DRTG(600329) 东方财富·2024-10-16 08:23Investment Rating - The report maintains a rating of "Accumulate" for the company [3][10]. Core Insights - The company is a leading inheritor of traditional Chinese medicine, with well-known products such as the "Suxiao Jiuxin Wan" and "Jingwanhong Ointment" [2][16]. - The company has a rich product portfolio with 599 approved drug varieties and 223 items listed in the national medical insurance catalog [2][16]. - The company focuses on three core areas: cardiovascular health, skin wound repair, and premium traditional Chinese medicine health products, aiming to become an innovative leader in traditional Chinese medicine [2][16]. - The sales of "Suxiao Jiuxin Wan" exceeded 2 billion yuan in 2023, with strong growth momentum and potential for further volume and price increases [2][10]. - "Jingwanhong Ointment" has expanded its application to treat diabetic foot ulcers and has achieved significant sales growth, reaching 828 million boxes sold in 2023, a year-on-year increase of 64.66% [2][10]. Summary by Sections 1. Traditional Chinese Medicine Inheritance - The company is a state-level high-tech enterprise with a history of over 500 years, focusing on green Chinese medicine and covering the entire industry chain from cultivation to production [16][18]. - It holds six well-known trademarks and has several national-level intangible cultural heritage projects [2][16]. 2. Focus on "Three Cores and Nine Wings" Product Strategy - The first core is the "Chinese Heart" series, led by "Suxiao Jiuxin Wan," which has a strong brand presence in the cardiovascular market [23][24]. - The second core is the "Chinese Skin" series, represented by "Jingwanhong Ointment," which is a unique product for skin health [23][24]. - The third core includes products aimed at anti-aging and memory improvement, such as "Niuhuang Qingxin Wan" and "Qinggong Shoutao Wan" [23][24]. 3. Focus on Main Business and Equity Transfer - The company plans to transfer its equity in Tianjin Shike to focus on its main business, which is expected to generate approximately 1.7 billion yuan in investment income [63][63]. 4. Profit Forecast and Investment Recommendations - The company is projected to achieve revenues of 89.98 billion yuan, 97.10 billion yuan, and 103.90 billion yuan in 2024, 2025, and 2026, respectively, with corresponding net profits of 11.90 billion yuan, 13.79 billion yuan, and 15.68 billion yuan [10][67]. - The report suggests an "Accumulate" rating based on the expected growth in revenue and profit [10][68].