KPC(600422) 开源证券·2025-02-12 00:10Investment Rating - The investment rating for Kunming Pharmaceutical Group is "Buy" (maintained) [1] Core Views - The company is expected to achieve a revenue of 8.401 billion yuan in 2024, reflecting a year-on-year growth of 9.07% before adjustments and a slight decline of 0.34% after adjustments. The net profit attributable to shareholders is projected to be 648 million yuan, showing a significant increase of 45.74% before adjustments and 19.86% after adjustments [4] - The acquisition of a 51% stake in China Resources Shenghuo is anticipated to enhance the competitiveness of the company's blood circulation products, particularly the Xue Saitong soft capsules. The integration is expected to support the development of chronic disease management and the traditional Chinese medicine sector [5] - The company aims to double its revenue by the end of 2028, targeting an industrial revenue of 10 billion yuan through both organic growth and external expansion [5] Financial Summary and Valuation Indicators - Revenue is projected to grow from 7.703 billion yuan in 2023 to 9.293 billion yuan in 2025, with a compound annual growth rate (CAGR) of 10.6% [7] - The net profit attributable to shareholders is expected to increase from 648 million yuan in 2024 to 725 million yuan in 2025, and further to 873 million yuan in 2026, indicating a growth rate of 11.9% and 20.4% respectively [7] - The earnings per share (EPS) is forecasted to rise from 0.86 yuan in 2024 to 0.96 yuan in 2025, and 1.15 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 20.9, 18.6, and 15.5 [7]