KPC(600422) 新浪财经·2025-04-13 06:23Core Insights - The company achieved operating 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 45.74% to 648 million yuan [1] - The company reported a significant increase in profitability, with a gross margin of 43.46%, despite a year-on-year decline of 1.36 percentage points, primarily due to a decrease in the revenue share of high-margin cardiovascular products [1] Business Performance - The revenue from the cardiovascular product line decreased by 17.45% year-on-year to 2.195 billion yuan, while the orthopedic series saw a significant decline of 52.80% to 103 million yuan [2] - The anti-malarial products generated revenue of 133 million yuan, reflecting a year-on-year growth of 45.89%, and the "Kunzhong Medicine 1381" division's digestive system products achieved revenue of 549 million yuan, up 2.46% [2] - The company is focusing on building a premium national medicine platform through its "Kunzhong Medicine 1381" series, which includes various traditional Chinese medicine products [2] Strategic Developments - The company completed the acquisition of a 51% stake in China Resources Shenghuo, marking a critical phase in the integration with China Resources Sanjiu [2] - A five-year strategic plan (2024-2028) was released, positioning the company as a leader in the elderly health industry, leveraging the "1246" model from China Resources Group [2] Investment Outlook - The investment rating remains "strongly recommended," with expectations for the core product, the blood clotting series, to gain traction post-collection renewal, benefiting from the advantages of focusing on the aging population [3] - Projected net profits for 2025-2027 are estimated at 778 million, 891 million, and 1.011 billion yuan, representing year-on-year growth rates of 20.0%, 14.6%, and 13.5% respectively [3]