Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company has demonstrated steady growth in performance, with significant price-volume effects observed [1] - The core product series, Wuling, has maintained robust growth, with stable procurement prices and a vast market in grassroots medical terminals [3] - The company is leveraging its unique products and favorable policies to expand its market presence, particularly in traditional Chinese medicine [8] Summary by Relevant Sections Financial Performance - In 2024, the company achieved revenue of 2.58 billion yuan, a year-on-year increase of 32.81%, and a net profit attributable to shareholders of 505 million yuan, up 31.79% [2] - The first quarter of 2025 is projected to yield a net profit of 178-189 million yuan, reflecting a growth of 24.99%-32.71% [2] Product Analysis - The Wuling series, including Wuling capsules, has shown a revenue growth of 17.14% in 2024, with Wuling capsules' sales volume and revenue increasing by 22.62% and 15.96%, respectively [3] - The Bailing series has been selected for national procurement, which is expected to enhance its competitive edge and facilitate volume growth despite a short-term price decline [5] Market Strategy - The company has effectively implemented a "one body, two wings" strategy, resulting in significant revenue growth in traditional Chinese medicine products, with a 45.82% increase in Chinese medicine pieces and a 145.34% increase in formula granules in 2024 [7] - The marketing strategy has been upgraded, and the company is exploring new sales channels, including internet and e-commerce [8] Earnings Forecast - The company forecasts revenues of 2.60 billion yuan, 3.21 billion yuan, and 3.81 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 534 million yuan, 713 million yuan, and 912 million yuan [9]

Group 1: Product Advantages - Wuling Capsule is a unique single-herb product with high safety and patient compliance, making it a safer choice for specific populations [1][2] - The product is reasonably priced and included in national medical insurance, leading to good acceptance among doctors and patients [2] - Wuling Capsule has a wide hospital coverage and is recognized in 79 clinical guidelines, demonstrating its clinical efficacy comparable to commonly used medications [2] Group 2: Financial Expectations - The price drop of traditional Chinese medicine (TCM) granules due to centralized procurement will impact gross margins, but overall TCM material prices are stabilizing, which is beneficial [3] - Projected revenue growth for TCM granules is over 140% year-on-year in 2024, with further expansion expected in 2025 as the sales network improves [3] Group 3: Product Development - The company aims to develop a series of 10 products based on Wuling fungus powder, with three products already launched and others in various stages of clinical trials [4] - The product pipeline is structured to ensure a steady flow of new products entering clinical trials and the market [4] Group 4: Sales and Market Strategy - The sales of Pukapofe Calcium Tablets are expected to grow significantly in 2024, leveraging the product's success in Japan and the large domestic market potential [6] - The company plans to expand indications and utilize policy benefits to achieve large-scale sales, focusing on competitive strategies in the digestive field [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company has demonstrated steady growth in performance, with significant price-volume effects [1] - The core product series, Wuling, has maintained robust growth, with stable procurement prices and a vast market in grassroots medical terminals [3][4] - The Bailing series has been selected in the national traditional Chinese medicine procurement, which is expected to achieve volume growth through price adjustments [5] - The company's "one body, two wings" strategy has shown clear effects, forming new growth drivers in the performance [7] - The company benefits from favorable policies supporting traditional Chinese medicine, which enhances the growth potential of its core products and newly developed herbal medicine segments [8] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 2.58 billion yuan, a year-on-year increase of 