KPC(600422) 信达证券·2025-03-12 07:18Investment Rating - The report assigns an "Accumulate" rating to the company [1] Core Views - The company is expected to embrace centralized procurement policies actively, which will enhance its medical terminal coverage and drive future business development [2][4] - The company reported a stable performance in its oral dosage segment, while the injection segment experienced a significant decline [3] - The construction of the Kun Pharmaceutical business model is showing significant results in channel reform, which is expected to improve product accessibility and market coverage [5][6] Financial Summary - In 2024, the company achieved a total revenue of 8.401 billion yuan, which is essentially flat year-on-year, and a net profit attributable to shareholders of 648 million yuan, reflecting a year-on-year growth of 19.86% [2][3] - The company forecasts a double-digit revenue growth for 2025, with projected revenues of 9.3 billion yuan and a net profit of 757 million yuan [3][8] - Key financial metrics for 2025 include an EPS of 1.00 yuan, a P/E ratio of 17.76, and a projected gross margin of 44.1% [7][8]