ZZPZH(600436) 华创证券·2024-10-19 14:09Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 307.50 CNY and a current price of 230.54 CNY [1]. Core Insights - The company's revenue for Q3 2024 is reported at 84.5 billion CNY, reflecting an increase of 11.2% year-on-year, while the net profit attributable to the parent company is 28.0 billion CNY, up by 9.6% [1]. - The core product, Pian Zai Huang, is expected to see a recovery in sales growth, although costs remain under pressure due to rising raw material prices [1]. - The company anticipates significant growth in liver disease medication revenue for the full year, driven by a notable increase in sales during Q3 2024 [1]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 42.8 billion CNY from liver disease medications, with a year-on-year growth of 20.2% [1]. - The gross profit margin for liver disease medications has decreased by 10.8 percentage points year-on-year, primarily due to increased raw material costs [1]. - The company has maintained stable financial indicators, with a projected revenue growth of 15% annually from 2024 to 2026 [1][3]. Revenue Breakdown - The revenue from the cosmetics segment reached 5.3 billion CNY in the first three quarters of 2024, showing a year-on-year increase of 21.9% [1]. - The company’s total revenue projections for 2024, 2025, and 2026 are 11,568 million CNY, 13,302 million CNY, and 15,294 million CNY, respectively, with a consistent growth rate of 15% [3]. Valuation Metrics - The report indicates a price-to-earnings (P/E) ratio of 50 for 2023, decreasing to 33 by 2026, reflecting an expected improvement in earnings [3]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 5.34 CNY, 6.15 CNY, and 7.09 CNY, respectively [3].