ZZPZH(600436) 海通证券·2024-10-24 01:11Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company's revenue for the first three quarters of 2024 reached 8.45 billion yuan, a year-on-year increase of 11.19%, with a net profit attributable to the parent company of 2.687 billion yuan, up 11.73% year-on-year [4] - The core product for liver disease treatment has shown rapid growth, with revenue of 4.283 billion yuan, a year-on-year increase of 20.24% [4] - The company is expanding its distribution channels, with over 100,000 terminal stores covered through strategic partnerships with major chain pharmacies [4] - Profit forecasts for 2024-2026 indicate net profits of 3.148 billion yuan, 3.627 billion yuan, and 4.182 billion yuan, representing year-on-year growth rates of 12.5%, 15.2%, and 15.3% respectively [4] Financial Performance - The company achieved a revenue of 10.058 billion yuan in 2023, with a projected revenue of 11.346 billion yuan in 2024, reflecting a year-on-year growth of 12.8% [5][8] - The gross profit margin is expected to improve from 46.8% in 2023 to 50.0% by 2026 [8] - The net profit margin is projected to be 27.7% in 2024, increasing to 29.8% by 2026 [8] Market Position and Valuation - The company is expected to maintain a price-to-earnings (P/E) ratio of 45-50x for 2024, with a reasonable value range of 234.90 to 261.00 yuan per share [4] - The company’s core product, Pian Zai Huang, is characterized by strong consumer demand and scarcity, contributing to its valuation premium [4] Revenue Breakdown - The pharmaceutical manufacturing segment generated 4.612 billion yuan in revenue, a year-on-year increase of 19.71%, while the pharmaceutical distribution segment saw revenue of 3.153 billion yuan, up 3.08% [4][6] - The cosmetics segment reported revenue of 525 million yuan, reflecting a year-on-year growth of 21.92% [4]