Salubris(002294) 中邮证券·2025-03-04 10:25Investment Rating - The report initiates coverage with a "Buy" rating for the company [1] Core Insights - The company is a leader in the chronic disease sector, focusing on innovative transformation and strengthening brand power, with the impact of centralized procurement largely eliminated [4][5] - The market for chronic disease medications is expected to maintain stable growth due to the large patient base and increasing prevalence, particularly in hypertension, where treatment rates are below 40% [4] - The company's innovative drug segment is experiencing rapid revenue growth, with a projected CAGR of over 30% from 2024 to 2026 [5][6] Company Overview - Latest closing price: 29.98 CNY - Total shares: 1.115 billion; Market capitalization: 33.4 billion CNY - 52-week high/low: 36.78 CNY / 25.70 CNY - Debt-to-asset ratio: 14.3%; PE ratio: 57.65 [3] Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 37.94 billion CNY, 41.84 billion CNY, and 49.87 billion CNY respectively, with net profits of 6.15 billion CNY, 6.75 billion CNY, and 8.59 billion CNY [6][10] - The PE ratios for the same years are projected at 53.9, 49.1, and 38.6 respectively [6][10]