TAIJI GROUP(600129) 开源证券·2025-04-25 09:06Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's operating performance is under pressure in 2024, with a revenue of 12.39 billion yuan (down 20.72% year-on-year) and a net profit of 27 million yuan (down 96.76% year-on-year). The first quarter of 2025 shows a revenue of 2.83 billion yuan (down 32.79% year-on-year) and a net profit of 75 million yuan (down 69.80% year-on-year). The company is optimistic about the long-term growth potential driven by marketing reforms [4][5] - The company is undergoing a marketing transformation, focusing on academic foundations and enhancing marketing collaboration, which has led to 13 products entering 10 treatment guidelines and 19 expert consensus documents [6] Financial Performance Summary - In 2024, the company achieved a revenue of 123.86 billion yuan, with a gross margin of 39.32% (down 9.28 percentage points) and a net margin of 0.41% (down 5.05 percentage points) [4] - The revenue forecast for 2025-2027 is adjusted to 5.53 billion yuan, 6.22 billion yuan, and 7.00 billion yuan respectively, with corresponding EPS of 0.99 yuan, 1.12 yuan, and 1.26 yuan [4][7] - The company's pharmaceutical industrial revenue in 2024 was 70.38 billion yuan (down 32.25%), while the health and international business revenue grew by 39.43% to 4.61 billion yuan [5] Marketing and Transformation Efforts - The company is deepening its marketing reforms, enhancing brand communication, and targeting younger audiences through various media channels to improve brand image and consumer engagement [6]