32.81%, and a net profit attributable to shareholders of 505 million yuan, up 31.79% [2] - The company expects revenue for 2024-2026 to be 2.60 billion, 3.21 billion, and 3.81 billion yuan respectively, with net profits of 534 million, 713 million, and 912 million yuan [9][12] Product Performance - The Wuling series, including Wuling capsules, has seen a revenue increase of 17.14% in 2024, with significant sales growth in both volume and revenue for its products [3][4] - The Bailing series, including Bailing tablets and capsules, is expected to recover sales due to successful procurement selections, despite a short-term revenue decline due to price reductions [5] Market Strategy - The company is actively developing Wuling capsules for treating mild cognitive impairment (MCI) in elderly patients, enhancing its market positioning [4] - The marketing strategy has been upgraded, showing positive effects on sales and market reach [8]

Core Viewpoint - Zhaoli Pharmaceutical (300181) reported steady growth in its performance for 2024, with significant revenue and profit increases driven by its core products and effective pricing strategies [1][6]. Financial Performance - In 2024, the company achieved revenue of 2.58 billion yuan, a year-on-year increase of 32.81% - The net profit attributable to shareholders was 505 million yuan, up 31.79% - The non-recurring net profit was 503 million yuan, growing by 34.75% - Earnings per share (EPS) stood at 0.72 yuan [1]. Product Performance - The core product, the Wuling series, showed robust growth, with a revenue increase of 17.14% in 2024 - Wuling capsules saw sales volume and revenue growth of 22.62% and 15.96% respectively, while Lingze tablets experienced sales volume and revenue growth of 23.17% and 22.64% respectively [2][3]. Market Dynamics - The Wuling capsules, a unique product and a national Class I new drug, have maintained stable pricing despite a 21% price drop in 2022 during collective procurement - The product is well-positioned in the market, especially in public grassroots medical terminals, with ongoing research into its application for Alzheimer's disease prevention [3]. Strategic Developments - The Bailing series, including Bailing tablets and capsules, was selected in the national collective procurement, which is expected to enhance competitiveness in various regions - Short-term projections indicate a 15.25% increase in sales for Bailing tablets, although revenue may decrease by 7.23% due to a 3% price drop [4]. Business Growth Areas - The company has effectively leveraged its "one body, two wings" strategy, resulting in a 45.82% revenue increase in traditional Chinese medicine slices and a 145.34% increase in formula granules in 2024 [5]. Profit Forecast - The company is expected to maintain strong performance due to its competitive advantages, effective marketing strategies, and favorable government policies supporting traditional Chinese medicine - Revenue projections for 2024-2026 are 2.596 billion, 3.206 billion, and 3.811 billion yuan respectively, with net profits of 534 million, 713 million, and 912 million yuan [6][7].

Group 1 - A total of 203 companies were investigated by institutions in the past five days, with significant interest in companies like Shenzhen South Circuit, Chip Source Micro, and Zoli Pharmaceutical [1] - Among the companies investigated, 46 received attention from more than 20 institutions, with Shenzhen South Circuit being the most popular, attracting 129 institutions [1] - The types of institutions involved in the investigations included 177 securities companies, 148 fund companies, and 85 private equity firms [1] Group 2 - In terms of market performance, 25 stocks among those investigated saw an increase, with Shenghong Technology, Xingtum Control, and Chaohongji leading with gains of 37.70%, 27.75%, and 18.76% respectively [2] - Nine stocks have reported annual results, with the highest net profit growth seen in Wantong Hydraulic and Xingtum Control, at 37.02% and 35.68% respectively [2] - Fourteen stocks have released preliminary reports for 2024, with significant net profit growth reported by Sitwei and Shenghong Technology, at 2651.81% and 72.94% respectively [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of —— yuan over the next six months [1]. Core Insights - The company has shown impressive performance due to the benefits from centralized procurement, leading to increased sales volume. The successful launch of the Bailin capsule is also a significant milestone [1]. - For the year 2024, the company achieved total revenue of 2.58 billion yuan, representing a year-on-year growth of 32.8%. The net profit attributable to shareholders was 505 million yuan, up 31.8% year-on-year [7]. - The core product, Wuling capsule, has maintained a strong market position, with revenue growth driven by expansion into new provinces and increased sales volume [7]. Financial Performance Summary - **Revenue Forecast**: - 2023A: 1,942.44 million yuan - 2024E: 2,579.75 million yuan (growth rate: 32.81%) - 2025E: 3,431.07 million yuan (growth rate: 33.00%) - 2026E: 4,597.63 million yuan (growth rate: 34.00%) [2]. - **Net Profit Forecast**: - 2023A: 382.94 million yuan - 2024E: 504.68 million yuan (growth rate: 31.79%) - 2025E: 668.98 million yuan (growth rate: 32.56%) - 2026E: 901.32 million yuan (growth rate: 34.73%) [2]. - **Earnings Per Share (EPS)**: - 2023A: 0.55 yuan - 2024E: 0.72 yuan - 2025E: 0.95 yuan - 2026E: 1.29 yuan [2]. - **Return on Equity (ROE)**: - 2023A: 14.09% - 2024E: 16.68% - 2025E: 19.13% - 2026E: 21.74% [2]. - **Price-to-Earnings (PE) Ratio**: - 2023A: 28 - 2024E: 21 - 2025E: 16 - 2026E: 12 [2]. Product Performance - **Wuling Capsule**: - Revenue for the Wuling series in 2024 reached 1.44 billion yuan, with a year-on-year growth of 17.1%. The sales volume and revenue of Wuling capsules increased by 22.6% and 15.96% respectively [7]. - **Bailin Products**: - The Bailin tablet generated sales revenue of 190 million yuan in 2024, a decrease of 7.2% year-on-year, primarily due to price impacts from centralized procurement [7]. Cost Management - The company has effectively managed its expenses, with a cost ratio of 39.4% in the first three quarters of 2024, a decrease of 0.9 percentage points compared to the mid-year report [7].

Investment Rating - The report maintains a "Buy" rating for Zhaoli Pharmaceutical (300181) with a target price of —— yuan over the next six months [1]. Core Insights - Zhaoli Pharmaceutical's performance is significantly benefiting from the collective procurement strategy, which has led to impressive results. The successful launch of the Bailin capsule is also a key highlight [1][7]. - The company achieved a total revenue of 2.58 billion yuan in 2024, representing a year-on-year growth of 32.8%. The net profit attributable to shareholders was 505 million yuan, up 31.8% year-on-year [7]. - The first quarter of 2025 is projected to see a net profit of 180 to 190 million yuan, indicating a growth of 25.0% to 32.7% year-on-year [7]. Financial Summary - **Revenue Forecast**: - 2023A: 1,942.44 million yuan - 2024E: 2,579.75 million yuan (growth rate: 32.81%) - 2025E: 3,431.07 million yuan (growth rate: 33.00%) - 2026E: 4,597.63 million yuan (growth rate: 34.00%) [2][8] - **Net Profit Forecast**: - 2023A: 382.94 million yuan - 2024E: 504.68 million yuan (growth rate: 31.79%) - 2025E: 668.98 million yuan (growth rate: 32.56%) - 2026E: 901.32 million yuan (growth rate: 34.73%) [2][8] - **Earnings Per Share (EPS)**: - 2023A: 0.55 yuan - 2024E: 0.72 yuan - 2025E: 0.95 yuan - 2026E: 1.29 yuan [2][8] - **Return on Equity (ROE)**: - 2023A: 14.09% - 2024E: 16.68% - 2025E: 19.13% - 2026E: 21.74% [2][8] - **Price-to-Earnings (PE) Ratio**: - 2023A: 28 - 2024E: 21 - 2025E: 16 - 2026E: 12 [2][8] Product Performance - **Wuling Capsule**: - The core product, Wuling Capsule, has seen a revenue of 1.44 billion yuan in 2024, with a year-on-year growth of 17.1%. Sales volume and revenue increased by 22.6% and 15.96% respectively [7]. - **Bailin Products**: - The Bailin tablet generated 190 million yuan in sales, a decrease of 7.2% year-on-year, but the sales volume increased by 15.25%. The Bailin capsule was successfully launched in December 2024, with expectations for market expansion [7]. Cost Management - The company has shown continuous improvement in its expense ratio, which was 39.4% for the first three quarters of 2024, a decrease of 0.9 percentage points from the mid-year report [7].

