NCI(601336) 东吴证券·2024-11-16 13:52Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report emphasizes the long-term benefits of investing in the pharmaceutical sector, particularly through the acquisition of shares in Shanghai Pharmaceuticals and China National Pharmaceutical Group, which aligns with the company's strategy to capitalize on the healthcare industry's growth [4] - The report maintains profit forecasts for the company, projecting net profits of CNY 20.6 billion, CNY 13.5 billion, and CNY 14.4 billion for 2024, 2025, and 2026 respectively [4] Financial Summary - The company's net profit for 2022 was CNY 21.5 billion, with a year-on-year growth rate of 43.8%. However, a significant decline of 59.5% is expected in 2023, followed by a recovery with a projected growth of 136.5% in 2024 [1] - The new business value is projected to grow from CNY 2.4 billion in 2024 to CNY 5.8 billion by 2026, indicating a strong growth trajectory [1] - The company's equity assets amounted to CNY 295.12 billion, representing 20.12% of total assets as of Q3 2024, with significant investments in Shanghai Pharmaceuticals and China National Pharmaceutical Group [3] Market Position - The company is positioned as a leader in the pharmaceutical sector, with a focus on high dividend yield stocks that align with the long-term investment philosophy of insurance capital [4] - The report highlights the stability and growth potential of the pharmaceutical sector, particularly in the context of the company's strategic investments [4]