵稳步向前 —公司信息更新报 告》-2025.2.11 《Q3 单季度营收利润环比向上，融合 变革深入推进—公司信息更新报告》 -2024.10.28 《2024H1 营收小幅承压，品牌建设工 作稳步推进—公司信息更新报告》 -2024.8.24 | 余汝意（分析师） | ...

医药生物/中药Ⅱ 昆药集团（600422.SH） 三七产业布局逐步优化， "创新+出海"赋能未来成长 2025 年 03 月 12 日 投资评级：买入（维持） 相关研究报告 《2024 年利润超预期增长，2025 年轻 装上阵稳步向前 —公司信息更新报 告》-2025.2.11 《Q3 单季度营收利润环比向上，融合 变革深入推进—公司信息更新报告》 -2024.10.28 《2024H1 营收小幅承压，品牌建设工 作稳步推进—公司信息更新报告》 -2024.8.24 | 余汝意（分析师） | 巢舒然（联系人） | | --- | --- | | yuruyi@kysec.cn | chaoshuran@kysec.cn | | 证书编号：S0790523070002 | 证书编号：S0790123110015 | 2024 年收购华润圣火 51%股权事项落地，血塞通软胶囊品牌优势进一步加强 2025 年 3 月 12 日，公司公告 2024 年度报告，2024 年实现营收 84.01 亿元（重 述调整前同比+9.07%，重述调整后同比-0.34%，下文皆为同比口径）；归母净利 润 6.48 亿元（重述调整前+ ...

证券研究报告 公司研究 | 增持 | | --- | | 上次评级 | [Table_Author] 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com [Table_ReportType] 公司点评报告 [Table_StockAndRank] 昆药集团(600422) | | | 相关研究 [Table_OtherReport] 针剂业务表现较好、梳理三大事业部 发力 血塞通系列增长亮眼，商业板块业务 结构优化 集采和疫情影响业绩短期承压，看好 未来业务发展 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B [Table_Title] 积极拥抱集采政策，构建昆药商道体系，2025 年有望扬帆起航 [Table_ReportDate] 2025 年 03 月 12 日 [Table_S 事件：2025 ummar年y]3 月 11 日，公司发布《2024 年年度报告》。2 ...

证券研究报告 公司研究 | 增持 | | --- | | 上次评级 | [Table_Author] 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com [Table_ReportType] 公司点评报告 [Table_StockAndRank] 昆药集团(600422) | | | 贺鑫 医药行业分析师 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B [Table_Title] 积极拥抱集采政策，构建昆药商道体系，2025 年有望扬帆起航 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 相关研究 [Table_OtherReport] 针剂业务表现较好、梳理三大事业部 发力 血塞通系列增长亮眼，商业板块业务 结构优化 集采和疫情影响业绩短期承压，看好 未来业务发展 [Table_ReportDate] 2025 年 03 月 12 日 [Table_S 事件：2025 ummar年y]3 月 11 日，公司发布《2024 年年度报告》。2 ...

Investment Rating - The report assigns an "Accumulate" rating to the company [1] Core Views - The company is expected to embrace centralized procurement policies actively, which will enhance its medical terminal coverage and drive future business development [2][4] - The company reported a stable performance in its oral dosage segment, while the injection segment experienced a significant decline [3] - The construction of the Kun Pharmaceutical business model is showing significant results in channel reform, which is expected to improve product accessibility and market coverage [5][6] Financial Summary - In 2024, the company achieved a total revenue of 8.401 billion yuan, which is essentially flat year-on-year, and a net profit attributable to shareholders of 648 million yuan, reflecting a year-on-year growth of 19.86% [2][3] - The company forecasts a double-digit revenue growth for 2025, with projected revenues of 9.3 billion yuan and a net profit of 757 million yuan [3][8] - Key financial metrics for 2025 include an EPS of 1.00 yuan, a P/E ratio of 17.76, and a projected gross margin of 44.1% [7][8]