业绩快报[Table_StockInfo] 2025 年 03 月 14 日 证券研究报告•2024年业绩快报&2025Q1 业绩预告点评 佐力药业（300181）医药生物 目标价：——元（6 个月） 买入 （维持） 当前价：15.41 元 受益于集采以价换量业绩表现亮眼，百令胶囊成功上市 [Table_Summary 事件：公司发布] 2025Q1 业绩预告和 2024年业绩快报，2024 年全年公司实现 营业总收入 25.8亿元，同比增长 32.8%；归属于上市公司股东的净利润 5.05 亿 元，同比增长 31.8%，其中股权激励费用 569.8万元。2025 年第一季度归属于 上市公司股东的净利润为 1.8亿- 1.9亿元，同比增长 25.0%-32.7%，若剔除股 份支付费用影响（约 700万元），归母净利润增速将提升至 29.9%-37.6%，公司 核心业务增长动力强劲。 乌灵胶囊:受益于集采以价放量+小包装换大包装+省份拓展，收入稳健增长。乌 灵胶囊为公司核心产品，近年来该产品在城市公立医院和县级公立医院市场份额 排名均为第一。2024年乌灵系列实现营业收入 14.4亿元，同比增长 17.1%，其 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company achieved a total revenue of 2.58 billion yuan in 2024, representing a year-on-year growth of 32.81%, and a net profit attributable to shareholders of 505 million yuan, up 31.79% year-on-year [1]. - For Q1 2025, the company forecasts a net profit attributable to shareholders between 178 million and 189 million yuan, indicating a growth of 24.99% to 32.71% year-on-year [1]. - The core product, the Wuling series, saw a revenue increase of 17.14% in 2024, with Wuling capsules' sales volume and revenue growing by 22.62% and 15.96% respectively [2]. - The company is focusing on expanding its market share for Bailing tablets, which have been affected by price reductions due to centralized procurement [2]. - The company has successfully increased its market presence in traditional Chinese medicine, with revenues from traditional Chinese medicine pieces growing by 45.82% and from formula granules by 145.34% in 2024 [2]. - The company is expected to achieve revenues of 3.12 billion yuan and 3.77 billion yuan in 2025 and 2026 respectively, with net profits of 659 million yuan and 846 million yuan [3]. Financial Projections - The company’s projected revenues for 2024, 2025, and 2026 are 2.58 billion yuan, 3.12 billion yuan, and 3.77 billion yuan respectively, with growth rates of 32.81%, 20.82%, and 21.02% [13]. - The projected net profits for the same years are 505 million yuan, 659 million yuan, and 846 million yuan, with growth rates of 31.79%, 30.64%, and 28.31% [13]. - The earnings per share (EPS) are expected to be 0.72 yuan, 0.94 yuan, and 1.21 yuan for 2024, 2025, and 2026 respectively [13].

Group 1: Market Strategy and Product Promotion - The company will leverage core products like Wuling Capsules and Bailing Capsules to enhance hospital coverage and penetrate deeper into lower-tier cities and community health service centers [2][3] - The company aims to strengthen its OTC market presence by enhancing brand planning and conducting various promotional activities to improve patient education and product awareness [3][4] - A strategic partnership with Baidu Health has been established to enhance digital marketing and patient education, facilitating better service experiences for patients [5][6] Group 2: Sales Performance and Growth Projections - Bailing Capsules, launched in December 2024, is expected to capitalize on the recent procurement results to expand market presence through self-operated and agency-driven models [4] - Lingze Tablets are projected to see a sales volume and revenue increase of 23.17% and 22.64% respectively in 2024 compared to the previous year [6] - Linglianhua Granules, targeting middle-aged women, has achieved an exposure of 180 million and over 250,000 potential patient interactions since its online launch in July 2024 [6] Group 3: Financial Outlook and Shareholder Returns - The company proposes a cash dividend of RMB 6.00 per 10 shares for 2024, maintaining a high dividend payout rate [7][8] - Estimated stock incentive expenses for 2025 are projected to be around RMB 30 million [8]