ZBD(603567) 湘财证券·2024-11-19 01:54Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][9]. Core Insights - The company has established a "six-in-one" operational layout, driving growth through both pharmaceutical manufacturing and traditional Chinese medicine [4]. - The synergy between traditional Chinese medicine, chemical drugs, and biological drugs is expected to enhance product volume through price adjustments facilitated by centralized procurement [5][6]. - The company is focusing on standardizing and commercializing its traditional Chinese medicine trading system, which is anticipated to stabilize and enhance profitability in the next 1-2 years [8]. Financial Performance Summary - In the first three quarters of 2024, the company achieved revenue of 2.029 billion, a year-on-year decrease of 1.09%, while net profit attributable to the parent company was 398 million, a year-on-year increase of 83.22% [9]. - The gross margin stood at 53.10%, up by 8.02 percentage points year-on-year, and the net margin was 19.56%, an increase of 8.93 percentage points year-on-year [9]. - For Q3, the company reported revenue of 367 million, a year-on-year decline of 26.34%, and a net profit of 4 million, down 96.14% year-on-year [9]. Revenue and Profit Forecast - The company is projected to generate revenues of 3.302 billion, 4.888 billion, and 6.446 billion for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 551 million, 892 million, and 1.344 billion [11]. - The earnings per share (EPS) are expected to be 0.58, 0.95, and 1.43 for the same years, with price-to-earnings (P/E) ratios of 20.09x, 12.41x, and 8.23x [9][11].