TASLY(600535) 首创证券·2024-08-28 06:01Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a stable performance with a slight decrease in revenue of 0.46% to 4.372 billion yuan and a net profit decline of 6.33% to 662 million yuan for the first half of 2024. However, the net profit after excluding non-recurring items increased by 6.31% to 735 million yuan [5] - The traditional Chinese medicine segment showed steady performance, while the negative impact from the centralized procurement of chemical drugs has been fully reflected. The approval of new indications for biological drugs is expected to bring a turning point [5] - The company’s modern Chinese medicine R&D pipeline is rich, with two products in the production application stage and 19 products in clinical II and III phases, which are expected to become new growth points for revenue [5] - The revenue forecasts for 2024 to 2026 are 8.78 billion yuan, 9.43 billion yuan, and 10.11 billion yuan, with year-on-year growth rates of 1.2%, 7.4%, and 7.3% respectively. The net profit forecasts are 1.14 billion yuan, 1.36 billion yuan, and 1.64 billion yuan, with growth rates of 6.4%, 19.5%, and 20.2% respectively [5] Summary by Sections Company Basic Data - Latest closing price: 13.76 yuan - One-year high/low price: 17.67/12.24 yuan - Current P/E ratio: 20.03 - Current P/B ratio: 1.64 - Total shares: 1.494 billion - Total market value: 20.557 billion yuan [3] Performance Analysis - The company achieved a revenue of 4.372 billion yuan in H1 2024, with a slight decline of 0.46%. The net profit attributable to shareholders was 662 million yuan, down 6.33%, while the net profit after excluding non-recurring items was 735 million yuan, up 6.31% [5] - Traditional Chinese medicine revenue was 3.121 billion yuan, an increase of 3.53%. Chemical drug revenue was 631 million yuan, up 12.57%, while biological drug revenue was 107 million yuan, down 7.75% [5] Profit Forecast - The company’s revenue and net profit forecasts for 2024 to 2026 are as follows: - Revenue: 87.80 billion yuan (2024), 94.26 billion yuan (2025), 101.10 billion yuan (2026) - Net profit: 11.40 billion yuan (2024), 13.62 billion yuan (2025), 16.37 billion yuan (2026) [7]