ZZPZH(600436) 东吴证券·2024-10-21 15:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong performance in liver disease medications and maintained high profitability levels in the third quarter of 2024, with total revenue reaching 8.45 billion yuan, an increase of 11.19% year-on-year, and a net profit attributable to shareholders of 2.687 billion yuan, up 11.73% [3][4] - The pharmaceutical sector showed steady growth, with the pharmaceutical manufacturing industry achieving revenue of 4.612 billion yuan, a growth of 19.71%, while the cosmetics segment also performed well, with revenue of 0.525 billion yuan, an increase of 21.92% [3][4] - The company is focusing on cost reduction and efficiency improvement, maintaining a gross margin of 46.87% despite a decline, while the net profit margin slightly increased to 34.62% [3][4] - The company is enhancing its online and offline sales channels, with significant achievements in e-commerce, including ranking first in sales for liver disease medications on major platforms [4] Financial Forecast and Valuation - The company’s revenue forecast for 2024-2026 has been adjusted to 31.53 billion yuan, 36.19 billion yuan, and 41.42 billion yuan respectively, with corresponding P/E ratios of 46, 40, and 35 times [4] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 5.23 yuan, 6.00 yuan, and 6.87 yuan respectively [2][4]