ZZPZH(600436) 湘财证券·2024-10-30 08:17Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][6]. Core Insights - The company has shown positive growth in both revenue and profit for the first three quarters of 2024, with revenue reaching 8.45 billion and net profit at 2.687 billion, reflecting year-on-year growth of 11.19% and 11.73% respectively [2][3]. - The gross margin stands at 45.44%, a decrease of 3.01 percentage points year-on-year, while the net margin increased by 0.15 percentage points to 31.79% [2]. - The company has effectively improved its channel construction, enhancing its sales network and online presence, which has contributed to its revenue growth [5][6]. Revenue and Profit Analysis - For the first three quarters of 2024, the pharmaceutical manufacturing segment generated revenue of 4.612 billion, up 19.71% year-on-year, while the pharmaceutical distribution segment saw revenue of 3.153 billion, a 3.08% increase [3]. - The cosmetics segment achieved revenue of 525 million, marking a 21.92% growth [3]. Product Performance - The liver disease medication segment generated revenue of 4.283 billion, reflecting a year-on-year increase of 20.24%, contributing 50.69% to total revenue [4]. - The cardiovascular medication segment achieved revenue of 268 million, up 11.66%, while other medications generated 60 million, growing by 21.16% [4]. - In Q3 2024, liver disease medications alone accounted for 58.68% of total revenue, with a revenue increase of 25.30% year-on-year [4]. Future Projections - The company expects revenues of 11.168 billion, 12.531 billion, and 13.848 billion for 2024, 2025, and 2026 respectively, with net profits projected at 3.092 billion, 3.685 billion, and 4.215 billion [6][7]. - Earnings per share (EPS) are forecasted to be 5.13, 6.11, and 6.99 for the same years [6].