TASLY(600535) 开源证券·2025-02-26 03:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][17] Core Views - The company achieved a revenue of 8.498 billion yuan in 2024, a year-on-year decrease of 2.03%, with a net profit attributable to shareholders of 956 million yuan, down 10.78% [5] - The company maintains a strong position in innovative research and development, particularly in traditional Chinese medicine, and anticipates growth potential from collaboration with China Resources Sanjiu [5][7] - The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 1.183 billion yuan, 1.306 billion yuan, and 1.455 billion yuan respectively, with corresponding EPS of 0.79, 0.87, and 0.97 yuan per share [5][9] Financial Performance Summary - In 2024, the company's gross margin was 67.14%, an increase of 0.35 percentage points, while the net margin was 10.11%, a decrease of 1.61 percentage points [5][9] - The revenue from the cardiovascular segment was 5.593 billion yuan, up 4.23%, while the oncology segment revenue increased by 19.91% to 227 million yuan [6] - The company has a total market capitalization of 21.752 billion yuan and a circulating market capitalization of 21.752 billion yuan [1] Research and Development Progress - The company is advancing its innovative traditional Chinese medicine research, with three products in the production application stage and 17 products in clinical II and III phases [7] - The company is expanding its biopharmaceuticals, with a focus on acute ischemic stroke treatment [7] Valuation Metrics - The current stock price is 14.56 yuan, with a projected P/E ratio of 18.4 for 2025, 16.7 for 2026, and 15.0 for 2027 [1][9]